Major restructuring to save £500m over five years will also mean closing five local offices
The Land Registry has announced a major reorganisation in which it will cut one-quarter of its 6,000 staff and close five local offices in an attempt to save almost £500m over the next five years.
The registry said it would close its offices in Croydon, Peterborough, Portsmouth, Stevenage and Tunbridge Wells in order to respond to the downturn in the housing market.
The downturn has led to a slump in workload at the agency, which registers the ownership and sale of land in England and Wales. Its work volume fell by more than one-third between 2008 and this year, landing it with a £130m loss last year.
The restructure, which will be phased over five years, will involve the departure of 1,500 staff from the organisation.
The registry also said it had 100,000m2 excess office accommodation, equating to more than 60% of its total of 146,000m2.