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.
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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.
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