The advert stated that brand new “ready-to-move-into homes” were available and those who reserved their property could get a reduced reservation fee
September 21, 2023 6:00 amL&Q, which owns or manages more than 108,000 homes across England, was told by the Advertising Standards Authority that its advert could lead consumers to feel rushed into making the “serious, complex financial decision” of buying a home.
The housing association ran a series of adverts in November last year on social media and on the London Underground offering a promotion titled: “Black Friday, The Shared Ownership Way”. The advert stated that brand-new “ready-to-move-into homes” were available and those who reserved their property during a two-week time frame of 16 to 30 November could receive a reduced reservation fee of £99, down from the usual price of £500, as well as receive a £500 John Lewis voucher.to help more people on to the property ladder by allowing consumers to buy just a portion of a property, ranging from 10 to 75 per cent.
The watchdog said that the two-week timeframe for the deal meant buyers would only have a limited period in which to consider taking up a shared ownership agreement, during which time they would need to browse the properties on offer, organise viewings and commit to a home. It said that the short timeframe “meant that consumers could be rushed to make a quick decision on a considered purchase for fear of losing out on the offer.
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