London and Essex-based housebuilder says it has sold 389 properties this year, compared with 350 last year

Housebuilder Telford Homes said year-end results would be ahead of expectations after achieving better than anticipated sales this year.

The London and Essex-based housebuilder said it had sold 389 properties this year, compared with 350 last year, and received guarantees of £73m in grant from the Homes and Communities Agency. At the same time it virtually halved its debt from £70m to £37.2m.

It said: “The market in east London has improved over the past six months and in particular sales in the first quarter of 2010 were better than anticipated.” It said it had successfully sold 70 homes in Greenwich to overseas investors.

Andrew Wiseman, chief executive of Telford Homes, said: "The number of completions secured will put the group's results ahead of market expectations for the full year. We are now in a strong position to pursue specific opportunities, developing sites which we already own for open market sale and exercising options on estates owned by Eastend Homes. We are optimistic about the prospects for the group, with sustained confidence in the market in east London."