Shared Ownership Council launches consultation on new Code of Good Practice

The Shared Ownership Council (SOC) has published a consultation into a new voluntary Code of Good Practice to improve practice in the shared ownership sector.

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. It is aimed at all industry participants and aims to improve the consistency of delivery of shared ownership.

The Shared Ownership Council (SOC) is an industry-funded body - including housing associations and banks - to promote the use of shared ownership as a way into home ownership.

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.”

The consultation will be open until September and potential, present or past shared owners can access the consultation here, while industry participants or bodies, can provide their views here.

The National Housing Federation, the trade association for housing associations said:

“Shared ownership is an important route to home ownership for many households and demand for it remains high. We support measures to improve residents’ experience through greater transparency around costs and improved access to information, as well as better government data on the product. We also supported reforms to make it cheaper and easier for all leaseholders to buy their freehold or extend their lease. This is why we worked closely with the Shared Ownership Council as they developed this Code of Good Practice.

“We think the Council has a crucial role to play in shaping shared ownership in the future and we're committed to supporting them in this work. Like us, the Council recognise the value of shared ownership and what it offers to those whose housing needs are not met on the open market or in the private rented sector.”

Harry Rodd