The body is funded by L&G Affordable Homes and Leeds Building Society among others, and will offer “a more transparent and consistent service offer for consumers in shared ownership schemes”.  

It is chaired by former Sovereign chief executive Ann Santry.    

Just over 17,220 shared ownership sales were sealed by large registered providers and local authorities in the year to March 2022, a 37% jump on the previous year, data from the Department for Levelling Up, Housing and Communities shows.  

But shared ownership consumer satisfaction was reported to be at just 56% last year, according to a survey by housing data firm Housemark, where borrowers complained about a lack of transparency on fees and repair costs, as well as inconsistent marketing.    

The body plans to drive cross-industry improvements by setting up a voluntary code of practice, which will be developed by a multi-stakeholder working group, followed by consultation with the wider industry.  

It adds the outcome may lead to relevant firms displaying an adopter badge if they choose to adhere to the code, and creating a set of resources to help the industry roll out the code.    

The group says: “The initial intention of this work is to drive consistency in the information available for consumers.   

“This may evolve over time to consider the product more closely, following industry and consumer consultation, to enable its potential on areas that most need attention.”  

The council’s board of three also former Peabody chief executive Brendan Sarsfield, HomeOwners Alliance founder Paula Higgins, while Peter Williams will act as advisor. 

It will be supported by not-for-profit consultancy Social Finance, which will oversee the day-to-day operations of the council.  

The council’s remaining founding funders are Censeo, Citra Living and Heylo.