Shared Ownership Valuation in Formby (L37)

A shared ownership valuation is a specialised assessment required when shared owners wish to purchase additional equity in their property, commonly known as staircasing, or when they come to sell their share on the open market. Unlike standard mortgage valuations, this type of valuation must be conducted by a RICS qualified surveyor and follows specific guidelines set out by the relevant housing association and mortgage lenders. The valuation determines the full market value of your property and calculates the percentage equity you own based on the share you originally purchased and any staircasing you have completed.

In the L37 area, which includes Formby and nearby postcodes, shared ownership properties offer an accessible route onto the property ladder in what is generally considered an affluent residential area. The local market has seen some fluctuation, with overall prices approximately 7% down on the previous year and 3% below the 2022 peak of £378,476. However, the L37 2 sector of Formby has shown resilience with 5.5% growth in the last year, making it important to obtain an up-to-date valuation that reflects current market conditions. This contrast between sectors highlights why local market knowledge matters when valuing your property.

Our chartered surveyors have extensive experience valuing properties throughout Formby and the wider L37 postcode. They understand the local housing stock, from modern developments to established residential areas, and can provide accurate valuations that stand up to scrutiny from housing associations and mortgage providers. The valuation report includes a detailed inspection of the property, comparable sales evidence from the local market, and the calculation of your current equity value.

The RICS Red Book standards that govern our valuations require our surveyors to consider multiple factors when determining market value. These include the property's location, size, condition, and layout, alongside recent sales of comparable properties in the Formby area. For shared ownership properties, we also calculate the percentage equity you currently hold and project the cost of staircasing to higher ownership levels if that is your goal. Our valuers are familiar with the documentation requirements of all major housing associations operating in L37.

• RICS compliant valuation reports
• Accepted by all major housing associations
• Fast turnaround times available
• Detailed property inspection included
• Market value assessment
• Equity percentage calculation

Formby, located within the L37 postcode, is a sought-after seaside town in Merseyside known for its attractive coastline, quality housing, and good local amenities. The property market in L37 predominantly features detached homes, which account for the majority of sales in the area. These properties typically command prices around £490,663, reflecting the popularity of the area for families and professionals seeking a balance between coastal living and good transport connections to Liverpool and surrounding areas.

The semi-detached properties in Formby represent significant value, with average prices around £300,400 making them an attractive option for first-time buyers entering the shared ownership market. Flats in the area average approximately £179,317, offering more affordable entry points into shared ownership schemes. The diversity of housing stock in L37 means our surveyors must consider multiple factors when conducting valuations, including property condition, location within Formby, and recent comparable sales in the specific street or development.

Recent market data shows varied performance across different property types in L37. While overall prices have softened by approximately 7% year-on-year, the Formby sector (L37 2) has demonstrated positive growth at 5.5%, indicating continued demand for properties in this area. This local variation underscores the importance of using a surveyor with specific knowledge of the Formby market rather than relying on broader postcode averages.

Formby's appeal stems from its combination of coastal charm and practical transport links. The town offers direct rail connections to Liverpool, making it popular with commuters, while the nearby beaches and nature reserves provide recreational opportunities. These factors influence property values and make Formby an attractive location for shared ownership buyers looking to step onto the property ladder in a desirable area.