With the end of the body, the Shared Ownership Council has transferred responsibility for its operator code to the new Housing Quality Council.
The council has transferred the running of its Shared Ownership Code to the not-for-profit NHQB, which sets standards for the quality of new homes and the customer service provided by developers.
The NHQB board of directors includes members from consumer agencies, developers, new home warranties, lenders and families.
The committee is a cross-sector initiative established in 2023 “to develop the core objectives of a shared ownership code for housing providers”.
But it added that “having achieved its purpose and ensuring the regulation has a sustainable long-term home”, the agency would be dissolved on October 16.
The council’s code was published in June, adding that since then, 54 organizations had “registered” to adopt its guidance.
The purpose of the code, the council said, is to:
- Raising standards to improve protection for current and future share owners
- Improve shared ownership customer experience through clear and fair understanding prior to purchase and support during ownership and sale
- Ensure best practice and drive consistency of information available to customers, including ensuring transparency, fairness and awareness of service levels
NHQB has established a new subsidiary to run the code, which will have its own board with a series of experienced non-executive directors.
Shared Ownership Board Chair Ann Santry will serve as interim chair of the new board for three months.
NHQB will also create a series of consultation panels to review the code regularly.
“We are confident that the code will be securely capable with NHQB,” Santry said.
“Our shared values, combined with their experience, infrastructure and governance, will ensure effective implementation and deliver better outcomes for current and future share owners.”
NHQB chief executive Emma Toms added: “NHQB brings a proven track record and deep expertise to running the new housing quality code, which already covers more than 56% of all new homes in the UK.
“We look forward to applying this experience to the Shared Ownership Code to ensure shared homeowners benefit from high standards of protection and quality.”
Andy Dean, head of housing development and sustainability at Lloyds Banking Group, noted: “Lloyds Banking Group has supported Shared Ownership Councils from the outset and the transition of this regulation to the NHQB marks an important milestone.
“Entrusting this to an organization with NHQB’s credibility and track record is an important step – laying the foundation for greater consistency, transparency and trust in shared ownership and continued focus on customer experience and needs.”
Andrew Greenwood, deputy chief executive of Leeds Building Society, added: “Shared ownership offers a lifeline to those settled on full ownership and the Shared Ownership regulations are an important step in raising standards, improving the buyer experience and strengthening shared ownership in the housing market.”
