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Housebuilder Telford Homes (LON:TEF) has said that it expects activity in London’s residential market to fall in the next 12 months. The firm’s shares fell by 7.36% to 365p (as of 13:10 BST) after the announcement.
Chief executive Jon Di-Stefano commented: “Our key objective is to fulfil the ongoing demand for the homes that London needs. Notwithstanding the uncertainty surrounding the outcome of Brexit, the Group continues to perform well and is focused on increasing the scale of the business driven by the need for homes at affordable price points, in particular in the rental sector. We remain confident that our approach to forward sales with increased visibility over profit recognition enhanced by our success in build to rent will enable us to deliver strong long term returns to our shareholders“.