Ongoing impasse over how the UK will depart the EU, or even if it does at all, has caused frustration for many businesses but Legacie founder John Morley welcomes the extra time. Tony McDonough reports

A leading Liverpool developer says the six month extension to the Brexit deadline is good news for the city’s property sector.

The ongoing impasse over how the UK will depart the European Union, or even if it does at all, has caused frustration for many businesses across the UK and potential overseas investors who are keen to get forward clarity.

And there has been concern in some quarters that further Brexit uncertainty could knock the confidence of overseas investors and hamper efforts to regenerate Liverpool.

But John Morley, founder of Legacie Developments, who has successfully delivered a number of high profile construction schemes across Liverpool, days the delay to the original March 29 deadline offers a chance for the Government to put a better deal in place.

Earlier this month Mr Morley, who has recently delivered residential projects in the city including Reliance House and Ropemaker Place, spoke out in defence of the much maligned fractional sales method of funding, popular with overseas investors.

Legacie is also set to start work on the Parliament Square scheme, where it will build 500 apartments in Liverpool’s fast-growing Baltic Triangle district.

On the Brexit issue, he told LBN: “After the EU referendum in 2016, the weaker pound meant foreign investors saw the UK as a prime marketplace which had the potential to provide fruitful returns. 

“But it’s nearly three years since the historic vote and the business world, in particular the development industry, is no clearer on what Brexit will look like. It’s extremely hard to plan ahead, but I’m glad the exit date has been delayed for at least six months. 

“It will hopefully give the Government the required time to reach an agreement with Brussels which puts jobs, livelihoods and inward investment first.”