North West developer Elliot Group shrugs off Brexit blues

Elliot Group, the Liverpool-based developer with a £750m pipeline of apartment schemes and student accommodation projects across the North, has shrugged off the Brexit blues after seeing its sales figures leap since mid-July.

Over the last two months, the firm said off-plan sales have risen by 30%, with overseas investors particularly keen to snap up its property.

Elliot Group boss Elliot Lawless explained that although non-UK purchasers are eager to take advantage of the weaker pound – with around 70% of the 122 apartments sold across Liverpool, Manchester and Leeds since July purchased by foreign buyers – UK-based investors also remain “as active as ever”.

He explained: “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.”

Elliot continued: “Interestingly, when they go looking for value outside of the capital the first place they look now is Liverpool because they know of the city.

“It used to be a supplementary play for them, but it’s matured into a solid market in its own right with strong fundamentals in terms of its economy and the prospect of capital growth. Leeds and Manchester aren’t far behind.”

Speaking further, he said he believes the Brexit aftershock has “gone away”, adding: “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.”

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