Help to Buy Valuation in Blaston, Harborough

Help to Buy equity loans were designed to help first-time buyers get onto the property ladder, but when it comes time to repay the loan or sell the property, a formal RICS valuation is mandatory. The amount you repay is calculated as a percentage of the property's current market value, not the original loan amount. This means if your Blaston property has increased in value since you purchased it, your repayment figure will be higher than your initial borrowing. Conversely, if property values have fallen, you may find yourself in negative equity situations. Understanding this calculation is essential for financial planning before you proceed with redemption.

The valuation must be carried out by a RICS qualified surveyor who is completely independent from any estate agent and has no connection to you or the property transaction. This independence is crucial as the valuation is used by Homes England to determine their share of the property value. Our surveyors meet all these requirements and have extensive experience valuing properties throughout Leicestershire, including the village properties and country houses typical of the Blaston area. We understand the local market nuances that affect property values in this desirable rural location.

The RICS Red Book valuation report must include specific elements to be accepted by Homes England. These include at least three comparable property sales from within the last 12 months, preferably from within a two-mile radius of your property. The comparables must be like-for-like in terms of type, size, and age. Your surveyor must also provide bespoke market commentary explaining how they arrived at the valuation figure using these comparables and justifying the market value. This detailed approach ensures the valuation accurately reflects current market conditions in the Blaston area.

• Must be a RICS qualified and registered surveyor
• Must inspect the inside of the property
• Minimum 3 comparable sales from last 12 months
• Report must be addressed to Homes England
• Valid for 3 months from date of issue

The village of Blaston sits in the Harborough district of Leicestershire, characterised by rolling countryside and a mix of historic stone cottages, converted barns, and modern family homes. Property values in this area tend to be higher than the national average, reflecting the rural character and proximity to good schools and transport links. The village benefits from its setting between Market Harborough and Oakham, making it attractive to families and commuters alike. When Help to Buy was launched, many buyers in similar villages took advantage of the equity loan scheme to purchase properties that would otherwise have been beyond their reach.

Since then, the Leicestershire property market has seen significant changes. While we cannot predict future values, the combination of limited supply in desirable villages like Blaston and continued demand from buyers seeking rural lifestyles has supported property prices in the area. Recent sales data shows properties ranging from £375,000 for modest cottages to over £2 million for substantial country houses, demonstrating the diversity of the local market. Your RICS valuation will reflect current market conditions, using recent comparable sales to determine an accurate market value. This is crucial because the repayment figure is directly linked to this valuation.

If your property has increased in value since you purchased it, you will need to repay more than you borrowed. However, this increase in value also means you may have built up significant equity in your home. Understanding your exact repayment figure is essential for financial planning, whether you are remortgaging to buy out the Help to Buy loan, selling to another buyer, or simply wanting to clear the debt. Our surveyors provide detailed breakdowns of how the valuation was calculated, helping you understand exactly what Homes England will use to determine their share.

Some homeowners in the Help to Buy scheme may find that their property is now worth less than when they purchased it. This situation, known as negative equity, can make repaying the equity loan more complicated. However, the calculation for Help to Buy repayments is based on either the current market value OR the agreed sale price, whichever is higher. This means if you are selling to a buyer who is willing to pay more than the valuation, the higher figure is used for the repayment calculation. This provides some protection in falling markets.

In the Blaston area, with its mix of high-value period properties and more modest cottages, market conditions have generally remained relatively stable. The village benefits from its rural setting while remaining accessible to larger towns like Market Harborough and Oakham. Our surveyors understand the local market nuances and will provide a valuation that accurately reflects current conditions. If you are concerned about negative equity or simply want to understand your position, a formal Help to Buy valuation will give you clarity over exactly where you stand financially.

It is also worth noting that if you are unable to sell your property or remortgage to pay off the Help to Buy loan, there may be other options available. Speaking to a financial adviser about your specific circumstances is always recommended. However, the first step is always to obtain a current RICS valuation so you know exactly what you need to repay. Our team can put you in touch with financial advisers who specialise in Help to Buy matters if you would like further guidance.