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Prices & Quotes - UK Markets - Countryside Properties (CSP)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 528.50p
Change Today:
7.00p
Market Cap:
2,774.63m
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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CSP Market Data

Currency UK Pounds
Price 528.50p
Change Today 7.00p
52 Week High 544.50p
52 Week Low 271.60p
Volume 505,945
Shares Issued 525.00m
Market Cap 2,774.63m
Beta 0.01

Performance Indicators

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What The Brokers Say

Strong Buy 3
Buy 0
Neutral 2
Sell 0
Strong Sell 1
Total 6
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

CSP Dividends

  Latest Previous
  Final Interim
Ex-Div 19-Dec-19 23-May-19
Paid 07-Feb-20 05-Jul-19
Amount 10.30p 6.00p

Trades for 07-May-2021

Time Volume / Share Price
16:35 161,759 @ 528.50p
16:29 1 @ 528.00p
16:29 81 @ 528.00p
16:29 10 @ 528.00p
16:29 58 @ 528.00p

CSP Key Personnel

CEO Iain McPherson