The Government has launched a consultation for the potential sale of the Land Registry.
It proposes that the Crown would still retain ownership of the Land Register, with the preferred method being a “a contract between government and a private operator, with all the core functions transferred out of the public sector”.
Despite its desire to transfer operations out of the public sector, the Government says “key safeguards” will be “maintained”.
However, although the Government has put forward a preferred option, no decision on the future of the Land Registry has been made. The consultation runs until 26 May.
The sale will allow the Government to pay down debt.
Business secretary Sajid Javid says: “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.”
The potential sale of the Land Registry was announced in the 2015 Autumn Statement.