Land Registry fees increase from today
The Land Registry, which records and guarantees the title of property in England and Wales, has increased certain of its fees from today, 6th July.
The Government body needs the additional revenue to help reduce operating losses caused by the collapse of the UK housing market.
The increases mean that the fee for registering a property worth £100,000 has risen from £100 to £130 and for a property worth £1 million from £420 to £550.
For an average priced home at £153,000, the hike amounts to £50.
In addition, charges for providing information, including official searches and official copies, are up from £6 to £8.
The Land Registry has defended its review by pointing out that since 1993 a range of its fees have actually been reduced.
It has also introduced cost cutting measures as a result of the downturn, including a voluntary redundancy scheme.
According to the Registry’s own figures, between December 2008 and March 2009, completed property sales averaged 31,091 per month, or less than half the 64,674 monthly transactions recorded during the same period of 2007/08.
Land Registry. Every little hurts ;) As if houses weren’t expensive enough already.