Rightmove managing director Ed Williams has sold nearly 1% of the estate agency for just short of £8m.
Williams was the founder of the rightmove.co.uk website that formed the basis of the group. He has sold nearly 1.14m shares at 699.9325p each. That leaves Williams with 1.1% of Rightmove. The imminent increase in the rate of capital gains tax may have been in his mind when he decided to sell.
The disposal was made last Friday ahead of today's announcement of house price inflation figures by Rightmove. The annual rate of house price inflation picked up from 4.3% to 5%, but Rightmove expects this to ease back as conditions get tougher later in the year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Sellers and tenants face tougher times as deficit reduction measures, such as the rumoured CGT increase, disrupt the fragile housing recovery, it said.
Rightmove's commercial director Miles Shipside added that a continued dearth of mortgage availability and a recent surge in sellers will also knock confidence.
"These factors are likely to put an end to this year's recovery in house prices," Shipside said.
Top Director Buys
CPP Group (CPP) Director name: Mr Charles Henry GregsonAmount purchased: 24,000 @ 270.00p Value: £64,800
Taylor Wimpey (TW.) Director name: Mr Peter RedfernAmount purchased: 159,035 @ 31.44p Value: £50,001
Shire Plc (SHP) Director name: Ms Anne Minto OBEAmount purchased: 2,228 @ 1,453.64p Value: £32,387
Inland (INL) Director name: Mr Nishith Motilal Meghji MaldeAmount purchased: 100,000 @ 18.95p Value: £18,950
Symphony Environmental Technologies (SYM) Director name: Mr Michael StephenAmount purchased: 100,000 @ 10.62p Value: £10,620
Top Director Sells
Rightmove (RMV) Director name: Mr Edmund WilliamsAmount sold: 1,136,068 @ 699.93p Value: £7,951,681
Hargreaves Lansdown (HL.) Director name: Ms Tracey TaylorAmount sold: 201,175 @ 347.00p Value: £698,077
Pearson (PSON) Director name: Mr John MakinsonAmount sold: 40,000 @ 957.71p Value: £383,084
Soco International (SIA) Director name: Mr Rui C De SousaAmount sold: 54,608 @ 426.00p Value: £232,630
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
