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24/02/2009
Commercial property insolvencies 'could hit 1,600' |
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It has been claimed that insolvencies in the commercial property market will soar this year.
Rescue and recovery specialist Begbies Traynor believes that 304 property companies in the UK are facing critical financial problems that could lead to insolvency.
This figure is up from the 221 companies it identified as having similar problems in the fourth quarter of last year.
Commenting on the figures, Begbies Traynor's senior London partner Nick Hood said: "We are seeing a build up of problems in the commercial property sector, as the real economy in which their tenants operate continues to unravel."
He claims that, in the last three months, a total of 171 property firms have commenced insolvency procedures and these figures will only increase as the year goes on.
Mr Hood forecasts that the number of insolvencies in this sector could reach between 1,200 and 1,600 in 2009.
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