Toscafund, the hedge fund led by activist investor Martin Hughes, has raised its stakes in Taylor Wimpey and Redrow after shares in the two housebuilders sank towards a 12-month low.

In a filing released on Thursday, Redrow said Tosca has increased its stake in the company from 9.7 per cent to 16.6 per cent, after it snapped up an additional 11m shares last Thursday.