Shared Ownership Valuation in Littlehampton

A shared ownership valuation is a specialist assessment carried out by a RICS registered valuer to determine the current market value of your property. This is different from a standard mortgage valuation, as it must adhere to strict RICS Red Book guidelines and be conducted by a valuer on the housing association's panel of approved surveyors. The valuation is essential for several transactions, including staircasing (buying additional shares in your property), remortgaging your shared ownership home, or selling your share on the open market.

In Littlehampton, where property types range from Victorian terraces in the town centre to new builds at Hampton Park and modern flats along the seafront, the valuation process considers multiple factors. These include the property's construction, location, size, number of rooms, overall condition, and comparable sales data from the local BN17 postcode area and surrounding Arun District. Our surveyors have extensive knowledge of the Littlehampton property market and understand how the mix of period properties, new builds, and coastal location affects property values.

The local market has experienced some fluctuation, with prices down approximately 4-5% over the past year according to home.co.uk listings data and home.co.uk data. However, with new developments like BoKlok by the Park bringing affordable housing options and VIVID offering shared ownership properties, the market continues to evolve. This makes getting an up-to-date, accurate valuation crucial for any planned transaction.

Our valuers regularly inspect properties across all the major shared ownership developments in Littlehampton, including those managed by housing associations operating in the Arun District. We understand the documentation requirements for each association and can advise on the specific valuation format needed for your transaction.

• Staircasing calculations
• Remortgaging assessments
• Sale of shared ownership share
• Help to Buy equity loan negotiations
• Housing association compliance

Littlehampton has seen significant development in recent years, with several new build sites offering shared ownership options. VIVID by the Park, located alongside Rosemead Park, offers affordable homes and shared ownership properties with initial shares available from 25% to 75%. These properties represent an important pathway to homeownership in an area where average house prices can be challenging for first-time buyers. Our surveyors have completed valuations on numerous properties within this development and understand the specific considerations for new build shared ownership valuations.

The Hampton Park development by Persimmon and Barratt Homes in Wick offers properties ranging from £360,000 to £474,950, while BoKlok by the Park provides two and three-bedroom family homes through a joint venture between IKEA and Skanska. These new developments have changed the housing landscape in Littlehampton, providing more options for those seeking shared ownership arrangements. The BoKlok development on Fitzalan Road has been particularly popular with first-time buyers due to its affordable pricing structure.

When valuing new build shared ownership properties, our surveyors consider the original purchase price, any improvements made since, current market conditions for similar new builds in the area, and comparable sales from both new and older properties. The presence of new developments like these can positively influence property values in the surrounding areas, making professional valuations even more important to ensure you are not overpaying or underselling.

Additional developments in the Littlehampton area include Lovell Kinsted offering two, three, and four-bedroom new build homes in the heart of the town, and Kingley Gate at Courtwick built by Barratt Homes. Understanding the specific development, its build quality, and the reputation of the housing association is essential for accurate valuations in these new build properties.

• VIVID by the Park
• Hampton Park (Persimmon/Barratt)
• BoKlok by the Park
• Lovell Kinsted
• Kingley Gate (Courtwick)

Several unique factors specific to Littlehampton can influence the value of your shared ownership property. The town's geology, comprising clay soils and sedimentary rocks from the Cretaceous period, means that properties may be susceptible to shrink-swell ground movement, particularly during prolonged dry spells. This can affect the structural integrity of properties and is considered by valuers when assessing mortgageability and long-term value. Our surveyors are trained to identify signs of ground movement and subsidence that may impact property values.

Flood risk is another consideration, particularly for properties in low-lying areas near the River Arun. While the GOV.UK flood check service indicates low risk overall, historical Flood Alerts have been issued for areas like Littlehampton Rope Walk and the East Bank, including Caffyns Field and the Riverside Industrial Estate. Properties in Flood Risk Zone 3 will require specific consideration in any valuation. The new tidal wall along the east bank of the River Arun has improved flood defences, but properties in certain areas still require careful assessment.

The conservation areas in Littlehampton, including the River Road, East Street, and Seafront Conservation Areas, along with approximately 83 listed buildings concentrated in areas like Western Road, River Road, and Church Street, can both add value and impose restrictions. Properties in designated Areas of Special Character may benefit from unique architectural features but may also face limitations on alterations. Our valuers understand how these heritage designations affect both value and mortgageability.

The local economy also plays a role in property valuations. Littlehampton's service-oriented economy, driven significantly by tourism and hospitality due to its coastal location, creates seasonal employment patterns that can affect buyer demand. The presence of major employers including The Body Shop International, Littlehampton Welding, and Tesco superstore provides some economic stability. However, affordability pressures remain significant, with house prices in the Arun District exceeding 12 times average local incomes.