UK homebuyers are being warned about conveyancing fraud after data revealed victims lost an average of £78,393 in property-related scams during the 2024-25 financial year, with one case involving a £300,000 loss.
Report Fraud, the national fraud reporting centre, recorded 140 property fraud cases between 1 April 2024 and 31 March 2025. The scams form part of a broader category of payment diversion fraud, which saw 3,657 incidents costing victims £101 million in total during the same period.
How the fraud operates
Conveyancing fraud typically occurs when criminals gain access to email exchanges between homebuyers and their solicitors or estate agents. The fraudsters then request payment to a bank account under their control, often mimicking legitimate payment requests expected during the transaction process.
The scam is sometimes referred to as ‘Friday afternoon fraud’ as attacks frequently occur at the end of a sale, which is often scheduled before a weekend. In some cases, solicitors’ email accounts are compromised through hacking, whilst in others, homebuyers themselves fall victim to phishing attacks.
City of London police has confirmed the fraud extends beyond property purchases, with renters and those involved in probate transactions also reporting losses to fake letting agents and solicitors.
Identifying fraudulent communications
Fraudulent emails typically appear to come from solicitors or estate agents and request payments that buyers are expecting to make. The messages often claim the firm has new bank details and emphasise urgency for the transfer.
When solicitor email accounts are hacked, messages may originate from genuine addresses. However, fraudsters commonly use spoofed email addresses that contain subtle differences from legitimate company addresses, such as missing letters or additional punctuation marks.
The scale of the problem comes as letting agents face broader challenges with digital security and client communications. The property sector has increasingly moved online for transactions, creating new vulnerabilities that criminals exploit.
Recommended precautions
Report Fraud and City of London police advise homebuyers to avoid posting about property moves on social media, which can alert fraudsters to potential targets. Strong passwords and two-factor authentication should be enabled on email accounts used for conveyancing communications.
Public wifi networks should be avoided when accessing property-related emails, as these provide potential access points for criminals. Buyers are advised to verify solicitor bank details through in-person meetings or telephone calls they initiate themselves, rather than relying solely on email.
Any notification of changed bank details should trigger immediate verification through direct contact with the solicitor. Banks typically warn customers when account names do not match expected details during transfers, and these warnings should prompt buyers to halt the transaction and verify all information.
The issue affects various property transactions, from auction purchases to standard residential sales. Victims who realise they have transferred funds to fraudulent accounts are advised to contact their bank immediately, as swift action can sometimes enable recovery of funds.
Market implications
The prevalence of conveyancing fraud adds another layer of complexity to property transactions at a time when the sector faces multiple challenges. The average loss of £78,393 represents a substantial portion of typical deposits on UK properties, with some victims losing entire purchase prices.
As regulatory scrutiny increases across the property sector, the industry faces pressure to implement stronger security measures for financial communications during transactions. The concentration of fraud attempts at critical transaction moments suggests criminals are specifically targeting the property sector’s processes and timelines.
