Only 35% of UK homebuyers say they trust estate agents with their personal data, according to new research carried out by identity verification firm Credas Technologies.
The survey of 1,000 UK consumers found high levels of concern over data security during property transactions, with 77% citing misuse of data as their biggest worry, followed by identity theft (73%) and data breaches (71%).
In contrast, 75% of those polled said they would trust law firms and solicitors.
Severe Consequences
The survey reveals that home buyers and sellers take their cues on this from how well governed a sector appears to be. When asked what drives trust, 81% said they were more likely to trust businesses that were tightly regulated, while 57% cited a firms’ adherence to ISO standards.
According to Credas, the commercial consequences for firms that get data handling wrong can be severe, with 69% of respondents saying they would stop working with a company found to be in breach of compliance regulations.
Estate agents aren’t untrustworthy, but they’re working with outdated tools that don’t give consumers the transparency and control they’re demanding.”
Neil Williams (pictured), chief technology officer at Credas, says: “Estate agents aren’t untrustworthy, but they’re working with outdated tools that don’t give consumers the transparency and control they’re demanding.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.”
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