Help to Buy Valuation Somerset

The Help to Buy: Equity Loan scheme 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). Since the scheme closed to new applicants in March 2023, many homeowners are now reaching the point where they need to either remortgage, sell, or pay off their equity loan. A Help to Buy valuation is the first step in this process, and it must be carried out by a RICS registered valuer using Red Book standards. The valuation report is not the same as a standard mortgage valuation or a building survey, as it serves a specific legal purpose tied to your equity loan agreement with Homes England.

Homes England has specific requirements that must be met, including the use of at least three comparable properties within a two-mile radius of your property, of similar type, size, and age. The valuer must be independent from any estate agent and cannot have any prior relationship with you or the property. Our surveyors in Somerset understand these requirements thoroughly and ensure every report meets the exacting standards set by Homes England. We maintain independence from estate agencies and property developers, ensuring our valuations are completely impartial and meet the strict ethical standards required by RICS.

One important factor to consider in Somerset is the local flood risk, particularly if your property is on the Somerset Levels. While flood risk does not automatically reduce a property's value, it is a material consideration that our valuers will factor into their assessment. The Somerset Levels represent some of the lowest-lying agricultural land in the UK, with properties in areas like the River Yeo and Parrett catchments requiring particular attention during the valuation process. Properties in flood risk zones may require additional consideration during the valuation, and our surveyors are experienced in assessing the impact of environmental factors on property values in this region.

The repayment amount for your equity loan is calculated as a percentage of the CURRENT market value, not the price you originally paid. This means if your property has increased in value, your repayment will be higher, but conversely, if values have fallen, your repayment could be less than the original loan amount. Our valuers will assess both the original purchase price and current market value to ensure you only pay what is required under the terms of your Help to Buy agreement. In Somerset, property prices have increased by approximately 1.1% over the past year, with semi-detached properties seeing the strongest growth at 2.6%.

• RICS Red Book compliant valuation
• Homes England specific requirements
• Independent surveyor reports
• Valid for 3 months

Several new build developments across Somerset were completed under the Help to Buy: Equity Loan scheme. The Groves at West Pennard, near Glastonbury, comprises two detached bungalows and four four-bedroom detached homes, with Help to Buy available. Henley Lane in Wookey, near Wells, offers eight new homes including terraced, semi-detached, and detached properties, also with Help to Buy equity loans. Taylor Wimpey has been active across the county with developments including Orchard Grove near Taunton and Centurion Rise in Crewkerne. These developments represent the types of properties our valuers regularly assess.

Other notable developments in Somerset include Mead Fields in Weston-super-Mare, offering three and four-bedroom homes, and Cherry Blossom View in Midsomer Norton with three-bedroom properties available. Keyford on The Green in Frome offers three-bedroom homes from approximately £320,000. If you purchased through any of these developments or others in Somerset, you will need a Help to Buy valuation when the time comes to remortgage or sell. Our valuers are familiar with the types of properties built by major developers in the area and understand how to value them appropriately using comparable evidence from similar new build properties.

The Somerset property market has shown resilience, with overall prices increasing by 2% according to recent analysis, adding around £6,700 to the average property value. Detached properties remain the most popular type, accounting for 29.4% of sales, followed by terraced properties at 28.4%. This mix of property types means your valuation will be compared against appropriate comparables of the same type. With sales dropping by 12.2% in the past year (-1,900 transactions), market conditions have shifted, making accurate valuations even more important for homeowners looking to remortgage or sell.

Somerset's economy was worth almost £12.4bn in Gross Value Added in 2021, with a predominantly small business economy. The county's population of approximately 571,600 has increased by 7.8% since 2011, largely due to inward migration from elsewhere in the UK. Key sectors include agriculture, tourism, and industries related to the Hinkley Point C nuclear power station project. These economic factors influence the local property market and are considered by our valuers when assessing your property.