Tenancy Fraud Could Cost UK Rental Sector £4.1 Billion Annually
UKPulse Property Desk
Fraudulent tenancy applications may be exposing the UK's private rented sector to annual financial losses of up to £4.1 billion, according to analysis of over one million tenant references.
- The UK rental sector could face up to £4.1 billion in annual losses due to tenancy fraud.
- Referee-flagged fraud has increased by 78% year-on-year.
- London's tenancy fraud rates are reportedly twice the national average.
Analysis of over one million tenant references suggests that fraudulent tenancy applications could be exposing the UK's private rented sector to annual financial losses of up to £4.1 billion. The study indicates a significant rise in referee-flagged fraud, which has increased by 78% year-on-year.
London is reportedly experiencing tenancy fraud rates that are double the national average, highlighting a particular concentration of the issue in the capital.