Shared Ownership Valuation PE6 | RICS Registered Surveyors

A RICS valuation for shared ownership is not the same as a standard mortgage valuation. When you are staircasing - which means buying additional shares in your property - your housing association will require an up-to-date market valuation to determine the price of the extra share you are purchasing. This valuation must be carried out by a RICS registered valuer and follow the specific requirements set out by your housing association and mortgage lender. We have experience working with all the major housing associations operating in the Peterborough region, so you can trust that our report will meet their exact documentation standards.

The valuation report calculates the current full market value of your property, which determines what percentage of equity you already own and what price you will pay for additional shares. For example, if your property is valued at £250,000 and you currently own a 25% share worth £62,500, staircasing to 50% would require purchasing an additional 25% share at the current market rate. The RICS valuation provides the official figure that both you and your housing association rely on for this transaction. Our valuers will explain these calculations clearly in your report so you know exactly what to expect.

In the PE6 area, property values have shown some adjustment recently, with average prices around 6% down compared to the previous year and now similar to the 2022 peak of approximately £311,593. This makes an accurate, current RICS valuation particularly important for anyone looking to staircase, as the valuation reflects present market conditions rather than historical purchase prices. Our valuers understand these local market dynamics and provide comprehensive reports that satisfy all parties involved in the transaction. We use recent comparable sales data from your specific village or development to ensure accuracy.

• Staircasing (buying more equity)
• Remortgaging your shared ownership property
• Housing association reviews
• Mortgage lender requirements
• Inheritance or equity release matters

Staircasing is the term used when you decide to buy additional shares in your shared ownership property, and it is one of the most common reasons our clients in PE6 require a RICS valuation. The process allows you to increase your ownership percentage, typically in increments of 10% or more, until you eventually own 100% of the property if you choose. Each time you staircase, the housing association uses a current RICS valuation to calculate the price of the additional shares you wish to purchase.

The price you pay for additional shares is always based on the current market value, not what you originally paid for your initial share. This is why having an up-to-date valuation is essential, particularly in a market like PE6 where prices have been adjusting. If you purchased your property in 2022 when the market was at its peak around £311,593, the current market value may be different, and this affects how much you will pay for additional shares. Our valuers provide detailed market analysis to ensure you have the most accurate information for your staircase decision.

We understand that the staircasing process can feel complex, especially if it is your first time. Our team guides you through what to expect, from booking the valuation through to receiving your report that you can submit to your housing association. We can also provide additional copies of your report if needed for your solicitor or mortgage lender, ensuring everyone involved in your transaction has the documentation they require.

When you instruct us to carry out a shared ownership valuation in PE6, you receive a comprehensive RICS Home Valuation Report that covers several important elements. The report provides the current market value of your property based on a detailed inspection and comparison with comparable evidence from the local area. It includes the valuer's professional opinion on the property's condition and any factors that might affect its value. We inspect every aspect of the property that contributes to its worth, from the main living spaces to the condition of the roof and any outbuildings.

The report specifically addresses the shared ownership aspect by clearly stating the full market value and calculating the value of specific equity shares. This is the figure your housing association uses to determine staircase prices or rent calculations. Our reports are formatted to meet the specific requirements of housing associations and mortgage lenders, ensuring they accept the document without delay. We have templated our reports to include all the information each housing association typically requires, which speeds up the process for you.

For properties in PE6, our valuers take account of local factors including the proximity to Peterborough city centre, transport links, and the specific characteristics of villages like Thorney, Market Deeping, and Glinton. Properties in flood risk areas, particularly around Thorney where current flood warnings exist, are noted in the report as this can affect both value and insurability. We also note any development-specific factors such as service charges or lease terms that may affect the property's value.

• Current market value
• Property condition assessment
• Comparable sales evidence
• Equity share calculations
• Specific recommendations for lenders
• Flood risk assessment where applicable

Several factors specific to the PE6 area can affect the valuation of shared ownership properties. The local market has seen price adjustments, with average prices around 6% down compared to the previous year and similar to the 2022 peak of approximately £311,593. This means current valuations are important for anyone looking to staircase, as historical purchase prices may not reflect current market conditions. We always use the most recent comparable sales data available to ensure your valuation is accurate for today's market.

The type of property also significantly affects value. Detached properties in PE6 average around £376,183, while semi-detached properties average £244,741. Terraced properties average closer to £200,570, and flats in the area average approximately £135,125. Your valuation takes account of these property type differences and compares your home with similar properties that have recently sold in your specific location within PE6. Whether you are in a village like Glinton or a larger settlement like Thorney, we find relevant comparables to support an accurate valuation.

Flood risk is another important factor that can affect property values in parts of PE6. Thorney in particular has areas with flood risk, and the Environment Agency issues flood warnings for this area. Our valuation report notes any flood risk if identified during the inspection, as this information is important for insurance purposes and may be relevant to your mortgage lender. We assess the specific location and any flood mitigation measures in place when compiling our valuation.

New build developments like those at Beaufort Gardens, Harrington Drive, and Abbey Park may have different valuation considerations compared to older properties. These can include the age of the property, remaining NHBC warranty, and any service charges associated with the development. Our valuers understand these nuances and provide accurate valuations that reflect your property's specific circumstances. We also take into account the remaining lease term, as this is a critical factor in shared ownership valuations.

• Recent comparable sales in your village or development
• Property condition and any required repairs
• Local amenities and transport links
• Flood risk assessment
• Remaining lease term
• New build premiums or discounts