Numbers of property firms in a ‘red flag’ state of ‘critical financial distress’ leapt 19% this year, shocking new figures reveal.
In response, a leading insolvency expert has now predicted many companies will go bust or be bought by larger agencies.
During the first three months of this year, the total of ‘real estate and property services’ businesses in ‘critical’ distress jumped to 7,719, according to consultancy BTG.
Its latest ‘Red Flag Alert’ research found that companies in ‘significant’ difficulties rose 15% year-on-year to 79,118.
The impact of the war in the Middle East may already starting to be felt by this sector.”
War impact
The findings mean property industry businesses rank third…