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Rapidly rising levels of “title fraud” are prompting homeowners in record numbers to register for property alerts with the Land Registry. Alarmingly, research suggests that as many as 97% of homeowners face the threat of their properties being sold illegally, without their consent or their knowledge.

Between 2020 and 2021, the Land Registry recorded a 300% increase in the number of people registering for property alerts. New data published by Third fort based on a Freedom of Information request suggests that title fraud is being taken seriously by more homeowners than ever before.

Even so, the numbers indicate that just 515,000 property owners have so far registered for the service, which is free of charge for all homeowners in England and Wales. This equates to just 2.5% of all property owners across the two countries.

Around 135,000 people registered their homes in 2021, up from 46,000 in 2020.  Meanwhile, 110,000 have signed up so far this year. This leaves 97.5% of properties unregistered for the service or 20.3 million homes.

Speaking on behalf of Third Fort, Olly Thornton-Berry highlighted the extent of the problem.

“Fraud is a huge problem in the UK property market,” he said.

“We’ve seen some alarming instances 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.”

The importance of property alerts

Late last year, a homeowner from Luton returned to his property after spending a period of time in Wales on business. Only to find that when he arrived home, somebody had moved into his house, replaced the locks and started to renovate his property.

An investigation conducted by the BBC found that he had fallen victim to identity theft and that his house had been sold fraudulently in his absence.

This represents just one of many instances of title fraud (and attempted title fraud) that take place across England and Wales each year. By signing up for free alerts, it becomes possible to thwart the attempts of fraudsters by receiving a notification the moment suspicious activity is detected.

As explained on Gov.co.uk:

“We will send you an email alert each time there is significant activity on the property you are monitoring, such as if a new mortgage is taken out against it.”

“The alert will tell you the type of activity (such as an application to change the register or a notification that an application may be due), who the applicant is and the date and time it has been received.”

“Not all alert emails will mean fraudulent activity. If you don’t think the alert email is about any suspicious activity, you don’t need to do anything.”

“Signing up to Property Alert won’t automatically stop fraud from happening. You will need to decide if the activity on the property is potentially fraudulent and act quickly if so. The alert email will tell you who to contact.”

Who is eligible for automatic alerts?

The official government page for Land Registry property alerts outlines the following eligibility requirements for the free service:

• The property you want to monitor must be situated in England or Wales and registered with HM Land Registry
• You must create a Property Alert account to use the service
• You will receive an HM Land Registry email (please check your spam inbox) to enable you to verify your email details
• You must then sign in to your account to add a property
• Email alerts are sent when official searches and applications are received against a monitored property
• If you receive an alert about activity that seems suspicious you should take swift action. The alert email will signpost you to whom to contact.
• You don’t have to own a property to set up an alert
• The same property can be monitored by different people.
• Property, especially flats, can be registered with two titles. Blocks of flats are often owned by companies (Freehold), and the person owning the individual flat (Leasehold). When registering for this service please choose Leasehold title for individual flats.
• You can use the service if you are not online. Call the Property Alert team on 0300 006 0478.

Source: Gov.co.uk

The spending power of private rental tenants in the UK has shrunk to such an extent that the average renter is now one bedroom worse off. Skyrocketing costs combined with a disastrous shortage of available inventory are forcing renters across the country to scale down their ambitions and expectations when seeking affordable rental properties.

Analysis conducted by Hamptons Estate Agents suggests that two years ago, tenants able to spend £929 on monthly rental payments could comfortably afford a two-bedroom property in a desirable location; today, this same budget would only stretch to a one-bedroom home in the same location.

This means that in the course of just two years, private renters have effectively seen a full bedroom wiped off their spending power.

Hamptons report that the average monthly rental cost of a two-bedroom home is approximately £1,070. 16 months ago, this would have been more than enough to rent a three-bedroom property of the same standard in a similar area.

This indicates the fastest and most severe renting power erosion Hamptons has recorded, and the situation is only set to worsen over the coming months.

Skyrocketing monthly rents

Over the past two years, the average cost of renting a property privately in the UK has increased by more than 16%. For the typical private tenant, this equates to another £165 per month on their rental bill.

The last year alone has brought an average rental cost increase of 8.3%, spurred by record demand for affordable rental properties in desirable areas.

Chronic shortages in the private lettings market are worsening as landlords across the UK liquidate their portfolios to escape rising interest rates and unfavourable government legislation. Figures from Hamptons suggest that the total number of available rental properties for July was 9% down on the same month last year and a huge 52% down from July 2020.

Commenting on the figures, Aneisha Beveridge of Hamptons suggested that the worst of the financial squeeze is yet to come.

“Tenants aren’t seeing their budgets stretch as far as they used to, and they are likely to be squeezed further still by a mix of investors leaving the market and the landlords left behind looking to pass on their higher mortgage costs,” she said.

A mass market exodus

Private landlords, particularly those with more compact property portfolios, are exiting the UK lettings sector at a growing pace. As it becomes increasingly difficult to turn a profit with a buy-to-let portfolio, landlords are finding themselves with little choice but to sell some or all of their homes to private buyers or investors.

All of this is placing further pressure on the private rental sector as available inventory becomes increasingly scarce. There are far fewer landlords purchasing properties than selling up and exiting the sector; more than 50,000 rental properties are expected to be lost from the market this year alone.

Ms Beveridge highlighted how the situation is not only affecting those looking to rent for the first time but also for tenants planning to relocate to other parts of the country.

“Those trying to move are increasingly faced with market rents rising faster than what they’ve been paying for their current homes,” she added.

“Often this means they face compromising on what and where they rent next, with some having to trade down.”

Significant cost increases are to be expected by anyone looking for a new tenancy or planning to renew their tenancy over the coming months. The figures in London make for particularly painful reading, where average rents have soared by as much as 33% over the past year.

On average, it now costs £2,672 per month to rent a home in inner London.

Amendments to the universal credit rules introduced this month could see many thousands forced to boost their income or find work to retain their benefit payments.

Current estimates indicate that around six million people in the UK are currently claiming universal credit, as the escalating living-cost crisis threatens millions with the looming risk of fuel poverty.

Within universal credit legislation, the administration earnings threshold (AET) means that claimants who earn nothing or have earnings below a specific threshold are automatically added to the intensive work search regime. Those concerned are required to attend regular face-to-face meetings for job search purposes and are placed under extensive pressure to apply for jobs.

By contrast, claimants who earn in excess of the AET threshold are bracketed in a “light-touch” category, where payments are received alongside their employment and there is little to no immediate pressure to seek higher-paying jobs.

On September 26, the current AET threshold of £355 per month will increase to £494 per month, almost £150 higher. Likewise, the AET for couples claiming together will increase from £567 to £782.

Early indications suggest that approximately 114,000 people will subsequently fall below this new AET threshold and will be subject to the same strict rules and regulations in relation to finding work. If these rules and regulations are not satisfied, AET payments may be withdrawn entirely.

Work and Pensions Secretary Thérèse Coffey was quoted by the Liverpool Echo as having said that the alterations to the regulations will “help claimants get quickly back into the world of work while helping ensure employers get the people they and the economy need.”

Elsewhere, a spokesperson from the DWP said that the AET rule was long overdue and needed an important update.

Since its introduction in 2013, the AET has not kept pace with the increases in the National Living Wage, with the result that the number of hours needed to work to earn the AET has fallen over time,” read an extract from the statement.

“The adjustment will bring the AET back to its original ‘parity’ with the National Living Wage.”

Claimants who are affected by the new AET threshold will be automatically transitioned to the more intensive work search regime. This means being required to attend mandatory work search reviews at a local job centre, which take place either on a weekly or monthly basis.

Evidence will need to be provided at such meetings that the claimant in question is actively looking for work and spending at least 35 hours a week engaged in work-related activities. However, those with caring responsibilities or health conditions will be subject to different rules.

The DWP has stated that it will be contacting those affected by the changes directly.

Relocating can be stressful at the best of times, but it is nonetheless an everyday part of life for the UK’s estimated 10,000 property guardians. Property guardianship is a popular, recognised, and heavily regulated concept in some other European countries, but it is uncommon in the United Kingdom.

But for those who are able to assume the role of property guardian, the potential benefits can be huge.

Property guardians pay property management companies a set fee to live in (and take basic care of) properties that would otherwise be empty buildings. This could be anything from a disused retail building to a vacant office complex to a historic listed building. Property guardians need to be flexible, as they can be asked to leave (and/or relocate to another property) at any time with just four weeks’ notice.

In return, property guardians get to live in these unused properties for an average of just £350 per month—significantly less than the cost of renting a single room in even a fairly modest property.

Health and safety regulations

In order for a vacant property to be let out to a guardian, it needs to be in a suitable state of repair and comply with all basic health and safety legislation. This means it must have appropriate cooking, washing, and sleeping facilities, along with reliable access to basic utilities, in a generally safe and secure environment.

The guardian is essentially an employee of the real estate management company, taking basic care of the building on their behalf. For the property management company, significant savings are made on the costs of formal property upkeep and hiring security firms or guards to watch over their properties.

Growing demand

Record-high monthly rents coupled with the escalating living-cost crisis have resulted in a major spike in demand for guardianship places, according to the Property Guardian Providers Association (PGPA).

It is estimated that there are currently around 10,000 property guardians in the UK, but the number is expected to swell to more than 50,000 by the end of this year. According to the PGPA, no less than 32,000 people submitted applications to become guardians over the past 12 months.

The PGPA has warned that the sector is unlikely to be able to meet growing demand due to general shortages of available inventory. In addition, increasingly tight regulations placed on properties are making it difficult for property management companies to hire guardians for some types of buildings and premises.

But while a lack of long-term stability and being forced to relocate regularly bring issues, most of those taking part in the scheme believe that the pros vastly outweigh the cons.

In addition, potential security concerns regarding these vacant properties are apparently unfounded, according to the chair of the PGPA.

“The security aspect that guardians provide is simply by being in occupation,” said Graham Sievers, pointing out that vacant buildings without guardians are far more likely to attract squatters and anti-social behaviour.

“The guardians themselves are not expected to be security officers or patrol the building.”

Mr Sievers also said that by no means is the guardianship scheme aimed exclusively at vulnerable people in desperate financial situations.

“We’ve had people who are approaching retirement—teachers, for example—turning to guardianship so that they can save up money to buy their ideal cottage,” he said.

Meanwhile, the Department for Levelling Up, Housing, and Communities released a statement suggesting that such schemes should be approached with due care and caution.

“We do not endorse or encourage property guardianship as a form of housing,” read the statement.

We recognise, however, that people have the right to make their own informed decisions about their housing choices, and property guardians and local councils should follow our extensive guidance on their rights and responsibilities.”

House sharing is typically associated with students and younger people looking to combine independence with affordable living. But as the living-cost crisis tightens its grip on UK households, more over-50s than ever before are setting their sights on shared accommodation.

The latest figures published by a flat-sharing website indicate an almost 240% increase in the number of 55- to 64-year-olds seeking shared housing over the past decade. The site also noted a 114% increase in shared accommodation interest in the 45-to-54 age group.

Most of those seeking shared accommodation are aged 25 to 34 years old, but the number of older adults showing a willingness to share accommodation with other renters paints a stark picture of the UK’s housing market.

Unsurprisingly, the communications director of the website in question told the BBC that astronomic monthly rents coupled with the cost-of-living crisis were the main factors motivating older adults to seek shared accommodation. Mr Hutchinson also said that more people than ever before were accepting the prospect of becoming lifetime renters, having been completely priced out of the housing market.

According to the latest figures from the Office for National Statistics, average rent prices have been increasing steadily and consistently for well over a year now. More people are spending greater proportions of their income on monthly rents than ever before, as landlords continue to increase their prices due to skyrocketing demand.

On average, monthly rent prices have increased by 3.2% over the past 12 months, taking the average monthly rent outside London to £1,126.

The pros and cons of shared accommodation

Surveys conducted by leading home-sharing sites and services suggest that most of those considering shared accommodation are doing so purely for financial purposes. Elsewhere, others have reached the conclusion that the financial benefits (i.e., savings) of house sharing outweigh the potential disadvantages.

Even so, those who are considering moving into shared accommodation at any age are advised to consider all pros and cons carefully.

For example, the main advantage of shared housing is comparatively low living costs. Your monthly rent payment is much lower, and you share the utility bills with your housemates.

In addition, you may be able to secure a place in a property that is otherwise out of your price bracket. This is particularly true when it comes to city centre accommodations and homes in desirable locations in general. By renting a space in a shared house, you could live somewhere that would otherwise be out of reach.

Some older adults moving into shared accommodations have also spoken of the potential social benefits. Making connections as an older adult is not always easy. Shared housing brings the benefit of ‘built-in’ friends. This can be particularly beneficial for those who feel lonely or insecure about living alone.

On the downside, there are no guarantees that you will get along with your new housemates. Their lifestyles and behaviours, in general, may clash with yours, making it difficult to live together harmoniously.

Likewise, conflicts over facilities and resources in shared housing are common. You may have become used to the freedom of having your own kitchen and bathroom, for example, only to now have to wait in line for your turn.

There is a lack of privacy and seclusion that comes with shared housing. Even if you have your own private space within the house, you still technically live with several other people. Whether this is a good or bad thing is a matter of personal preference, but it can still be quite an adjustment to have lived independently beforehand.

With more customers taking their business online than ever before, major Banks are being forced to rethink their presence on the High Street. Following a raft of recent closures, Lloyds Banking Group has confirmed plans to permanently close a further 66 bank branches by the end of the year.

According to Lloyds, 19.1 million of its customers now use online banking, and around 15.6 million people manage their affairs via the bank’s mobile app. Foot traffic at the bank’s physical branches has been decreasing steadily for some time, resulting in the decision to close another 48 Lloyds sites and 18 Halifax branches over the coming months.

According to Lloyds, the bank has seen a 60% fall in overall branch visits by customers over the last five years, increasing to as much as 85% in some parts of the UK.

However, Lloyds was keen to emphasise the closures will not result in any voluntary or involuntary redundancies, and that all staff members affected will have the opportunity to transfer to different parts of the company.

Lloyds Banking Group will maintain a comparatively strong presence on the UK High Street, with 646 Lloyds Bank, 510 Halifax and 165 Bank of Scotland branches set to stay open for the time being.

Full List of Closures Confirmed by Lloyds

The full list of Lloyds Bank and Halifax locations set to close during the winter is as follows:

•   Lloyds, Bromyard
•   Lloyds, Chigwell
•   Lloyds, Catterick Garrison
•   Lloyds, Malvern Link
•   Lloyds, Redruth
•   Lloyds, Lutterworth
•   Lloyds, Palmers Green
•   Lloyds, Cheadle
•   Lloyds, Lytham St Annes
•   Lloyds, New Ollerton
•   Lloyds, Paternoster Sq, London
•   Lloyds, Earls Court Rd, London
•   Lloyds, Leadenhall St, London
•   Lloyds, Axminster
•   Lloyds, Barton upon Humber
•   Lloyds, Belper
•   Lloyds, Intake, Sheffield
•   Lloyds, The Moor, Sheffield
•   Lloyds, Tilehurst, Reading
•   Lloyds, New Romney
•   Lloyds, Edgbaston, Birmingham
•   Lloyds, Wooley Castle, Birmingham
•   Lloyds, Billericay
•   Lloyds, Immingham
•   Lloyds, Tonbridge
•   Lloyds, Edgware Rd, Paddington, London
•   Lloyds, Notting Hill Gate, London
•   Lloyds, Sandbach
•   Lloyds, West Wickham
•   Lloyds, Darlaston
•   Lloyds, Purley
•   Lloyds, Aldridge
•   Lloyds, Rothbury
•   Lloyds, Wootton Bassett
•   Lloyds, Guisborough
•   Lloyds, Cheddar
•   Lloyds, Cinderford
•   Lloyds, Cleo bury Mortimer
•   Lloyds, Holyhead
•   Lloyds, Wallingford
•   Lloyds, Bishop’s Waltham
•   Lloyds, Helston
•   Lloyds, Looe
•   Lloyds, Lewthwaite
•   Lloyds, Welshpool
•   Lloyds, Pwllheli
•   Lloyds, Caldicot
•   Lloyds, Llandrindod Wells

Halifax

•   Halifax, High Holborn, London
•   Halifax, Hitchin
•   Halifax, Ripon
•   Halifax, Stowmarket
•   Halifax, Newry
•   Halifax, Whitchurch
•   Halifax, Dorking
•   Halifax, Mitcham
•   Halifax, Retford
•   Halifax, Tiverton
•   Halifax, Tottenham Ct Rd, London
•   Halifax, Windsor
•   Halifax, Stroud
•   Halifax, Ruislip
•   Halifax, Birmingham
•   Halifax, Rawtenstall
•   Halifax, Coleraine
•   Halifax, Warminster

Commenting on the closures, the director of consumer relationships at Lloyds Banking Group, Russell Galley, said that the decision reflected the shifting trends and priorities of the bank’s UK customers.

“Our customers have more choice than ever in how they bank with us. As our customers do more online, visits to some branches have fallen by as much as 85% over the last five years,” said Galley.

“Alongside our digital, online and telephone services, we’ll continue to invest in our branches, but they need to be in the right places, where they’re well-used.”

Elsewhere, Lloyds Banking Group has faced heavy criticism from trade unions and consumer groups, which have accused the company of both putting jobs or risk and leaving some communities with no convenient access to banking.

In total, more than 5,000 bank and building society branches have closed across the UK since 2015, according to trade union Unite.