Property businesses are going bust at the fastest rate in a decade, with more than 760 companies becoming insolvent so far this year in a sign of mounting pressure across the property sector.
Analysis by City AM of insolvency filings published in the London Gazette found that the total is more than 60% higher than a year earlier, and almost three times the 264 insolvencies recorded during the same period in 2017.
The sector’s figures include estate agencies, property management companies and landowners, as well as other real estate-related businesses.
They come at a time of economic uncertainty and growing concerns about housing market activity and higher borrowing costs.
Property businesses are often the canary in the…