According to the Shared Ownership Council, there are currently around 250,000 households in shared ownership, but it “isn’t working well for everyone”.

The body has launched a consumer and industry consultation on a shared ownership code of good practice, with the aim being for industry participants to adopt the code and commit to meeting its standards.

Past or present shared owners can submit their views here and industry participants or bodies can offer their views here.

The code aims to address some of the challenges shared owners face and recognise wider reforms needed to improve the tenure.

The Shared Ownership Council said it was developing a reform agenda in “close dialogue with industry participants and shared owners” and it would build on the Levelling Up, Housing and Communities Committee’s recently published report.

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The body said it is aimed at all industry participants, the core principles would be to “integrate and make best use of existing tools and guidance, to increase consistency in the delivery of shared ownership, and to promote best practice”.

The code will standardise good practice, set out clear consumer protection standards for marketing, selling and ongoing management of shard ownership homes and will cover the consumer journey from initial marketing to living as an owner and staircasing or selling.

Ann Santry, chair of Shared Ownership Council board said: “Shared ownership has an important part to play in helping people achieve a stake in homeownership. The code being launched today for consultation aims to drive best practice across all of the providers and others who are part of the journey shared owners are making.

“However, while we recognise the achievements to date we must undertake further reform to this tenure. The Shared Ownership Council seeks to play a leading role in aligning stakeholders to support reforms that improve shared ownership for consumers and allows the tenure to fulfil its potential.”

Paula Higgins, CEO of the HomeOwners Alliance and board member of Shared Ownership Council, said: “Consumers in shared ownership need fair treatment at all stages of their journey – from pre-purchase to living in a leasehold property to deciding to move on.

“The code being launched today for consultation promotes better information, transparency and consistency whilst providing routes to deal with complaints and is a first step on the road to reform to give shared owners a better deal.”