The developer’s half year results revealed a 10% reduction in overhead costs had been attributed to a healthier balance sheet, with £690m of transactions executed since March.

This included £464m of non-core disposals with the portfolio repositioned to “higher-return opportunities” according to CEO Mark Allan.

Landsec has therefore benefitted from a 6% uplift in relettings and renewals across London and major retail assets, with a 40% increase in occupancy. This had attributed to 3.4% growth in like-for-like net rental income.

Over the six months to September, earnings of £186m were achieved but this was slightly down from the £198m recorded in the preceding period.

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However, earnings per share (EPS) were healthier at 32.8p per share. In contrast, this had been -24.4p per share in the previous six months.

Looking ahead, Landsec has a pipeline of over 6000 homes with EPS outlook upgraded.

Commenting on the results, Mark said he expects the condition of the market - with growth in rental income and property values stabilising - to continue.

“We expect these trends to persist, as customer demand for our best-in-class space remains robust and investment market activity has started to pick up,” he said.

“We have continued to reposition our portfolio towards higher-return opportunities and are confident of deploying further capital towards this in the second half.

“Having managed our balance sheet well as markets corrected, we are now well placed to deliver growth and attractive returns.”