The use of CCTV in general is regulated by the Data Protection Act 1998, which implements the EU Data Protection Directive (Directive 95/46/EC), and the use of cameras for household purposes is exempt from the provisions of the Act.
The need for a householder to notify the Information Commissioner's Office (ICO) that they are a "data controller", which includes paying an annual £35 fee, only applies if this exemption for household purposes cannot be relied upon. This may be the case if the camera covers areas beyond the boundaries of a property, such as neighbouring gardens or the street.
I was interested to read your point about the assistance householders have offered the police in fighting crime and will monitor the impact of this decision.
The ICO, the relevant body in this matter, has published detailed guidance on the use of CCTV, and it is available here: https://ico.org.uk/for-the-public/cctv/