A lack of required material information when listing a property for sale not only causes delays but can also see agents being fined.
New research from Moverly reveals that one in five home sellers are unaware that they could be causing delays to their own sale, having failed to provide the material information that is required when listing their property on the market.
Moverly surveyed a number of current UK home sellers to find out how much of an understanding they have about Material Information and how proactive they have been in providing their agents with the required details about their property.
The survey reveals that one in five sellers could be unwittingly delaying their own property sale. That’s because they 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 – almost a quarter of sellers (23%) said 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.
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 – almost 40% (37%) are unsure, have provided none of it, or have only provided some of it.
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.
As well as causing delays, agents face serious fines for not providing the required information in property listings. From April, the Competition and Markets Authority (CMA) will become the main overseer for MI compliance with new powers to fine agents as much as 10% of global turnover for non-compliance.
"While Material Information requirements are becoming increasingly important for property listings, there's still a clear knowledge gap in the market, particularly with consumers who haven’t heard or don’t understand the purpose of it," advises Gemma Young, Moverly CEO.
She adds, "By working together - agents, proptech providers and industry bodies - we can help sellers understand how providing this information early creates faster, smoother transactions for everyone involved.
"This isn't just about compliance; it's about creating a more efficient property market where sellers can actively contribute to speeding up their own sales process. We're focused on making it simple for agents to gather this information and helping sellers understand its value from day one."