Telford Homes has stopped buying land where development is dependent on grants from the Homes and Communities Agency because of fears about cuts to social housing budgets. The housebuilder, which concentrates on east London, said it was still in “close talks” with investment funds about possibly building housing developments for the institutional rental market.
It criticised Basel III which it said would delay the recovery in the mortgage market by at least another year. Cash-rich investors in its core London market would temper the effect, it said. The company anticipates meeting market expectations in the current financial year but remained cautious about its outlook. The shares closed down 3p at 77p.
21/10/10 Financial Times 26
Times 48
Independent 14
