Help to Buy Valuation in PR2 7 Preston

Since the Help to Buy equity loan scheme closed to new applications on 31 October 2022, homeowners who purchased under the scheme are now reaching the stage where they need to repay their loan or remortgage. The repayment amount is calculated as a percentage of the current market value, not the original purchase price, which makes obtaining an accurate RICS valuation essential. In the North West region, the maximum property purchase price under the scheme was £224,400, and with property values in areas like PR2 7 having fluctuated significantly in recent years, a professional valuation ensures you repay the correct amount.

Our chartered surveyors in the Preston area understand the local market dynamics that affect property values in PR2 7. Recent sales data shows that some sub-postcodes have experienced substantial price changes, with areas like PR2 7EP seeing prices rise 60% from their 2022 peak, while PR2 7ES has seen prices fall 19% from its 2017 high. This local knowledge allows our valuers to select appropriate comparable properties and provide an accurate market assessment that satisfies Homes England requirements.

The RICS Red Book valuation process requires our surveyors to use at least three comparable properties of similar type, size and age within a two-mile radius of your property. For properties in PR2 7, this means our valuers draw upon recent sales data from sub-postcodes including PR2 7EP, PR2 7ES, PR2 7FL, PR2 7DA and surrounding areas to build a comprehensive picture of current market conditions. This rigorous approach ensures your valuation stands up to scrutiny and meets all Homes England requirements.

Our team conducts a thorough physical inspection of your property, measuring room dimensions and assessing the overall condition. We note any features that may affect value, such as modern heating systems, double glazing, or any extensions or alterations made since original construction. For properties in newer developments like those in Ingol, we pay particular attention to the build quality and any remaining NHBC warranty period that may influence value.

• Independent RICS-qualified surveyor
• Minimum 3 comparable properties
• Physical property inspection
• Valid for 3 months

When you took out a Help to Buy equity loan, the government provided up to 20% of the property value (or 40% in London) as an interest-free loan for the first five years. The repayment amount is based on the current market value of your property at the time of redemption, meaning the amount you repay can be significantly different from your original loan. For example, if you bought a property for £200,000 with a 20% equity loan of £40,000, and the property is now worth £250,000, your repayment would be £50,000 (20% of the new value).

Our valuation report satisfies all Homes England requirements for Help to Buy redemption. The report is produced on headed paper, signed and dated by a MRICS or FRICS chartered surveyor, and includes at least three comparable properties with their sale prices. The valuation is valid for three months, giving you adequate time to complete your repayment or remortgage process.

In the PR2 7 area, property values have shown considerable variation between different sub-postcodes and individual developments. Our local knowledge of the Preston market means we can identify the most relevant comparables for your property, whether you are in a traditional residential area like Fulwood or on a newer development in Ingol. This local expertise ensures your valuation reflects true market conditions. We understand that properties in PR2 7DA at £375,000 represent a different market segment to those in PR2 7BH at £125,500, and we select comparables accordingly.

It is worth noting that some property owners in the PR2 7 area may find themselves in a negative equity situation if property values have fallen since purchase. For instance, PR2 7ES has seen prices fall 19% from its 2017 peak, and PR2 7DU has experienced a 22% decline from its 2018 high of £445,000. Our valuers are experienced in handling these scenarios and will provide an accurate market valuation regardless of whether your property has increased or decreased in value.

During the inspection, our chartered surveyor will examine all accessible areas of your property to assess its overall condition and characteristics. We measure each room, note the floor area, and record the property type and construction method. For properties in the PR2 7 area, this includes assessing typical construction found in the locality, from traditional semi-detached houses in Fulwood to newer detached homes in the Ingol developments.

The surveyor will take photographs as part of the valuation report, documenting the property's current condition and any features that may influence value. We note any significant defects or issues that might affect the market value, such as subsidence cracking, damp problems, or roofing defects. While this is not a structural survey, we will flag any obvious concerns that may warrant further investigation.

For Help to Buy valuations, we specifically focus on factors that Homes England requires to be considered. This includes the property's location, size, type, condition, and any rights or restrictions that may affect value. Our valuers are experienced in assessing properties across the PR2 7 area and understand how local factors such as proximity to schools, transport links and local amenities influence market values in different parts of this postcode.

Many homeowners in PR2 7 are using their Help to Buy valuation as part of the remortgage process, moving from their initial mortgage deal to a standard residential mortgage now that they have sufficient equity. A RICS Red Book valuation from a Help to Buy assessment can often be used for this purpose, provided it is still within the valid three-month period.

However, you should check with your proposed mortgage lender as they may have their own valuation requirements. Some lenders will accept an existing Help to Buy valuation, while others will require a fresh valuation specific to their lending criteria. Our valuation reports are comprehensive and suitable for multiple purposes, but it is always worth confirming with your lender in advance.

If you are remortgaging from a Help to Buy property, you will need to clear the government equity loan either through repayment or by adding it to your mortgage amount. Our valuation provides the current market value needed to calculate either option. For homeowners in PR2 7 where property values have increased significantly in areas like PR2 7EP (up 60% from the 2022 peak), this can mean substantial equity has built up that can be released through remortgaging.