The Conservatives last tried to privatise the property transaction agency in July 2014 but the move was blocked by the Liberal Democrat’s Vince Cable who was then business secretary.
The government slyly announced plans to privatise the Land Registry on the eve of the Easter break.
The Conservatives last tried to privatise the property transaction agency in July 2014 but the move was blocked by the Liberal Democrat’s Vince Cable who was then business secretary.
Under the proposals the crown will still own the Land Registry but its core services will be operated by the private sector.
Business Secretary Sajid Javid said: "Anyone who’s bought a flat or a house knows that the Land Registry has an important role to play in property ownership.
"By proposing a model where government retains critical functions, including ownership of the Register itself, we are delivering on our promise to ensure the sale of public assets benefits the wider economy and all working people in the longer-term."
Parliament will have to approve an increase in service fees and there will be a state-back guarantee against any losses incurred due to mistakes on the register.
Chancellor George Osborne (pictured) has sold of £37.7bn of state assets since 2010.
The move was blasted by Labour shadow business secretary Angela Eagle.
She said: “This short-term privatisation will have long-term consequences; it could undermine confidence in Land Registry data, jeopardise the service to homebuyers, and erode conditions for their staff.
"The government are privatising the profits of the Land Registry – which made a surplus of £100m in 2012/13 – whilst retaining the risk.
“This announcement was slipped out late on the last day before recess in another desperate attempt to avoid scrutiny. Labour will fight this unnecessary, un-evidenced and unwanted privatisation.”
