Telford lifted by ‘chronic’ shortage in UK capital

Telford Homes has said London’s “chronic” need for new houses will help the firm mitigate economic and political uncertainty around Brexit, although half-year profits are expected to come in lower.

In a trading update yesterday, the group said profit for the first six months of the year is expected to be “significantly lower” than the comparable period in 2016.

Telford said this is due to the “programmed timing of development completions”, noting that full-year profit is on track to hit £40 million.

The firm added: “There remains an ongoing and acute need for more homes to be built across London which is recognised by all political parties.”