Help to Buy Valuation in Orkney Islands

The Help to Buy (Scotland) Equity Loan scheme closed to new applications in February 2021, but many homeowners who purchased through the scheme are now reaching the stage where they need to redeem their equity loan. To do this, you must obtain a RICS Red Book valuation from a qualified surveyor. This valuation determines the current market value of your property, which directly affects the amount you will pay to redeem your equity loan. The valuation must be conducted by a RICS-qualified surveyor and provided on official headed paper to be valid for Help to Buy Scotland purposes.

In Orkney, where the property market has seen such dramatic growth, obtaining an accurate valuation is crucial. The average property price in the islands now stands at £230,000, with detached properties averaging £304,000 and flats starting at around £119,000. This market strength means your property may have increased significantly in value since you purchased it, potentially affecting your equity loan redemption figure. Our surveyors have extensive experience valuing properties across Orkney, from traditional sandstone homes in conservation areas to newer developments on the outskirts of Kirkwall.

The valuation report itself will be valid for three months from the date of inspection, giving you sufficient time to complete the redemption process with Help to Buy Scotland. During the inspection, our surveyor will assess your property's condition, size, and location, comparing it against recent sales of similar properties in your area to determine its current market value. For properties in Orkney's more remote outer islands, the surveyor will also consider the additional factors that affect value in island communities, including accessibility, availability of services, and transport connections to the mainland.

Our team regularly values properties across the Orkney mainland and connected islands, with approximately 290 sales recorded on the mainland and connected areas in the past 12 months, plus around 43 sales on the outer islands. This local transaction data helps our surveyors provide accurate, evidence-based valuations that reflect the true current market conditions in your specific area of Orkney.

• RICS Red Book compliant valuation
• Valid for 3 months
• Experienced Orkney surveyors
• Full market value assessment

The Orkney Islands have experienced one of the most dramatic property market surges in Scotland, with prices increasing by over 60% in just five years. This makes Orkney the council area with the steepest price rise anywhere in Scotland during this period. The average property price now stands at £230,000, a figure that has risen by 13.5% in the past year alone. For Help to Buy homeowners, this significant appreciation means your property may be worth considerably more than when you first purchased it, which can affect your equity loan redemption amount.

Property types in Orkney vary considerably, affecting both market value and the valuation process. Detached properties command the highest prices at an average of £304,000, while flats and maisonettes average around £119,000. Semi-detached and terraced properties, which make up a significant portion of housing in Kirkwall and Stromness, average £218,000 and £182,000 respectively. Understanding these market dynamics is essential for an accurate valuation, and our surveyors take all these factors into account when assessing your property.

The local economy in Orkney is driven by a mix of tourism, agriculture, fishing, renewable energy, and public sector employment. These industries influence both property values and buyer demand across the islands. Additionally, the unique nature of island living, with considerations around ferries, flights, and accessibility, plays a role in property valuations. Our surveyors understand these local market conditions and factor them into every valuation they produce for Help to Buy redemption purposes.

The limited supply of properties available for sale in Orkney contributes significantly to price growth. With only 333 sales across the islands in the past 12 months, demand consistently outstrips supply. This dynamic is particularly pronounced for family homes and properties with land, where competition among buyers can be fierce. Our surveyors account for this supply-demand imbalance when determining your property's market value.