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Developer Grainger said that it expects the subdued residential market to continue but that despite this the firm is performing well.

In its interim management statement for the four months to 31 July 2011 Grainger said that despite the challenges in the market and the low levels of sales and mortgage approvals it has reported regional variations, with London house prices demonstrating the most buoyancy.

Grainger completed 拢79.5m of residential sales in the four months to 31 July and said: 鈥� Our portfolio benefits from its high weighting to London and the South-east.鈥�

Andrew Cunningham, Grainger chief executive said: 鈥淲e continue to supplement the active asset management of our own portfolios by bringing in third party fee income through deals such as the Lloyds RAMP agreement and the Aldershot Urban Extension.鈥�

However he said the state of the economy would continue to be reflected in the state of the UK residential market.

Kelly Forrest, senior economist at the CPA said: 鈥淗alf-year results from the biggest housebuilders have been generally positive, with turnover, volumes and profitability rising modestly compared with 2010 [but] low numbers of property transactions are a key problem.鈥�

In the ten months to 31 July 2011 Grainger completed sales of 拢94.3m on 531 vacant lots compared with sales of 拢90.1m on 597 vacant lots in the year to 31 July 2010.

The statement said that total UK residential sales stand at 拢189.2m compared with 拢154.8m for 31 July 2010.

Grainger also pointed out in its statement that 鈥渓ong term interest rates have decreased since the half year, ending 31 March 2011. If this decrease continues, it will affect the mark to market of our interest rate derivatives which were reported at the half year.鈥�