Summary:
The Shared Ownership Council has transferred the management of its Shared Ownership Code to the New Homes Quality Board (NHQB), a non-profit organization known for setting standards in new home quality and customer service in the UK. Established in 2023, the council achieved its goal of creating a robust code for shared ownership housing providers and has since disbanded. The NHQB will now oversee the code, ensuring high standards of transparency, fairness, and customer experience for shared homeowners. This transition marks a significant step toward greater consistency and trust in the shared ownership housing market.
What This Means for You:
- Enhanced Consumer Protection: Shared homeowners can expect improved safeguards and clearer guidelines during purchase and ownership.
- Better Customer Experience: The NHQB’s expertise ensures a more transparent and fair process, reducing confusion and improving satisfaction.
- Industry-Wide Consistency: The code promotes best practices across providers, fostering trust and reliability in shared ownership schemes.
- Future Outlook: Collaboration with NHQB signals a commitment to long-term quality and innovation in shared ownership housing.
Original Post:
The Shared Ownership Council has transferred responsibility for its operator code to the New Homes Quality Board as the body winds up. The council has moved the running of its shared ownership code to the NHQB, a non-profit organisation, which sets the standard for the quality of new homes and the customer service provided by developers in the UK. The NHQB board comprises members from consumer bodies, developers, providers of new home warranties, lenders and Homes England. The council is a cross-industry initiative established in 2023, “with the core aim of developing a shared ownership code for housing providers”. But it adds, “having achieved its purpose and ensured the code has a sustainable long-term home”, the body will disband on 16 October.
The council’s code was published in June, and it adds that since then, 54 organisations have “registered interest” in adopting its guidelines. The council says the code aims to:
- Raise standards to improve protections for current and future shared owners
- Improve customer experience of shared ownership through a clear and fair understanding prior to purchase and support during ownership and at sale
- Ensure best practice and drive consistency in the information available to customers, including ensuring transparency, fairness and awareness of what service levels to expect
The NHQB has set up a new subsidiary body to run the code, which will have its own board with a range of experienced non-executive directors. Shared Ownership Council chair Ann Santry will temporarily serve as chair of the new board for three months. NHQB will also create a range of advisory panels to regularly review the code.
Santry says: “We’re confident that the code will be in safe and capable hands with NHQB. Our shared values, combined with their experience, infrastructure, and governance, will ensure effective implementation and better outcomes for current and future shared owners.”
NHQB chief executive Emma Toms adds: “NHQB brings a proven track record and deep expertise from running the New Homes Quality Code, which already covers over 56% of all new build homes in Britain. We look forward to applying this experience to the shared ownership code, ensuring shared homeowners benefit from high standards of protection and quality.”
Lloyds Banking Group head of housing development & sustainability Andy Dean points out: “Lloyds Banking Group has supported the Shared Ownership Council from the outset, and the transition of the Code to NHQB marks an important milestone. Entrusting it to an organisation with NHQB’s credibility and track record is a significant step forward — laying the groundwork for greater consistency, transparency and trust in shared ownership, with a continued focus on the experience and needs of customers.”
Leeds Building Society deputy chief executive Andrew Greenwood adds: “Shared ownership offers a lifeline for those priced out of full ownership, and the shared ownership code is an important step in raising standards, improving the experience for buyers, and strengthening shared ownership’s place in the housing market.”
Extra Information:
Explore these resources to learn more about shared ownership and housing standards: UK Government Shared Ownership Scheme, Homes England, and New Homes Quality Board. These links provide additional context on shared ownership policies and regulatory frameworks.
People Also Ask About:
- What is shared ownership? Shared ownership allows buyers to purchase a portion of a property and pay rent on the remaining share.
- Who oversees shared ownership standards? The New Homes Quality Board now manages the Shared Ownership Code.
- How does the NHQB benefit shared homeowners? The NHQB ensures transparency, fairness, and high-quality customer service.
- What happens to the Shared Ownership Council? The council disbanded after transferring its code to the NHQB.
- Why is shared ownership important? It provides an affordable pathway to homeownership for those unable to buy outright.
Expert Opinion:
The transition of the Shared Ownership Code to the NHQB represents a pivotal moment in the UK housing market. By leveraging NHQB’s expertise, the shared ownership sector is poised to deliver higher standards of transparency and customer care, fostering confidence among buyers and providers alike. This collaboration underscores the growing importance of shared ownership as a sustainable solution to the affordability crisis.
Key Terms:
- Shared Ownership Code
- New Homes Quality Board (NHQB)
- UK shared ownership housing
- Affordable homeownership schemes
- Consumer protection in shared ownership
- Homes England housing standards
- Transparency in shared ownership
ORIGINAL SOURCE:
Source link
Automatic Mortgage Calculator
Welcome to our Automatic Mortgage Calculator 4idiotz! Please just add your figures in the correct sections below and the Automatic Mortgage Calculator will automatically calculate the results for you and display them at the bottom of the page.
