London property market veteran Stephen Conway on Tuesday shrugged off lower profits at Galliard Homes and predicted the industry would bounce back after Brexit.
Galliard chairman Conway told the Standard: “In my 50 years of developing in London there have been many cycles and policy changes.
“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.”
The 70-year-old entrepreneur who was born in Mile End and worked as a banker before starting property businesses, was commenting as Galliard Group filed accounts for the year to March.
Turnover fell to £296 million from £451 million. Taking into account Galliard’ share of joint venture projects, sales decreased to £460 million from £593 million.
The firm’s pretax profits fell to £46.5 million from £75.3 million. Conway said that was because some construction was delayed and overran into the current financial year.
Essex-headquartered Galliard, which has recently bought sites in Camden and Battersea, this week unveiled plans to team up with developer Apsley House Capital to start work on 2800 homes in Birmingham.