Shared Ownership Valuation in Faversham

A shared ownership valuation is a specialised assessment required when you want to staircase (buy more equity in your property), sell your share on the open market, or remortgage your shared ownership home. Unlike a standard mortgage valuation, this report provides a detailed analysis of your property's current market value, taking into account the unique nature of shared ownership arrangements. The valuation must be carried out by a RICS registered valuer who understands the intricacies of leasehold shared ownership schemes and the requirements of housing associations operating in Kent. Our team has extensive experience navigating these requirements and can guide you through the process from instruction to completion.

In Faversham, shared ownership properties are typically found in new developments such as Preston Fields on London Road (Barratt Homes), The Sycamores on Brogdale Road (David Wilson Homes), and Napier Park (Redrow). These developments offer quality homes at accessible price points, with equity shares typically ranging from 25% to 75%. For example, a 2-bedroom flat with a 25% equity share might be marketed at around £60,000-£80,000 based on a full market value of £240,000-£320,000, while a 3-bedroom house with 40% equity might be priced at £120,000-£160,000 depending on location and condition. Our valuers have extensive experience assessing properties across these developments and throughout Faversham's older residential areas, from Victorian terraced houses in the town centre to modern flats near the railway station.

The valuation process involves a thorough inspection of the property followed by detailed market research to determine the current market value. We examine recent sales of comparable properties, analyse current market conditions in Faversham and the wider Swale area, and consider the specific terms of your lease including the remaining term, ground rent obligations, and any restrictions on staircase or resale. This comprehensive approach ensures our valuation report meets the exacting standards required by housing associations like Moat Homes, Clarion Housing Group, and Orbit Homes.

• Staircasing assessments
• Resale valuations
• Mortgage valuation reports
• Help to Buy valuations

Several local factors influence property values in Faversham. The town's excellent transport links are a major draw, with Faversham railway station providing direct services to London St Pancras via High Speed 1, making the town popular with commuters who work in the capital but want more affordable housing. The station also provides connections to Canterbury and the wider Kent area. Additionally, the A2 and M2 road corridors provide convenient access by car to Canterbury, Maidstone, and the Channel ports. These transport connections make Faversham particularly attractive to buyers who need to commute while benefiting from lower property prices than central London or commuter towns in Surrey and Sussex.

The ongoing new build activity across developments like Preston Fields, The Sycamores, and Napier Park also influences the market, providing new shared ownership options while affecting resale values of existing properties. When new developments launch, they can temporarily depress prices in the immediate area as buyers are attracted to brand new properties with modern warranties. However, established properties in good locations often hold their value well over time. Our valuers understand these dynamics and consider current development activity when assessing your property's market position.

The underlying geology of Faversham also plays a role in property values. The area sits primarily on London Clay, which can cause subsidence issues for properties with shallow foundations, particularly near mature trees. This shrink-swell risk is particularly relevant for older properties in the town centre and conservation areas, where foundations may not meet modern standards. Areas of Head deposits (sands, silts, clays, and gravels) and Thanet Formation sands are also present closer to the surface in certain locations. Our valuers are aware of these ground conditions and consider them when assessing properties, noting any signs of movement or subsidence that might affect value.

Additionally, flood risk from Faversham Creek affects certain areas of the town. The creek poses a fluvial (river) flood risk in areas immediately adjacent to the watercourse and the town centre, while properties near the creek and its estuary face tidal flood risk during storm surges and high tides. Significant areas of Faversham also have medium to high surface water flood risk during heavy rainfall due to topography and drainage capacity. Our valuers assess flood risk as part of the valuation process, and properties in higher-risk zones may be viewed differently by lenders and valuers.

• Transport links (A2, M2, High Speed rail)
• Local schools and amenities
• New development activity
• Ground conditions (London Clay)
• Flood risk areas

Understanding the construction methods used in Faversham properties helps our valuers provide accurate assessments. Many properties in Faversham feature traditional Kentish red brick, often with plain tile roofs that are characteristic of the region. Older properties may also incorporate timber framing and render, particularly in Victorian and Edwardian terraced houses that make up a significant portion of the town's housing stock. These older properties typically have solid brick construction with shallow strip footings, which can be more susceptible to movement in the clay soils that underlie much of the town.

Post-war properties (1945-1980) in Faversham typically feature cavity wall construction with a brick outer leaf and block inner leaf, concrete ground floors, and timber upper floors and roofs. These properties often have concrete tile roofing rather than the traditional plain tiles found on older homes. Modern developments (post-1980) use standard contemporary construction techniques including cavity walls with brick or render cladding, engineered timber roofs, and modern insulation systems. Our valuers understand these construction differences and how they affect both property value and potential defects.

The predominant housing stock in Faversham breaks down as follows: semi-detached properties account for 30.2% of homes, terraced houses for 29.5%, detached homes for 20.3%, and flats, maisonettes, or apartments for 19.1%. This mix of property types means that valuations must consider a wide range of comparable properties, from Victorian terraces in the town centre to modern detached houses in the new developments. Our extensive database of Faversham sales ensures we can find appropriate comparables for properties of all types and ages.

When valuing properties in Faversham, our surveyors take into account common issues that can affect property values in the area. The underlying London Clay geology creates a moderate to high shrink-swell risk, meaning properties with shallow foundations or those located near mature trees may show signs of subsidence or movement. This is particularly relevant for older properties in the town centre and conservation areas, where foundations may not meet modern standards. Trees such as oak, elm, and poplar are particularly problematic near clay soils as their deep roots can extract moisture from the ground, causing shrinkage and subsequent subsidence.

Damp is another common issue found in Faversham's housing stock, particularly in older Victorian and Edwardian terraced properties. Rising damp, penetrating damp, and condensation can all affect property condition and value, especially in properties with solid walls that lack modern cavity wall insulation. Our valuers thoroughly inspect for signs of damp and timber defects, including woodworm and rot, which are frequently found in older properties with inadequate ventilation. Properties that have been poorly maintained or that have longstanding damp issues may be valued lower to account for the cost of necessary remedial works.

Roofing issues such as slipped tiles on traditional plain tile roofs and defective lead flashing are also common in the older housing stock. Plain tile roofs have a long lifespan but require regular maintenance, and missing or slipped tiles can lead to water ingress and subsequent damage to timber rafters and ceilings. Flat roofs on extensions and garage structures are also prone to deterioration and leaks over time. Additionally, drainage issues including blocked or damaged drains are frequently encountered, particularly in older properties with original drainage systems that may be made from materials that have reached the end of their useful life.

• Subsidence from clay soils
• Damp and condensation
• Timber defects and rot
• Roofing wear and tear
• Drainage issues

The Faversham property market is influenced by several key economic and employment factors that buyers and shared ownership owners should understand. Shepherd Neame Brewery, Britain's oldest brewer, is a major historic employer in the town and contributes significantly to local tourism and the hospitality sector. The surrounding rural areas support agricultural businesses, including fruit growing and related industries that reflect Kent's reputation as the Garden of England. These traditional industries provide employment but also contribute to Faversham's character as a market town with strong links to the Kent countryside.

Proximity to the A2 and M2 corridor supports light industrial and distribution businesses, while the retail and service sectors provide employment within the town centre. However, one of the most significant factors affecting the Faversham property market is its appeal to commuters. The High Speed 1 rail service from Faversham station to London St Pancras takes approximately 75 minutes, making the town an attractive option for workers who want to live in a more affordable area while maintaining reasonable commute times. This commuter appeal has driven significant house price growth in recent years, though the market has seen some correction recently with a 12-month price change of approximately -2.0% across all property types.

The town's good primary and secondary schools also influence property values, with catchment areas playing a role in determining prices for family homes. The presence of the Abbey School and Queen Elizabeth's Grammar School, along with various primary schools, makes Faversham popular with families. Additionally, the range of local amenities including the twice-weekly market, independent shops, restaurants, and cultural attractions like the Fleur de Lis heritage centre all contribute to the town's desirability as a place to live. These factors are all considered by our valuers when assessing shared ownership properties in the area.