Housebuilder hit by leasehold bill

Profits at Taylor Wimpey have tumbled by nearly a quarter after the UK housebuilder set aside £130 million to help customers hit by a leasehold scandal.

The firm saw pre-tax profits plunge 23.7 per cent to £205m in the six months to 2 July, despite recording an 18.5 per cent jump in revenues to £1.7 billion from £1.4bn a year earlier.