Housebuilder Redrow’s share price has fallen sharply after its chairman and founder became the latest in a series of senior figures in the housebuilding sector to sell a substantial chunk of their stake.
Redrows Steve Morgan yesterday sold £153m worth of shares – or 7% of the company.
Separately the founders of Dublin-based Cairn Homes sold shares worth 2.1% of the company on Tuesday, and in recent days a number of directors at rival housebuilder Berkeley Group also cashed in some of their holdings.
The sales have led to speculation in the City over whether sector leaders are calling the top of the market.
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