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June 25, 2024
3 minute read
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. Over 40 years later, shared ownership has become more mainstream as more and more buyers are being priced out of homeownership. But it is time for change to ensure shared owners are treated fairly. As a result we launched our Better Shared Ownership Campaign and our CEO was invited to join the Board of the newly formed Shared Ownership Council.
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. Our goal is to Build a Brighter Future for shared ownership.
As a step on the reform journey, the Shared Ownership Council (SOC) has launched a consumer and industry consultation on a new Shared Ownership Code of Good Practice (Code). Our aim is that housing associations and other industry groups 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 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 draft Code for consultation has been developed by shared ownership industry experts and will now be tested with the wider industry and shared owners. Aimed at housing associations and other industry groups, the voluntary Code’s aim is to develop best practice guidelines and to better integrate with other organisations, such as the Housing Ombudsman, to increase consistency and to help shared owners navigate this complicated form of tenure.
The Code covers the consumer journey from the initial marketing of shared ownership, living as a shared owner and staircasing or selling. The Code is intended to standardise good practice across the sector and set out clear consumer protection standards for the marketing, selling and ongoing management of shared ownership homes.
The consultation will be open until September and details of how to participate in the consultation are included below:
May 19, 2025
May 14, 2025
May 7, 2025
May 7, 2025 
