Telford Homes Share News (TEF)

LONDON (Dow Jones)--Telford Homes Plc (TEF.LN), a residential property developer in East London, announced Thursday that to date, there have been 153 new open market sales across 12 developments and 88 open market completions, which is in line with management's expectations. MAIN FACTS: -New sales continue to be achieved at a satisfactory rate across all of the Group's developments. -The Group is continuing to make good progress in putting in place a new corporate banking facility and has started to exercise options over open market development sites within estate regeneration projects, utilizing some of the equity raised in the March share placing. -Meanwhile construction continues on 534 affordable homes across nine different sites enabled by a secured HCA grant program of GBP73 million. -Despite the substantial cuts to public spending that will restrain the economy, the East London market is still experiencing a strong rental market and a shortage of supply which has been driving demand from both U.K. and overseas customers. -The prospects for selling property in East London remain encouraging especially as regeneration continues, transport links are improved and the local area prepares for the 2012 Olympics. -The Board confirms that the Group is trading in line with market expectations for the current financial year and the long-term outlook for Telford Homes is favorable. -Shares at 1202 GMT up 2 pence, or 2.34%, at 87.50 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; zechariah.hemans@dowjones.com (END) Dow Jones Newswires July 15, 2010 08:05 ET (12:05 GMT)