Pawnbrokers are witnessing a sharp increase in demand for their services as the cost of living crisis continues to bite. James Constantinou, the Surrey-based pawnbroker featured on Channel 4’s ‘Posh Pawn,’ has observed a surge in people pawning family heirlooms and other high-value possessions.
Constantinou expressed concern about the severity of the current economic climate, stating that he fears it could be the worst in recent memory. He has noted a significant increase in clients from the restaurant and bar industry, who are grappling with high energy bills and staffing shortages. One such client, who owns a chain of restaurants, pawned a £70,000 Jaguar E-type that belonged to his father. Another client brought in a £10,000 solid gold Rolex that was an 18th birthday present.
Constantinou emphasized that these items often carry great sentimental value, but people are left with no other option due to financial constraints. He noted that rising interest rates are particularly damaging to businesses, and staffing issues caused by Brexit and the pandemic have further exacerbated the situation.
The demand for pawning has escalated since Constantinou’s appearance on ‘Posh Pawn,’ which showcased the pawning of high-value goods such as helicopters, Lamborghinis, and rare items like a piece of Princess Diana’s wedding cake. The emotional toll on clients who part with cherished possessions is evident, as illustrated by the client who pawned his father’s meticulously restored Jaguar.
