Telford raised £20m from a share issue in the summer to expand it development pipeline over the next two years but is now speeding up turnaround rates.

The firm has bought a further two sites in Stratford London, after selling all 198 flats at its Stratford Plaza development.

The tallest of these new projects, known as Broadway Chambers, comes with planning consent for 342 homes across two buildings, the tallest rising to 36 storeys.

The second site is on Angel Lane and forms part of Westfield’s redevelopment of the area adjacent to its shopping centre.

This site has been acquired subject to planning and is expected to provide 181 homes.

Telford said it had also made two other significant purchases subject to planning for 180 homes on Limeharbour, Isle of Dogs and 158 homes on Caledonian Road, near Kings Cross.

Announcing interim results, Jon Di-Stefano, chief executive, said: “During the period Telford Homes has achieved an impressive rate of sales and has secured significantly higher profit margins, resulting in growth that has been ahead of market expectations.

“The market in inner London remains buoyant and exceptional demand has been experienced at many of the group’s developments.

Telford is now 100% sold in terms of the open market homes expected to legally complete in the year to 31 March 2014, over 80% sold for 2015 and over 60% sold for 2016.

Its development pipeline has increased by 23% in six months to 2,790 properties.

He said: “Together with affordable housing contracts this represents future revenue secured beyond 30 September 2013 in excess of £370m.

Operating margins jumped from 9.7% to 13% as pre-tax profit rose to near £8m in the first half to the end of September.