The City of London Police has issued a fresh warning to estate agents, conveyancers and homebuyers following a surge in payment diversion fraud – known as conveyancing fraud – which has cost victims nearly £12 million in the past year.

Figures from Action Fraud, the national reporting centre for fraud and cyber-crime, show that between April 2024 and March 2025, 143 cases of conveyancing fraud were recorded, with total reported losses of £11.7 million.

Residential property transactions accounted for almost all cases, with 140 victims losing £10.97 million – an average of £78,393 each.

Although fewer in number, the three reported commercial property cases were even more costly, averaging £257,833 per incident.

SPOOFING EMAILS

The crime typically involves fraudsters infiltrating or spoofing legitimate email communications between buyers, sellers, estate agents and solicitors. Once inside, they pose as a trusted contact – often a solicitor or conveyancer – and send convincing messages requesting that deposits or final purchase payments be transferred to bank accounts under their control.

These messages are often timed to coincide with the final stages of a property transaction, when large sums are being transferred and buyers are under pressure to act quickly.

Losses peaked in March 2025, when almost £2 million was reported stolen, with other high-loss months including October and December last year.

Victims were most commonly aged between 30 and 49, though both men and women were affected. Reports came from across the country, with higher concentrations in London, Greater Manchester, West Yorkshire, Sussex and Essex.

TRUST EXPLOITATION

Detective Superintendent Oliver Little of the City of London Police said: “Conveyancing fraud is a deeply invasive crime that strikes at a moment when people are making one of the biggest financial decisions of their lives.

“Criminals exploit trust and urgency to divert life-changing sums of money into their own accounts, leaving victims devastated – both financially and emotionally.

“We’re urging anyone involved in property transactions to stay alert, verify payment requests directly, and treat any last-minute changes to bank details as a red flag.

“Any genuine solicitor or firm will never pressure you into sending money quickly.”

VERIFY BANK DETAILS

The police are advising buyers to verify bank details directly with their solicitor or conveyancer using contact details provided at the outset of the process. Clients are also urged to remain cautious about any unexpected requests for funds, and to avoid relying solely on email instructions when transferring money.

Conveyancing fraud has become an increasingly sophisticated form of cyber-enabled crime, exploiting the speed and convenience of digital transactions.

The financial and emotional impact can be severe, particularly for first-time buyers who may lose deposits and savings built up over years.