Press release: Launch of the consultation on the draft Shared Ownership Code
Building a brighter future for shared ownership
Shared ownership has a major role to play in addressing the crises of housing supply and affordability. Since 1980 it has helped many people get on the home ownership ladder and today there are around 250,000 households in Shared Ownership. However, it isn’t working well for everyone. We are listening to the voices of those that believe it can and should be improved to fulfil its potential.
Consumers who are considering whether shared ownership is right for them and those already on the journey want and deserve consistency along with high standards of information, transparency and support.
As a step on the reform journey, the Shared Ownership Council (SOC) is today launching a consumer and industry consultation on a new Shared Ownership Code of Good Practice (Code). Our aim is that industry participants will adopt the Code and commit to meeting its standards.
The Code seeks to address some of the challenges shared ownership faces, while recognising that wider reforms are required to fully improve this important tenure.
The Shared Ownership Council, through its board and senior advisory group, is developing a reform agenda in close dialogue with industry participants and shared owners. This will build on the recommendations made in the recently published report on shared ownership by the cross-party Levelling Up, Housing and Communities Committee.
Ann Santry, Chair of SOC Board said: “Shared ownership has an important part to play in helping people achieve a stake in home ownership. The Code being launched today for consultation aims to drive best practice across all of the providers and others who are part of the journey shared owners are making. However, while we recognise the achievements to date we must undertake further reform to this tenure. The Shared Ownership Council seeks to play a leading role in aligning stakeholders to support reforms that improve shared ownership for consumers and allows the tenure to fulfil its potential.”
Paula Higgins, CEO of the HomeOwners Alliance and Board member of SOC, said: “Consumers in shared ownership need fair treatment at all stages of their journey- from pre purchase to living in a leasehold property to deciding to move on. The Code being launched today for consultation promotes better information, transparency and consistency whilst providing routes to deal with complaints and is a first step on the road to reform to give shared owners a better deal.”
The Shared Ownership Code of Good Practice
The draft Code being launched today for consultation has been developed by an experienced multi-stakeholder group, and will now be tested with the wider industry and shared owners. Aimed at all industry participants, the underpinning principles for this voluntary Code are to integrate and make best use of existing tools and guidance, to increase consistency in the delivery of shared ownership, and to promote best practice.
The Code is intended to standardise good practice from stakeholders across the sector, setting out clear consumer protection standards for the marketing, selling and ongoing management of shared ownership homes. The Code covers the consumer journey from the initial marketing of shared ownership, living as a shared owner and staircasing or selling.
The consultation will be open until September and details of how to participate in the consultation are included below:
If you are a consumer and a potential, present or past shared owner we welcome your views on the Code or its summary version via a survey that can be accessed here.
If you are an industry participant or body, we would like your views on the Code via a survey that can be accessed here.
About the Shared Ownership Council
The Shared Ownership Council (SOC) is an industry-led initiative aiming to improve the consumer experience of shared ownership, ensure best practice and drive clarity and consistency in the information available to consumers.
The ambition of the SOC is to build on the achievements of the shared ownership sector to date, to drive a better consumer experience of shared ownership and support the market growth of the tenure.
In addition to launching and monitoring the Shared Ownership Code to enhance consumer experience within the current environment, the Council intends to be a voice for reform, playing an active role to align stakeholders and influence the future direction of shared ownership.
The strategic direction and progress of the Shared Ownership Council is steered by its Board, comprising: Ann Santry (Chair), former CEO of Sovereign, Paula Higgins, Founder and CEO of HomeOwners Alliance, Janet Pope, former Chief Sustainability Officer at Lloyds Banking Group and Brendan Sarsfield, former CEO of Peabody.
The SOC Board is advised by Peter Williams and supported by Social Finance. The senior advisory group to the Board is chaired by Jamie Ratcliff, Chief Communities and Sustainability Officer at SNG.
The formation of SOC stemmed from structured research and cross-sector consultation sponsored by Lloyds Banking Group and led by Peter Williams and Social Finance, the non-profit dedicated to creating better and fairer outcomes for society. In 2023 they ran a consultation process which demonstrated enduring issues in the sector, such as lack of transparency on fees and repair costs, and inconsistent marketing. Over 75% of consultees agreed on the need for reform and supported the establishment of an industry-led framework.
You can also keep up to date with SOC’s progress via LinkedIn, or the website.
Our supporters
With thanks to our supporters for funding the development of this initiative, who currently include:
To get involved, or to express interest in becoming a founding funder, contact soconsultation@socialfinance.org.uk