The term POA which is short for ‘Price on Application’, has been outlawed by the The National Trading Standards Estate and Letting Agency Team (NTSELAT). This means that all estate and lettings agents in England now have to disclose the price of their properties for sale or rent.
For landlords, this means the monthly rent and deposit are required. If you are selling a property, then you need to disclose the price expressed as a single amount.
NTSELAT’s opinion is that the use of ‘POA’ or ‘price on application’ in relation to a listing on a property portal or an agent website is likely to be misleading as it withholds – or in some cases masks – the asking price from consumers. A property’s price is information which the average consumer needs in order to make an informed transactional decision, such as to make enquiries about the property, conduct further research or arrange a viewing.
James Munro, senior manager of the NTS Estate and Letting Agency Team, commented: “I am pleased to be able to set out a clear position that the use of ‘POA’ or ‘price on application’ in property listings is unlawful. We have considered this issue carefully and I am grateful to colleagues, the CMA and legal experts for their input. We hope this clarity will be helpful for property portals and agents as they prepare their listings going forward. This position will now form part of our general industry advice and guidance.”
An overview of the broader programme of work by NTSELAT can be found on their website by clicking here.
If you would like to discuss the new rules with Hancock & Partners, please do give us a call on 01243 531155.