Ladybird Living – Your London Estate Agent
Property advertising: new guidance 2023
New guidance for property listing terms has been introduced by the National Tradings Standards Estate & Letting Agency in August 2023. Currently, there are a variety of terms being used including ‘to let’ for rental properties as well as “Spoken for”, “Rented subject to contract”, “To rent”, “Let by”, and much more. The new guidance aims to make property listings clearer so that property agents, potential buyers or renters and other property organisations do not get confused.
Property adverts must abide by the marketing and advertising laws as enforced by the Advertising Standards Authority. Property marketing and adverts must include the following:
- An accurate description of the property
- Be legal, decent, truthful, honest, and socially responsible
What is the new guidance for property listing terms?
The key terms that have been outlined by The National Tradings Standards Estate & Letting Agency that should be used include:
- New on the market – A property that has not been advertised since the last sale or let of that property. This description should only be used for a short period of time.
- Under Offer: A property where an offer has been received which is under consideration by the property owner, but the property is normally still on the market. This description should only be used until the offer is accepted or declined.
- Let Agreed: A property where a property owner has, in principle, agreed to enter into a rental agreement with a prospective renter, subject to further checks and referencing. The use of this term is not subject to a relevant person having received a holding deposit from the prospective renter.
- Let: A property where a property owner and renter have entered into a binding rental agreement.
The guide includes many more terms that could be used, but the terms mentioned above are the highlights of the guide. It is not a legal requirement to use these terms.
The information in this post is valid to the best of our knowledge on the date of posting. It is advised that you seek independent advice based on your individual circumstances.
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