Aim-listed London & Stamford, which has been one of the most active investors in the depressed real estate market in the past year, has said it is now taking a "cautious" approach in the UK, as rivals continue to push billions of pounds into the sector.

The company, which was founded by veteran investors Patrick Vaughan and Raymond Mould - who are well known for correctly calling the top and bottom of previous cycles - reported a net income of £6.7m (€7.5m) over the six months to the end of September. This compared with £0.6m for the period last year.