Important New Material Information Rules: What Gloucester Sellers Must Know

Material information is basic information about a house or flat that prospective buyers need to know. 

Material information includes, among other things: the price, number and type of rooms, utility information, Council Tax band, any flood risks, details of parking and any rights or restrictions or covenants that the property has. 

If your property is leasehold, then material information also includes things like the length of the lease, ground rent and any service charges payable. 

Material information gives prospective buyers the facts they need to make a sound decision on whether to buy your property or not. 

Making sure all the material information is available when your home goes on the market can help attract the right buyer and assist the sale to go through more smoothly. If the material information is incomplete or inaccurate, it could cause problems at the conveyancing stage which may result in a sale falling through that could have been avoided. 

For several years now, National Trading Standards has provided useful guidance on what material information should be provided when selling property. 

But just recently, this guidance has been withdrawn. This is because a new law has just come into force – The Digital Markets, Competition and Consumers Act 2024. 

Whilst the new law does not specify what material information must be provided to buyers, it prohibits unfair trading, including omitting relevant material information. It is certainly a lot more of a grey area now. 

If you use an estate agent, they should be fully aware of the requirements and will take the time to ask the right questions, collect and understand the necessary information and make it available to prospective buyers when they need it. 

You must answer any questions your agent asks truthfully as making misleading material information claims can have serious legal consequences.