Cairn Homes shares leap 4% as builder pledges higher returns for shareholders

Shares on Cairn Homes jumped 4% as the housebuilder continued to restore a tarnished reputation with investors, pledging a share buyback and a significant boost of other returns to shareholders.

Cairn, along with rival stock market-listed Glenveagh Properties, has been out of favour for some time despite it delivering into a market which cannot meet the demand for new homes.