Help to Buy Valuation in Upton Hellions

The Help to Buy equity loan scheme, which closed to new applicants in March 2023, enabled buyers to purchase a new build property with a deposit of as little as 5% and receive an equity loan of up to 20% (or 40% in London) from the government. If you are one of the many homeowners who purchased through this scheme, you will eventually need to either redeem your equity loan, remortgage onto a standard mortgage product, or sell your property. In each of these scenarios, you are required to obtain a formal valuation carried out by a RICS-regulated surveyor using the Red Book valuation methodology.

A RICS Red Book valuation provides an independent, market-based assessment of your property's current value. Unlike a mortgage valuation, which is often a brief inspection focused primarily on the property's suitability as security, a Red Book valuation is a more comprehensive assessment that considers various factors including the property's condition, location, and comparable sales data. The valuation report must be provided on official headed paper, signed by a RICS qualified surveyor, and include specific declarations that the valuation is for Help to Buy redemption purposes. This report is typically valid for three months, so timing your valuation correctly is important.

Our surveyors understand that properties in Upton Hellions present unique valuation considerations. The village's predominantly pre-1919 housing stock, constructed predominantly from local stone with traditional features including thatch roofs and impressive stone chimney stacks, requires a surveyor with specific local knowledge to accurately assess value. Many properties in the area are listed buildings, which can affect both value and the options available for remortgaging. We factor in these considerations when providing your valuation, ensuring that the report accurately reflects the true market value of your property in its specific context.

• RICS Red Book compliant valuation
• Meets HCA requirements
• Valid for remortgaging and redemption
• Available throughout Mid Devon

Properties in Upton Hellions differ significantly from the typical new build homes that were commonly purchased through the Help to Buy scheme. While Help to Buy was primarily designed for new build properties, many homeowners in areas like Upton Hellions may have used the scheme to purchase newly built homes in nearby settlements such as Crediton or Sandford, or may be looking to understand their position if they are considering purchasing period properties in the village. Either way, understanding the local property landscape is valuable for anyone navigating the Help to Buy process.

The majority of properties in Upton Hellions are period houses built between 1800 and 1911, constructed using traditional methods and materials. Local stone is the predominant building material, with many properties featuring rendered walls and thatched roofs. The village contains several Grade II and Grade II* listed buildings, including Upton Hellions Barton and Lower Creedy, which are protected for their historical significance. These listed buildings often require specialist consideration in valuations, as restrictions on alterations and the cost of maintaining historic features can affect both market value and mortgageability.

The traditional construction methods used in Upton Hellions properties can also mean that these homes require different considerations to modern builds. Common issues associated with older period properties include damp (both rising and penetrating damp), timber defects such as rot and woodworm, and the ongoing maintenance requirements of thatch roofs. While these issues do not necessarily reduce property values significantly in this sought-after rural location, they are factors that a knowledgeable local surveyor will take into account when assessing your property's market value.

Additionally, properties in this area may be affected by geological considerations common to Mid Devon, including soil types that can pose shrink-swell risks for foundations. Our surveyors conduct thorough inspections that consider all relevant factors specific to the local area, ensuring your valuation is accurate and comprehensive.

The property market in Upton Hellions reflects the broader characteristics of rural Mid Devon, where limited supply meets consistent demand from buyers seeking the tranquil village lifestyle. The village's position between Crediton and Sandford provides convenient access to local amenities while maintaining a peaceful, rural setting. Crediton offers weekly markets, supermarkets, and secondary schooling, while Sandford provides local shops and the popular Sandford Park. This combination of accessibility and rural charm continues to attract buyers to the area.

Over the past decade, the EX17 4AE postcode area has seen substantial value growth, with prices increasing by 36.7%. This long-term appreciation reflects the enduring appeal of Mid Devon's rural villages and the premium that buyers place on character properties in desirable locations. However, the most recent twelve-month period has shown a slight cooling, with prices decreasing by an average of 0.7%. This modest correction is consistent with broader national trends and reflects more general economic conditions affecting buyer purchasing power.

Individual property sales in Upton Hellions demonstrate the range of values in the village. The Old Mill sold for £737,500 in November 2023, while Upton Hellions Priory achieved £910,000 in April 2021. Earlier sales include The Mill House at £1,000,250 in November 2006 and Middleways at £610,000 in January 2021. These transactions provide our surveyors with useful reference points when assessing properties in the area, even given the current lack of recent sales activity.