UK investors fearing that Redrow's Steve Morgan and Berkeley Homes chairman Tony Pidgley's share sales signal the top of the market, have nothing to worry about, according to analysts at Jefferies. They added Pidgley "still has a lot of skin in the game", while the housebuilding industry was benefiting from a chronic undersupply and the government's help to buy initiative. The latest figures show house prices rose by just 0.1pc over the year to June last year, compared with an average annual increase of 2.3pc.
UK investors fearing that Redrow's Steve Morgan and Berkeley Homes chairman Tony Pidgley's share sales signal the top of the market, have nothing to worry about, according to analysts at Jefferies. They added Pidgley "still has a lot of skin in the game", while the housebuilding industry was benefiting from a chronic undersupply and the government's help to buy initiative. However, some insiders have questioned whether Morgan, who recently announced he would "ease back" on his role, will go on to sell his entire stake in Redrow, which increased its dividend by 70% after posting record results.