Following the recent announcement by National Trading Standards regarding ‘material information’ guidelines, in this article we will look into its impact on the property auction sector, with a particular focus on how it affects both buyers and sellers. In the dynamic arena of property auctions, this significant advancement is set to revolutionise the marketing and transaction processes of properties. As seasoned professionals in the field of property auctions, deeply committed to ensuring smooth and effective buying and selling journeys, we have meticulously analysed the implications of this new guidance. Our aim is to furnish you with critical insights and a comprehensive understanding of how these changes will impact the property auction landscape.

The Breakdown of the New Guidance
The guidance, aimed at ensuring compliance with Consumer Protection Regulations (CPRs), is a response to industry calls for clarity. It categorises ‘material information’ into two parts: Part B details the physical attributes of a property, while Part C encompasses factors affecting a property like cladding, easements, and flood risks for example.

This new framework is not just a list of requirements; it’s a blueprint for transparency and consumer protection in property transactions.

Suspected Impact on Property Auctions
Enhanced Disclosure: The guidance mandates comprehensive disclosure of material information in property listings. This level of transparency is pivotal in auctions where decision-making is time-sensitive.

Disclosure can be an issue at auction. Either a missing management pack for a leasehold property through to no searches being supplied - as well as information that is purposely withheld.