A more consumer-focused shared ownership model

In 2022 following a strategic review of the future of home ownership, Lloyds Banking Group and others in the housing sector, were keen to understand the appetite for an industry-led initiative to improve experiences of shared ownership. 

Peter Williams, Honorary Departmental Fellow in the Department of Land Economy at the University of Cambridge, and an established expert on housing policy and the housing market, agreed to chair an expert group to look at the opportunities to expand and improve shared ownership. 

This work was supported by Social Finance, who provided a secretariat and a research team; and funded by Lloyds Banking Group.

In April 2023, and based on the research findings, the expert group set out proposals in a discussion paper, which in their view would lead to a better experience of shared ownership and through that generate further momentum for an expanded shared ownership market.

Authored by Peter Williams and Susan MacDonald from Social Finance, the paper recommended seven areas for action to gauge and shape potential industry commitment:

1. Agreed, consumer-tested language and tools.
2. Consistent and fair marketing principles.
3. Structured advice and review points over the ownership journey.
4. Standardised, published fee categories and ranges.
5. Clearer information and options to help households manage repair costs, service charges and affordability risks.
6. Minimum service standards for staircasing.
7. Minimum service standards for resale and lease extensions.

Feedback on the proposals outlined in the discussion paper, were incorporated into an update published in August 2023. 

These papers were part of the evidence base which led to the setting up of the Shared Ownership Council; which in turn led to the development of the Shared Ownership Code of Practice.