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Olympics gain for Telford Homes

London-based house builder Telford Homes is looking to cash in on soaring house prices on its developments close to the site of the Olympics Park for the 2012 Olympic Games.
Telford has seen significant price rises on properties close to the site and expects the games to have a big impact on the regeneration of East London.

One of their sites adjacent to the planned park on Warton Road was included within the London Development Agency's Compulsory Purchase Order issued earlier this month. Telford has received assurances that the LDA will withdraw the notice once infrastructure planning for the Olympics is complete.

In the six months to September 30, Telford increased profits by 35 per cent despite tough market conditions overall in the summer and early autumn, which affected the sale of higher priced properties.

Pre-tax profits rose to £3.3 million compared to £2.5 million in the same period last year. Telford specialises in redeveloping sites in North and East London and it sold 407 houses, 60 per cent of which were affordable.

Turnover jumped 26 per cent to £27.8 million from £22 million at the same stage a year earlier.

It has 1031 properties in the pipeline with agreements reached to sell 350.

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