My Lords, Clause 24 gives wider powers to the Land Registry to enable it to play a greater role in the property sector. The Government’s goal is to make the conveyancing process quicker, cheaper and easier to complete. As we have said before, the Land Registry is the single largest source of property information. It has a proven track record of digitisation of registers, 98% customer satisfaction and a record of reducing fees, with almost 22 million applications processed electronically last year. Most importantly, it sits at the heart of the conveyancing process.
At present, the Land Registry is limited in the services it can offer, not by what is in the public interest but by its statutory powers. This clause corrects that. Giving wider powers to the Land Registry will enable it to provide a range of property information services for businesses and citizens, helping to manage records,
keep track of markets and identify business opportunities. The needs of the customers and stakeholders of the Land Registry are constantly changing, and allowing it to meet those changing needs must surely benefit both the property market and the overall economy.
The Land Registry’s ability to engage in new services is not a new concept. The Land Registration Act 2002 already enables it to provide consultancy and advisory services related to the registration of land. It is already using those powers to provide services such as international consultancy on land registration and a range of add-value services relating to land registration information. The new services would be provided on a cost-recovery basis, and the Land Registry would consider undertaking new services and activities only where that could bring savings, efficiencies and other benefits to the property market. This is part of the current move to make sure that we maximise the benefit of the information that is available within government entities in order to benefit residents and, in the case of the Land Registry, particularly those involved in property arrangements.
I also want to make it clear that this is not a necessary mechanism for the digitisation that we have been discussing or for providing services to taxpayers. The process that we have been describing—the core change here—is not dependent on any sort of commercial model, but we think it is rational to permit these additional powers. Given the breadth and depth of its expertise, the Government want to allow the Land Registry to broaden its activities to provide that kind of additional information as part of the infrastructure which others in the property market can then build on and innovate from. This is relatively straightforward and very much in keeping with the whole direction in which access to information, transparency and various kinds of support are now being provided by many parts of government. It recognises that the Land Registry is very much at the heart of conveyancing and central to the whole property industry, and that therefore it has the potential to benefit the sector by expanding the services that it offers, based on needs as they arise and as they change.
Therefore, there is no sinister motive behind this. As I said, it is very much in keeping with modern practice. It is very important that this clause stands part of the Bill so that we can gain the greatest benefits for the property market, for the economy and for the many members of our communities who use that market.