New research from identity verification provider Credas Technologies has revealed a stark trust gap in the property sector, with just 35% of UK homebuyers saying they trust estate agents with their personal data compared to 75% for law firms.
The survey of 1,000 UK consumers found that misuse of data (77%), identity theft (73%), and data breaches (71%) are the top concerns when sharing personal information during property transactions.
When asked what drives trust, regulation emerged as the dominant factor, with 81% saying they’re more likely to trust businesses that are regulated, while 57% cited adherence to ISO standards.
The stakes for non-compliance are high, says Credas, with their research finding that 69% would stop working with a company found in breach of compliance regulations.
Neil Williams, chief technology officer, Credas, said:
“Estate agents aren’t untrustworthy, but they’re working with outdated tools that don’t give consumers the transparency and control they’re demanding.
“The trust gap we’re seeing isn’t about intent, it’s about infrastructure. Consumers trust regulated, certified systems and many estate agents simply haven’t had access to those.
“Estate agents now have the opportunity to close this trust gap. By adopting regulated, transparent digital verification tools, they can give consumers the control and visibility they’re asking for.”
Established in 2016, Credas helps businesses quickly and securely capture and verify due diligence on their customers through remote identity verification technology. Based in Cardiff, the company provides compliance and onboarding software for legal, property and business professionals, verifying over four million individuals a year.
