The volume of tenant references carried out by Let Insurance Services in the year to February 2011 soared by 40%, the company reports following its third year of trading.
The increase in rent and legal protection insurance reflects the continuing rise in problems experienced over rent payments and an increase in the number of possession claims.
Identity fraud has also risen, along with fraudulent tenancy applications from potential tenants moving from property to property with no intention of keeping up with the rent.
Michael Portman, managing director of Let Insurance Services, said: “We have been able to take full advantage of today’s perverse market conditions where the market is buoyant but the risks have increased.
“Although today’s lettings market is strong, economic conditions are leading to great uncertainty at every level, and good referencing and the correct insurance cover has risen much higher on the agenda for agents and their landlords.”
The company was formed in 2008 when Let Insurance Services merged with National Residential.
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Comments
As according to Radio 5 Live today just before the Ian Potter 'interview' at 1245 there are now 3.5M rented households in the UK as opposed to 2.1M a year ago is it any great surprise that any referencing company has carried out 40% more references than a year ago?