
Dear Members,
Launch of the consultation on the Shared Ownership Code
As you’ll be aware we’ve worked closely with The Shared Ownership Council (SOC) through the working group meetings and in our roles as part of the Senior Advisory Group reporting to the Board. We’re delighted that the Code of Good Practice (the ‘Code’) is now ready for consultation. You can read more about SOC on the website - www.sharedownershipcouncil.org.uk.
The Shared Ownership Council (SOC) was formed as a cross-industry body to improve customer experiences of shared ownership. The Code is intended to be one of the solutions to improving consumer experience of shared ownership, irrespective of their location or type of property they live in. The Code sets out clear consumer protection standards for the marketing, selling and ongoing management of shared ownership homes.
SOC’s intention is that organisations across the shared ownership sector will sign up to this Code and deliver their function in accordance with the criteria set out. It will be a voluntary Code, outside of regulation, and will initially apply to new properties as the standards become embedded.
SOC are aiming to obtain feedback on the code to support its development from industry stakeholders and consumers directly before its launched later in 2024. As a result two separate surveys have been created for feedback.
Links to both surveys and the code of good practice draft guide can be found by clicking here.
There are 2 things members can do to help obtain feedback:
Please do complete the industry survey to provide your own feedback on the code: Link to survey click here
Please share the consumer survey to your customers as outlined below to enable them to have their own say on the code: Link to the consumer survey click here.
SOC are keen to minimise the overlap between customer bases and have therefore segmented the SO customer base into 4 broad categories:
Prospective customers
Brand new shared owners - became shared owners in the last 3 months
Existing shared owners - became shared owners over 3 months ago
Staircased/former shared owners - exited shared ownership either by fully staircasing or selling
SOC have requested consumer surveys be distributed as follows;
Housing Associations - can you please target brand new shared owners, existing shared owners, and staircased/former shared owners
Mortgage intermediaries - can you target brand new shared owners
Lenders - can you target brand new shared owners
Sales and marketing organisations - can you target prospective shared owners
Where it is not possible to split out between brand new and existing shared owners, please send out the survey anyone who is currently a shared owner.
Suggested text to accompany the consumer survey is provided below:
The Shared Ownership Council (SOC) is an industry-led body that has been working over the last year to improve the consumer experience of shared ownership. They have launched a draft Code of Good Practice, aiming to increase transparency and drive good practice across the industry. Organisations across the housing industry, such as housing associations and estate agents, will become members of this code and adhere to its standards. In order to ensure that this Code is as effective of possible, the SOC is launching a consultation in which you will have a chance to read the Code and provide feedback.
If you are interested in the work of the SOC and want to give feedback on the code, you can fill out their survey by clicking here. There is a prize draw of a £50 voucher for completion of the survey.
You can read more about SOC on the website - www.sharedownershipcouncil.org.uk. If you have any questions, then please reach out to soconsultation@socialfinance.org.uk
If you have any questions, then please reach out to either admin@thensg.co.uk or soconsultation@socialfinance.org.uk,
Thanks
The NSG Team