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PRS Fraud Warning Re-Issued By NLA

PRS Fraud Warning Re-Issued By NLA

NLA Warning About Rental
Fraudsters Re-Issued

The National Landlords Association (NLA) has re-issued its 2010 warning to landlords, letting agents and tenants about online fraudsters operating in the UK’s private rental sector after resurgence of complaints over suspect practitioners.

The NLA began to receive a large number of complaints back in August 2010, concerning fraudsters who operate online, using popular free websites such as Gumtree to attract unwitting victims, and the landlord association has now started to receive a new wave of complaints.

The NLA investigated and uncovered several online rental property fraudsters who would trick tenants into paying them an advance fee to rent a property by using underhand tactics such as official landlord association branding or fake letters claiming to be from NLA local representatives to support their demand for up-front payments in order to lure their victims in to a false sense of security.

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One In Four Tenants Choose Rental Property After Just One Viewing

One In Four Tenants Choose Rental Property After Just One Viewing

One In Four Tenants Choose Rental Property After Just One Viewing

A new survey conducted by a leading UK finance company has discovered that over 25% of tenants decided on their rental property home after just a single viewing.

Less than half of the people polled said they viewed their property twice before deciding on it.

33% of tenants who agreed to be surveyed revealed that they spent less than 30 minutes in the rental property before they decided to rent it.

Ian Williams from Ocean Finance stated: “Maybe after waiting several years for the financial crisis to end and the housing market to take off again, most people know exactly what they are looking for. But it’s quite shocking that so many people spend less time on choosing their new home than they would watching EastEnders or Coronation Street.” 

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UK PRS Landlords Expect Tenant Demand To Increase

UK PRS Landlords Expect Tenant Demand To Increase

UK PRS Landlords Confident About Continued

Strong Tenant Demand

As we reported yesterday (UK Property Boom ContinuesSpotlight – 7th January 2014), the private rented sector boom looks set to continue throughout 2014 and a recent survey conducted by LSL Property Services, has discovered that six in ten UK private rented sector landlords agree.

The LSL survey of 2,195 private rental sector landlords found:

  • 58% of UK PRS landlords are confident that tenant demand will continue to increase over the next twelve months
  • 41% of UK PRS landlords reported growth in tenant demand in past six months
  • 16% of UK PRS landlords expanded rental property portfolios during 2013
  • 18% of UK PRS landlords expect to expand their rental property portfolios in 2014
  • 10% of UK PRS landlords expect tenant demand to fall
  • 6% of UK PRS landlords experienced a drop in tenant demand
  • 77% of UK PRS landlords believe now is a good time to buy or sell rental property
  • 71% of landlords cited attractive property prices
  • 50% of UK PRS landlords highlighted better capital returns on offer compared to other types of investments
  • 47% of landlords said that strong tenant demand was a key investment driver

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Warning Over Gumtree Rental ScamsNational Landlords Association issues warning
over rental scams posted on Gumtree

The National Landlords Association (NLA) say they been contacted by a number of tenants who have become victims of fraud after a new wave of rental property scams started to appear on Gumtree, the free listing website. The NLA has issued a fresh warning to would be tenants concerning the number of rental scams posted online by fake landlords.

Would-be tenants from overseas are being lured to apply for a number of attractive rental property opportunities across the UK advertised among genuine listings on the website, and after a brief email and/or postal exchange, the applicants are then asked to send money directly to the landlord in order to secure the rental property.

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