Help to Buy Valuation in HU9 | RICS Red Book Valuation

A Help to Buy valuation is a specific type of RICS Red Book valuation that is required when you want to repay (redeem) your equity loan, staircase (buy out a portion of the equity loan), or sell your Help to Buy property. Unlike a standard mortgage valuation, this report must be conducted by a RICS-registered valuer and must meet strict guidelines set out by Homes England. The valuation report must be addressed to "Target HCA" and remain valid for three months from the date of issue.

The valuer will assess your property's market value based on at least three comparable sales from within the last 90 days and ideally located within a two-mile radius of your property. For properties in HU9, our local surveyors have access to recent sales data from the East Hull area, including properties in nearby HU7 and HU8 postcodes, to ensure your valuation is accurate and reflects current market conditions. This is particularly important given that the HU9 market has seen prices increase by nearly 3% over the past year, though recent sales volumes have decreased by 22% compared to the previous year with only 297 transactions recorded.

Your Help to Buy valuation report will provide the open market value of your property, which is the price it would sell for on the open market between a willing buyer and willing seller. This figure is used by Homes England to calculate how much equity you need to repay, or in the case of a staircase, how much you need to pay to increase your share. Our valuers in Hull understand the local market dynamics and will provide a comprehensive report that you can submit with confidence.

The most recent sales data shows that the majority of properties sold in HU9 during the last year fell into the £96,000-£122,000 range (74 sales) followed by the £122,000-£148,000 range (69 sales). This concentration of sales in the lower price bands is important context for valuation comparables, as it means there may be more relevant data available for properties in these price brackets.

• RICS Red Book compliant
• Addressed to Target HCA
• Valid for 3 months
• Minimum 3 comparable sales
• Independent valuation

If you purchased your property through the Help to Buy scheme in HU9, your equity loan is typically repayable after five years or upon sale of the property. The amount you repay is calculated based on the market value of your property at the time of redemption, not the original purchase price. This means if your property has increased in value, you will repay a larger amount, but if values have fallen, you may repay less than originally borrowed.

The Hull property market has shown steady growth in recent years, with prices in HU9 approximately 7% above the 2023 peak of £127,941. However, some sectors within HU9 have experienced different trends - for example, the HU9 1 postcode sector saw prices fall by approximately 6.8% in the last year. This variation highlights why getting an accurate, local valuation is so important. Our valuers understand these micro-market variations and will use the most relevant comparable sales data for your specific location within HU9.

When you come to redeem your equity loan, Homes England will require your valuation report to be submitted alongside their redemption pack. The process involves calculating the gross valuation, then determining the percentage equity owned by Homes England based on your initial loan percentage, and finally calculating the repayment amount. Our valuers can provide guidance on what to expect, though the actual calculation is handled by Homes England directly.

that early repayment charges may apply depending on when you are looking to redeem your equity loan. These charges are set by Homes England and relate to the subsidy element of the equity loan. We always recommend checking with Homes England directly or consulting their published guidance to understand any applicable charges before proceeding with your valuation.

• 5-year minimum term before redemption
• Repayment based on current market value
• Partial staircase options available
• Early repayment charges may apply

Properties in HU9 were predominantly constructed between the 1920s and 1970s, meaning many homes in the area are now between 50 and 100 years old. This age profile means that common defects such as damp issues, outdated electrical wiring, and roofing wear are frequently encountered. While these issues may not affect the market value significantly, they can impact the valuation if they require significant remediation.

The local geology in Hull and surrounding areas, particularly the boulder clay deposits that overlay the chalk bedrock, can cause foundation movement in some properties. This shrink-swell behaviour of clay soils during periods of drought or excessive rainfall can lead to subsidence or heave issues. Our valuers will note any visible signs of structural movement during their inspection, including cracks in walls, doors that stick, or uneven floors.

Flood risk is a genuine consideration for properties in HU9, particularly those closer to the River Hull and the low-lying areas approaching the Humber Estuary. Hull is known as a low-lying city at the confluence of the River Hull and Humber, and certain sections of HU9 may fall within Flood Zones 2 or 3. Our valuers will make appropriate comments in the report if flood risk is relevant to your specific property location.

Many properties in HU9 were built with solid walls rather than cavity walls, which can affect insulation standards and energy efficiency. While this does not typically affect the market value significantly in the current HU9 market, it may be a consideration for buyers and therefore impact the comparability analysis. Additionally, given that the predominant property types are terraced and semi-detached, the issue of shared boundaries and any rights of way or easements may also be relevant. Our local valuers understand these construction characteristics and how they influence property values in the East Hull market.

• Damp and condensation
• Roof and gutter deterioration
• Outdated electrics
• Foundation movement (clay shrinkage)
• Solid wall insulation
• Flood risk (river proximity)