Shared Ownership Council will ensure people seeking shared ownerships are better informed
New Code of Conduct to help drive cross-industry improvements
A leading group of industry players have today pledged to come together to provide a clearer, more transparent and consistent service offer for consumers in shared ownership schemes.
The Shared Ownership Council (SOC) is a cross-industry body committed to building a better shared ownership offer for consumers. The ambition of 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. As of 2023, shared ownership consumer satisfaction was reported to be at 56% (1) , indicating the opportunity to improve consumer experience when exploring and entering this form of tenure.
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 issues 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 (2).
The initial intention of this work is to drive consistency in the information available for consumers. This may evolve over time to consider the product more closely, following industry and consumer consultation, to enable its potential on areas that most need attention. By focussing on the development of improved communications, the Council can enable consumers to be better equipped when exploring the potential of shared ownership.
SOC’s aim is to drive cross-industry improvements in shared owners’ experiences through setting up a voluntary Code of Good Practice. This will be developed by an experienced multi-stakeholder Working Group, and tested with wider industry and shared owners during a consultation phase. The underpinning principle for this Code is to include all organisations involved in shared ownership (lenders, housing associations, intermediaries, and a wide range of other industry participants) and to complement existing initiatives.
Outputs could include giving industry participants the ability to display an adopter badge if they choose to adhere to the Code, and creating a set of resources to help the industry implement the code.
The strategic direction and progress of the Shared Ownership Council will be steered by a Board, comprising:
Chair: Ann Santry, former CEO of Sovereign.
Brendan Sarsfield, former CEO of Peabody.
Paula Higgins, Founder and CEO of HomeOwners Alliance.
Peter Williams (Advisor to the Board).
They each bring significant experience and insights from the housing sector, and are committed to changing the way shared ownership is perceived, managed and marketed.
The Board is supported by Social Finance, who oversees day-to-day operations, ensuring a smooth execution of SOC’s mission. Our Working Group is being incubated in the Home Buying and Selling Group (HBSG), a group of industry stakeholders across the property, legal and finance sectors who are committed to improving the home buying and selling process for consumers.
The Council is committed to this being a collective, industry-led initiative, and engaging with a wide range of market participants is a key priority for this work.
To get involved, or to express interest in becoming a founding funder, contact Ankita.Saxena@socialfinance.org.uk.
You can also keep up to date with SOC’s progress via LinkedIn, or on the website.
Acknowledgments
SOC extends gratitude to Lloyds Banking Group for initiating this crucial work, and thanks its founding funders for supporting the endeavour (Censeo, Citra Living, Heylo, Leeds Building Society and L&G Affordable Homes).
References
1. Housemark, 2023: ‘Housemark publishes first look at sector performance on tenant satisfaction measures’. Accessed via https://www.housemark.co.uk/news/housemark-publishes-first-look-at-sector-performance-on-tenant-satisfaction-measures/.
2. Social Finance, 2023: ‘A more consumer-focused shared ownership model which will result in increased demand and supply’. Accessed via https://www.socialfinance.org.uk/insights/a-more-consumer-focused-shared-ownership-model-which-will-result-in-increased-demand-and-supply.