Property technology startup, Twindig, has today announced key findings from research on the UK housing market, carried out earlier this month. Their survey showed that customer trust is severely lacking within the property buying and selling process and that buyers and sellers crave greater transparency, want to be better informed and feel more confident.
Twindig Managing Director Anthony Codling said: “Our research confirmed what you already know, that we lack the trust, confidence and control required in the process buying, selling and managing our homes. Portals are doing nothing to address that – they are simply profiteering.”
As we entered the Global Financial Crisis, Rightmove’s operating margin was 52% and it kept on rising throughout the crisis and as Covid-19 started to spread around the world it was 76%. It’s not just Rightmove at fault either, as the portals scramble to beat each other with tokenistic cuts, it only goes to show that portals are putting profit ahead of people.
Rather than serving the interests of portal’s shareholders, Twindig will level the property playing field by putting estate agents and house builders back in control of their data, allowing them to use their cash to serve the interests of their customers.
Simultaneously, Twindig will put households back in control of the processes of finding, renting, buying or selling their home. The research-backed approach offers customers a better way to find the right home, in the right place, at the right time.
“Portals do not sell property, people sell property. Estate agents and house builders have done, are doing and will continue to play the most important role in the cycle of renting, buying and selling homes. Twindig is here to support the industry rather than cream excess profits from it.” Twindig MD Anthony Codling.
Twindig’s analysis has identified the missing millions, the 1 million homeowners looking to sell, but not yet on the market, the 2 million landlords who don’t currently use an agent and 7 million households who already know where they want to live next. The process to get these 10 million homes on the move starts with the portals and currently this isn’t working – it puts people off moving and it slows the moving process down.
“Our research has revealed how by sharing data rather than hoarding it, and by democratising data rather than profiting from it we can make moving easier.” Twindig MD Anthony Codling
In the survey, 94% of buyers and 83% of sellers said that there wasn’t a high level of trust within the overall property buying process. Indeed, 70% of sellers and 84% of buyers said they would like to feel more knowledgeable and confident about the house buying/selling process. When it came to transparency, 100% of buyers and more than two thirds of sellers said they would like to see more.*
Twindig, an investor backed property technology startup, committed to putting trust and transparency back into the property industry, provides admin management tools. This groundbreaking technology frees up agents and house builders to focus on the service of the process, which in turn means customers will receive a better service and have more confidence in the housing market as a whole.
“We founded Twindig because property is too important to play games with. Our families are built around the home and our homes are the building blocks of our society. Having the right home in the right place at the right time is key for the life outcomes of you, your children and your family. Too often we leave these property outcomes to chance, Twindig puts you back in control – we help you to get the most out of your property so that you can get the most out of life.” Twindig MD Anthony Codling
*Twindig’s research is based on a survey of 300 homeowners, buyers and sellers in the UK carried out in March 2020.