The continued decline in the strength of the pound since Brexit has triggered a boom of 3.4% in luxury yacht sales for UK manufacturers when compared with 2016. This marks the best performance for the boat market since before the 2008 financial crisis, which triggered a severe reduction in the desire for those with money wanting to invest.
The figures were released by the British Marine trade body as 330 firms flocked to the London Boat Show this month. They revealed that total sales by the industry were £3.1 billion in April 2017, with exports increasing by 4.7% to £924 million. This, British Marine said, helped support 330,000 jobs in the manufacturing and service industry and “directly contributed” more than £1.3 billion to the economy between March 2016 and April 2017.
This is due, managing director of Fairline Yachts Russell Currie states, to the fact that the weakened pound made UK super yachts 15-20% cheaper than European and American competitors, making them highly desirable to buyers overseas. It has also increased the number of Britons choosing to remain in the UK for their holidays, investing more in seaside activities such as watersports and yachting.
Brexit has proven the saving grace of Fairline, helping it recover from going into administration two years ago. Since then, it has gone from having no employees or orders, to 380 employees and 163 sales. Demand was so great, that they were forced to purchase a manufacturing facility in Southampton just to keep up with the demand for even bigger vessels.
Sales by Poole-based Sunseeker International have been going so well that they have begun to invest in sponsorship for the 2018 Fifa World Cup in Russia. Chief executive, Phil Popham, said that he expected an increase of at least 10% in 2017 from 2016 and that they’ve already sold 90% of their production for 2018 on forwarding order.
We know that any kind of marine craft can be a massive investment, and want to help you keep it protected. We can arrange a comprehensive motorboat or yacht insurance policy to cover you and your vessel, no matter the make or model. Contact our expert team on 01202 754900 for more information.