The Land Registry’s annual report has been published reflecting the sharp downturn in the real estate sector. The results show a fall in fee income for the year 2008/09 from £483m to £308m reports the Gazette . Total expenditure was £380m, compared to £400m for 2007/8. Overall the Land Registry made a loss during the year of £130m.

As with many firm’s reaI estate practices, the Land Registry was not immune to cost cutting. It has had to shed more than 1,000 staff through voluntary redundancy, early retirement and transfer to other government departments.

The misery in the property market has been reflected in law firms as research by The Lawyer reveals that the combined turnover of the top 20 UK real estate practices fell by 18 per cent in the last financial year, down from £977m in 2007-08 to £804m. The firm that experienced the largest drop in real estate turnover was Eversheds, whose property revenues fell by £24m. Bucking the trend were Ashurst, Lovells, Pinsent Masons and Trowers & Hamlins who all experienced a small amount of growth.