More than 760 property companies have become insolvent in the UK so far this year, representing the highest rate of business failures in the sector in a decade, according to analysis of official insolvency filings.
The figure marks a 60% increase compared to the same period last year and nearly three times the 264 insolvencies recorded during the equivalent period in 2017, according to City AM’s analysis of data published in the London Gazette.
The insolvencies span estate agencies, property management firms, landowners and other real estate-related businesses, reflecting mounting financial pressure across the sector.
Economic pressures
Dominic Curran, Head of Communications at Real Estate UK, told City AM that property businesses…