RESIDENTIAL property developer Telford said yesterday that robust demand in its target market had led to good sales in the three months to the end of June.
The London-focused housebuilder said it had sold over 240 open market properties since the start of April, compared to 803 sold for the full financial year to 31 March 2013.
Telford said UK and overseas sales had continued to show strength, with over half of the 60 open market apartments sold after the first release of its latest east London development Lime Quay.
The AIM-listed firm said pre-sales success throughout its properties was an important driver for the £20m share placing completed earlier this month. Telford plans to use the raised funds in addition to debt financing to invest almost £50m in new developments.
“There is a shortage of homes in London and, given continuing strong demand and the funds raised in the placing, the group is in an excellent position to capitalise on the lack of supply and significantly increase its output over the next few years,” said chief executive Jon Di-Stefano.