Help to Buy Valuation in Great Tew

A Help to Buy valuation is a specific type of RICS Red Book valuation required when you want to repay your Help to Buy equity loan. Unlike a standard mortgage valuation, this must be carried out by an independent RICS qualified surveyor and must meet strict criteria set by Homes England. The valuation determines the current market value of your property, which is used to calculate how much you need to repay the government. Our reports use the official RICS definition of market value, which is the estimated amount for which an asset should exchange between a willing buyer and willing seller after proper marketing.

The Help to Buy: Equity Loan scheme closed to new applications in October 2022, but if you purchased a property through the scheme, you will need this specialised valuation when you come to redeem your loan. Many homeowners in the Oxfordshire area who bought new-build properties through Help to Buy are now reaching the point where they need to repay or remortgage. With Oxfordshire seeing a 16.5% drop in transaction volumes over the last year, understanding your property's current market value is more important than ever for planning your redemption.

Our surveyors provide comprehensive reports that include at least three comparable properties within the local area, a detailed inspection of both interior and exterior, and all the documentation required by Homes England for your redemption application. We understand that this process can feel daunting, especially if you are unfamiliar with the requirements, and we guide you through every step. The report must be addressed to Homes England, signed by a RICS qualified surveyor, and meet their specific requirements regarding comparable evidence and market value definition.

The repayment amount is based on the higher of your agreed sale price or the current market value as determined by our RICS valuation. This means getting an accurate valuation is crucial - if your property has increased in value, you will repay a larger amount, but if values have fallen, you may repay less than your original equity loan percentage. However, please note that Help to Buy loans cannot be repaid partially - you must repay the full equity loan amount or port it to a new property.

• RICS qualified surveyor
• Comprehensive interior and exterior inspection
• Minimum three comparable property sales
• Full Homes England compliant report
• Typical 5-7 day turnaround

Great Tew presents unique valuation challenges that only a local surveyor can properly address. The village contains a significant concentration of listed buildings, including the Grade I listed parish church of St Michael and St Michael & All Angels, and many historic cottages that are Grade II listed. Understanding how listing status and conservation area restrictions affect property values requires on-the-ground knowledge. The village was declared a conservation area in 1978, which means any modifications to properties may require planning permission, affecting both value and potential for extension or improvement.

The predominant building material in Great Tew is local ironstone, that distinctive deep orange-brown or toffee-coloured stone that gives the village its characteristic appearance. This ironstone comes from the Marlstone Rock Formation, which is prevalent in North Oxfordshire and dates back 150 million years to the Jurassic period. Many properties feature thatched roofs, which require specialist knowledge to assess and can significantly affect both value and insurance considerations. Our surveyors understand these local construction characteristics and how they impact market value.

The Great Tew Estate has undertaken extensive renovation and refurbishment programmes in recent years, transforming traditional properties to deliver modern convenience while maintaining heritage character. This trend has influenced property values across the village, with renovated cottages often achieving significantly higher prices than those requiring modernisation. Properties on the estate have also used Welsh Blue-Grey slates for larger buildings and imported Indian Stone Tiles for barn renovations. Understanding these local market dynamics is essential for an accurate Help to Buy valuation.

The presence of Soho Farmhouse, located just outside the village on the site of the former Tracey Farm, has transformed Great Tew into a fashionable celebrity destination. This major local employer in the hospitality industry contributes significantly to the local economy and influences property demand. Combined with the village's proximity to Oxford and Bicester Village, and excellent transport links via Banbury and Charlbury stations to London, Great Tew remains a desirable location despite broader regional price adjustments.

The property market in Great Tew reflects its desirable location within the Cotswold Hills, close to Soho Farmhouse and within easy reach of Oxford and Bicester Village. The village was declared a conservation area in 1978, which means any modifications to properties may require planning permission, affecting both value and potential for extension or improvement. The average property price in Great Tew stands at £611,500, with semi-detached properties commanding premium prices due to limited supply.

Historical sold prices in Great Tew over the last year were 56% down on the previous year and 31% down on the 2019 peak of £886,570. While Oxfordshire as a whole saw a 1% decline in property prices over the last twelve months, with 8,300 sales representing a 16.5% drop in transaction volumes, the unique character of Great Tew and its limited housing stock means the village can often outperform broader regional trends. The presence of Soho Farmhouse as a major local employer and the village's celebrity destination status contribute to ongoing demand for properties in this area.

Flood risk in Great Tew is generally low from major rivers, as the village is not identified as being in a high flood risk area. However, localized surface water flooding and issues with ordinary watercourses have been noted in the surrounding area, particularly related to highway drainage and watercourses flowing through the Great Tew Estate. Our surveyors will note any visible signs of drainage issues or water damage during the inspection, as these factors can affect property value and are considered in the valuation.

• Conservation area restrictions since 1978
• Limited property supply drives values
• Historic ironstone and thatch construction
• Proximity to Soho Farmhouse and Oxford