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.
