London house builder buoyant

LONDON housebuilder Telford Homes brushed off talk of a downturn in the capital with record revenues and soaring profits.

Telford said pre-tax profit was up 35pc to £46m in the year to March 31, while revenue rose from £291.9m to £316.2m.

It is well placed to top £50m in pre-tax profit next year, a 100pc increase over four years.

It attributed its success to the under-supplied housing market in London, and by selling homes at relatively affordable prices.