Olympics boosts sales at Telford Homes

Grant Prior 10 years ago
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The east London property market is still booming ahead of the Olympics as local builder Telford Homes posted a bullish trading update to the City today.

Telford said its profits for the full year will be ahead of analysts’ expectations as visitor numbers and reservations surged 50% in the first few months of 2012.

The house builder has also been on a land buying spree with deals in place on 19 new sites worth £47m.

The new land will contain more than 1,200 homes including three major sites at Stratford, close to Canary Wharf and adjacent to the Albert Embankment.

Sales have jumped 25% in the last year to 460 homes as the firm enjoys increased interest from UK buyers and foreign investors.

Chief executive Jon Di-Stefano said: “The London market has proved particularly resilient and, together with improved margins, our sales performance means profits for the year to 31 March 2012 are anticipated to be ahead of market expectations.

“The Board remains positive in its outlook with profit levels expected to increase significantly in the new financial year underpinned by pre-sales already secured and by some of the new sites we have acquired in the last 12 months.”

Telford will release its full year results on May 30.

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