Help to Buy Valuation in Broadhembury

Help to Buy was a government-backed scheme designed to help first-time buyers purchase a new-build property with a 5% deposit and an equity loan of up to 20% (40% in London). While the scheme officially closed to new applicants in March 2023, thousands of homeowners across the UK, including those in Broadhembury and the surrounding East Devon villages, still have active equity loans that require formal valuation when they come to sell, remortgage, or redeem their loan. Many properties in Broadhembury were purchased through this scheme during the peak years of 2013-2019, meaning we are now seeing a significant number of homeowners reaching the stage where they need to redeem their loans or sell their properties.

A Help to Buy valuation differs from a standard mortgage valuation in that it must be conducted by a RICS registered valuer using the Red Book methodology (RICS Valuation - Global Standards). The valuation report must confirm the property's current market value, which determines the amount you will pay to redeem your equity loan. Our valuers understand the specific requirements of the Help to Buy scheme and ensure all reports meet the stringent standards required by the scheme administrators. We have completed numerous valuations for properties in the EX14 postcode area and understand exactly what the HCA looks for in a compliant report.

In Broadhembury, the local property market has shown resilience with properties selling across a wide price range. Recent sales data shows properties ranging from £75,000 for smaller properties to over £740,000 for larger family homes. This diversity in the local market means your Help to Buy valuation will be based on comparable evidence from similar properties in the area, taking into account the unique characteristics of your home. The village benefits from strong demand due to its excellent primary school, traditional pub, and proximity to the A30 which provides direct access to Exeter and the M5 motorway.

Several factors influence the valuation of your Help to Buy property in Broadhembury. The local East Devon property market plays a significant role, with demand for village properties remaining steady due to the area's proximity to Exeter, excellent local schools, and attractive countryside. Properties in Broadhembury benefit from the village's character, including period properties with original features and newer developments that blend well with the rural setting. The village has seen steady interest from families looking to escape larger towns and cities, particularly since the increase in remote working has made village locations more desirable.

The condition of your property is another crucial factor. If you have made improvements such as kitchen or bathroom upgrades, double glazing, or extensions, these can positively affect your valuation. However, our valuers will also note any defects or issues that may negatively impact the value. Given the age of many properties in Broadhembury, including Victorian and Edwardian cottages, issues such as damp, outdated electrics, or structural movement may be considered in the valuation. Many properties in the village were built using traditional construction methods that require ongoing maintenance, and our valuers understand how to assess these properties fairly.

The presence of listed building status can affect both the value and the valuation process. While listed buildings often have character and historical appeal that can command premium prices, they also come with maintenance obligations that may be reflected in the valuation. Our valuers are experienced in assessing both listed and non-listed properties across the Broadhembury area. We understand that while a Grade II listed cottage might have significant character appeal, the restrictions on alterations and the costs associated with maintaining period features can impact market value in ways that differ from modern properties.

The local geology in parts of East Devon can also play a role in valuations, particularly for properties where the underlying soil consists of clay. Clay soils are susceptible to shrink-swell movement, which can cause subsidence or structural issues in properties with shallow foundations. Our valuers will assess the property's foundation type and look for any signs of movement or cracking that might indicate structural concerns. While Broadhembury itself is not in a high-risk flood zone, we also consider surface water drainage and the proximity to watercourses when assessing properties in the valley areas.