Help to Buy Valuation in CF62 (Barry)

A Help to Buy valuation is a specific type of RICS Red Book valuation required by the Welsh Government (for properties in Wales under the Help to Buy: Wales scheme) or Target HCA (for properties in England) to determine the current market value of your property. This valuation calculates the amount you owe on your equity loan, which is typically 20% of the property value (or 40% for London properties). The scheme in Wales allowed purchases of properties up to £300,000 with an equity loan of up to 20%, and the average equity stake in Wales was around £44,000 in 2019/20. Understanding this calculation is essential for any Help to Buy homeowner planning to sell, remortgage, or staircase.

The valuation must be carried out by a RICS-registered valuer who will inspect your property internally, examine recent comparable sales in the local CF62 area, and produce a formal report addressed to Target HCA or the Welsh Government. Our valuers are familiar with the Barry and Vale of Glamorgan property market, including the various housing developments that were built under the Help to Buy scheme across CF62 postcodes including CF62 3, CF62 4, CF62 5, CF62 6, CF62 7, CF62 8, and CF62 9. We know that CF62 covers diverse property types from Victorian terraces in Barry town centre to modern developments in Rhoose and Llantwit Major.

The report must be on company-headed paper, signed by the surveyor, and include at least three comparable properties that have sold recently, typically within a two-mile radius and similar in size, age, and type to your home. The CF62 area offers good comparables with active sales in Barry town centre and surrounding villages, though some sub-postcodes have seen varied price movements recently. The CF62 7 sector has experienced significant changes, with some areas showing 26% decreases while others like CF62 9EU showed 22% increases. Our local expertise ensures we select the most appropriate comparables for your specific location.

• Required for selling your Help to Buy property
• Required for remortgaging to a standard mortgage
• Required when staircasing (buying more shares)
• Calculates outstanding equity loan amount

If you purchased your property through the Help to Buy: Wales scheme, you have an equity loan from the Welsh Government that must be repaid when you sell your property or at the end of the loan term (usually 25 years). The amount you owe is based on the current market value of your property at the time of repayment, not the price you originally paid. This means if your property has increased in value, your repayment amount will be higher, but conversely, if values have fallen, you may owe less than originally borrowed. The equity loan is typically 20% of the property value, so for a property now worth £276,333, the outstanding loan would be approximately £55,267.

In the CF62 area, property values have generally shown positive growth over the last 12 months, with Rightmove reporting prices 4% up on the previous year and 5% up on the 2023 peak of £267,414. However, some sub-postcode areas have experienced different trajectories. For example, CF62 9EU showed a 22% increase while CF62 5DX experienced a 26% decrease. Our valuers understand these local variations and will use the most appropriate comparables for your specific CF62 postcode. This local knowledge is crucial for ensuring your valuation accurately reflects your property's true market value.

When staircasing (buying additional shares in your property), you will need a fresh valuation to determine the current market value and calculate how much extra equity you can purchase. The minimum staircasing increment is usually 10%, and you can staircase up to 80% ownership (or 100% if you wish to own the property outright). Our valuation will ensure you pay the correct amount for any additional shares. Many homeowners in Barry and the Vale of Glamorgan have successfully staircase to increase their ownership, and we can provide the accurate valuations needed for this process.

It is worth noting that if your property is in a conservation area or is a listed building, additional considerations may apply to your valuation. The CF62 area contains numerous listed buildings, including properties on High Street in Barry, Porthkerry Methodist Church, Barry Hotel, and Barry Municipal Buildings and Library. If your Help to Buy property has listed building status, this may affect its value and our valuation approach. Our local expertise ensures we can identify these factors and provide an accurate assessment.

• Sell your HTB property
• Remortgage to a standard mortgage product
• Staircase to increase your ownership
• Reach the end of your loan term (25 years)
• Request a revaluation for any reason