The developer St Modwen is training its sights on more buoyant property markets in the south this year as the rest of the country struggles. The group has a third of its portfolio and 50 per cent of its housing assets in London and the South-east, where markets are recovering faster.
The rising worth of St Modwen's residential holdings accounted for the bulk of the £48m in valuation gains across its estate during the year to November.
Bill Oliver, chief executive, said: "There is a different kind of economy inside the M25, but outside confidence is low and demand is weak. Our investors and investors in property are preferring to invest in the South-east."
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