Do you know how much your agency could lose every time a sale falls through?

According to Propertymark, on average, it’s over £4,000. 

Beyond the financial loss, there's also the time wasted and the frustration caused by seeing a deal collapse that was once close to completion. However, providing material information upfront can do more than keep your agency compliant with new regulations – it can help mitigate this loss.

The cost of a fall-through

In 2023, 35% of all property transactions in the UK fell through, with 49% of these attributed to buyers changing their minds, attempting to renegotiate the price, or withdrawing after a property survey. The consequences of these fall-throughs can be severe for both agents and buyers, often resulting in financial losses, delays, and a damaged reputation.

Providing material information upfront offers a solution, empowering both buyers and sellers with the transparency they need to proceed with confidence. By offering all necessary details early in the process, agents can drastically reduce the chances of sales falling apart at later stages.

As Guy Welfare, an investigator at the National Trading Standards Estate and Letting Agency Team (NTSLEAT), said: “The more consumers know upfront, the less wasted time you have. There will be fewer fall-throughs and fewer difficult conversations when something comes out in searches that was known beforehand.” 

In short, transparency is key to reducing fall throughs, and it's time the industry embraces it.

Material information: the story so far

The Consumer Protection from Unfair Trading Regulations (CPRs) define material information as "the information that the average consumer needs, according to the context, to take an informed transactional decision." 

This includes factors such as the tenure of the property, lease terms, flood risks, or any significant renovations that might affect the property’s value. Ensuring that this information is provided upfront not only creates transparency, but also helps qualify buyers early, reducing the likelihood of deals falling through due to late-stage surprises.

For more information on material information, watch our recent webinar, or read our blog.

The benefits of providing material information early

1. Faster transaction times
   With fewer surprises during the buyer’s due diligence process, the time to completion is significantly shortened. This means quicker transaction times, and a faster turnover in your sales pipeline.

2. Fewer complaints and disputes
   A recent survey revealed that over a third of homebuyers found dealing with property professionals to be the most stressful part of the homebuying process. Providing clear and complete information helps alleviate this stress, reducing the number of complaints, disputes, and renegotiations that can occur when buyers feel misinformed.

3. Increased buyer commitment
   Buyers who have all the information they need are more likely to stay committed to a purchase. Transparency reduces the risk of buyers pulling out after inspections or surveys reveal unexpected issues, which is often a primary cause of fall-throughs.

4. Enhanced trust and reputation
   Only 14% of people trust estate agents to inform them of a property's negative aspects. By proactively providing all material information, agents can build trust with their clients and position themselves as professionals who prioritise honesty and transparency — an approach that is sure to boost their reputation.

5. The Legal and compliance aspect

Estate agents have long been responsible for ensuring they provide all relevant information. 

However, recent updates to material information guidance, led by National Trading Standards, have made it easier for agents to understand what they need to include. Failure to do so could result in expulsion from professional bodies, enforcement action from Trading Standards, or even legal action from consumers. Ensuring full compliance is now a top priority, and the tolerance for mistakes or omissions will likely diminish as more standardised fields are implemented across property portals.

Reduce fall through rates (without the extra work) with Street.co.uk’s automated Property information Questionnaires

Street.co.uk makes this process seamless for agents by providing a fully digital, integrated Property Information Questionnaire (PIQ). With Street.co.uk’s platform, agents can collect all material information directly from homeowners in as little as an hour, automating the process and populating property records with crucial details. The PIQ is not only integrated into Street CRM, but can also be pre-populated with data from Street Insights, reducing double data entry and helping agents save time.

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Street.co.uk’s PIQ workflow is fully compliant with the latest material information guidance, helping you ensure that your property listings contain all the necessary information, including whether specific details pertain to Parts A, B, or C of the required material information.

With quick, intuitive PIQs sent straight to vendors’ phones, you can make sure you’re elevating their experience, while keeping your property listings compliant.

‍Want to learn more about Material Information? Watch our latest webinar or, to see our PIQ workflow first-hand, book a demo with a member of our team today.