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Housebuilding Directors Dumping Shares!

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There was a mixed performance from the housebuilding sector yesterday after a leading broker drew attention to recent share sales by industry insiders.

Unimpressed by the numerous bid stories doing the rounds at the moment, several of the sector's biggest names have been offloading stock in the past week, according to Man Securities.

Last Thursday, Tony Pidgley, the boss of Berkeley Group and the man who correctly forecast the last housing market crash, sold 1m shares at £11.65. Before that Peter Johnson, the outgoing chief executive of

George Wimpey, offloaded 180,000, alongside two other board directors who sold 95,000. If that were not enough, then seven directors at FTSE 100 housebuilder Persimmon also disposed of stock last week, although the company claims this was to cover tax liabilities arising from the vesting of share options.

As such, Man thinks it might be time to "short" the housebuilding stocks, which have been among the market's best performers in the past year. Heeding that advice, shares in Crest Nicholson fell 20.5p to 550p, while Persimmon eased 21p to £13.90 and Berkeley shed 16p to close at £11.47. However, George Wimpey mysteriously bucked the trend, rising 13p to 578p.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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