Private Equity company invests in Westleigh.
Palatine Private Equity has invested £21 million in housebuilder Westleigh Partnerships despite fears of Brexit’s effect on the construction industry.
Taylor Wimpey, Persimmon, Barratt and Berkeley have lost nearly 30pc of their market value since last month’s referendum vote.
Barratt said Brexit could cause a slowdown in construction if mortgage lenders tighten their criteria or the economy slows down.
Westleigh was started by husband and wife Chris and Judy Beighton in 1985 and they are adament that demand for new affordable homes will grow despite fears over Brexit.
Westleigh builds over 1,200 homes a year in various locations around the country. Most of the properties they build are available through local authorities or using the Government’s ‘help to buy’ scheme.
Nearly 59,000 affordable homes were available to buy in the UK in the year to March 2015. where homes are sold or rented below their market value. Tis represents a 41pc increase on last year, according to Government statistics.
Westleigh generated nearly £100m sales last year. If demand for new homes remains as it is currently, the company expects annual sales to rise to £165 million by 2018.