Vince Cable, Business Secretary has been reported as saying that the controversial plans to privatise the Land Registry (reported here in May) have been shelved as “too complicated”.
The Department for Business, Innovation and Skills has not confirmed the reports saying ‘'We have carried out a public consultation on the introduction of a Land Registry service delivery company, which looked at a range of options - including the status quo. We will publish the government response shortly.”
The proposed joint venture would have raised £1.2 billion for the Government however it would also have led to questions being raised about the ability to maintain the integrity of the register and the impact of this on this property market.
The full response is eagerly anticipated. If it reflects the reported comments of Mr Cable this is good news for property owners and industry professionals as well as the staff at the Land Registry who have already staged walkouts in protest.