The City of London Police has issued a warning to estate agents, conveyancers and homebuyers after a sharp rise in payment diversion fraud – known as conveyancing fraud – targeting property transactions across the UK.
Between April 2024 and March 2025, 143 cases were reported to Action Fraud, resulting in £11.7 million in losses.
Most incidents involved residential transactions, where 140 victims lost a combined £10.97 million, at an average of £78,000 each.
Commercial cases, while fewer, were even more damaging, averaging more than £250,000 per incident. Criminals typically intercept email chains between buyers, sellers and solicitors, posing as legitimate professionals to request large transfers to fraudulent accounts.
UNDER PRESSURE BUYERS
The scams are most often timed to coincide with final completion stages, when buyers are under pressure to act quickly.
Losses peaked in March this year at nearly £2 million, with further spikes seen in October and December 2024. V
ictims were most commonly aged between 30 and 49, with London, Greater Manchester, West Yorkshire, Sussex and Essex among the most targeted regions.
Detective Superintendent Oliver Little of the City of London Police said conveyancing fraud was “a deeply invasive crime” that exploits trust at a critical point in the buying process, leaving victims “devastated both financially and emotionally.”
Police are urging firms and clients to verify bank details directly using known contact numbers and to treat any last-minute payment changes as a red flag. Suspicious activity should be reported immediately to Action Fraud or the relevant bank.
