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Taylor Wimpey warns on 2018 slowdown as ground rent costs bite

Mar 01, 2018 - The Daily Telegraph (London)

PROFITS at housebuilder Taylor Wimpey have been hit by a £130m provision for ground rents, as the firm's chief executive suggested 2018 could be a quieter year for house buying.

The company warned in April last year that it needed to put the money aside for leaseholders who were trapped in contracts with spiralling ground rents. As a result, pre-tax profits for 2017 fell 7pc to £682m, although excluding the ground rent costs, profits were up almost 11pc at £812m. Full-year revenue in 20...