Almost one in five companies in the British property industry in the UK are in significant financial distress, new research shows, with estate agents hit particularly hard.
The report shows that over 25,000 companies, including residential sales and letting agents, landlord firms and other property businesses, are facing financial problems, with the figure up 6.6 per cent on a year ago.
Uncertainty caused by the EU referendum and higher stamp duty rates have been cited as factors which have added to pressures on the industry in recent months.
London estate agent Foxtons has revealed its total revenues for the year were down more than 10 per cent as a result of a “significant fall” in sales volumes.
If you have any concerns about your personal or business financial situation, our property sector experts at partner business, BM Advisory, are able to assist. We specialise in finding innovative solutions for individuals and businesses in distress.