It follows a consumer survey of more than 1,700 current and prospective shared owners, regional consumer focus groups, and a survey completed by 50 industry bodies.

Shared ownership – where people buy a share of the property and pay rent to a landlord on the rest – was launched in 1980 as a way for people to take their first step on the housing ladder.

There are now more than 200,000 households living in a shared ownership home in England. While shared ownership works well for some, there have been cases where people have felt misinformed about the product, or where fees and charges have left them in difficulty.

The consumer survey revealed that just one in three people are happy with their experiences in shared ownership to date.

Shared ownership satisfaction decreased for shared owners after the first year, and only 21% of consumers said they would recommend shared ownership to a friend.

Shared owners in houses were significantly more satisfied than those in flats.

The Code is stewarded by the Shared Ownership Council, a voluntary cross-industry body set up to drive improvements to the shared owner experience and create a bigger shared ownership market.

The Code includes requirements around defects, fees, service charges, lease extensions and staff training. It is also underpinned by six principles, which include clarity of information, costs and polices, and how providers deal with service requests and complaints.

Paula Higgins, chief executive of The HomeOwners Alliance, and board member of the Shared Ownership Council, says: “For this Code to have credibility and to make a real difference to make shared ownership better and fairer for all, there needs to be buy in from shared owners.

“That’s why we are grateful that more than 1,700 people contributed to our consultation.

“The Code is the first step in the journey to make shared ownership better and fairer to all by setting the minimum standard and building on the best practice we know is out there.”

Tags: Buying Process & Moving Home, Renting

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