Sharp rise in ‘property alert’ registrations – London Wallet

There has been a 30% increase in the number of homeowners signing to a property alert scheme to protect against fraudulent property transactions, new data shows.

Some 178,086 property owners registered for the free HM Land Registry’s Property Alert Service in 2022, compared with 135,624 in 2020. 34,821 have signed up so far this year.

The rise in registrations suggests that homeowners remain increasingly concerned about the risk of fraud, following alarming figures in recent years.

Olly Thornton-Berry, co-founder and MD of Thirdfort, which obtained the data as part of a Freedom of Information request, said: “Property fraud is a major risk, particularly as fraudsters become increasingly sophisticated, and the economic climate remains challenging. There’s been an explosion in fake ID documents, and we’ve seen some high profile examples of fraudsters acquiring ownership of properties using forged documents to impersonate registered owners. Empty properties, tenanted properties and those without a mortgage are particularly at risk.”

According to the FOI figures, 618,185 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 2.5% of property owners, despite significant risks of title fraud.

Thornton-Berry added: “It’s crucial we use all of the tools available to prevent fraudulent sales and HM Land Registry’s Property Alert Service offers homeowners access to a simple and highly effective method of minimising the risk of title fraud. We’d urge more homeowners to take advantage of this very effective tool, particularly as fraud risk continues to increase.”