Shared Ownership Valuation in Abertillery

Shared ownership properties require specialist valuations because the valuation must determine both the full market value of the property and the value of the specific equity share being purchased or sold. This is fundamentally different from a standard mortgage valuation. For staircasing, where you buy additional shares in your property, the housing association uses the RICS valuation to calculate how much extra you need to pay based on the current market value. Similarly, when selling your share on the open market, prospective buyers will need their own mortgage valuation, which requires an up-to-date RICS assessment of the property's full value to determine what percentage of equity they are purchasing.

In Abertillery, where the housing stock predominantly consists of terraced properties built during the late nineteenth and early twentieth centuries, accurate valuations are particularly important. Many properties in the area were constructed as miners' housing and may have specific characteristics that affect their value, such as traditional brick or stone construction, original features, or modifications made over the years. Our RICS valuers understand these local construction characteristics and how they impact both the full market value and the equity share calculations. We factor in elements such as the age of the property, any period features that may add value, and the overall condition when assessing properties in this historic mining town.

The process involves a thorough inspection of the property, comparing it against recent sales of similar properties in the Abertillery and Blaenau Gwent area, and producing a formal report that complies with RICS Red Book standards. This report is what your housing association, mortgage lender or solicitor will require for your transaction. We typically turn around valuations within 5-7 working days of instruction, and we can often accommodate faster timescales if needed for transaction deadlines. Our valuers will measure the property, assess its condition, and produce a comprehensive report that details the methodology used to arrive at the valuation figure.

Given Abertillery's history as a coal mining centre, mortgage lenders may also require a mining search as part of the conveyancing process. Our valuers are aware of these local issues and will factor them into their assessment where relevant. Properties in certain areas may be affected by past mining activity, and understanding the local geology is essential for an accurate valuation. We can advise you on whether a mining report should be obtained as part of your transaction and how this might affect the property's marketability and value.

• Staircasing (buying more equity)
• Resale of shared ownership share
• Mortgage application for shared ownership
• Help to Buy Wales applications
• Rent review assessments
• Shared ownership remortgaging

Abertillery was once a major coal mining centre in the South Wales Valleys, with six deep coal mines operating in the area from the mid-nineteenth century until the 1980s. This industrial heritage has left a lasting imprint on the local housing market. Properties in certain areas may be affected by past mining activity, and mortgage lenders often require a mining search as part of the conveyancing process. Our valuers are aware of these local issues and will factor them into their assessment where relevant. The Six Bells Colliery was a significant mine in the area and was the site of a major explosion in 1960, with the Guardian memorial at Parc Arael Griffin Six Bells now standing on a reclaimed former colliery site.

The town sits in the Ebbw Fach valley, which means properties in lower-lying areas may have considerations related to flood risk from the River Ebbw Fach. While Abertillery has benefited from significant regeneration since the mines closed, including EU-funded environmental improvements, buyers should be aware that some properties may have specific issues related to their age and construction. The majority of the housing stock dates from the late Victorian and Edwardian periods, meaning many properties will have traditional brick or stone construction with original features that may require updating. Properties on the valley floor and in lower-lying areas may be more susceptible to flooding, which can affect both insurance costs and mortgageability.

The Abertillery area remains affordable compared to many other parts of Wales and the UK, with terraced properties typically selling for around £123,040 and flats around £105,000. This affordability makes shared ownership an attractive option for first-time buyers in the area. The town benefits from good transport links, including proximity to the A465 Heads of the Valleys road providing access to the M4 corridor, and local employers at the Abertillery Industrial Estate. These factors contribute to the long-term viability of shared ownership properties in the area and support demand from first-time buyers looking to get onto the property ladder in South Wales.

The local economy has diversified since the decline of mining, with light manufacturing, nylon and textile production, electronics, and foodstuffs now contributing to employment in the broader Blaenau Gwent area. The town serves as a commercial centre for the surrounding valley communities, with local schools and transport links making it a practical location for families. The population currently stands at around 11,400, having declined from the peak of nearly 40,000 in the 1930s, but the affordable housing market continues to attract new buyers seeking value for money in the Welsh valleys.

For staircasing transactions, the housing association will usually request that you arrange a RICS valuation through an independent provider. You are generally free to choose any RICS registered valuer, and you are not obligated to use the housing association's recommended provider. Using an independent RICS valuer like ourselves often results in competitive pricing and ensures you receive an unbiased assessment of your property's value. This independence is particularly important when staircasing, as the valuation determines how much you will need to pay for additional equity in your home.

For shared ownership resales, both the seller and the buyer will need to agree on the valuation. Typically, the buyer's mortgage lender will instruct their own RICS valuer as part of the mortgage application process. If you are buying a shared ownership property in Abertillery, factor in the cost of the valuation when budgeting for your purchase. The valuation cost is usually paid by the buyer, though this can sometimes be negotiable in the purchase contract. It is worth noting that the buyer will also need their own mortgage valuation, which adds to the overall costs of purchasing a shared ownership property.

Shared ownership valuations are valid for a limited period, typically three months. If your transaction does not complete within this timeframe, you may need to pay for an updated valuation. Our team can provide guidance on timing and help you understand the costs involved at each stage of your shared ownership journey. We recommend instructing the valuation as soon as you have a firm timeline for your transaction to avoid delays. The valuer will need to see proof of ownership, such as your leasehold details or confirmation from your housing association, along with any documentation relating to improvements you have made to the property.

Nationally, shared ownership buyers usually purchase an equity share between 25% and 75% of the property, with a minimum 5% deposit of the purchased share typically required. Your RICS valuation will determine the full market value, from which the equity share percentage can be calculated. This means that if you are staircase buying from 25% to 50%, you will pay 25% of the current market value as determined by the RICS valuation, plus any applicable housing association fees and legal costs. Understanding this calculation is essential for budgeting accurately for your staircasing transaction.