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Shared Ownership Valuation

Shared Ownership Valuation in New Romney

RICS certified valuations for shared ownership properties in New Romney and the Romney Marsh area

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Shared Ownership Valuations in New Romney

If you own a shared ownership property in New Romney or are looking to staircase to a higher equity share, you need a RICS qualified surveyor to provide an official valuation. We offer shared ownership valuations across the Romney Marsh area, including New Romney, Littlestone, Greatstone and the surrounding TN28 postcode region. Our valuations are accepted by all housing associations and mortgage lenders operating in Kent.

New Romney is a historic Cinque Port town with a growing shared ownership housing sector, ranking first for shared ownership tenure within Folkestone and Hythe district. Whether you are looking to sell your shared ownership property, staircase up to 100% ownership, or remortgage your current share, our local RICS surveyors understand the Romney Marsh property market and can provide accurate valuations that reflect local conditions including flood risk factors and the mix of new build and traditional properties.

The town, with a population of approximately 7,252 residents and 3,175 households, serves as the main centre of population on Romney Marsh. Our surveyors have extensive experience valuing properties across the area, from traditional terraced houses in the town centre near the historic Town Hall (built in 1702) to modern developments like Victoria Bay and Mulberry Place. We understand how the local geography, including the high water table and tidal flood risks, impacts property values in this unique coastal location.

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Shared Ownership Valuation Report New Romney

New Romney Property Market Overview

£321,500

Average House Price

-1.69%

Annual Price Change

Property Sales (12 months)

1st in Folkestone & Hythe

Shared Ownership Rank

What is a Shared Ownership Valuation?

A shared ownership valuation is a RICS-certified assessment of your property's market value, specifically designed for homes purchased through shared ownership schemes. This type of valuation is different from a standard mortgage valuation because it determines the full market value of the property, not just the value of the share you own. Housing associations require this valuation for various transactions including staircasing (buying additional shares), resales, and mortgage applications. The report provides a comprehensive breakdown of how we arrived at the valuation figure, including comparable sales analysis and property condition assessment.

In New Romney, where the property market has seen prices fluctuate with a -1.69% annual decrease and transaction volumes dropping by nearly 28%, getting an accurate valuation is essential. Properties range from modern developments like Victoria Bay by Persimmon Homes (with prices ranging from £329,950 to £474,950) to traditional terraced houses in the town centre, each requiring specific local knowledge to value correctly. Our surveyors understand these local market dynamics and can provide you with a valuation that reflects current conditions, considering the reduced number of comparable sales in the current market.

The valuation report includes details about the property's condition, location, and any factors that might affect its value. For shared ownership properties in New Romney, this is particularly important given the area's unique flood risks and the mix of new build and older properties. Properties in areas like Littlestone and Coast Drive face particular tidal flooding risks from sea wall over-topping, while areas around Church Lane and the Sports Field experience groundwater flooding due to the high water table on Romney Marsh. The report is valid for three months, giving you ample time to complete your staircasing or sale transaction.

Different housing associations have varying requirements for their valuation reports, and our surveyors are familiar with the specific requirements of major providers operating in Kent. We ensure that our reports meet the precise formatting and content requirements of your housing association, whether you are dealing with a staircasing request, a resale, or a remortgage transaction. This attention to detail helps avoid delays in your transaction and ensures a smooth process from start to finish.

Staircasing valuations
Resale valuations
Mortgage valuations
Help to Buy valuations
Remortgage valuations

Average Property Prices in New Romney (TN28)

Detached £480,018

Semi-detached £467,857

Terraced £242,750

Flats £169,909

Source: Property Solvers / home.co.uk 2024

How Our Shared Ownership Valuation Works

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Select your valuation type (staircasing, resale, or mortgage) and choose a convenient date. We offer flexible appointments across New Romney and the surrounding Romney Marsh area, including Littlestone, Greatstone, Dymchurch and Lydd. Our online booking system shows available slots that work with your timeline.

Property Inspection

Our RICS qualified surveyor visits your property to conduct a thorough inspection. They assess the property's condition, size, layout, and any improvements you have made. The inspection typically takes 30-60 minutes depending on property size, and we examine both the interior and exterior of the property, including any outbuildings or parking areas.

Market Analysis

We analyse recent property sales in New Romney and the TN28 area, considering local market trends, property type, and specific location factors including flood risk considerations. Given the reduced transaction volume in the area (down 27.78% from the previous year), our surveyors draw on their local knowledge and comparable data from surrounding areas to ensure an accurate valuation.

Receive Your Report

Your official RICS valuation report is typically delivered within 3-5 working days of the inspection. This report is accepted by all housing associations and mortgage lenders. The report includes detailed comparable evidence, our methodology, and the final valuation figure that you can use for your staircasing, resale, or mortgage application.

Why New Romney Needs Specialist Local Valuations

New Romney presents unique challenges for property valuations that require local expertise. The town sits on the edge of Romney Marsh, an area with significant flood risks from tidal sources, surface water, and groundwater. Properties in Littlestone and Coast Drive areas face particular tidal flooding risks from sea wall over-topping, while areas around Church Lane and the Sports Field experience groundwater flooding due to the high water table. Our surveyors understand these local risk factors and how they impact property values, ensuring our valuations accurately reflect any premium or discount associated with flood risk.

The local property market has seen notable changes, with property sales decreasing by 27.78% compared to the previous year. This reduced transaction volume makes accurate valuations more complex, as fewer comparable sales are available. Our surveyors have local knowledge of these conditions and can factor them appropriately into your valuation. Additionally, new developments like Victoria Bay, Mulberry Place, and the approved 96-home estate off Ashford Road continue to add stock to the area, affecting comparable property values. We stay up to date with these developments and their impact on the local market.

The geology of Romney Marsh also plays a role in property valuations. The area sits on alluvial deposits and clay-rich soils, with a high water table that affects both flood risk and ground conditions. While specific shrink-swell risks vary, our surveyors are aware of how local soil conditions can impact foundations and structural integrity. This knowledge allows us to provide more accurate valuations that account for potential structural issues that might not be apparent from a visual inspection alone. When we inspect properties in areas like Church Lane or the allotments near the Sports Field, we pay particular attention to any signs of ground movement or drainage issues.

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Shared Ownership Equity Valuation New Romney

Important Timing Information

If you are staircasing, be aware that housing associations often require valuations to be no older than 4-12 weeks at the point of completion. We recommend booking your valuation as close to your intended completion date as possible to avoid delays. Our team can advise on timing specific to your housing association's requirements. Given the current market conditions in New Romney, with prices fluctuating and fewer transactions, we recommend allowing slightly extra time for your valuation to ensure all comparable evidence is thoroughly analysed.

Understanding Staircasing in New Romney

Staircasing allows shared ownership leaseholders to purchase additional shares in their property, eventually owning 100% of the home. In New Romney, where detached properties average around £480,000 and terraced homes average £243,000, the staircase costs can vary significantly depending on your property type and original share purchased. Our valuations help you understand exactly what it will cost to staircase to your desired ownership level, providing you with the information needed to plan your finances effectively.

Most housing associations require a minimum staircase increment of 10% or 25%, though this varies by provider. The cost of staircasing is calculated based on the current market value of your property minus the value of any improvements you have made. Our surveyors assess both the property's current condition and any upgrades you have completed, such as new kitchens, bathrooms, or extensions, which may affect your staircase valuation. We provide detailed documentation of any improvements to support your staircasing application.

It is worth noting that properties in certain areas of New Romney, particularly those in flood risk zones, may have additional considerations for mortgage lenders when staircase transactions involve remortgaging. Our valuations take these factors into account and provide comprehensive reports that satisfy both housing associations and mortgage lenders. We specifically address flood risk in our reports, which is particularly important for properties in Littlestone, Coast Drive, and other areas identified as having tidal or groundwater flood risks.

For those looking to staircase, it is also important to consider the long-term value implications. New Romney's property market, while currently experiencing a slight downturn, benefits from its unique position as a historic Cinque Port town with good transport links to Ashford and Folkestone. The ongoing new build developments, including the approved 96-home estate off Ashford Road and 80-home site off Victoria Road West in Littlestone, indicate continued investment in the area. Our valuations take these future development plans into account, providing you with a realistic assessment of your property's current and potential future value.

Shared Ownership Valuation Types

Valuation Type	Purpose	Typical Cost	Turnaround
Staircasing	Buying additional equity share	From £199	3-5 days
Resale	Selling your shared ownership property	From £250	3-5 days
Mortgage	Remortgaging or new mortgage application	From £300	3-5 days
Help to Buy	Help to Buy equity loan requirements	From £250	3-5 days

New Build Developments and Shared Ownership

New Romney has seen significant new build activity in recent years, with developments like Victoria Bay by Persimmon Homes offering properties ranging from £329,950 to £474,950. This development features tree-lined streets, a peaceful pond, and open green space, making it attractive to families and commuters alike. Mulberry Place by Pentland Homes offers 2, 3, and 4 bedroom homes surrounded by open fields but within easy reach of historic New Romney and commuting routes. Taylor Wimpey also offers 2-bedroom apartments at Mulberry Place with prices around £217,500 - £218,500, and 2-bedroom coach houses at £226,995. These new builds often come with shared ownership options, making our valuation services essential for buyers looking to purchase through Help to Buy schemes.

New build properties require specific valuation approaches, considering factors like the developer, specification level, and warranty periods remaining. Our surveyors are experienced in valuing new build shared ownership properties across Kent and understand how to assess these homes accurately. We also stay up to date with the various help to buy schemes and their specific valuation requirements. When valuing new build properties, we consider the premium (or discount) associated with new construction versus second-hand properties, the remaining NHBC or other warranty cover, and the specific specification levels included by the developer.

Looking ahead, several new developments are in the pipeline that will affect the New Romney property market. A 96-home estate off Ashford Road has been approved by Folkestone & Hythe District Council despite local objections related to flooding and sewage concerns. An 80-home site off Victoria Road West in Littlestone has also been approved, also facing similar infrastructure concerns. The former Romney Marsh Potato Company site is under development with 55 homes, with further applications for 109 and 117 homes under consideration. These developments will increase the stock of shared ownership properties in the area and affect comparable values for valuation purposes.

For those purchasing shared ownership in new builds, it is important to understand how the valuation process works. New build valuations often involve a formal negotiation with the developer, as the purchase price may be subject to negotiation based on the RICS valuation. Our surveyors have experience in this process and can advise you on the best approach to ensure you get a fair valuation. We understand that new build shared ownership properties may have different considerations to standard new builds, particularly regarding the equity share model and any restrictions imposed by the housing association.

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Frequently Asked Questions

How much does a shared ownership valuation cost in New Romney?

Our shared ownership valuations in New Romney start from £199 including VAT. The exact cost depends on the type of valuation you need (staircasing, resale, or mortgage) and the size of your property. For a detailed quote tailored to your specific situation, use our online booking system or speak to our team. The national average for a RICS shared ownership valuation is around £452, but we offer competitive pricing for the New Romney area starting from £199. Factors that may affect the cost include property size, location-specific risks (such as flood risk assessment), and how readily comparable sales data is available in the current market.

How long is a shared ownership valuation valid for?

A RICS shared ownership valuation is typically valid for three months from the date of the report. However, some housing associations may require the valuation to be more recent, often within 4-12 weeks of your transaction completion date. Check with your housing association for their specific requirements. Given the current market conditions in New Romney, with prices showing a -1.69% annual change and transaction volumes down 27.78%, we recommend ensuring your valuation is as current as possible to reflect the latest market conditions. Some lenders may also require a more recent valuation if significant time has passed since the original report.

What happens if my property value has changed since the valuation?

If significant time has passed since your valuation, particularly in a changing market like New Romney where prices have decreased by 1.69% year-on-year, you may need a new valuation. Our surveyors can advise whether a new valuation is necessary based on current market conditions and your housing association's requirements. With the recent drop in transactions and asking prices changing by -3.3% in the past six months, market conditions can shift relatively quickly. We recommend discussing your specific circumstances with our team to determine whether a new valuation is required or whether the existing report can still be used.

Do I need a valuation for staircasing my shared ownership property?

Yes, staircasing always requires a current RICS valuation from a qualified surveyor. This determines the market value of your property at the time you wish to purchase additional shares. Your housing association will use this valuation to calculate the cost of your additional share. The valuation must be conducted by a RICS registered valuer and must meet the specific requirements of your housing association. Our surveyors are experienced in staircasing valuations across the New Romney area and understand the specific requirements of different housing providers.

Can I use my mortgage valuation for shared ownership purposes?

No, a standard mortgage valuation is not sufficient for shared ownership transactions. You need a specific RICS shared ownership valuation that determines the full market value of the property, not just the value of your current share. This is a requirement set by housing associations. A standard mortgage valuation typically only assesses the value of the property sufficient to secure the mortgage loan, whereas a shared ownership valuation assesses the full market value of the property, which is essential for calculating the cost of additional shares during staircasing or the sale price in a resale transaction.

What factors affect my shared ownership property value in New Romney?

Several factors specific to New Romney can affect your property value. These include the local flood risk (tidal, surface water, and groundwater), property type and size, condition of the property, any improvements made, and local market trends. The recent decrease in transactions (down 27.78%) also impacts available comparable evidence for valuations. Properties in flood risk areas, particularly those in Littlestone and Coast Drive, may be subject to additional scrutiny from mortgage lenders. Our valuations comprehensively assess all these factors, including a specific flood risk assessment for properties in areas like Church Lane, the Sports Field, and the Coast Drive area of Littlestone.

How does flood risk impact shared ownership valuations in New Romney?

Flood risk is a significant factor in New Romney property valuations due to the town's location on Romney Marsh. Properties face risks from tidal over-topping (particularly in Littlestone), surface water flooding during heavy rainfall (which affected New Romney High Street in 2015), and groundwater flooding due to the high water table. Our valuations include a specific assessment of flood risk, which is documented in the report for both housing associations and mortgage lenders. Properties in designated flood zones may require additional insurance or mitigation measures, and our reports clearly outline these considerations to ensure all parties are fully informed.

What documentation do I need for my shared ownership valuation?

To ensure a smooth valuation process, you should provide documentation including your lease agreement, any service charge statements, details of improvements made to the property, and your housing association contact details. If you have completed any renovations or extensions, receipts and before/after photographs are helpful. Our team will guide you through the required documentation when you book your valuation. Having this information ready helps our surveyors provide a more accurate and comprehensive valuation, particularly when assessing the value of any improvements you have made that may affect your staircase valuation.