Property veterans Raymond Mould and Patrick Vaughan, who have correctly timed the real estate cycles on two previous occasions, have warned they are "increasingly cautious" about making further investment, after their fund posted strong annual profits in its first full year since buying assets.

Their company, London & Stamford, announced today that its profit jumped to £106m (€125m) for the 12 months to the end of March, compared with £24m the previous year - a 342% rise.