Help to Buy Valuation in Shilbottle

A Help to Buy valuation is not the same as a structural survey. While a Level 2 or Level 3 survey examines the condition of the property and identifies defects, a Help to Buy valuation focuses specifically on determining the current market value of your home for the purposes of repaying your equity loan. This valuation must be conducted by a RICS-registered surveyor who will inspect the property, research recent comparable sales in the local area, and produce a formal report that meets Homes England requirements. The valuation determines the percentage of your property's current value that you must repay to clear the equity loan, whether in full or as a partial payment.

The surveyor will assess various factors that affect your property's value, including its size, condition, location, and the overall state of the Shilbottle housing market. Given that Shilbottle has seen property prices rise significantly over recent years, with prices in the NE66 postcode area showing a 45.3% increase over the past decade, your surveyor will take into account current market conditions and recent sale prices in the village when determining the valuation. Properties in the NE66 2XF postcode area have performed particularly strongly, with detached properties averaging £287,000 and semi-detached properties at approximately £185,667. We factor in these local market dynamics to ensure the valuation reflects true market conditions.

The final report must be produced on headed paper, signed by the RICS surveyor, and addressed to Homes England. It must include at least three comparable properties that are like-for-like in terms of property type, size, and age, and located within two miles of your property. Our surveyors are familiar with the local area, including developments such as Towerburn View and the older colliery-era housing stock, ensuring we can source appropriate comparables for your valuation. For new build properties at Towerburn View, we can compare with recent sales of similar three-bedroom detached homes such as "The Coquet" which starts from £274,995 and "The Derwent" from £289,995.

Our valuation process includes a thorough internal and external property inspection where we measure all rooms and note any alterations or extensions that may affect value. We conduct extensive market research using our database of recent property sales in Shilbottle and the surrounding NE66 area, including both older properties in the village centre and newer homes at local developments. The final RICS Red Book compliant valuation report is addressed to Homes England and includes all required professional statements and comparables.

• Internal and external property inspection
• Market research of local comparable sales
• RICS Red Book compliant valuation report
• Addressed to Homes England requirements

Shilbottle has a rich industrial heritage as a coal mining village, with mining activity beginning around 1728 and continuing until the pit closed in 1981. This mining history is an important consideration for property owners in the area, as former mining activity can sometimes affect ground stability. While there is no specific evidence of current subsidence issues in Shilbottle, the historical mining activity means that surveyors will pay particular attention to the property's foundations and structural integrity during any valuation or survey. The closure of Shilbottle Colliery in 1981 marked the end of over 250 years of mining activity that shaped the village we see today.

The village also boasts several listed buildings, including the Church of St James (Grade II*) built in 1885, constructed of snecked tooled stone with ashlar dressings and roofs of synthetic stone tiles. Shilbottle Tower, a three-storey pele tower dating from before 1415, is incorporated into the former vicarage adjacent to the church. These historical properties may require additional consideration during valuations due to their age and construction methods. The aged miners' homes built in 1927, located near the village centre, are notable examples of early 20th-century housing built with orange smooth-faced brick, partly pebbledashed, with Welsh slate roofs and orange tile ridges.

For those purchasing new build properties in Shilbottle, such as those at Towerburn View by Wynyard Homes, it is worth noting that new build properties typically come with a NHBC warranty or similar structural guarantee. Towerburn View offers a range of property types including "The Coquet" three-bedroom detached from £274,995, "The Derwent" three-bedroom detached from £289,995, and larger four-bedroom homes like "The Rede" from £399,995. However, a Help to Buy valuation is still required if you are looking to redeem your equity loan or remortgage, regardless of whether your property is new or resale. The valuation must still meet all Homes England requirements, including the provision of comparable properties within two miles.

Properties in Shilbottle benefit from a mix of character and modern convenience. The older colliery-era cottages often feature traditional construction methods including solid walls and original timber windows, while newer developments offer contemporary insulation and energy efficiency standards. When valuing your property, we take account of these construction differences and how they impact market value. The strong demand for properties in the NE66 area, driven by the village's character and transport links, means that well-maintained properties across all segments continue to see price growth.

If you purchased your Shilbottle property using the Help to Buy scheme, you will eventually need a formal valuation when the time comes to repay your equity loan, make a partial repayment, remortgage, or sell. The Help to Buy equity loan scheme, which ran from 2013 to 2023, allowed buyers to purchase a new build property with just a 5% deposit, with the government providing an equity loan of up to 20% (or 40% in London). This means that if your property has increased in value, you will repay more than you originally borrowed, but if values have fallen, your repayment may be less than the initial loan amount.

Many properties in Shilbottle were purchased through Help to Buy, particularly at new developments like Towerburn View where the scheme was available for eligible purchasers. The strong price growth in the area, with values rising by 7.2% in the last 12 months and 34.6% over five years, means that most homeowners will be repaying more than their original loan amount. However, it is important to obtain an accurate valuation from a RICS-registered surveyor to determine the exact repayment figure. Homes England will use this valuation to calculate your redemption payment, so getting it right is essential.

The valuation must be less than three months old at the time of submission to Homes England, so timing is important when planning your equity loan redemption or remortgage. We recommend booking your valuation as soon as you know you want to proceed, rather than waiting until the last minute. Our team can provide a valuation report within 5-7 working days, giving you ample time to submit the paperwork to Homes England. With our competitive pricing starting from £199 including VAT, you can obtain the required valuation without unnecessary delay.