Rightmove chairman sells £7m of shares and eyes a new home

Kasmira Jefford
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THE AVERAGE price of a home in South Kensington now stands at £2m, according to Britain’s largest property website Rightmove.

However, chairman Scott Forbes looks to be eyeing a slightly pricier property after it emerged yesterday that he has sold around £7m of shares to help buy a new home in the prime London neighbourhood.

Rightmove said Forbes, who has been chairman of the online property portal since 2005, has nearly halved his stake after selling 300,000 shares at an average price of £23.50 each.

The sale leaves Forbes with 319,000 shares worth £8m and representing a 0.32 per cent stake.

Rightmove declined to comment on the his property plans.

House prices in South Kensington have risen seven per cent in the past year and are up 36 per cent on 2011 when they averaged at £1.4m, according to the site.

Forbes, an American, is currently registered on Companies House at an address nearby in Kensington.

He could face nearly £500,000 of stamp duty if he were to buy a £7m house in South Kensington.

Rightmove has seen traffic rocket since the start to the year thanks to the rising housing market and in February reported a 17 per cent jump in half year sales to £140m.