The number of companies going into administration has risen 16 per cent so far this year as British businesses succumb to the effects of the credit crunch, and the picture is expected to worsen, according to analysis by Deloitte.

Property and construction-related businesses experienced the most administrations – a 54 per cent rise in the first half of 2008 compared with the same period last year – as the value of land stocks fell, along with house prices and mortgage approvals.