Telford Homes boosted as overseas buyers ignore Brexit drag

Overseas buyers are still flocking into London property despite Brexit and recent “doom and gloom” over the market, the boss of Telford Homes said on Wednesday.

While the top end of the capital’s property scene has slowed significantly, Telford is still finding willing purchasers for its typically much cheaper properties, boss Jon Di-Stefano said.

Hong Kong and Chinese buyers accounted for most of the 100 sales at its New Garden Quarter scheme in Stratford, whereas domestic investors were put off by stamp duty hikes.

Di-Stefano said: “Overseas buyers are not really that bothered [about Brexit] in the first place. It doesn’t even get mentioned. They don’t ask about it, which is surprising... They don’t like the UK just because it is in the EU.”

Owner-occupiers have also shown “encouraging” interest at its recently launched Bow Garden Square scheme in a London market where supply is tight.

Telford flagged up record profits for the year to March, slightly ahead of the £44 million City consensus.