Telford Homes reports strong demand in London market

Property developer Telford Homes announced a strong trading update as London market demand remained "strong", with its development pipeline topping £1bn for the first time.Telford said the "tremendous success" of the launch of its residential development Stratosphere gave the company confidence for its business in the next few years.The group, which will next month release its interim results for the six months ended 30 September, said it continued to see a strong demand for its homes in the London market, with more than 500 open market homes sold since April.Chief executive Jon Di-Stefano said: "The board believes in the long-term prospects of the London market."The group now has more than £1bn of future revenue in its development pipeline and we are already well on track to deliver the previously reported expectation of pre-tax profits in excess of £120 million over the four years to 31 March 2018."Peel Hunt analysts said on Thursday the success of the Stratosphere project "strengthened the group's sector-leading forward sales position even further, giving us high confidence in our medium-term profit expectations".