Nominet is the supplier of UK domains has announced that they will be increasing the wholesale price of UK domain names

Price changes, which will see the cost for a UK domain names increased by 50% from 29 February 2016.
This will affect all .uk domain names, including:

.uk
.co.uk
.org.uk
.me.uk
.org.uk
.ac.uk
.ltd.uk
.net.uk
.org.uk
.plc.uk
.sch.uk

Nominet said it hadn't increased the wholesale price of .uk domains since 1999 but from now on, as part of the company's "commercial strategy", it will review the cost of the wholesale domains each year.

The retail prices charged by individual companies are set by the domain name registrars.

Module Web Design recommends that you renew your UK domain before the 29th February for up to 10 years to save on the costs before the price increase begins.