Telford Homes reports surging London sales

Aaron Morby 11 years ago
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Developer Telford Homes has experienced exceptional demand for new homes in recent months in London.

The £142m turnover group exchanged contracts for the sale of 803 private homes in the year to 31 March 2013, nearly double last year’s number, which helped to treble profits at £9m.

Nearly 600 of these were sold in the last six months of the year.  Since April, a further 183 properties have had contracts exchanged or have been sold subject to contract.

Jon Di-Stefano, Chief Executive of Telford Homes, said all sales to date had been achieved without any assistance from government backed mortgage schemes including ‘NewBuy’ and ‘Help to Buy’.

“The business is in an excellent position with increasing margins, a significant development pipeline, enhanced financial strength and an unprecedented level of pre-sales all underpinning the board’s expectations of substantial profit growth in the next three years.”

He said that despite the efforts being made to increase supply, it was unlikely that the number of new homes built over the next few years would keep pace with the number required in London given expected population growth and the existing shortage.

“This fundamental issue underpins the board’s plans to significantly increase the group’s contribution to the supply of new homes in London over the next few years.”

Telford Homes is focusing on areas of inner London where it expects demand to remain strong both from investors and owner-occupiers.

The group has now acquired its first site, subject to planning, in the London Borough of Islington and is therefore continuing to mix its East London heartland with other up and coming or established areas.

Currently 1,855 of the properties in the 2,260 homes pipeline are either under construction or in detailed design and, including affordable housing contracts, over 1,300 of these have already been sold.

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