Fewer builders in administration
Britain's recovering housing market has driven a steep fall in the number of building firms falling into administration, new figures have revealed.
Construction and property administrations in England fell by 31% to 241 between January and September on a year earlier, while overall administrations dropped by 16% to 1,224.
There was also a 25% drop in hospitality and leisure firms such as hotels and restaurants hitting the rocks, with 107 companies calling in administrators, showed figures from consultancy Deloitte.
Retail collapses dropped 10% to 142 from 157, it added.
Deloitte restructuring partner Lee Manning said the figures show a "clearing out" of struggling firms has now given way to an "encouraging rebalancing of supply and demand".
He said: "Construction has clearly benefited from more activity in the housing sector as demand and prices pick up.
"Leisure has seen fewer collapses due to a weeding out of the poor performers rather than an increase in discretionary spend for consumers."
Britain's housing market has been fuelled by Government stimulus schemes such as Help to Buy, which allows people to buy a new home with a 5% deposit. It is being extended to include a Government guarantee for mortgages.
Bank of England data showed mortgage approvals hit a five-and-a-half year high of 62,226 in August.
Today's insolvency figures, which only cover England, showed the area with the largest number of administrations was London with 316 appointments, followed by the North West with 272.
Mr Manning added: "Expansion is now a higher priority for finance directors than cutting costs and building up cash, according to our latest chief financial officer survey.
"Therefore over the longer term, further decreases in insolvency are likely if the outlook for growth in the UK improves."