Figures from the Insolvency Service revealed that there were 18 insolvencies for firms buying and selling real estate, 44 for companies renting and operation owned or leased real estate and 39 who provide real estate activities on a fee or contract basis.

Last year in total there were 417 real estate insolvencies with 141 taking place in Q1, meaning the latest figure shows a significant drop in Q1 insolvencies (down 28.4%).

Of the 101 insolvencies, 23 were compulsory liquidations, which was the lowest amount in the past six years, and half the number recorded in Q1 2015.

The number of voluntary liquidations from real estate companies grew to 64 compared to the previous quarter’s 42 figure, but the number was lower than the 77 reported in Q1 2015.

There were 10 administrations by real estate firms, the same as the previous quarter, and again lower than the 18 recorded in Q1 2015.

The number of bankruptcies where individuals were self-employed did increase on the same period last year with 13 reported compared to nine in 2015.

Speaking of the reasons behind the fall in real estate insolvencies, Bob Sturges, head of PR and communications at Fortwell Capital, stated: "From 2010 until the end of Q1 2016, the UK real estate sector enjoyed something of a mini-boom.

“The reasons are varied, but include high levels of confidence, rising demand (from both residential and commercial clients), robust pricing, favourable margins and ample funding provided through an expanding and innovative alternative lending channel.”

Bob felt that tax and stamp duty interventions introduced by George Osborne were adding pressure to the prime residential sector while fresh substantial regulatory obligations imposed by the FCA was making it harder to obtain a mortgage.

In terms of the impact Brexit would have on the current trend, Bob felt that part of the sector had already reacted nervously to the vote.

 “Its most immediate consequence will be felt in funding, and I expect some builders and developers to have a tougher time than of late in securing debt for their projects.

“This, inevitably, will feed through to a higher level of insolvencies in a sector that had, arguably, started to over-reach itself."