The National Trading Standards Estate and Letting Agency Team (NTSEALT) is reiterating its message on re-listing properties and it is a legal requirement that the status of a property listing is accurately described and updated in a timely manner, as this is material information for prospective purchasers.
NTSEALT has published guidance on terms used by estate and letting agents in their property advertisements and listings:
- ‘New on the market’ – a property that has not been marketed in (at least) the last six months; the description should only be used for a short period of time. This term should not be used if the property has been previously offered for sale or let by another agent and remained unsold in the last six months. ‘Refreshing’ a listing to make a property appear new on the market is misleading, especially where there has been no significant marketing break.
- ‘New instruction’ – a property that an agent has recently been instructed to sell or let (and which may have been offered by another agent without being sold or let); the description should again only be used for a short period of time.
- ‘New listing’ (on a property portal) – a property that has recently been listed on that portal; commonly used in conjunction with ‘New on the market’ or ‘New instruction’ – the description should only be used for a short period of time.
- ‘Recently added/Just added’ (on a property portal) – a property which has recently been listed on that portal; commonly used in conjunction with ‘New on the market’ or ‘New instruction’- the description should again only be used for a short period of time.
- ‘New and Exclusive’ – either a new instruction or new on the market which is exclusive to that agent or portal (depending on the context). The description ‘new’ should only be used for a short period of time, although the term ‘exclusive’ can be used for as long as it is applicable.