British watchdog starts probe into big homebuilders over leasehold practices
Add BT as a preferred source[BENGALURU] Britain's competition regulator on Friday launched an investigation into four of the country's biggest housebuilders, saying they may have broken a consumer protection law in relation to leasehold homes.
The Competition and Markets Authority (CMA) said it was opening enforcement cases against Barratt Developments, Persimmon Homes, Taylor Wimpey and Countryside Properties.
The CMA uncovered evidence of potentially unfair terms with regards to ground rents in leasehold contracts and potential mis-selling, it said.
"It is unacceptable for housing developers to mislead or take advantage of homebuyers," Andrea Coscelli, CMA's chief executive officer, said in a statement.
CMA said the possible outcomes of this investigation could include court action, if necessary, or legal commitments from companies to change their practices.
Barratt in a statement said it was cooperating with the watchdog.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Taylor Wimpey, Persimmon and Countryside were not immediately available for comment.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
