East london housebuilder says trading in line with expectations

East London housebuilder Telford Homes has increased sales by 50% since the start of the new financial year in April.

Real-time Share Price
Real-time Share Price

In a statement to the Annual General Meeting today, Jon Di-Stefano, chief executive of the £121m-turnover builder said the rise in sales, which has seen 233 homes sold since April, was in line with management expectations.

He added that since agreeing new banking facilities, the group has bought land for construction of more than 400 homes.

Di Stefano said: “Telford Homes has maintained a strong rate of sales since the start of the new financial year.

“The property market in East London has been robust despite a continued lack of mortgage finance at affordable levels. There remains a shortage of homes in London and improving transport links and ongoing regeneration in the area underpin our geographic focus. The group is trading in line with market expectations for the current financial year and the long-term outlook remains strong.”

Follow Building on Twitter