UK estate agents are increasingly charging clients for ID and anti-money laundering (AML) checks as mounting compliance costs reshape the industry, research from identity verification provider Credas Technologies has found.
A survey of 250 estate agents and property professionals found that 63% already pass on the cost of ID checks to clients, with a further 21% planning to charge for ID verification within the next year.
Small independent agencies now spend an average of £16,000 annually on compliance tasks, leading to greater interest in technology that can streamline operations and support cost recovery.
While 79% of firms have adopted digital ID verification, the survey also found that 64% still rely in part on manual document checks. When asked about the most valuable improvements brought by digital ID verification services, agents cited instant results (68%), better customer experience (56%), lower costs (48%), and integrated payment options (48%).
Tim Barnett, chief executive of Credas, said: “The cost of compliance is no longer something firms can absorb without consequence. Property professionals are telling us they need faster, smarter ways to recover these costs.
“Firms want to remain compliant, but they also need to protect their bottom line.”
