Breaking Property News – 04/06/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Sprift sees large uptick in estate agents using its Material Information service
Seven months since the new Property Material Information parts B and C regulations were introduced by (NTSELAT), Sprift is seeing an increasing number of agents using their service to keep agents compliant and speed listings going live.
Possibly adding impetus are other factors like Rightmove recently pointing out the need to be fully compliant. Rightmove stating, on its website that whilst NTSELAT’s latest guidance is not a legal obligation but,
‘Technically, this is what’s referred to as “non-statutory guidance.” A court would expect you to adhere to it and for you to have a very good reason if you are not compliant, but it is not “law.” However, non-compliance with the guidelines could be viewed as a breach of the Consumer Protection Regulations which could result in a fine of up to £5,000. From 1st July, non-compliance will also be a breach of the Rightmove T&Cs, which, for repeated breaches, could result in a membership being terminated’
(source https://hub.rightmove.co.uk/material-information-on-property-listings-what-you-need-to-know/ ).
A spokesperson from Sprift commented on why they think more and more agents are using Sprift as a one stop solution,
“All of the information required by agents to assist with Material Information Parts A, B and C is included within the standard Sprift subscription fee at no additional cost.
Agents – using the Sprift platform can generate and check the information required to comply with parts A, B and C of Material Information in minutes. The data the Sprift platform provides means that only minimal additional questions need to be asked of the Vendor to confirm all the information required in order to prepare the particulars and start marketing the property.
Sprift was founded on the principle that providing comprehensive information upfront in a transaction provides multiple benefits, for example reduced transaction timescales, a reduction in fall through rates – which has now been proven to be the case – and better time efficiencies in branch when staff handle enquiries.
As the best-in-class residential property data platform in the UK we’re delighted to have the solution to agents’ headaches around Material Information as part of the suite of wider solutions we offer to the agency sector, ready in order to power our clients’ businesses and get them set up for success as they power through 2024.”
The spokesperson also says that the Sprift platform provides nearly 300 data points for 29.7million residential properties in the UK and can generate a unique dashboard and report for every property to provide agents with 62% of the data required to answer all 59 points of parts A, B and C of Material Information requirements fully, and 87% of the required information fully or partially.
With the Sprift Development team worked throughout 2023 to ensure accuracy and that latest data sets, e.g. instruction type, flood and erosion risk from surface water and coastal erosion, had been included in anticipation of the release last November of the updated Material Information legislation.
With these datasets now fully integrated, tested and live in our platform, all agents need to do in order to fully comply with parts A, B and C of the Material Information legislation is run a Sprift dashboard or report for the property ready to take to a valuation appointment, then check with the vendor that these points are correct and ask the vendor the following questions to confirm the specific points around their property:
What utilities are available at the property and how are they supplied
Details of any parking spaces demised to the property and if there is any charge for parking, e.g. permit required
Are there any building safety issues and if so, confirm details
If any rights and easements exist and if so, confirm the details
If any accessibility/adaptions have been made to the property, either internally or externally
If the Sprift platform has flagged that the property has a restrictive covenant, the agent will need to download a copy of the HMLR Title Register in order to confirm with the vendor the exact terms of the restriction.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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