Help to Buy Valuation in Street, Somerset

A Help to Buy valuation is a specific type of RICS Red Book valuation required by Homes England when you want to repay your equity loan, sell your property, or request a valuation update. Unlike a standard mortgage valuation, this report must be conducted by a RICS-qualified surveyor who is independent of any estate agent and must include at least three comparable properties from within the last 12 months. The surveyor must be a member (MRICS) or fellow (FRICS) of RICS and registered with Homes England to conduct these valuations.

The valuation report must be addressed to Homes England and provided as a non-editable PDF document. It is valid for three months from the date of production, and you must send it to Homes England within five working days of receiving it. Our surveyors understand these specific requirements and ensure your report meets every criterion, including the need for like-for-like comparables within a 2-mile radius of your Street property.

In Street, where the property market has seen prices settle around £286,000 after a 3% dip from the 2023 peak of £296,387, getting an accurate valuation is essential. With new developments emerging on the southeast edge of town near Somerton Road and proposals for over 160 homes west of Brooks Road, the local market is evolving, making current comparable data crucial for your valuation. Our team stays up-to-date with these market changes to provide accurate assessments.

The local geology in Somerset, including clay-rich soils susceptible to shrink-swell behaviour, can affect property values in some cases. While Street itself does not have significant flood risk concerns, our surveyors are trained to identify and report any environmental factors that might impact your property's market value for Homes England.

• RICS qualified surveyor (MRICS or FRICS)
• Minimum three comparables within 2 miles
• Addressed to Homes England
• Valid for 3 months
• Interior and exterior inspection
• PDF format delivery

The Help to Buy: Equity Loan scheme, which officially ended in March 2023, enabled buyers to purchase new-build properties with a government equity loan of up to 20% (or 40% in London). In Street, where average property prices make this scheme particularly valuable, thousands of homeowners benefited from this pathway to homeownership. The median price of a property purchased with Help to Buy support outside London was £279,995, making Street's average property prices around £285,000 particularly suitable for this scheme.

When you are ready to repay your equity loan, Homes England requires an independent valuation to determine how much you need to pay. The amount is based on the property's current market value multiplied by the percentage of equity loan you received. With Street properties ranging from £130,000 for flats to over £440,000 for detached homes, the valuation directly impacts your repayment figure. For example, if you received a 20% equity loan on a £280,000 property and it's now valued at £300,000, your repayment would be £60,000 rather than £56,000.

Our surveyors provide detailed market commentary specific to the Street area, explaining how comparable properties justify the given market value. This is particularly important in a market where prices have remained relatively stable over the past year, sitting 3% below the 2023 peak of £296,387. We can explain how factors like the new Curo development potentially affecting values in the southeast of the town, or the continued desirability of properties near Clarks Village, influence your property's assessed worth.

The total value of equity loans issued across the UK from April 2013 to May 2023 was £24.7 billion, supporting the purchase of £109.2 billion worth of property. Many Street residents were among these buyers, and now face the process of equity loan redemption as they remortgage or sell.