Pidgley is renowned for his ability to pick peaks and troughs in the housing market, after liquidating assets just ahead of the housing crash in 1989 and being among the first to realise that people were moving back into city centres in the early 1990s.

He was also among more than 100 business leaders to sign an open letter to the Telegraph newspaper earlier this month backing the Tories in the upcoming election. They also warned that a Labour government would “threaten jobs and deter investment” in the UK.

Pidgley, who owned nearly 6.8m shares in Berkeley Group, cashed in shares for £25 each, reducing his total interest to 4.7% in the company.

Berkeley managing director Rob Perrins followed his chairman’s lead selling 250,000 shares for £6.25m. He is now left with just over a 1% stake in the luxury London homes builder.

An analyst said: “Pidgely is known for his ability to pick peaks and troughs in the market. This will be read as a sign the London market has turned. He may think a Labour victory is on the cards and fears the impact on the luxury end of the market.”