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TODAY'S OTHER NEWS

Chinese backing London buy to let "despite Brexit" claims house builder

Telford Homes says some of its massive 35 per cent growth in pre-tax profits over the past year is down to an influx of Chinese investors into the UK capital. 

Telford has reported to its shareholders that for the year ending March 30, its pre-tax profit was £46.0m compared to the previous year’s £34.1m, on increased revenue of £316.2m. 

Earlier this year Telford revealed that it had sold three quarters of the first 100 units in its New Garden Quarter scheme in London’s Stratford area on the back of a sales drive in Hong Kong and China. 

“We are seeing growing investment from China due to the continued international attraction of London, despite Brexit, and strong rental demand relative to supply,” says the company’s chief executive John Di-Stefano.

Telford is also working with US Build To Rent company Greystar to construct over 850 BTR units in Nine Elms, Battersea. Work is expected to start later this year.

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