UK rental guarantor service Housing Hand has flagged up growing demand from accommodation providers across the UK for the professionalisation of identity verification services.
The company is working with agencies and embassies around the world to ensure that those entering the UK have the paperwork they need to access accommodation legally.
“Anyone planning to come to the UK to study or work should be thinking about the paperwork they need to rent a home long before they enter the country. We are working with a range of agencies to prequalify individuals, so that they have completed their identify verification checks already when they arrive in the UK,” said, Graham Hayward, Chief Operating Officer, Housing Hand
Accommodation providers in the UK are obliged to verify renters’ identity and retain that information until six months after the tenancy ends. However, Housing Hand reveals that many accommodation providers are struggling to do so consistently. This is where the company’s identify verification service steps in, delivering a seamless solution that benefits renters and accommodation providers alike.
Housing Hand’s Know Your Customer (KYC) and identity verification checks can take as little as 35 seconds to complete. The speedy service is the result of years of technological investment, forward planning and innovative partnerships. Housing Hand’s robust approach to its business development strategy has enabled it to maintain a 100% pay-out record for all valid claims, including during Covid.
“Upholding our reputation for paying out on all valid claims is key to fostering trust with accommodation providers, agencies and renters. It was financially painful during Covid but we weathered the storm and ensured that we maintained that all-important assurance for all those using our services,” said, James Maguire, Head of Sales and Marketing, Housing Hand
By working with Housing Hand, accommodation providers are moving identity verification checks to an earlier stage of the property finding process. The result is a smoother solution for all concerned.
Housing Hand has also seen demand for its guarantor services increase, recording a 70% increase in the year to January 2024. For working professionals, wage pressure remains an issue, despite inflation coming down in recent months. At the same time, accommodation prices have gone up, meaning more and more working professionals are being asked to provide rental guarantors. Housing Hand believes that many providers are increasing their prices ahead of the anticipated passing of the Renters (Reform) Bill.
Efficiencies in the identify verification process are being sought by those providing accommodation for working professionals, as well as those housing students – including several purpose-built student accommodation providers currently in discussion with Housing Hand.
“Many parts of the accommodation supply chain are upping their game to not only ensure full compliance with current regulations but also to drive efficiency by focusing onboarding efforts for applicants that are ready now and can be closed quickly. Having identity completed early enables these quick wins – it also helps ensure that rent collection later down the line can be confidently achieved.”
Graham Hayward, Chief Operating Officer, Housing Hand
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