Telford Homes sales flagging on fears over Leave

Brexit turmoil at Westminster and fears of potential “disaster” are still sapping the London market, the boss of Telford Homes warned on Wednesday.

Telford posted a poorly-received update last month when it said it still had 90 homes to sell to meet its £50 million profit target this year, including 25 worth more £600,000 where sales are much tougher.

Seven weeks on it has sold just five of the more expensive homes, chief executive Jon Di-Stefano said.

“In the short term it is still a battle to sell stuff, especially above £600,000. Would you move right now if you were told that there might be a disaster right around the corner?”

Interim profits were up 16% to £10.1 million for the six months to September 30. The shares rose 5.7p to 305.2p, but are down a third over the past six months.

The firm is expanding into the build-to-rent market to ease its exposure to private sales, where tax hikes have limited the number of investors.