(Reuters) -Britain's competition regulator said on Tuesday it had closed the case against Barratt Developments (LON:BDEV) Plc, the country's largest homebuilder, related to alleged mis-selling of leasehold homes.
The watchdog had launched a probe into some of the country's biggest housebuilders in September 2020 in relation to possible mis-selling of leasehold homes and high ground rents.
The Competition and Markets Authority (CMA) also said it was "positively engaging" with firms that purchased freeholds from housebuilder Taylor Wimpey (LON:TW) to secure formal commitments from them over removing conditions pertaining to doubling of rents.
Taylor Wimpey, Britain's No. 3 homebuilder, last year said it would drop contract terms that lock leaseholders into rents that double every 10 years.
"The CMA concluded that it was insufficient to support a clear legal case for the CMA to secure collective redress for Barratt leaseholders under its consumer law powers," the regulator said in a statement.
Barratt and Taylor Wimpey did not immediately respond to Reuters' requests for comments.