Help to Buy Valuation in BN23

A Help to Buy valuation is a specific type of RICS Red Book valuation required by Homes England when you want to repay your equity loan or sell your property. Unlike a standard mortgage valuation, this must be carried out by a RICS-regulated surveyor and addressed specifically to Homes England. The valuation provides an independent assessment of your property's open market value at the time of redemption, which determines how much you need to pay to clear your equity loan. This is a legal requirement under the Help to Buy scheme and cannot be substituted with any other type of valuation.

The BN23 area, covering parts of Eastbourne including Willingdon and Stone Cross, has seen 374 residential property sales over the last year according to Property Solvers data. Our valuers use this local market intelligence, combined with at least three comparable sales from within the last six months and ideally within a two-mile radius, to provide an accurate valuation that meets Homes England requirements. In the BN23 5 area specifically, we have access to recent sales data showing detached properties averaging around £669,930 and terraced properties at approximately £383,188 according to Zoopla data.

It is important to remember that the valuation must exclude any improvements you have made to the property since purchasing it through the Help to Buy scheme. Our surveyors conduct thorough internal and external inspections to ensure the valuation reflects the property in its current condition, accounting for any alterations or additions that may affect the assessment. This means that if you have extended your kitchen, added a conservatory, or renovated bathrooms, these improvements are not factored into the equity loan repayment calculation - the valuation is based purely on the property as it was originally purchased plus any fair wear and tear.

We also check for any structural issues that might affect the valuation, such as signs of subsidence common in areas with clay soil, or flood risk considerations for properties near the coast in Eastbourne. Our inspectors are familiar with the typical defects found in local properties, from Victorian and Edwardian terraced houses in the town centre to more modern developments around Willingdon and Stone Cross.

• RICS-regulated surveyor
• Homes England compliant
• 3-month validity
• Internal and external inspection
• Minimum 3 comparable sales
• No conflict of interest

If you purchased your property through the Help to Buy scheme in the BN23 area, you received an equity loan from Homes England to supplement your deposit. This loan is typically for up to 20% of the property value (or 40% in London), and you do not pay any interest on this loan for the first five years. When you come to redeem the loan, either by repaying the amount or selling the property, you require an official RICS valuation to determine the settlement amount. The equity loan is calculated as a percentage of the property value at the time of purchase, not the current value, which is why a current valuation is essential.

The BN23 housing market has experienced some fluctuation recently, with Property Solvers reporting a 0.21% increase over the last 12 months, while Rightmove data shows a 3% decline compared to the previous year. These market dynamics make it essential to obtain an up-to-date valuation from a qualified professional who understands local conditions. The valuation must be valid for three months, so timing your survey correctly is important. If you are planning to sell your property, we recommend getting the valuation done early in the process.

Our valuers in the BN23 area consider all relevant factors when assessing your property, including its location within Eastbourne, the condition of the building, and recent comparable sales in the immediate vicinity. We provide a detailed breakdown of how we arrived at the valuation figure, giving you confidence that the assessment is fair and accurate. We are familiar with the different property types in the area, from flats averaging around £226,875 to detached properties at approximately £384,090.

One important aspect that many homeowners in BN23 may not be aware of is the potential for negative equity protection. If your property has decreased in value since you purchased it through Help to Buy, you may be able to repay your equity loan for less than the original percentage. This can result in significant savings, especially given that BN23 prices are currently around 9% below the 2022 peak. However, you must obtain a RICS valuation to confirm the current market value and qualify for this protection.