ENG-1965 — Page 178

LAND AND HOUSING

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already in the pipeline a large number of transactions arranged before the switch to a buyers' market took place. For this reason the number of instruments registered actually showed a small increase as compared with 1964, the total being 46,929 as against 46,740. However, there were marked decreases in the registrations of assignments of whole buildings or sites (756 against 1,357); mortgages (7,822 against 8,711); building mortgages (194 against 427); orders excluding premises from the Landlord and Tenant Ordinance, which is a necessary preliminary to redevelopment of most old buildings (230 against 868); and agreements for sale of flats and other units in multi-storey buildings (6,004 against 8,146). Searches, which must be made prior to every land transaction, also fell from 49,663 to 40,264. Compared with 1964 the grand total of considerations recorded in all instruments registered declined from $3,428,220,000 to $3,349,573,000.

The volume of work in several other sections of the Land Office was also affected by the change in market conditions. The number of conditions of sale, grant, exchange, etc fell by 153 to 295. Consents granted to forward sales of flats in those cases where the conditions under which the land is held give the government the necessary power of control, fell by 234 to 107. On the other hand the number of Crown leases issued rose by 94 to 265. The number of modifications and deeds of variation of lease conditions-usually a prelude to multi-storey development-rose marginally by two and five respectively to 52 and 35. At the same time the number of lots re-entered by the Crown for breach of lease conditions rose from 12 to 30.

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At the end of the year the Land Office card index of property owners contained the names of over 110,200 people (an increase of 19,506 over the previous year), some owning several properties while others were merely co-owners of a small flat.