Rental Fraud up by 92%

by Property 118

10:10 AM, 5th September 2013
About 5 years ago

Rental Fraud up by 92%

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Rental Fraud up by 92%

The Office of National Statistics reported rental fraud has increased by 92% over the last two years.

The total cost per year of rental fraud now comes to £755 million per year, and on average it costs each individual victim £2,394 which works out to over 315,000 conned in the last 12 months.

Rental fraud is perpetrated by someone purporting to be a Landlord or Letting agent deceiving new tenants into paying upfront fees for a non-existent property, or to multiple victims at the same time for the same property.

Reporting on these figures Richard Lambert CEO of the National Landlords Association has the following advice for tenants.

“Tenants should always visit the property with the landlord or letting agent before handing over a deposit.

Where possible, tenants should pay a deposit using a credit card or via a direct debit to gain some protection from the banks – never hand over cash.

Tenants should look for professional landlords who are members of a professional body such as the NLA.

If using a letting agent, tenants should look for tenants who are members of a trade body such as The UK Association of Letting Agents (UKALA) or the Association of Residential Letting Agents (ARLA).

UKALA members are required to have Client Money Protection in place which means that all monies given to the agent are insured.

If the tenant is not sure about a letting agent, they should call trading standards before entering into any contracts.”Rental Fraud



Comments

Mick Roberts

15:43 PM, 6th September 2013
About 5 years ago

It's just happened to one of my tenants, he lost almost a £1000. Police don't want to know, said it's civil, although in this case, I said get second opinion, it's not just a Landlord saying he's not giving it u back because of such & such, Landlord rent office & did a bunk.

Mark Alexander

16:09 PM, 6th September 2013
About 5 years ago

Reply to the comment left by "Mick Roberts" at "06/09/2013 - 15:43":

That's fraud Mick, make sure your tenant knows that and if the Police aren't interested tell him to make an official Police complaint and advise him to take his case against the Police to his local MP.

Mick Roberts

16:27 PM, 6th September 2013
About 5 years ago

Reply to the comment left by "Mark Alexander" at "06/09/2013 - 16:09":

I've told him, I think he must have got busy Police officer who heard what he wanted to hear, 'cause probably 98% of 'em are civil, one of my tenants (the only one I don't get on with), rang the CSPO's few weeks ago & said I have gave her eviction notice, can they help her 'cause I am bullying her. They din't have much sympathy for her, as her young lad is on tag, she's had bomb & drug squad round, fire brigade round 'cause lad starting fires upstairs, so on that occasion, civil matter it was.
But my latest tenant is going to Citizens Advice, I'm sure they will put him right, 'cause he's not listening properly to me.


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