Crunch toll on property sector

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Accountants Wilkins Kennedy found builders, estate agents and property management companies made up 34% of 1600 insolvencies in September and October.

Partner Keith Stevens described the property market as "a shadow of its former self".

He added: "These figures give a strong indication of just how hard the sector has been hit by the effects of the credit crunch. Building and construction has always been a vulnerable sector but the past 18 months has seen a steady increase in the number struggling to keep their heads above water."

Financial services firms accounted for 8% of insolvencies. Stevens said casualties ranged from mortgage brokers to fund managers.