In a bid to enhance transparency and coherence in the property advertising landscape, the National Trading Standards Estate and Lettings Agency Team (NTSELAT) has introduced fresh guidelines focusing on terminology used in property advertisements, particularly in the realm of lettings.
The heart of the guidance revolves around three specific terms that are frequently employed within the context of lettings.
- Under Offer: According to NTSELAT, this term should be applied to a property that has received an offer under consideration by the landlord. However, the property is still typically available on the market, implying that further offers could be entertained based on the landlord’s instructions. The use of this description is only appropriate until the offer is either accepted or declined.
- Let Agreed: In this context, NTSELAT defines “let agreed” as a property where the landlord has tentatively agreed to enter into a rental agreement with a prospective tenant. However, this agreement is contingent upon subsequent checks and referencing. The utilization of this term does not hinge on a holding deposit having been received from the prospective tenant.
- Let: This term refers to a property where both the landlord and tenant have formally entered into a binding rental agreement.
The scope of the guidance also extends to terms employed in both lettings and sales scenarios:
- New On The Market: This phrase pertains to a property that has not been advertised since its last sale or letting. The description should be reserved for a short timeframe.
- New Instruction: This term designates a property where an agent has recently received instructions to market, even if the property may have been previously offered for sale by a different agent without a successful sale or letting. This description is applicable only for a brief period.
- New and Exclusive: Referring to a property that is either new to the market or a new instruction, and is exclusively listed with a particular agent or portal. While the term ‘new’ should be used temporarily, ‘exclusive’ can be sustained as long as it remains valid.
- New Method of Sale/Let: This descriptor is employed for a property that is now being advertised for sale or letting using an alternative method compared to the initial advertisement, such as transitioning to an auction or sealed bid. This categorization is appropriate only for a short span.
- Reduced: This term is reserved for a property that has undergone a recent price reduction. Any reduction in price should be genuine and adhere to the Chartered Trading Standards Institute’s ‘Guidance for Traders on Pricing Practices.’
By addressing key terminologies in property advertising, NTSELAT’s fresh guidelines aim to foster greater clarity, mitigate confusion, and establish a more standardized approach to property transactions. As the industry adapts to these guidelines, stakeholders can anticipate a smoother and more transparent experience in the property market.
Article by NetRent
