Developer reports 30% increase in off-plan sales since Brexit vote

A DEVELOPER with a £750m pipeline of new-build apartments and student homes in the North of England’s three largest cities has reported a 30% increase in off-plan sales since mid-July, suggesting any post-Brexit hangover was short-lived.

Elliot Lawless of Elliot Group says that while overseas purchasers have taken advantage of the weaker pound, UK investors remain “as active as ever”.

He said 70% of the 122 apartments his company sold across Manchester, Liverpool and Leeds since July have been to overseas purchasers, with UK investors making up the balance.

“Some overseas buyers paused after the referendum result, but the falling pound has seen them return aggressively. Brexit just didn’t have the impact we thought it might.

“Overseas investors’ faith in the UK remains undimmed.  London remains the world’s capital and they have complete faith in our legal system and economy.

“Manchester has always been a favoured secondary investment destination, but Liverpool and Leeds have both caught up.
 
“They like Liverpool because they know of the city and it’s matured into a solid market in its own right, with strong economic fundamentals.  Leeds is Yorkshire’s capital and that’s reason enough for many overseas investor.”

He says that “Brexit has gone away” and that investors are focused on the developer’s track record and the inherent strengths of whichever city they are buying in.

“We’ve recently delivered 770 units on time and to budget to retail investors and that has also given them the appetite to deal with us further.”

Elliot Group is on site adjacent to Leeds’ giant Trinity shopping centre, on the banks of the Irwell river at Greengate in Manchester city centre, and at numerous sites in Liverpool city centre.

It recently completed three major schemes in Liverpool at Parliament Place, Norfolk street and Queensland Place.