A property platform claims that as many as 20% of sellers may be adding to the delays that currently plague house sales.
Moverly surveyed current UK sellers to find out how much they knew about Material Information – the additional details which agents now have to add, by law, to sales details.
The survey reveals that 20% are unaware of what Material Information is and, therefore, what details are required to be provided on their property listing.
When asked if they had provided their agent with all of the required details to satisfy Material Information Part A – which refers to details that are considered essential for all properties, such as council tax band, asking price, and tenure information – some 23% admit they are either unsure, have provided none of it, or have only provided some of it.
As for Part B – which refers to information that must be established for all properties, such as physical characteristics, the number of rooms, and how utilities are provided – 20% are either unsure, have provided none of it, or have only provided some of it.
And when it comes to Part C – which refers to information that may or may not need to be established, such as listed building status, unsafe cladding issues, and planning permissions – 37% are unsure, have provided none of it, or have only provided some of it.
Finally, when asked if their estate agent has advised or guided them on the Material Information required within their property listing, 37% responded in the negative.
With many sellers unaware of what is required with respect to Material Information and the potential lack of guidance being provided by the industry, it’s unsurprising that many properties are still going on the market without the legally required Material Information.