Help to Buy Valuation in Sompting

A Help to Buy valuation is a specific type of RICS Red Book valuation required by Homes England when you want to repay part or all of your equity loan, staircase to full ownership, or sell your property. Unlike a standard mortgage valuation, this report must be carried out by a RICS registered valuer and must meet strict criteria set out in the Red Book valuation standards. The valuation provides an independent assessment of your property's current market value, which determines how much you need to repay to Homes England. Our valuers understand these requirements intimately and ensure every report meets the exact specifications needed for your application to be accepted.

In Sompting and the wider Adur district, property values have shown steady growth with the average house price now sitting at approximately £350,181 according to recent market data. Detached properties in the area average around £404,133, while semi-detached homes typically sell for £385,447. This local market knowledge is essential when providing an accurate valuation that reflects real comparable sales in your neighbourhood. Our valuers draw on their experience with properties across Sompting, from the terraced houses near the village centre to the larger detached homes in the surrounding roads, to ensure your valuation is grounded in reality.

The property market in Sompting has seen a 2% increase over the past year, though prices remain 1% below the 2022 peak of £363,560. This is important for Help to Buy owners because the amount you repay is calculated as a percentage of the current market value, not your original purchase price. Our valuers stay up to date with these local market trends, including the 288 property sales in the Lancing and Sompting area over the last year, to provide valuations that accurately reflect today's market conditions. We understand how factors like the proximity to Lancing beach, the South Downs National Park, and good local schools influence property values in this area.

When we value your Help to Buy property in Sompting, our inspection covers the condition of the building, the size and layout of the accommodation, any improvements you have made, and the overall standard of presentation. We note any features that might add value, such as a garage, modern kitchen or bathroom, or a well-maintained garden. We also check for any issues that might affect value, such as the condition of the roof, damp problems, or outdated fittings. This thorough approach ensures the final valuation reflects both the positive and negative factors that influence what buyers in Sompting are willing to pay.

• RICS Red Book compliant valuation
• Addressed to Homes England
• Valid for three months
• Includes property inspection
• Minimum three local comparables
• Independent valuer (no estate agent links)

If you hold a Help to Buy equity loan on your Sompting property, you have several options available to you. The most common route is staircasing, where you buy back a portion of the equity share owned by Homes England. You can staircase in increments of 10% or more, and you are not obligated to staircase the full amount. The amount you repay is based on the current market value of your property at the time of staircasing, which is why an accurate RICS valuation is essential. Our valuers in Sompting have extensive experience with staircasing valuations and understand how the local market affects the calculation.

When you come to sell your Help to Buy property, the equity loan must be repaid from the sale proceeds. The amount you repay is calculated as a percentage of the sale price, not the original purchase price. In a rising market like Sompting, where property values have increased by 2% this year, this can mean repaying more than you initially borrowed. However, our valuers ensure the valuation accurately reflects current market conditions, protecting your interests in this calculation. We also understand that in some cases, property values may have decreased since purchase, and we can advise on how this affects your repayment amount.

Some homeowners in the Adur area choose to remortgage their property to repay the Help to Buy loan while retaining ownership. In this scenario, a RICS valuation is still required by your new mortgage lender to determine how much you can borrow. Our valuation report satisfies both Homes England requirements and mortgage lender requirements, streamlining the process for you. This can be particularly useful if you want to move from an interest-only Help to Buy loan to a traditional mortgage product, although you will need to borrow enough to cover the equity loan repayment.

There is also the option to defer redemption until the end of the loan term, typically 25 years from when the loan was taken out. However, after the five-year interest-free period ends, you will be charged monthly interest on the equity loan, currently at a rate set by Homes England. Many homeowners in Sompting find that staircase gradually over time, starting with a 10% or 25% staircase, can be a manageable way to reduce their exposure to future interest rate changes while maintaining ownership of their property. Our valuers can provide valuations for each staircase step, ensuring you always know exactly what repayment is required.

• Staircasing (buying back equity share)
• Full redemption (repaying entire loan)
• Selling your property
• Remortgaging to repay equity loan