The demand for new homes continues to grow and while the Government has established its plans over the next few years to boost the property supply, the land registry has also set its sights on improving efficiency.
In a recent statement from the Land Registry, it was announced that they have a new target of reaching as close to 100% of land registration as possible by 2030.
The initial focus over the next 2 years is to highlight all publicly owned land in England and Wales, which could be used to build new homes and pinpoint which areas in the UK are in need of new homes the most.
With the Government hoping to hit their target of building 300,000 new homes a year by the mid-2020s, the ability to identify a surplus of public land available for housing developments could be quite the boost to the construction process.
Long-term the Land Registry aims to reach 100% land registration by 2030, as comprehensive registration could not only improve the construction of new homes, but also make property transactions “simpler, faster and cheaper” according to Deputy Director Maggie Telfer.
“Comprehensive registration makes buying and selling homes easier as all the information necessary for conveyancing will be in one place, the Land Register. This will mean it’s easier to check who owns property and there is more transparency about who owns what,” said Telfer.
It was detailed that work is already underway and that her team is dealing with approximately 400 first registrations so far, these are homes that have never been registered as the properties have not changed ownership since 80s, before registration became compulsory.
Telfer stated “So, some people may be living in an unregistered property if they haven’t moved house or re-mortgaged their current one since the 1980s or before”
The statement also mentioned other benefits of achieving comprehensive registration, which include providing proof of ownership and protecting property from fraud.
Telfer also commented that “We also have a Public Sector Engagement Team who will be contacting local authorities throughout 2018, helping them to identify if any of their land or properties are yet to be registered and working with them to make the registration process as streamlined as possible.”
