Land Registry

Land Registry plays an important role in the property market. Its principal function is to keep a register of ownership of, and interests in, freehold and leasehold land and charges throughout England and Wales, and to record changes to it.

In the Autumn Statement, the Chancellor announced that the Government is seeking up to £5billion of additional corporate and financial asset sales by March 2020. As part of this, the Government committed to consult on options to move operations of the Land Registry to the private sector from 2017. In March a consultation was launched seeking views on options to move the operations of the Land Registry into the private sector from 2017. The consultation is now closed and feedback is being analysed.

This consultation set out proposals to move the operation of Land Registry into the private sector. However, the requirement for individuals to register changes will remain and government will continue to ensure the Registers remain up to date and accurate. The Government believes that it is important that the Registers continue to be owned by government, and this proposal would not change that as this provides government with a single, authoritative record of who owns and has interests in land, and underpins the property market. This is a critical part of our country’s infrastructure, protecting individuals’ interests in land and underpinning our economy.

Even with a private sector function owning and controlling the processes and operations of the Land Registry, the Crown would continue to own, and government manage, the data provided through the existence of an up-to-date register.

I believe it is right for the government to explore options for change. There are benefits to moving Land Registry into the private sector in return for receipts that can be used to reduce public debt or fund other public spending. The key test is therefore whether or not there is a strong case for continued public ownership. In Land Registry’s case, the Government believes that, with the right protections in place, there is no need for the core functions of the Land Registry to be delivered by civil servants.

The Government is of the opinion that with appropriate safeguards for the customer, Land Registry services can be delivered safely and effectively through the private sector, and such a change could bring benefits to the economy, tax payer and Land Registry customers through the delivery of a capital receipt to the Exchequer.

Although the Government has set out a proposed model, no final decisions have been made. As such, I cannot pre-judge what any final model will look like.

I encourage you to monitor the consultation website and to download the outcome to this public feedback when this is made available. I shall also be paying close attention to the outcome of the consultation.