Shared-ownership valuation in Craigavon

Staircasing is the main trigger. When you buy more shares, the housing association wants an independent open market value for the whole property, not the price you paid when you first bought in. The same rule usually applies to final staircasing, where you buy the last share and move to 100% ownership, and the rent on the unsold share stops. In Craigavon, that might be a flat near Central Way or a semi close to BT62, but the report still follows the same Red Book structure.

Selling your share is different, but the valuation still matters. The housing association often has a nomination period of 4-8 weeks before you can market openly, so the price has to sit on a current Red Book figure rather than a guess from an advert. Re-mortgaging and lease extension work need the same discipline, because the lender or landlord needs one defensible number. A shared-ownership leaseholder in Portadown, Lurgan, or Craigavon ends up with more paperwork than a standard sale, so timing matters.

The figure itself is used in a simple way. If the valuer sets the full market value at £185,000, then a 25% share is worth £46,250, before legal fees and mortgage costs are added. On a New Model lease, extra staircasing can be 1% per year, while older schemes usually start at 10% minimums. That is why the wording in the report has to be clear, because the housing association will read it closely.

• Staircasing
• Final staircasing
• Selling your share, also called assignment
• Re-mortgaging
• Lease extension

Craigavon is a planned settlement begun in 1965, so the housing stock does not read like a traditional old market town. The urban area includes Lurgan, Portadown, and Aghacommon, and that mix pushes valuers to compare homes across BT62, BT64, and BT66 rather than one small street. Shared ownership often sits in the middle of the market here, below the £449,463 asking price seen for a 4-bedroom detached house on home.co.uk, but still affected by condition and layout.

The borough's stock leans detached. homedata.co.uk shows 42.5% detached, 27.2% terrace, 25.4% semi-detached, and 4.9% apartments in 2022, with 84,642 occupied households and an average household size of 2.56 in 2021. That gives the valuer enough evidence to compare a semi in Portadown with another semi in Lurgan, but it does not let anyone skip over repairs. A house with a tired roof on Central Way will not be treated the same as a flat in a newer block.

Construction details matter here too. Marlborough House on Central Way, Tamnafiglassan, BT64 1AD was built between 1973 and 1977, uses a bold concrete frame, and was granted Grade B1 listed status in October 2025. Fairview House in Tannaghmore Gardens is a late 18th Century Georgian farmhouse, and the borough has 1,052 Listed Buildings/Structures, with 20 on the Heritage at Risk Register in 2023-24 and 5 of those in Craigavon. If your property sits near one of those buildings, paperwork and alterations get more scrutiny.

• Central Way, Tamnafiglassan, BT64 1AD
• Tannaghmore Gardens
• Rushmere Shopping Centre
• Almac Group
• Moy Park
• Craigavon Area Hospital