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Prices & Quotes - UK Markets - Taylor Wimpey (TW.)

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Share Price:
Down 164.60p
Change Today:
-1.45p
Market Cap:
6,002m
Sector:
Household Goods & Home Construction

Taylor Wimpey and Countryside ordered to scrap unfair leases

By Sean Farrell

Date: Friday 19 Mar 2021

LONDON (ShareCast) - (Sharecast News) - The UK's competition watchdog has ordered Taylor Wimpey and Countryside to tear up onerous ground rent terms that have left many leaseholders trapped in their homes.
The Competition and Markets Authority said the housebuilders' imposition of ground rents that double every 10 or 15 years breaks consumer protection law. It has told the companies to remove the unfair terms from all existing properties and to agree not to use them in future leasehold contracts.

Taylor Wimpey shares fell 1% to 182.95p at 08:49 GMT and Countryside shares dropped 0.95% to 519.5p.

The CMA has been examining potentially unfair terms for leaseholders for almost two years in response to a public outcry over escalating ground rents and high charges. It is also investigating Persimmon and Barratt Developments over the possible mis-selling of leasehold homes.

Andrea Coscelli, the CMA's chief executive, said: "These ground rent terms can make it impossible for people to sell or get a mortgage on their homes, meaning they find themselves trapped. This is unacceptable. Countryside and Taylor Wimpey must entirely remove all these terms from existing contracts to make sure that they are on the right side of the law."

The CMA said it would take Taylor Wimpey and Countryside to court if the companies did not carry out its instructions. The regulator said it was still scrutinising Persimmon and Barratt and would deal with investment companies that bought unfair freeholds from developers.

Countryside said it had not sold properties with doubling ground rent clauses since 2017 and was helping leaseholders whose ground rent doubled more frequently than every 20 years.

"We will continue to engage constructively with the CMA to resolve this complex issue," Countryside said. "Alongside these discussions, its resolution will require the engagement of a number of other parties, including certain freehold owners, for a satisfactory solution to be found.

Taylor Wimpey said: "We have now received a letter from the CMA setting out its concerns and confirming that it intends to move to the next stage of formal consultation. We will continue to cooperate with the CMA and work with them to find a satisfactory resolution, within the required timescale."

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Taylor Wimpey Market Data

Currency UK Pounds
Price 164.60p
Change Today -1.45p
52 Week High 191.70p
52 Week Low 99.18p
Volume 6,016,219
Shares Issued 3,646.48m
Market Cap 6,002m

Performance Indicators

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What The Brokers Say

Strong Buy 15
Buy 2
Neutral 1
Sell 0
Strong Sell 0
Total 18
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Taylor Wimpey Dividends

  Latest Previous
  Final Interim
Ex-Div 01-Apr-21 03-Oct-19
Paid 14-May-21 08-Nov-19
Amount 4.14p 3.84p

Trades for 30-Jul-2021

Time Volume / Share Price
16:35 3,662,712 @ 164.60p
16:29 4 @ 164.70p
16:29 2 @ 164.70p
16:29 18,099 @ 164.88p
16:29 3 @ 164.85p

Taylor Wimpey Key Personnel

CEO Pete Redfern
Chair Irene Dorner