New research from Credas Technologies highlights a trust gap in the UK property sector, with only 35% of homebuyers saying they trust estate agents with their personal data, compared with 75% who trust law firms.
The survey of 1,000 UK consumers identified misuse of data (77%), identity theft (73%), and data breaches (71%) as the main concerns when sharing personal information during property transactions. Regulation was cited as the leading factor influencing trust, with 81% of respondents more likely to trust regulated businesses and 57% citing adherence to ISO standards.
The research also found that 69% of respondents would stop working with a company found to be in breach of compliance regulations.
Neil Williams, chief technology officer of Credas, which was acquired by digital compliance firm SmartSearch last week, commented: “Estate agents aren’t untrustworthy – but they’re working with outdated tools that don’t give consumers the transparency and control they’re demanding.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,” Williams added. “By adopting regulated, transparent digital verification tools, they can give consumers the control and visibility they’re asking for.”