Help to Buy Valuation in PL17 Callington

The Help to Buy: Equity Loan scheme allowed buyers to purchase new build properties with just a 5% deposit, with the government providing an equity loan of up to 20% (or 40% in London). Since the scheme closed to new applicants in December 2020, thousands of homeowners across Cornwall are now reaching the stage where they need to either repay their loan, remortgage to a standard mortgage product, or sell their property. Whatever your situation, a RICS-registered valuer must assess your property to determine the current market value. We have helped many homeowners in the PL17 area navigate this process and understand exactly what is required.

In the PL17 area, we have seen significant property value growth, with prices up 6% compared to last year and now 4% above the 2023 peak of £299,925. This positive growth means many homeowners may find their property has increased in value since purchase, potentially reducing their loan-to-value ratio. However, the repayment amount is calculated as a percentage of the current market value, not your original purchase price, so obtaining an accurate valuation is crucial for financial planning. Some sub-postcodes within PL17 have shown even more impressive growth, with PL17 8DB showing 19% growth compared to the previous year, though it remains 38% down on its 2018 peak.

Our valuers understand the local PL17 market intimately. They know the area's varied property types, from the modern new builds at Meadowbrook by Baker Estates to older stone cottages in conservation areas around Callington. They also understand how factors like the A388 corridor connecting Callington to Plymouth affects property values, and how the rural nature of outlying villages can influence comparability. This local expertise ensures your valuation reflects true market conditions. We have conducted numerous valuations in the area and understand the subtle factors that can affect property values here.

The PL17 area has a fascinating history that can affect property values. The area around Callington and Stoke Climsland has historical mining activity, with remnants of former mines including the New Consols Mine. While this adds to the character of the area, it can also raise questions for surveyors about potential ground conditions. Our valuers are aware of these local factors and know how to account for them in their assessments. They also understand the significance of listed buildings in the area, from the Bulls Head Public House in Callington to various farmhouses and bridges in the surrounding villages.

• Repayment of equity loan
• Remortgaging to standard mortgage
• Selling your Help to Buy property
• Porting your loan to a new build

The PL17 area has seen steady new build activity, with developments like Meadowbrook on South Hill Road in Callington offering 2, 3, and 4-bedroom homes from approximately £400,000. This development by Baker Estates includes houses, bungalows, and chalet bungalows, representing the type of modern construction common in Help to Buy properties. If you are valuing a property on a similar new build development, our surveyors will ensure comparables reflect the current new build market in the area. We are familiar with the specifications and pricing of these developments and can accurately assess their current market value.

Properties built under the Help to Buy scheme were subject to the programme's price caps, which meant homes outside London could not exceed £600,000. In the PL17 area, this cap was rarely restrictive given the average property prices, but it is worth noting that the valuation must reflect the property's current market value, not the original Help to Buy purchase price. If property values in your area have risen significantly since you purchased, you may find your property is now worth considerably more than the original purchase price. The PL17 market has shown strong growth, with the overall average up 6% year-on-year and now 4% above the 2023 peak.

The Cornwall location of PL17 also means many properties may have specific construction characteristics. Traditional properties in villages like Stoke Climsland and Luckett often feature local stone construction and slate roofing, while newer builds use more modern materials. Our valuers understand how these construction differences affect value and will factor them into their assessment. They also consider any listed building status, as the area contains numerous listed properties that may have restrictions affecting their market value. From farmhouses to bridges, the area has a rich architectural heritage that can add character but also complexity to valuations.

For those with Help to Buy properties, understanding your equity loan position is crucial. The average equity loan nationally was around £59,000 with an average property price of £269,385. If your property in PL17 has increased in value, you may be looking at a significant uplift repaying your loan. However, if your property is in one of the sub-postcodes that has seen price reductions, such as PL17 7DE which is 5% down on its 2023 peak, you may find your property value has decreased. Either way, an accurate RICS valuation is essential for planning your next steps.