Help to Buy Valuation in Ovington, County Durham

A Help to Buy valuation is a specific type of RICS Red Book valuation that is required when you want to repay your Help to Buy equity loan, which was provided by the government to help purchasers buy a new build property with a smaller deposit. The scheme, which operated from 2013 to 2023, provided equity loans of up to 20% (or 40% in London) of the property value. If you are one of the homeowners in Ovington who purchased through the Help to Buy scheme, you will need an official valuation to determine the amount you need to repay.

This valuation differs from a standard mortgage valuation or a building survey. It must be carried out by a RICS-regulated valuer who is independent from any estate agency or party involved in your original purchase. The valuation report must be formatted according to the RICS Valuation Global Standards (the Red Book) and must be addressed to the Help to Buy administrator, such as Homes England for properties in England.

The valuer will inspect your property and assess its current market value based on comparable sales evidence in the local Ovington area. Given that Ovington has seen approximately 25 property sales in the past 12 months with prices increasing by around 5%, the valuer will take account of current market conditions, the specific characteristics of your property, and any relevant local factors that may affect value.

Properties in Ovington reflect the village's rural character and historical heritage. Many homes are constructed from local sandstone, a traditional building material that gives the village its distinctive appearance. You will also find properties built from red and buff brick, particularly those constructed from the early to mid-20th century onwards. Some properties may feature render or combine multiple materials, adding to the architectural diversity of the area.

The village's housing stock includes a significant proportion of older properties dating from before 1919, particularly in the historic core around the Church of St Mary the Virgin. These older properties often have traditional features such as solid wall construction, timber floor joists, and pitched roofs covered with slate or clay tiles. If you own a period property in Ovington, the valuer will consider any special characteristics or defects that may affect its market value.

Ovington is likely to fall within a conservation area, which imposes stricter planning controls to preserve the village's character. This is an important factor that can affect property values and may be considered in your valuation. The proximity to the River Tyne also means that some properties, particularly those in lower-lying areas near the river, may have a higher risk of fluvial flooding, which can impact on both value and insurability.

When valuing properties in Ovington, our surveyors take account of several local environmental and geological factors that can affect property values. The wider area around Ovington is characterised by Carboniferous rocks, including sandstones, shales, and coal seams. Superficial deposits can include glacial till (boulder clay) and river terrace deposits, which can pose a moderate shrink-swell risk to foundations, particularly during periods of extreme wet and dry weather.

County Durham has a historical legacy of coal mining, and while Ovington itself may not have direct mine workings beneath it, properties in the wider region can sometimes be affected by historical mining activity. This can lead to potential ground instability or subsidence issues. Our valuers will consider whether a mining report is advisable for your property and can recommend this if appropriate.

Flood risk is another consideration for properties in Ovington, particularly those adjacent to the River Tyne. Areas immediately next to the river may have a higher risk of fluvial flooding, while surface water flooding can occur in various locations during heavy rainfall due to drainage capacity or topography. These environmental factors are considered as part of the valuation process and can influence the market value of your property.

For older properties in Ovington, common defects include damp issues (both rising and penetrating damp), timber defects such as rot and woodworm, and problems with older roofing materials. Stone properties may experience spalling stone, eroded mortar joints, and issues with pointing. Our valuers are familiar with these typical defects and will note them during the inspection, as they can affect the market value of your property.

Ovington is a highly desirable village location, with good transport links to Newcastle upon Tyne, Gateshead, and Hexham making it popular with commuters. Many residents work in the nearby towns and cities while enjoying the rural character and quality of life that village living offers. This demand helps support property values in the area, with the 5% price increase over the past 12 months reflecting the ongoing attractiveness of the location.

If you purchased your Ovington property through the Help to Buy scheme, you will eventually need to redeem your equity loan. The redemption process requires a current market valuation from a RICS-regulated valuer, and the amount you repay is calculated as a percentage of your property's current value, not the original purchase price. This means that if your property has increased in value, your repayment will be higher than the original loan amount.

It is worth noting that if your property value has decreased since you purchased it, you may still owe more than 20% of the current market value. The Help to Buy equity loan is always calculated as a percentage of the current value, regardless of whether property prices have risen or fallen. Our valuers will provide an accurate current market valuation to help you understand exactly what you will need to repay.