Help to Buy Valuation in Chorley (PR7)

A Help to Buy valuation is a specific type of RICS Red Book valuation that determines the current market value of your property for the purposes of calculating your equity loan repayment. Unlike a standard mortgage valuation, this assessment must be carried out by a RICS-registered valuer and follows strict guidelines set out in the RICS Valuation - Global Standards. The valuation is used by the Help to Buy equity loan administrator to calculate how much you need to repay based on the current market value of your home, not the original purchase price.

Understanding your property's current worth is particularly important in the current PR7 market, where prices have fluctuated slightly over the past year. Some sub-postcodes within PR7 have seen variations of between 1% and 16% depending on location and property type. For instance, properties in PR7 5FT have seen a 16% decrease compared to the previous year, while PR7 5TN has shown a 1% increase on its 2023 peak. A professional Help to Buy valuation gives you clarity on your financial position and helps you plan your next move, whether that involves remortgaging to a new lender, selling on the open market, or making a staircasing payment to reduce your equity loan.

Our surveyors bring extensive local knowledge of the PR7 area, having surveyed properties across Chorley, Coppull, and the surrounding villages. We are familiar with the various housing developments in the area, from the new builds at Euxton Heights by Bellway Homes to the established residential streets closer to the town centre. This local expertise ensures your valuation reflects the true market conditions in your specific neighbourhood.

The Help to Buy scheme, which ran from 2013 to 2023, helped thousands of first-time buyers get onto the property ladder with an equity loan of up to 20% (or 40% in London). If you are one of those homeowners now looking to make a change, understanding your property's current value is essential for calculating what you owe the government. Properties in certain developments may have been sold at a premium when purchased through Help to Buy, and our valuers understand how to account for these factors when assessing your home.

The PR7 postcode covers Chorley and its surrounding areas, including Coppull, Eccleston, Euxton, and Charnock Richard. The property market here has shown resilience despite broader economic uncertainties, with prices sitting around 5% above the 2023 peak of £224,228 according to Zoopla data. The area has seen a mix of new build developments, particularly from major housebuilders like Miller Homes, Taylor Wimpey, Bellway Homes, and Redrow, which have added to the housing stock and attracted first-time buyers to the area.

Chorley remains attractive to commuters thanks to its good transport links to Preston, Manchester, and Liverpool. The presence of developments like Woodland Chase in Eccleston, with properties ranging from £470,000 to £670,000, demonstrates the demand for quality family homes in the area. Meanwhile, more affordable options can be found at developments like Charnock Grove, where shared ownership properties start from around £90,000. This diversity in housing stock means your Help to Buy valuation will be based on comparable properties specific to your development type and location within PR7.

The local economy has strengthened with average earnings in Chorley increasing by around 30% to £32,845 as of September 2023. However, with the house price to earnings ratio at 6.24, many first-time buyers continue to rely on schemes like Help to Buy to get onto the property ladder. Understanding your property's current market value is crucial for making informed decisions about your housing finances, whether you are looking to move on or simply want to review your equity loan position.

Chorley has been identified as an area forecast to see approximately 14% increase in house prices by the end of 2024, according to market projections. This growth trend, combined with the ongoing new build activity from developers like Miller Homes at Church View in Coppull and Taylor Wimpey at Eaves Green, means that properties in the PR7 area continue to be in demand. If you purchased through Help to Buy in recent years, this potential appreciation could affect your equity loan repayment amount, making an accurate RICS valuation essential for planning your finances.

The PR7 area has seen substantial new build activity from some of the UK's largest housebuilders, making it a key location for Help to Buy valuations. At Church View in Coppull, Miller Homes offers 3-bedroom homes starting from £234,995, featuring French doors off the kitchen/diner, a separate laundry room, and a principal bedroom with en-suite. The development is popular with young families and first-time buyers who purchased through Help to Buy when the scheme was active.

Taylor Wimpey's Eaves Green development on Burgh Wood Way in Chorley offers a range of 3 and 4-bedroom homes, with prices starting from £282,995. The development features properties like The Milldale and The Gosford, which are popular choices for those looking to move up the property ladder. Our valuers are familiar with these properties and can provide accurate valuations based on recent sales data from similar developments.

For higher-end properties, Woodland Chase by Redrow in Eccleston offers 4 and 5-bedroom homes ranging from £470,000 to £670,000. This development is situated in the village of Eccleston, surrounded by scenic countryside, and attracts buyers looking for larger family homes. If you purchased a property at Woodland Chase through Help to Buy, our valuers understand the premium that these properties commanded and can assess accordingly.

More affordable options are available at Charnock Grove in Charnock Richard, where Your Housing Group offers 2, 3, and 4-bedroom family homes and 2-bedroom bungalows through shared ownership, with prices starting from £90,000 for a 40% share. These properties are particularly relevant for Help to Buy valuations as they represent a significant portion of the affordable housing stock in the PR7 area.

If you purchased your property through the Help to Buy equity loan scheme, you are required to obtain a formal valuation when you want to remortgage, sell, or make a staircasing payment. The PR7 area has a particularly high proportion of Help to Buy properties, especially in the new build developments that have been built around Chorley and surrounding villages over the past decade.

The process of redeeming your Help to Buy equity loan can be complex, and having an accurate valuation is crucial for planning your finances. Whether you are looking to move to a larger property, switch to a different mortgage deal, or simply want to reduce your equity loan percentage, our RICS-registered valuers in the PR7 area can provide the documentation you need. We understand the specific requirements of the Help to Buy scheme and ensure our reports meet the standards expected by the Homes and Communities Agency.

Many homeowners in the PR7 area are now reaching the point where they need to make decisions about their Help to Buy equity loan, as the scheme closed to new applicants in 2023. Whether your property has increased in value and you want to lock in your equity share, or you are concerned about potential market corrections and want to review your position, getting a professional valuation is the essential first step. Our team can provide guidance on what your options are based on your specific circumstances and the current PR7 property market conditions.