East London residential property developer Telford Homes announced it is expanding into affordable housing as difficult housing market conditions continue.
Telford said it has “worked to position Telford Homes for the economic downturn and has taken steps to reduce the impact of this downturn on the business.”
It has agreed a £57m grant with the Homes and Communities Agency and is in advanced negotiations with its housing association partners to construct developments entirely for affordable housing.
Chief executive Andrew Wiseman commented, “The strong partnerships which the company has with a number of housing associations and the grant programme agreed with the HCA mean that, to a certain degree, we are able to shelter the company from the lack of activity and confidence in the private residential market.”
“The board will focus on these relationships to achieve security of cash inflows before embarking on construction and will continue to ensure that the company is adapting to current economic conditions.”