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TW. - Taylor Wimpey News Story

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Consumer Cyclicals
Large Cap
Market Cap £6.06bn
Enterprise Value £5.37bn
Revenue £2.79bn
Position in Universe 163rd / 1805

UPDATE 1-Britain's Persimmon, Aviva concede measures over ground rent, lease terms

Wed 23rd June, 2021 8:00am
(Adds company comments, background)
    June 23 (Reuters) - Housebuilder Persimmon  PSN.L  and
insurer Aviva  AV.L  have agreed to measures suggested by
Britain's competition regulator as part of its long-running
investigation into possible mis-selling of leasehold homes and
high ground rents.
    Aviva will remove "unfair" ground rent terms and repay
owners whose rents were doubled, while Persimmon will offer
leasehold owners an option to get complete ownership of the
property at lower rates, the Competition and Markets Authority
(CMA) said on Wednesday.
    The regulator launched the probe in September last year,
with cases against Barratt Developments  BDEV.L , Persimmon,
Taylor Wimpey  TW.L  and Countryside Properties  CSPC.L .
    CMA in March asked Taylor Wimpey and Countryside to drop the
unfair rent terms. Both companies then said they would cooperate
with the regulator.  urn:newsml:reuters.com:*:nL4N2LH1WA
    CMA said on Wednesday it was also investigating several
investment firms which bought freeholds from two developers and
used the same terms, adding that Persimmon also agreed to extend
the time during which buyers can exchange contracts after
reserving a property.
    Persimmon said the undertakings with the regulator formally
end the probe into the company, while Aviva said one of its
funds had agreed to amend terms for around 1,000 leases it had

 (Reporting by Pushkala Aripaka and Vishwadha Chander in
Bengaluru; Editing by Shounak Dasgupta)
 ((Pushkala.A@thomsonreuters.com; Twitter: @pullthekart; Mobile:
+91 852 751 3793))
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