Help to Buy Valuation in Ash-cum-Ridley

The Help to Buy: Equity Loan scheme, which operated from 2013 to March 2023, enabled buyers to purchase new-build properties with just a 5% deposit and receive an equity loan from the government of up to 20% (or 40% in London). If you are one of the many homeowners in Ash-cum-Ridley who purchased under this scheme, you will eventually need to either repay the loan, sell the property, or remortgage. Each of these actions requires a formal valuation by a RICS-registered valuer. The scheme was particularly popular with first-time buyers looking to get onto the property ladder in this desirable part of Kent, where property prices often exceeded what could be afforded through a traditional mortgage alone.

The valuation report must be prepared in accordance with the RICS Valuation - Global Standards (the Red Book) and addressed specifically to Homes England. Our valuers will conduct a thorough internal inspection of your property, research comparable sales in the local area, and provide a formal market valuation that determines the current value of your home. This figure is crucial as it determines the amount of equity loan you will need to repay. We have experience valuing properties across all the main settlements in the parish, including those in New Ash Green, Ash, Hodsoll Street, and Ridley, so we understand the local market dynamics that affect property values.

It is important to understand that the repayment amount is calculated as a percentage of the current market value, not the original purchase price. For properties in the South East, the maximum property price cap was £437,600 (from April 2021), and your repayment will reflect 20% (or 40% if in London) of whatever the current valuation is determined to be. This means that if your property has increased in value since you purchased it, your repayment figure will be higher than the initial loan amount. Conversely, if property values have fallen, you may find yourself in a position of negative equity, where the property is worth less than the outstanding mortgage and equity loan combined.

The valuation must be addressed to Homes England and include at least three comparable properties from within a 2-mile radius of your property. These comparables must be like-for-like in terms of property type, size, and age. Our valuers have extensive knowledge of recent sales in the Ash-cum-Ridley area and can identify appropriate comparables, whether your property is a detached house in Ash, a terraced property in New Ash Green, or a flat in one of the small developments in the parish.

Ash-cum-Ridley is a unique area comprising four main communities: Ash, Hodsoll Street, New Ash Green, and Ridley. The parish sits on heavy clay-with-flint soil overlying the chalk of the North Downs, which presents specific considerations for property valuations. This clay soil is associated with a moderate to high shrink-swell risk, meaning properties may be susceptible to movement that can lead to subsidence or heave issues, particularly in older properties with shallower foundations. When valuing properties in this area, we always consider the potential impact of ground conditions on structural integrity and future maintenance costs.

The largest settlement, New Ash Green, was developed in the 1960s as a comprehensive development and features distinctive construction methods. Properties here were built with brick flank and party walls, central steel 'A' frames, and horizontal 'purlins', with walls, floors, and roofs constructed from prefabricated panels. These construction methods are relatively specific to this area and our valuers understand how these factors can affect property values and any potential defects. We have inspected numerous properties in New Ash Green and are familiar with the common issues that can arise in these 1960s-built homes, including problems with the prefabricated panel construction and the steel frame systems.

The older properties in the parish, particularly those in the conservation areas, are more likely to feature traditional Kentish brick construction. Ash-cum-Ridley is remarkably rich in historic buildings, containing one Grade I listed building, four Grade II* listed buildings, and 27 Grade II listed properties. Notable listed buildings include Ash Manor (Grade II*), the Church of Saint Peter (Grade II*), and the Parish Church of Saint Peter and Saint Paul (Grade I), along with properties such as Attwood Place, Berry's Maple, Black Cottage Farmhouse, and The White Swan Public House. Properties in or near these historic settlements may have additional considerations for valuation, including listed building status and conservation area restrictions.

New Ash Green Village Centre is currently undergoing regeneration, which is expected to bring positive changes to the area. Planning applications have been approved for conversions at the shopping centre, including properties at 25-33 The Row and 4-7 The Studios, converting commercial space to residential use. These changes may have implications for property values in the village centre area. Additionally, the conversion of a former poultry farm at Cader Idris on Gravesend Road has been approved, which will add eight new dwellings to the parish. Our valuers stay informed about these developments and can advise on how they may affect property values in different parts of Ash-cum-Ridley.

Several local factors can influence the valuation of your property in Ash-cum-Ridley. The area's position within the Green Belt means that development opportunities are limited, which can help maintain property values by preserving the rural character of the area. However, the recent regeneration plans for New Ash Green Village Centre may have positive implications for property values in that part of the parish. The mix of rural charm and good transport links to London makes the area attractive to commuters, which supports demand and property values.

The local economy is characterized by high car ownership, with most residents commuting to work, particularly to London. The parish benefits from good road connections, with access to the M20 and M25 motorways relatively nearby, making it popular with those working in the capital. Local employment is provided by shops, offices, and schools in New Ash Green, as well as light industrial units that have been converted from former agricultural buildings. Bovis Homes plc has its head office at North Ash Manor in New Ash Green, adding to the local economic profile and providing employment in the area.

Environmental considerations also play a role in the area. Some planning applications have been refused due to being located within the buffer zone of areas of Ancient Woodland, indicating environmental sensitivity that can affect development and property values. While specific flood risk areas were not detailed in our research, surface water flooding is a general concern in many areas with heavy clay soils, particularly during periods of heavy rainfall. Our valuers take account of these environmental factors when assessing property values and can advise on any specific concerns related to a particular property.

The age and construction type of properties in different parts of the parish also affects values. Properties in New Ash Green, built in the 1960s with prefabricated panels, may have different value profiles compared to older period properties in Ash or Ridley. The level of demand for different property types can vary, with families often seeking the larger detached properties in the area, while first-time buyers may gravitate towards the more affordable terraced and flat options. Our valuers understand these local market dynamics and reflect them in our valuations.