Estate Agency Jargon Guide
February 11, 2022
Many of us have little knowledge of the property sector despite plenty of us owning or renting property. It is in fact quite a information filled industry with many sectors and regulations set. There are many key words, phrases and abbreviation that we will meet with so let’s take a look at a bunch full of them with easy to understand jargon busting descriptions:
- PropTech: Property Technology and all things innovative within the sector.
- Lease: A legal, binding contract outlining the terms under which one party agrees to rent property owned by another party.
- Leasehold: The right to live on the land for a specified amount of time.
- Rental Agreement: The contract between the owner of a property and the renter during renting period.
- HMRC: Her Majesty’s Revenue and Customs.
- NAEA: National Association of Estate Agents.
- Chain: A group of 3 of more home owners relying on the other to sell in order to complete.
- Bridging Loan: The borrowing money for a short period usually between selling and buying a property when delays occur.
- Freehold: You own the land outright which the property sits on.
- Guarantor: A third party person who agrees to pay your rent if you don’t pay it (can include be responsible for damages / further legal costs).
- Negative Equity: When the value of real estate property falls below the outstanding balance on the mortgage used to purchase that property
- Repossession: The reclaiming ownership of property (usually by the lender) that has not been paid off, but still has value.
- Stamp Duty: A % tax you might have to pay when you buy a new home.
- Virtual Tour: A video tour made up of video footage / images of a property.
- Flying Freehold: A freehold which overhangs or underlies another freehold.
- Gazumping: Where an offer has been accepted on a property and another offer of higher value comes in to take it’s place.
- Gazundering: Where an offer has been accepted on a property and another offer of lower value comes in last minute (by the same party) to take it’s place.
- Property Misdescriptions Act (PMA): Organisation protecting against false or misleading statements in the course of estate agency business when advertising property for sale.
- EPC: Energy Performance Certificate.
- SSTC: Sold Subject o Contract.
- Probate: The name of the document which is produced upon someone’s death and their will is executed.
- Ground Rent: An annual fee paid by a Leaseholder, to a Freeholder.
You May Also Enjoy
Residential projects remain under pressure
Infrastructure keeps UK construction moving through a sluggish spell Residential and non-residential projects remain under pressure, while infrastructure and utilities work give the industry a much-needed lift The value of underlying work starting on-site during the latest three months declined 2% and stood 18% below last year’s levels. Residential construction starts fell 8% against the…
Read More 
Homebuyers hold tight ahead of Autumn Budget
but should they wait to make their move? The latest research from Yopa has revealed that mortgage market activity has reversed in recent months, with approvals falling at an average monthly rate of 3.9% over the last four months, having previously increased by an average of 1.5% per month over the previous four months, suggesting…
Read More 
House price growth accelerates in Q2
The latest Property Market Index Review by London lettings and estate agent, Benham and Reeves, has revealed that the property market continued to build momentum during the second quarter of 2026, with UK house prices increasing by 1.1%, while London recorded a second consecutive quarter of positive growth. The Benham and Reeves Market Index Review…
Read More 
House prices hold steady despite impact of higher interest rates
House prices were unchanged in September (0.0%), following a -0.3% fall in August The average property price is now £298,441, compared to £298,395 in August Prices were also unchanged annually (0.0%) compared with September last year Northern Ireland continues to lead UK annual growth, at +7.4% Latest first-time buyer prices reveal what a 2.5% deposit…
Read More 
Breaking Property News 5/10/26
Daily bite-sized proptech and property news in partnership with Proptech-X. Architect-founded KnowYourNest brings property scores into the home search, with a free 1–10 score and full KnowYourNest reports from £9.95 By Author Andrew Stanton CEO Proptech-PR NestLink today launches free NestScore checks and KnowYourNest property intelligence reports for buyers and homeowners across England and Wales.…
Read More 
Gap between house prices and earnings narrows
Gap between house prices and earnings narrows – but higher borrowing costs limit affordability gains UK’s house price to income ratio falls from 7.6 to 7.3, an 11-year low, as earnings continue to outpace house price growth For first-time buyers, homes now cost less than six times earnings, falling from 6.1 to 5.9 However, monthly…
Read More