Telford Homes' share price rose this morning as the housebuilder reported another set of record results.
At the time of writing, the firm's share price was up 0.39 per cent at 432p.
Revenue at Telford Homes came in at a record high of £291.9m for the year ending 31 March, up by 19 per cent on the year before.
Pre-tax profits grew six per cent, up from £32.2m to £34.1m.
The firm now has a built to rent pipeline of nearly 500 homes, with a total contract value of £230m.
The average price Telford Homes expects to sell its future properties for stands at £527,000 as compared to £513,000 the year before, a rise of 2.7 per cent.
Why it's interesting
Build to rent homes have come into focus after the government pledged to focus on the sector in its housing white paper. The government's aim is to provide a wider range of tenancies across the UK, and the sector also provides a steady stream of returns for institutional investors.
However, the government's decision to construct more build to rent homes has partly been motivated by rising house prices, and some have said that by focusing on build to rent the government is giving up on people's desire to own their own property.
What Telford Homes said
Jon Di-Stefano, chief executive of Telford Homes, said: "Since the start of 2016 we have swiftly established Telford Homes at the forefront of the London build to rent sector with over £230m of combined contract value secured to date.
"Build to rent is a strategic focus for the group and we expect to further increase our activity in the coming months.
"Our confidence in delivering continued growth remains unchanged, supported by the chronic need for homes in London."