Following the long-anticipated release of the specification for Material Information parts B and C at the end of November by National Trading Standards Estate and Letting Agency Team (NTSELAT), property data specialists Sprift has unveiled their solution to the challenge agents are now facing around quickly and efficiently collating the property-specific details required prior to marketing a property.

Sprift says its platform provides almost 300 data points for 29.7million residential properties in the UK and can generate a unique dashboard and report for every property to provide agents with 62% of the data required to answer all 59 points of parts A, B and C of Material Information requirements fully, and 87% of the required information either fully or partially.

These datasets are now fully integrated within the Sprift platform, all agents need to do in order to fully comply with parts A, B and C of the Material Information legislation is run a Sprift dashboard or report for the property ready to take to a valuation appointment.

Sprift founder and CEO, Matt Gilpin, said: “We’ve been preparing for the rollout of parts B and C of Material Information for over a year, so that we had a solution ready and waiting for agents as soon as the requirements were confirmed by NTSELAT.  All the hard work by our Data Science team has now paid off, as we are able to ‘hit the ground running’ with the vast majority of information that agents will require in order to stay compliant available within seconds via the Sprift platform.

“Agents using the Sprift platform will now be able to generate and check the information required to comply with parts A, B and C of Material Information in minutes.  The data the Sprift platform provides means that only minimal additional questions need to be asked of the Vendor to confirm all the information required in order to prepare the particulars and start marketing the property.  Any concerns agents held previously around Material Information being compared to HIPS in terms of being a blocker to getting a property listed can be reassured that this new legislation, with the correct approach, isn’t going to create any further delays in launching stock to market.  We can empower the agent to ensure that they are compliant with the regulations within minutes, not days or weeks.”

He added: “Sprift was founded on the principle that providing comprehensive information upfront in a transaction provides multiple benefits, for example reduced transaction timescales, a reduction in fall through rates – which has now been proven to be the case – and better time efficiencies in branch when staff handle enquiries.

“As the best-in-class residential property data platform in the UK we’re delighted to have the solution to agents’ headaches around Material Information as part of the suite of wider solutions we offer to the agency sector, ready in order to power our clients’ businesses and get them set up for success as we start 2024.”