Telford Homes rockets on rentals

A decision to debut in the rental flats market last year has paid off for Telford Homes, the housebuilder said earlier, as it revealed record sales and profits.

Boss Jon Di-Stefano said that, since early 2016, the company has secured a pipeline of 500 London rented homes to construct. This is anticipated to increase by around 2000 over the next three years.

“Rental demand is robust in London, and institutional investors are not worried about the upcoming election. They see that long-term returns in the private-rented sector are strong,” he added.

AIM-listed Telford Homes also said demand from housebuyers had held up since the Brexit vote.

Revenue jumped 19% to £291.9 million in the year to March 31.

Pre-tax profits rose 6% to £34.1 million.

A note from Peel Hunt said Telford Homes' “sector leading forward order book gives us plenty of confidence in more growth over the next few years”.