Gilson Bailey


These new measures could help you as a seller

These new measures could help you as a seller

Did you know that new regulations for the property industry will soon affect sellers?

The good news is that these upcoming changes will help you attract the attention of more informed (and therefore more serious) buyers.

But what are these changes, and when do they come into force? In a bid to promote openness and increase efficiency, the National Trading Standards Estate and Letting Agency Team will require all sales listings to include specific details to help potential buyers better assess if a home is right for them from the outset.

From the end of May, the new rules will be implemented in three phases. The first set of required information will include material details such as council tax bands and rates, tenure conditions, and the asking price.

The freehold or leasehold status will also be included in this bracket, covering lease length and ground rent, if applicable. Further down the line, sellers or their estate agents will have to specify any non-standard features, restrictive covenants, and information regarding flood risk and utilities.

These new changes are very likely to help sellers attract committed buyers, thereby reducing the chance of a sale falling through later down the line.

It also means that buyers will have more time to tackle any issues straight away, speeding up the journey to completion.

If you’re thinking of selling, as an Estate Agents in Norwich we can advise you on your next steps. Just contact us to discuss the upcoming changes and get a valuation.

Published On: 20 April 2022

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