Surge in property alert service highlights fraud concerns

Homeowners and property investors are being warned to stay vigilant against property fraud.

A report by Thirdfort reveals a 26% increase in the total number of homeowners who have signed up for a property alert scheme to protect against fraudulent property transactions.

According to a Freedom of Information (FOI) request by Thirdfort, 108,290 property owners registered for the free HM Land Registry’s Property Alert Service in 2023.

Fraud figures continue to rise

HM Land Registry’s Property Alert service is a tool for homeowners and landlords to protect against property fraud. With a quick sign-up process, property owners can register up to 10 properties.

The service sends email alerts whenever there’s an application to change the property register or an official search. These alerts help homeowners and property investors spot any suspicious activity and decide if they need to take action or get more advice.

Olly Thornton-Berry, co-founder and managing director of Thirdfort, said: “As fraud figures continue to rise, property owners and professionals must do all they can to prevent fraudulent transactions. With increasingly sophisticated methods of identity fraud, all properties are at risk.

“However empty properties, tenanted properties and those without a mortgage are particularly vulnerable. It’s hugely positive that we’re seeing more and more homeowners taking advantage of the Property Alert scheme, but we continue to urge more people to take this simple but effective step.”

Risks of title fraud

According to the FOI data, 734,687 people in total have now signed up for the free service since its launch in 2014.

With approximately 24.8 million homes in the UK, this could represent as little as 3% of property owners, despite significant risks of title fraud.

There was a huge jump in 2020, with sign-ups surging by 66%, from 46,043 to 135,624. This year alone, 43,033 people have already signed up.