Help to Buy Valuation in TA20

A Help to Buy valuation is a specific type of RICS Red Book valuation that is required when you want to repay your equity loan, remortgage your property, or sell your home. Unlike a standard mortgage valuation, this report must be carried out by a RICS-registered valuer who is independent of any estate agent involved in your original purchase or subsequent sale. The valuation provides the market value of your property on the valuation date, which determines the amount of equity loan you need to repay.

In the TA20 area, property values have shown steady growth over the past 12 months, with semi-detached properties seeing the strongest increase at 1.76%. The average property price in the postcode area is £322,430, with detached properties averaging £447,205 and flats averaging £144,250. This data, combined with comparable sales from the local area, forms the basis of your valuation report.

Our valuers will inspect your property internally and externally, reviewing all key areas including the construction, condition, and any improvements you have made since purchasing. The report will include at least three comparable sales that have completed within the last six months, ideally within a two-mile radius of your property, to support the valuation figure. This comparative analysis is essential for properties in TA20 where the housing market has seen 190 sales in the last 12 months.

The valuation report must be addressed specifically to the Help to Buy Administrator (Homes England) and meet their strict requirements for comparables, independence, and report format. We ensure all our valuations in TA20 comply with these requirements, avoiding delays in your redemption or remortgage application.

Several local factors specific to the TA20 area can influence the valuation of your property. The geology of TA20 is dominated by Upper Greensand and Gault Clay formations, with Gault Clay being a high plasticity clay that indicates a moderate to high shrink-swell risk. Properties built on these soils can be susceptible to subsidence or heave due to changes in moisture content, which may affect the valuation if there is evidence of structural movement or if the property is located in an area with trees close to foundations.

The area also has areas with surface water flood risk, particularly in low-lying areas and urban environments where drainage capacity can be overwhelmed during heavy rainfall. River flood risk is present along the River Axe and its tributaries, which flow through parts of the TA20 postcode area. If your property is located in a flood risk area, this may be noted in the valuation report and could affect the property's marketability and insurability. Properties near the River Axe in areas around Whitford and Wadeford should have particular awareness of flood risk.

Chard town centre is a designated Conservation Area, containing a significant concentration of listed buildings. Properties in conservation areas or listed buildings may have additional considerations that affect their value, including restrictions on alterations and the cost of maintaining historic features. Many older properties in the area are constructed from local Hamstone, a golden-coloured Jurassic limestone, or local chert and flint with brick dressings, which are distinctive features that can add value to period properties. The historic character of these buildings often commands a premium in the local market.

The predominant housing stock in TA20 consists of 35.1% detached properties, 30.2% semi-detached, 25.5% terraced, and 9.2% flats. Of the existing housing stock, 28.7% was built pre-1919, 15.3% between 1919-1945, 29.8% between 1945-1980, and 26.2% post-1980. This mix of property ages and types means that comparables are available for most property types in the local area, supporting accurate valuations.

When valuing properties in the TA20 area, our surveyors frequently encounter certain common defects that can affect the market value. Dampness is one of the most prevalent issues found in older properties throughout Chard and Ilminster, including rising damp, penetrating damp, and condensation. These problems are often due to the age of properties, lack of maintenance, or inadequate ventilation, particularly in solid-walled period buildings constructed with local Hamstone or flint.

Timber defects including woodworm infestation and both wet and dry rot are commonly identified in older timber elements, especially where damp conditions exist. Properties with original timber windows, doors, and structural elements are particularly susceptible. Our valuers will note any evidence of timber decay during the inspection, as this can significantly impact the property's value and may require remedial work before sale.

Due to the underlying geology of Gault Clay present in TA20, properties with shallow foundations or those located near trees are at risk of subsidence or heave. Ground movement caused by changes in moisture content in the clay soil can lead to structural cracking and movement. Our valuers will assess the condition of the property's foundations and note any cracking that may indicate subsidence-related issues, which can affect the valuation figure.

Roofing issues are also commonly found in the TA20 area, particularly on older properties with original roof coverings. Wear and tear, slipped tiles, failing flashings, and deteriorated pointing are frequent issues that our surveyors encounter. These defects can lead to water ingress and further damage if not addressed, and will be reflected in the valuation report.

If you purchased your property through the Help to Buy scheme in the TA20 area, you will eventually need to redeem your equity loan either by repaying the amount owed or by remortgaging to a standard mortgage product. The Help to Buy valuation is the only accepted method for determining the market value of your property for these purposes, and it must be carried out by a RICS-registered valuer who meets the independence requirements.

The TA20 area, with a population of approximately 28,400 across 12,300 households, has seen steady property price growth making it an attractive location for families and commuters. The relatively affordable property prices compared to neighbouring Taunton and Exeter make Chard and Ilminster popular choices for first-time buyers who used Help to Buy. Many of these buyers are now reaching the stage where they need to redeem their equity loans as their circumstances change.

The local economy in TA20 is supported by manufacturing, agriculture, retail, and services, with many residents commuting to larger towns and cities in Somerset and Devon. This commuter demographic often seeks to move to larger properties or different locations as their careers develop, requiring a Help to Buy valuation to facilitate the sale or remortgage of their current property. Our valuers understand these local market dynamics and how they affect property values in the area.