A tenant referencing PropTech firm claims the lettings industry is facing a growing threat from fraud.

Homeppl claims 60% of all the cases flagged via its technology in 2024 were in London, with the west of the capital being particularly prone to this crime. 

Manchester is the second-highest fraud area representing just under 10% of cases, followed by Surrey (7%) and Essex (6%). Birmingham, Sheffield, Dublin, Portsmouth and Glasgow also appear. 

And it says the average monthly rental value targeted by fraudsters was £2,517, with falsified incomes averaging £85,945.

Some 94% of fraud cases involved fake documents, with doctored bank statements being the most common tactic. Of the fraudulent applications 49% said they were from the UK, followed by Romania (7%) and India (6%); Nigeria (4%), Italy, Ireland (3%), France (2%), Netherlands (2%) and Poland (2%) also appeared. 

The average age of fraudsters was 33. The youngest fraudster was 20; the oldest was 70. 

More specifically, 81% of cases included the doctoring of bank statements; 10% included doctored utility bills; 9% included doctored tenancy agreements and 5% included doctored tax documents 

The figures come in a report published by the firm, called The State of Lettings Fraud 2024. 

Homeppl chief executive Alexander Siedes says: “2024 was a pivotal year for combating tenancy fraud … This report underscores the critical role technology plays in safeguarding the rental market. Homeppl exposes these data insights annually to help the market understand what the most recent face of tenancy fraud looks like.” 

The firm also claims that its technology saved clients some £16.9m in lost funds. 

You can access the report here: https://www.homeppl.com/lp/uk-tenancy-fraud-data-and-2023-trends/?formSubmit=success