New Government data shows 18 to 39-year-olds account for almost three-quarters of rental fraud reports as the latest phase of a national ‘Stop! Think Fraud’ campaign launches.

Rental fraudsters target victims by offering access to properties that do not exist, or which are not theirs to rent, often using fake details and photos and offering prices well below market rate, according to Fraud Minister Lord Hanson (pictured).

£9 million lost

To secure the property or even arrange a viewing, they will usually demand a deposit or the first month’s rent, and many individuals desperate to find a home will make the upfront payment to avoid missing out.

The resulting fraud losses amounted to nearly £9 million across around 5,000 reported cases last year. The 18 to 29 age group accounted for 48% of all reported rental fraud cases in England, Wales, and Northern Ireland last year, with the 30 to 39 age group accounting for 25%.

And with rental fraud often taking place through properties advertised on social media websites, the government is also renewing its calls for tech companies to go further and faster to tackle fraud on their platforms ahead of convening the next Joint Fraud Taskforce meeting later this month.

These figures highlight the need for greater action from government to fully regulate property agents.”

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.

And Nathan Emerson, CEO of Propertymark tells The Neg: “These figures highlight the need for greater action from government to fully regulate property agents and where regulation already exists such as for letting agents in Scotland and Wales the need for greater enforcement action.

“Extending and strengthening regulatory requirements for all letting agents will not only provide greater protection for consumers as agents would need a licence to operate but will arm enforcement bodies with the information they need to filter out rogue operators.

“Furthermore, governments should be doing more to promote professionalism in the sector, and we would urge those who are looking to buy, sell or rent a home to use a Propertymark Protected agency.”

Find out more about Stop! Think Fraud.