Britain’s decision to leave the European Union after 43 years of membership may result in strong foreign investment for the Liverpool property market, according to Merseyside estate agents.

Dan Pennington, director of Century 21, believes potential downturn for the British pound could bring international funding to city developments.

He says: “I think the result will lead to some uncertainty and nervousness in the market… it’s a bit unknown at present as to what effect this will have but I think we just need to remain positive and quash any concerns that vendors or buyers may have.

“Ultimately, the Liverpool residential market is very strong at present and the demand for homes exceeds supply so I do not see a huge immediate impact. On the plus side, if the pound decreases then this will bring more international investment into the city for the multiple investment developments that are being built.”

Dan Pennington of Century 21

Andrew Louis CEO Louis Anastasiou claims the impact of Brexit on sterling would make property on Merseyside a more attractive proposition to foreign buyers, but predicts initial disruption in the market.

He says: “A vote for Brexit has already seen the value of sterling fall which makes property prices 10% lower for foreign buyers already. However, I do predict an disruption to the Liverpool property market while everybody takes stock of what it actually means and the government starts giving us clear policy direction.”

George Downing, founder of the Downing property group, which has student and mixed-use developments in the North West and across the UK, anticipates initial “turbulence” in the market but foresees long-term gains now Britain can negotiate with Europe “on our own terms”.

George Downing

He also expressed disappointment at Prime Minister David Cameron’s decision to announce his resignation in the wake of the referendum result, describing the move as “not immediately helpful”.

George tells Your Move: “I’m shocked and surprised that we’ve won – the polls had been suggesting otherwise. People need to stay calm. There will be some turbulence but we are now in a position to negotiate and deal with Europe more on our own terms. It’s disappointing that David Cameron has made the announcement about stepping down so soon. I understand why he’s done that but it’s not immediately helpful.”

“The UK is attractive from a property investment perspective – and it’s also a great place for students from overseas to learn – and that reality is not changed by today’s events.”

More than 33 million people cast votes in the EU referendum, the highest turnout for a nationwide vote since 1992.

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