Rental Fraud Affects 5,000 People a Year – New Report
New figures from the Home Office reveal that rental fraud is a growing concern, with 5,000 reported cases last year leading to losses of £9 million. Tenants and landlords alike need to stay vigilant. Here’s what you need to know to stay protected.
Understanding Rental Fraud
Fraudsters often trick prospective tenants by advertising non-existent properties or listings that don’t belong to them. These scams usually involve fake property ads, with fraudsters stealing images and details from legitimate listings.
How to Spot Rental Fraud
Rental fraudsters typically target renters in a hurry, offering deals that seem too good to be true. Watch out for these red flags:
- Properties advertised at significantly lower rents than the local market rate.
- Requests for deposits or rent payments before you’ve viewed the property.
- Listings that push for quick decisions without proper verification.
Who is Most at Risk?
While anyone can fall victim to rental fraud, Home Office data highlights that:
- 48% of reported cases involve renters aged 18 to 29.
- 25% of cases affect those aged 30 to 39.
Fraud Minister Lord Hanson warns: “Rental fraud is an utterly shameful crime. No matter how tech-savvy you are, scammers will take advantage if you don’t stop and think before handing over your money.”
How Tenants Can Stay Safe
To protect yourself:
- Never pay before viewing – Always visit a property in person before making payments.
- Be wary of social media listings – Fraudsters often use social media to lure in victims.
- Use a reputable letting agent – This is the safest way to ensure a property is genuine.
What Landlords Need to Know
Private landlords who market their properties independently may face difficulties proving their legitimacy to potential tenants. If your listing lacks credibility or is priced unusually low, renters may hesitate.
A Safer Approach: Work with Belvoir Southampton
The best way to ensure a smooth and secure rental process is to work with a trusted local letting agent like Belvoir Southampton. We:
- Verify tenants to minimize risks.
- Accurately price properties in line with the local market.
- Professionally market your property to attract reliable tenants.
Need Help? Get in Touch Today
If you’re a landlord looking for professional letting and management services, or a tenant seeking a trusted rental property, contact Belvoir Southampton today.
Know someone looking to rent or let a property? Share this article with them to help them stay safe.
Source: Home Office’s National Fraud Intelligence Bureau (NFIB)
