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5 things you need to know about the superyacht market in September

5 things you need to know about the superyacht market in September

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British yards are bouncing back after Brexit

The full ramifications of Britain’s vote to leave the EU may not be felt for many months to come, but some British yards are reporting that business has picked up after the initial shock of Brexit subsided, with a drop in the value of sterling making British yachts more affordable to overseas buyers.

Phil Popham, CEO of Sunseeker International, confirmed that the yard received a post-Brexit boost: “We benefitted in the short term from sterling position, but only around 20% of our costs are in Euros so we’re not overly exposed.”

Oyster Yachts has seen a particularly busy summer, with the launch of the sixth Oyster 825 sailing yacht Enso (pictured above) and the sale of the ninth hull in the Oyster 885 series.

David Tydeman, CEO of Oyster, is particularly optimistic about his yard’s prospects. “We're proud that Oyster has a strong order book, boosted by these recent contracts since the Brexit vote,” he said. “We are quietly confident we'll close 2016 with at least the £70m order book we ended 2015 with.”

Meanwhile, Kiran Haslam, marketing director at Princess Yachts, added that the Plymouth-based yard had a particularly successful sales performance at the recent Cannes Yachting Festival, with 14 yachts sold — twice as many as at last year’s event.

However, Matt Albert, senior sales and new construction broker at YPI, sounded a note of caution: “Currency fluctuations can result in some excellent deals for buyers, but it is important to remember that for most clients, whilst currency fluctuation can introduce a new gain margin, the real goal is to find the right yacht for a buyer’s needs.”

Photo: Mike Jones / Waterline Media

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