Help to Buy Valuation in Chilmark

The Help to Buy equity loan scheme closed to new applications in October 2022, but thousands of homeowners across Wiltshire still have outstanding loans that require valuation for repayment or remortgage. The valuation process is strictly regulated by the Royal Institution of Chartered Surveyors (RICS) and must comply with the Red Book standards. Our surveyors conduct a thorough physical inspection of your property, examining both the interior and exterior to assess its current condition and market value.

Unlike a standard mortgage valuation, the Help to Buy valuation requires detailed comparable evidence. Our surveyor will research at least three recent property sales in Chilmark and the surrounding SP3 area that are similar in type, size, age, and condition to your home. These comparables must be from within the last 12 months and preferably within a two-mile radius. The Nadder Valley market is relatively tight, with limited sales activity in any given year, so our local knowledge is invaluable in identifying the most relevant comparables.

The valuation report must be addressed to Homes England and include bespoke market commentary explaining how the comparable properties justify the final market value. This report is valid for three months from the date of inspection. If your report expires, we can arrange a desktop valuation extension within two weeks of the expiry date, providing your surveyor can confirm no material changes have occurred to the property or the local market.

• Physical property inspection required
• Minimum three comparable property sales
• RICS Red Book compliant methodology
• Valid for three months

Several location-specific factors influence property values in Chilmark and the surrounding Nadder Valley. The village benefits from being within the Chilmark and Fonthill Bishop CofE Primary School catchment area, which is a key consideration for families relocating to the area. The presence of The Black Dog Inn, a fifteenth-century Grade II listed public house, adds to the village's character and provides a local amenity that buyers often value highly when considering this rural location.

However, prospective buyers and valuers must also consider the groundwater flooding risk that affects the valley bottom alongside The Street. The Environment Agency has issued flood warnings for the Chilmark area following periods of prolonged heavy rainfall, and surface water flooding from field runoff has historically occurred at several locations including Beckett's Lane, Hindon Lane, and Claybush. These environmental factors are taken into account in our valuations and may affect mortgageability for some properties.

The local economy historically depended on quarrying, and Chilmark Estates, a former RAF munitions depot spanning 64.3 acres, now provides commercial and residential premises with various tenants. Wiltshire's diverse employment base includes sectors such as financial services, manufacturing, and the military, providing stable employment that supports the local housing market. The county's tourism sector also contributes significantly, with visitors drawn to the area's historic villages, countryside, and cultural attractions.

Understanding the local geology is essential for accurate property valuations in Chilmark. The village sits on chalk bedrock at the bottom of a steep-sided valley, which creates specific environmental considerations for property owners. While chalk is generally stable, the surrounding Wiltshire area contains clay deposits, and shrink-swell behaviour in clay soils represents a significant geohazard that can affect foundations, particularly during periods of drought followed by heavy rainfall.

The former quarrying activity in the Chilmark area, which dates back to medieval times and resumed in 2019, also requires consideration during valuations. The historic use of the site as an RAF munitions depot from 1936 until 1995 means some land parcels may have underlying structural or ground contamination considerations that could affect development potential and property values. Our surveyors are familiar with these local factors and reflect them appropriately in valuations.

The area's drainage characteristics mean that properties in valley-bottom locations, particularly along The Street, face higher groundwater flooding risk during winter months and after periods of extended rainfall. Residents have historically experienced inundation of septic tanks and sewer systems, and flooding of roads at the junction of Beckett's Lane, Claybush, and Frog Lane. These factors are explicitly considered in our valuation reports and may influence lender decisions.