Rental Fraud Affects 5,000 People in a Year – New Report
New Home Office figures show there were 5,000 reported cases of rental fraud last year, alongside losses of £9 million. Here’s how tenants and landlords can protect themselves.
With new figures revealing the scale of rental fraud in the UK, the Home Office has provided an insight into how scammers work and who they target.
Types of rental fraud
A common fraud, says the Home Office, is where fraudsters advertise properties for rent that do not actually exist. Fraudsters may also advertise properties which are not theirs to let out.
Fraudsters create fake property-to-let listings or steal details and pictures from genuine ones.
Spotting the signs of rental fraud
Rental fraudsters target tenants in a hurry who are looking for the lowest rents.
Fraudsters may offer fake properties at rents far below local market levels.
They might demand a deposit or a month’s rent in advance just to arrange a viewing.
Who’s most likely to fall victim?
Anybody can be affected. However, the Home Office data* shows the 18 to 29 age group accounted for 48% of all reported rental fraud cases last year.
The 30 to 39 age group accounted for 25% of cases.
Fraud Minister Lord Hanson said: “Rental fraud is an utterly shameful crime, and this new data should serve as a stark reminder that anyone can be a victim. It doesn’t matter how streetwise and tech-savvy you are; fraudsters will get to anyone who doesn’t stop and think before handing over their money.”
How tenants can stay safe
The Home Office advises renters not to rush into a decision - and not to pay money for a property before they have viewed it.
It adds that fraudsters often target their victims by advertising properties on social media.
The best way to find genuine properties available to rent is to rely on a reputable local letting agent.
Rental fraud – issues for landlords
If you market and let your property yourself, there is a risk that would-be tenants doubt your authenticity.
This could particularly be the case if your listings are not top-notch – or if your rent is out of step with local market rents.
A good solution is to use a well-known local letting agent in the area.
They can ensure your asking rent is correct, market your property professionally and promote it where good tenants should find it.
If you want to know more about our professional letting and management services, please call or message us today.
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*Source: The Home Office’s National Fraud Intelligence Bureau (NFIB)