RICS Red Book valuations for equity loan redemption, staircasing, and remortgaging
Plymouth has seen thousands of Help to Buy purchases since the scheme launched, particularly at major new build developments like Sherford — the largest new town in England since Milton Keynes — alongside growing estates at Derriford, Southway, and the regenerated waterfront areas of Millbay and Devonport. With around 70% of buyers at some Plymouth sites using Help to Buy equity loans, the city now has a significant number of homeowners reaching the five-year interest-free period, looking to staircase their equity, remortgage to better rates, or fully redeem their loans. All three scenarios require an independent RICS Red Book valuation that meets Homes England's strict requirements. That valuation must accurately reflect Plymouth's current property market — where the average house price sits at £250,824 — and provide the comparable sales evidence that Homes England needs to approve your application.
£250,824
Average House Price
~70%
Help to Buy Sales
Of buyers at major developments
From £300
HTB Valuation Cost
Plymouth pricing
12,000+
New Build Homes
Planned in priority pipeline
Plymouth has become a Help to Buy hotspot. The scheme enabled thousands of first-time buyers to purchase new homes at Sherford, where Taylor Wimpey, Bovis Homes, and Linden Homes have built hundreds of modern two, three, four, and five-bedroom properties since 2016. Developments in Derriford, Southway, and across the city's growth corridors have similarly relied on the equity loan scheme, with some sites reporting Help to Buy accounting for 70% of all sales. Now, as these homeowners reach year five or six of ownership, the interest charges kick in at 1.75% and rise annually with inflation. Many are choosing to staircase by purchasing additional equity in 10% increments, remortgage to consolidate borrowing, or fully redeem the loan using savings or a standard mortgage. All three options mandate an independent RICS Red Book valuation carried out by a Registered Valuer and submitted to Homes England.
A Help to Buy valuation differs from a mortgage valuation or estate agent appraisal. The surveyor physically inspects the property, measures all rooms, photographs the interior and exterior, and assesses its condition. They then research recent sales of comparable properties — homes of similar type, size, age, and condition sold within the last 12 months and within roughly two miles of your property. The valuation report must provide at least three comparable sales (six if there has been significant price movement), presented in a detailed schedule showing addresses, sale dates, sale prices, and key features. The report is formatted on the surveyor's headed paper, addressed to Homes England, signed, dated, and supplied as a PDF that cannot be edited. These strict requirements exist because the valuation determines how much you owe: your equity loan is calculated as a percentage of the current market value, not the original purchase price.
Plymouth's property values have risen by 2.3% over the past year, though growth varies significantly by area and property type. New builds at Sherford have appreciated steadily as the town's infrastructure — schools, leisure centre, parks, and retail — comes online. Meanwhile, homes near HMNB Devonport benefit from the £4.4 billion MOD investment announced in 2024, which will create 5,500 new Babcock jobs and 2,000 construction roles over the next decade, driving demand for local housing. Your valuation captures Plymouth's current market conditions and ensures the equity loan calculation reflects real, evidenced property values rather than estimates or guesswork. Using a non-RICS surveyor or one not registered with RICS as a valuer will result in Homes England rejecting your application, forcing you to commission another valuation and delaying your transaction by weeks or months.
Source: ONS Census 2021. Plymouth has a higher proportion of smaller properties than the national average, with 14.1% one-bed and 29.3% two-bed homes.
Homes England has strict rules about who can carry out Help to Buy valuations. The surveyor must be both RICS qualified AND a RICS Registered Valuer — membership of RICS alone is not sufficient. The report must follow Red Book standards, be on headed paper, include a minimum of three comparable sales, and be submitted as an uneditable PDF. Plymouth homeowners who commission valuations from surveyors who are not Registered Valuers find their applications rejected, forcing them to pay for a second valuation and delaying their staircasing, redemption, or remortgage by months. Using a fully compliant surveyor from the start avoids this costly mistake.
| Property Type | Plymouth | National Avg | Difference |
|---|---|---|---|
| 2-bed flat/house | From £300 | From £350 | -£50 |
| 3-bed house | From £340 | From £395 | -£55 |
| 4-bed house | From £380 | From £450 | -£70 |
2-bed flat/house
Plymouth
From £300
National Avg
From £350
Difference
-£50
3-bed house
Plymouth
From £340
National Avg
From £395
Difference
-£55
4-bed house
Plymouth
From £380
National Avg
From £450
Difference
-£70
Plymouth pricing reflects lower average house values (£250k vs £350k nationally) and shorter travel times for local surveyors. Costs increase for larger or higher-value properties.
The Help to Buy valuers we work with in Plymouth have inspected hundreds of equity loan properties across the city. They know Sherford's phased development layout, recognise the different housebuilder specifications at each phase, understand how Derriford and Southway developments compare, and keep detailed records of comparable sales across Plymouth's new build estates. Based locally in Devon, they can usually inspect your property within three to five working days of booking and deliver the final Red Book valuation report within five to seven working days after the visit — keeping your redemption, staircasing, or remortgage transaction moving without delay.
Enter the property address, type, and number of bedrooms for your Plymouth home. You will receive an instant quote. Once you are ready, book online and pay securely. We notify you and the surveyor within 24 hours and arrange a convenient inspection date that works around your schedule.
A local RICS Registered Valuer visits your Plymouth property and conducts a full internal and external inspection. They measure all rooms, photograph key features, assess the property's condition and specification, and note any factors affecting value. For a typical two or three-bedroom home at Sherford or Derriford, the inspection takes around 45 to 90 minutes. The surveyor then researches comparable sales across Plymouth to support the valuation.
Within 5-7 working days you receive the formal RICS Red Book valuation report as a PDF. The report includes the current market value, detailed comparable sales evidence, property description, photographs, and the surveyor's professional opinion. It is addressed to Homes England on headed paper and ready to submit via your solicitor or directly through the Target HCA portal. The valuation remains valid for three months.
Sherford, Plymouth's new town development, is seeing steady house price growth as the masterplan comes to life. The leisure centre, primary schools, local shops, and 500-acre country park are now open, with secondary schools, a town hall, and additional retail planned for the next phase. Homes purchased in the early phases between 2016 and 2019 have typically appreciated by 15-25% as the town matures and demand increases. If you bought a Help to Buy property at Sherford in the first wave, your equity loan value will have risen in line with property prices — meaning you owe a larger cash sum even though the percentage remains the same. Your RICS valuation captures this growth and calculates the exact redemption amount based on current market conditions, not outdated estimates.
Plymouth's housing landscape has transformed over the past decade. Sherford alone will eventually provide 5,500 new homes on 340 hectares south of the city, making it the UK's largest new settlement since Milton Keynes in the 1960s. Taylor Wimpey, Bovis Homes, Linden Homes, and other national housebuilders have delivered hundreds of properties per year since construction began in earnest around 2016. Add to that the regeneration of Millbay and Devonport's South Yard, ongoing infill developments in Derriford, Southway, and Ernesettle, plus Plymouth Community Homes' £230 million programme to deliver 1,000 new affordable homes by 2028, and the scale of Plymouth's new build expansion becomes clear. The Help to Buy equity loan scheme — which provided up to 20% of the purchase price interest-free for five years — made these homes accessible to thousands of first-time buyers who could not otherwise afford a deposit.
Now, between 2024 and 2027, the first wave of Plymouth Help to Buy buyers are reaching the end of their interest-free period. Annual interest charges of 1.75% plus inflation apply from year six onwards, and for a £40,000 equity loan that means around £700 per year rising annually. Many homeowners are choosing to act. Staircasing allows you to buy back equity in 10% chunks, reducing the loan balance and future interest. Full redemption — either using savings, gifted funds, or remortgaging to a standard mortgage — clears the loan entirely and removes the government's charge from the property title. Selling also triggers redemption, with the loan repaid from sale proceeds. Every one of these scenarios requires a RICS Red Book valuation that meets Homes England's requirements. Plymouth's market has matured since Help to Buy launched: property values have risen, the city's economy is strengthening thanks to the £4.4 billion HMNB Devonport investment, and mortgage rates have stabilised after the volatility of 2022-2023. A professional valuation gives you the accurate, current market value you need to make informed decisions about your equity loan.
Explore our full range of property services available in Plymouth
From £390
Homebuyer Report for Plymouth properties — ideal for modern homes and new builds under 10 years old
From £270
RICS valuations for staircasing shared ownership properties in Plymouth
From £85
Energy Performance Certificate required for selling or renting Plymouth properties
From £320
Red Book property valuations for financial, legal, and tax purposes in Plymouth
With Plymouth's average house price at £250,824, a Help to Buy Valuation costing from £300 represents just 0.12% of your property's value. That small investment ensures you know exactly how much you owe on your equity loan and gives you the evidence you need to negotiate with lenders, plan your staircasing strategy, or complete full redemption. Consider the alternative: continuing to pay interest on a £40,000 equity loan costs around £700 per year from year six onwards, rising annually with inflation. Over ten years that is £7,000 to £9,000 in interest payments — all on money you could have repaid earlier if you had known the exact redemption amount. A compliant RICS valuation removes the guesswork and gives you control over your Help to Buy journey.
Commissioning a non-compliant valuation is even more expensive. Homes England will reject reports from surveyors who are not RICS Registered Valuers, or valuations that fail to meet Red Book standards, lack sufficient comparables, or are formatted incorrectly. You then have to commission a second valuation, paying another £300 to £450, and your transaction is delayed by weeks or months while you wait for the new report. During that delay, property prices may move, interest rates may change, and your mortgage offer could expire. Using a fully qualified, experienced Help to Buy valuer in Plymouth from the start avoids all these problems and keeps your redemption, staircasing, or remortgage moving smoothly to completion.
Help to Buy valuations in Plymouth typically cost between £300 and £450 depending on the property type, size, and value. A two-bedroom home at Sherford or Derriford starts from around £300, while larger three and four-bedroom houses cost £340 to £380. These prices sit below the national average of £350 to £500 because Plymouth's property values are lower than the UK mean and local surveyors have shorter travel times. The final cost reflects the time required to inspect the property, research comparable sales across Plymouth, and prepare a detailed Red Book report that meets Homes England's requirements.
Absolutely. If you bought a home at Sherford using the Help to Buy equity loan and you now want to staircase, remortgage, or fully redeem the loan, Homes England requires an independent RICS Red Book valuation. The surveyor inspects your property, compares it to recent sales at Sherford and nearby Plymouth developments, and determines the current market value. That value is used to calculate how much you owe — for example, if you took a 20% equity loan and your home was worth £240,000 at purchase, but is now valued at £280,000, you owe 20% of £280,000, which is £56,000, not the original £48,000. The valuation ensures the calculation is accurate and based on current Plymouth market conditions, not outdated purchase prices.
The surveyor's inspection typically takes 45 to 90 minutes for a standard two or three-bedroom home at Plymouth developments like Sherford, Derriford, or Southway. Larger four or five-bedroom properties may take up to two hours depending on size and complexity. After the inspection, the surveyor researches comparable sales, prepares the valuation report, and delivers the final Red Book document within five to seven working days. The entire process from booking to receiving your report usually takes around two weeks, though local Plymouth surveyors can often inspect within three to five days if you need a faster turnaround.
Plymouth house prices have risen by 2.3% over the past year, and homes at major developments like Sherford have appreciated even more as infrastructure completes and demand increases. If your property value has risen, the amount you owe on your Help to Buy equity loan rises with it — because the loan is a percentage of current value, not the original purchase price. For example, if you bought at £250,000 with a 20% equity loan (£50,000) and your home is now worth £290,000, you owe 20% of £290,000, which is £58,000. The RICS valuation captures the current market value using recent comparable sales from Plymouth, and Homes England uses that figure to calculate your redemption amount. If prices have risen significantly, your surveyor must provide at least six comparable sales to justify the valuation.
No. Homes England requires a specific type of valuation that meets RICS Red Book standards, conducted by a RICS Registered Valuer, and formatted with all mandatory requirements including detailed comparable sales evidence. A standard mortgage valuation is a brief desktop review or basic inspection carried out for the lender's benefit, not yours, and it does not meet Homes England's strict criteria. Using a mortgage valuation or estate agent appraisal for Help to Buy purposes will result in your application being rejected, forcing you to commission a proper Red Book valuation and delaying your staircasing, redemption, or remortgage. Always use a RICS Registered Valuer who understands Plymouth's Help to Buy market and knows what Homes England expects.
The surveyor researches recent sales of properties similar to yours in type, size, age, and condition, sold within the last 12 months and within roughly two miles of your Plymouth home. For a property at Sherford, comparables will typically come from other Sherford sales across different phases and housebuilders, plus nearby developments in Plymstock or Plympton if appropriate. For homes in Derriford or Southway, the surveyor looks at comparable estates across those areas. Homes England requires at least three comparable sales in the report, or six if there has been significant price movement. Each comparable is presented with the address, sale date, sale price, property type, number of bedrooms, and key features, allowing Homes England to verify the valuation is supported by real market evidence.
The MOD's £4.4 billion investment in HMNB Devonport announced in 2024 will create 5,500 new Babcock jobs and 2,000 construction roles over the next decade, making Devonport one of the largest naval employers in the UK. This investment is driving demand for housing across Plymouth, particularly in areas close to the naval base such as Devonport itself, Stoke, Stonehouse, and the wider city fringe. Properties bought using Help to Buy in these areas are likely to see steady value growth as the naval expansion progresses, which means equity loan redemption amounts will reflect that growth. Your RICS valuation takes into account Plymouth's strengthening economy and uses recent comparable sales to ensure your property is valued accurately in the context of the city's improving market conditions.
Yes. The RICS Red Book valuation provides an independent, professional assessment of your Plymouth property's current market value, supported by detailed comparable sales evidence. If you are remortgaging to repay your Help to Buy loan, the valuation report can be shared with prospective lenders to demonstrate the property's worth and help secure competitive mortgage terms. If the valuation comes in higher than expected, it may improve your loan-to-value ratio and unlock better interest rates. If it is lower, you at least know the accurate figure and can plan accordingly. The valuation is valid for three months, giving you time to approach multiple lenders and compare offers before committing to a remortgage deal.
Most surveyors take 1-2 days to quote.
We'll price your survey in seconds.
Most surveyors take 1-2 days to quote.
We'll price your survey in seconds.
Homemove is a trading name of HM Haus Group Ltd (Company No. 13873779, registered in England & Wales). Homemove Mortgages Ltd (Company No. 15947693) is an Appointed Representative of TMG Direct Limited, trading as TMG Mortgage Network, which is authorised and regulated by the Financial Conduct Authority (FRN 786245). Homemove Mortgages Ltd is entered on the FCA Register as an Appointed Representative (FRN 1022429). You can check registrations at NewRegister or by calling 0800 111 6768.
