New Shared Ownership Council launches

A leading group of industry players have today pledged to come together to provide a clearer, more transparent and consistent service for consumers in shared ownership schemes.  

The HomeOwners Alliance has been invited to join the Shared Ownership Council (SOC), 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 by Housemark to be at 56%, indicating the difficulties consumers face when exploring and entering this form of tenure.  

Our CEO Paula Higgins commented, “I’m delighted to be part of the Shared Ownership Council as it’s a real opportunity to make the shared ownership tenure work better for the consumer. House prices have raced ahead of wages in recent years which has meant that the shared ownership tenure is set to become more mainstream as the only viable option for those struggling to afford to buy a home. A comprehensive code that covers all players in the shared ownership field will help to improve the experiences of existing and future shared owners.” 

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 published a research paper 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 framework².  

That’s something we’re well aware of here at the HomeOwners Alliance. We’ve had our eye on shared ownership for some time, and while it works for many people there are some enduring problems as set out in our popular guide Shared Ownership: is it worth it? That’s why we established our own campaign calling for Better Shared Ownership.

What will the Shared Ownership Council do?

The initial intention of this work is to address the environment within which shared ownership operates and seek 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 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 of:  

• 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. The 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.   

You can also keep up to date with SOC’s progress here or by following them on LinkedIn.

How are SOC funded?

SOC extends gratitude to Lloyds Banking Group for initiating this crucial work as well and thanks its founding funders for supporting the endeavour:

• Censeo Financial
• Citra Living
• Heylo
• Leeds Building Society
• Legal & General Affordable Homes  

How to get involved

The HomeOwners Alliance’s role on the Shared Ownership Council is to put forward the views of existing and future shared owners. If you would like to be involved with this work and join our shared owners panel, please send an email to hello@hoa.org.uk. We also encourage you to sign up to our newsletter to stay on top of developments or leave a comment below.

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Paula Higgins CEO & Founder

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