Stephen Conway, the chairman of Galliard Homes, has predicted the UK property market will bounce back after Brexit.
The comments came despite the property developer reporting lower profits for the year to March 2018.
“In my 50 years of developing in London there have been many cycles and policy changes,” Conway told the Standard. “Each time the housing market has recovered in London because there is an imbalance between supply and demand. I think sales rates and prices won’t take too long to recover after March 2019.”
Essex-headquartered Galliard reported a 38% decline in pre-tax profits for the year to March 2018, from £75.3 million to £46.5 million.
Conway blamed the decline on construction delays which overran into the current financial year.
Turnover fell 34% from £451 million to £296 million. Taking into account Galliard’ share of joint venture projects, sales decreased to £460 million from £593 million.
Essex-headquartered Galliard recently teamed up with developer Apsley House Capital to start work on 2,800 homes in Birmingham.
The latest scheme is The Timber Yard, offering 379 apartments priced from £199,000, complete with hotel-style foyers, concierge, private gymnasium, club lounge, cinema/screening room, central landscaped gardens and undercroft parking.
David Galman, sales director at Galliard Homes, said: “For over 25 years Galliard Homes has helped young professionals and individual investors get onto the property ladder and this launch will continue our work in Birmingham and give the city the benefit of Galliard’s value-for-money London style product for which our brand is renowned.”
The developer also revealed that all eight penthouses in phase one of its Islington Square scheme in London have been snapped up, at an average price of £5 million.