Major countries around the world are making money doing this.... USA, Canada, New Zealand, South Africa, Mexico, Cayman Islands. Even some in Europe.... Austria, Germany, Isle of Man and Norway.
Depending on weight in the UK it seems personal registrations go from around £379 - £450. Re-issue of registrations would make the CAA millions per year. But would you expect anything less. I would love to hear why they don't do it.
My possible reg was one of the early ones to get issued G-PAUL on a Partenavia P.68. A family member did get our surname on an aircraft but very annoyingly lost it on sale, the new owner did not like it so re-registered it.
Another ex Top Gear presenter has G-OHAM on his R44
Agree with Nigelh all the fun registrations are taken.