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East London listed housebuilder Telford Homes said the mortgage market will see little improvement until 2012 in a trading update today which said it would hit expected profit numbers.

The firm said it had sold 206 homes since April, with a drop off in open market completions from 224 last year to 133 this year in the six month period, as it moves toward affordable housing sales.

However, the firm said it had now stopped buying any sites which require social housing grant to be viable because of the uncertainty over future funding levels.

It said it remained 鈥渃autious鈥� in its outlook 鈥渋n light of the uncertain economic environment and an expectation that the mortgage market will see little improvement before early 2012.鈥�

In addition it said it has bought out the Royal Bank of Scotland鈥檚 50% stake in its flagship Greenwich Creekside development, for an undisclosed deferred price it said was 鈥渃ost鈥�.

Contrary to housebuilder Bellway yesterday, which admitted autumn sales had failed to return as hoped, it gave no sense recent trading was disappointing. It said: 鈥淭he last few weeks have seen a continued steady rate of UK sales such that performance remains in line with management expectations.鈥�