The definition of material information with regard to a property sale has long been somewhat of a grey area. Traditionally, it’s been defined as the basic information that a buyer needs to know when considering a purchase. The concept is that having all the information about a property to hand means a buyer can make a purchase decision faster, without delays as questions are raised and answered. Having all the information upfront also means a sale is less likely to collapse because surprises or hidden facts won’t emerge.

But what is ‘basic information’? Up until May of this year the information that needed to be supplied was becoming more clearly defined with the rollout of NTSELAT Parts A-C guidance. It more clearly outlined the specific details that sellers were required to provide to buyers. The clarity was useful if somewhat contested.

A change in guidance

But in May, that guidance was unexpectedly withdrawn. It followed a shift in responsibility for consumer protection from unfair trading from the Office of Fair Trading to the Competition and Markets Authority. This followed the Digital Markets, Competition and Consumers Act (DMCC) coming into force on 6 April 2025. That act replaced the Consumer Protection from Unfair Trading Regulations 2008.

The trouble is that the pulling of the NTSELAT guidance, and the increased powers of the DMCC to act against unfair commercial practices, have made it even less clear about what information should be supplied, at the same time that penalties have increased to include fines and imprisonment.

What information should be provided now

Under the new regulations, any information that is required to make an informed transactional decision in an invitation to purchase is deemed as material information. But the absence of property-specific guidelines leaves what that information should be open to interpretation.

The Law Society’s TA6 form, also known as the Seller’s Property Information Form (SPIF), provides some details that buyers need to make a purchase and the society is continuing its implementation. However, its latest edition (its 6th) doesn’t include questions based on the guidance for material information and the body has paused its work on a separate material information form as it, like many others in the industry, waits for further guidance from the CMA.

What does this mean for you as a buyer or seller?

The lack of current industry-specific guidance means that sellers and their agents must think widely as to what is defined as material information, especially as omitting material information is classed as breaching the misleading omissions prohibition of the new Act.

It’s your agent who will be punished and until clearer guidance is published as well as the suspicion that any guidance could come from test cases first, agents are expected to be thorough in the information they gather from sellers and promote to buyers. That means everything from key cost and tenure to property basics, risks and constraints and accessibility and adaptations will all continue to be required no more than one click away.

Details could include (but aren’t limited to) anything from the physical characteristics of a property to mobile and broadband coverage, flood risks and planning permissions and proposals for development. Any detail that could influence a buying decision will be required by an agent and open and honest responses will be vital. Trying to hide or plead ignorance of a known fact will not be excused and could cost much more than just your sale.