Telford Homes says that regeneration of east London, coupled with improving transport links, is helping to generate demand.
Telford Homes has its AGM in Waltham Cross, Hertfordshire today. New chief executive Jon Di-Stefano, who took over on 1 July, will tell shareholders: "Telford Homes has maintained a strong rate of sales since the start of the new financial year and to date the Group has sold 233 open market properties across seven developments. This represents an increase of over 50% against the same period last year and is in line with management expectations.
"Since securing the new bank facility on 31 March 2011 the group has agreed terms to buy a number of new development sites that together are expected to add in excess of 400 homes to the development pipeline.
"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 Board is pleased to confirm that the Group is trading in line with market expectations for the current financial year and the long-term outlook for Telford Homes remains strong."