Afternoon all,
I'm somewhat disappointed with Redrow's recent downturn and am considering if now is a time to sell up and move onto something else. There have been a couple of sizeable director dealings recently, and whilst I dont always put much stock into dealings, on this occasion the downturn has happened at the same time. Maybe its just coincidence.
I'm interested in hearing anybody's thoughts..
Cheers
Martin
Hi Martin, I'm not sure I would call it a downturn yet. At the time of writing its only 5% from its 52w high. I suspect it is simple profit taking given the incredible rise of the stock this year - it has very nearly doubled post Brexit.
The media is ramping up its negative spin on the property market, as has Halifax in its recent report on property price growth. This is likely fueling the profit taking.
I suspect you want to keep an eye on it, and if you are nervous consider top-slicing so that you have at least banked some gains.
Disclosure: I do not hold Redrow (or any other property developers at the moment).
