Help to Buy Valuation in Astley Village

A Help to Buy valuation is a specific type of RICS Red Book valuation required by Homes England when you want to repay part or all of your equity loan. Unlike a standard estate agent appraisal which is simply a marketing opinion, this valuation must be completely independent and conducted by a RICS-registered surveyor who has no connection to you, the seller, or any estate agent involved in the transaction. The valuation determines the current market value of your property, which is then used to calculate exactly how much you need to repay on your equity loan.

The process involves a physical inspection of the inside of your property, during which our surveyor will assess the overall condition, size, and layout of your home. We will measure each room, note the construction type, and identify any features that could affect the value such as extensions, conservatories, or modernised kitchens and bathrooms. Our surveyor will also take photographs as part of the evidence package that supports the final valuation figure.

Following the inspection, we produce a formal valuation report that includes at least three comparable properties from within the last 12 months. These comparables must be like-for-like in terms of property type, size, and age, and located within a two-mile radius of your Astley Village property wherever possible. Each comparable is analysed to show how it supports the valuation figure we have arrived at for your home.

In Astley Village, where semi-detached properties dominate the housing stock and recent sales have shown varying trends across different streets, having a thorough and accurate valuation is particularly important. Our local knowledge of the Chorley property market means we can identify appropriate comparable properties and provide market commentary that reflects the current conditions in this specific area of Lancashire. We know which streets have seen price growth and which have seen corrections, and this knowledge directly feeds into the valuation we provide.

The Help to Buy: Equity Loan scheme allowed buyers to borrow between 5% and 20% of the market value of a new build property (or up to 40% in London). In Astley Village, where the average property price sits around £215,000, many buyers would have taken advantage of this scheme when purchasing their homes. When it comes time to repay the equity loan, the amount you pay is calculated as a percentage of the current market value, not the original purchase price.

This means if property values in your area have increased since you purchased, your repayment amount will be higher. Conversely, if values have decreased, you may find that you owe less than the original loan amount. Recent data from Astley Village shows varied price trends across different streets, with some areas showing significant growth while others have seen corrections.

For example, properties on Threlfall have shown impressive 48% growth compared to the 2008 peak, indicating strong demand on that particular street. However, Broadfields has seen a 24% decline from its 2023 high, showing that not all parts of Astley Village have performed equally. Meanwhile, Deerfold has experienced a complex pattern with prices 150% up on the previous year but 18% down on the 2016 peak of £260,667. These micro-market variations demonstrate exactly why you need a surveyor with local knowledge rather than a generic national automated valuation.

Given these local variations, having a surveyor who understands the Astley Village market is invaluable. Our team knows the specific micro-market dynamics of this Chorley village and can provide a valuation that accurately reflects your property's worth in the current market. This ensures you are paying the correct amount when repaying your equity loan, whether that is more or less than you originally borrowed.

The amount you need to repay on your Help to Buy equity loan is calculated as a percentage of the current market value of your property, not the price you originally paid. This is a crucial point that many homeowners overlook when planning their repayment. If you bought your Astley Village property for £180,000 with a 20% equity loan (£36,000), but your property is now worth £230,000, you would need to repay 20% of £230,000 which equals £46,000 rather than the original £36,000.

Conversely, if property values in your area have fallen since you purchased, you may find that you owe less than the original loan amount. In Astley Village, where we have seen varied performance across different streets and developments, this is a real possibility that needs to be factored into your financial planning. The only way to know for certain what your repayment will be is to obtain a current market valuation from a RICS-registered surveyor.

It is also worth noting that the Help to Buy: Equity Loan scheme does not offer protection against negative equity. This means that if your property is worth less than you borrowed, you still owe the full loan amount to Homes England. The scheme was designed to help buyers get onto the property ladder, and the repayment terms reflect the original loan amount plus any increase in property value. Our valuation gives you the clarity you need to plan your finances accurately.