RICS Registered Valuers for Shared Ownership Properties in Preston
Regulated
If you own a shared ownership property in Preston and are looking to staircase to a higher share, remortgage, or sell your share, you need a qualified valuation from a RICS registered surveyor. We provide fast, accurate shared ownership valuations throughout PR1 and the wider Preston area, helping you understand the true market value of your property and make informed decisions about your shared ownership journey. Our team of RICS registered valuers understands the unique complexities of shared ownership properties in Preston and works closely with all major housing associations operating in the area.
Whether you are based near the city centre close to the University of Central Lancashire, in a terraced house in the historic areas around Winckley Square, or in a modern apartment development, we have the local expertise to provide a comprehensive valuation that meets all lender and housing association requirements. Preston has seen steady property market activity with around 48 property sales per month in the PR1 area over the past year, and our valuers stay current with all local market trends to ensure accurate assessments. We pride ourselves on delivering clear, professional valuation reports that give you confidence in your next steps.
£164,000 - £183,000
Average House Price (PR1)
£330,000 - £347,000
Detached Properties
£204,000 - £209,000
Semi-Detached Properties
£124,000 - £131,000
Terraced Properties
£86,000 - £89,000
Flats / Apartments
48 properties
Monthly Sales (Avg)
A shared ownership valuation is a specialized property assessment required when shared ownership leaseholders want to purchase additional shares in their property (known as staircasing), remortgage their shared ownership property, or sell their share on the open market. Unlike standard mortgage valuations, a shared ownership valuation considers the leasehold nature of the property, the remaining lease term, the share percentage owned, and the specific terms of the shared ownership lease with the housing association. Our valuers are experienced in dealing with all the major housing associations and understand the specific requirements each organization has for valuation reports.
In Preston, shared ownership properties can be found across various developments throughout the PR1 postcode, from city centre apartments to terraced houses in residential areas. The PR1 area has seen approximately 2,511 property transactions over the last three years, providing our valuers with extensive comparable sales data to draw upon. Our valuers will assess your property based on current market conditions in Preston, comparable sales data for similar shared ownership properties in the area, and the specific terms of your lease. This ensures you receive an accurate valuation that satisfies both your lender and housing association requirements.
The valuation report includes a detailed assessment of the property's current market value, the value of the shares, and any other factors that may affect the property's worth such as location, condition, and lease terms. We understand that shared ownership properties in Preston may have specific considerations, including proximity to the University of Central Lancashire which influences the rental market, and the age and type of construction prevalent in different parts of the city. Properties near the University often command premium rental values, which can positively influence overall property valuations in those areas.
The housing mix in PR1 is approximately 20% detached properties, 34% semi-detached, 37% terraced, and 10% other property types, giving our valuers a clear picture of the local housing stock. This diversity means that whether you own a Victorian terraced house near Winckley Square or a modern city centre apartment, we have the local knowledge to provide an accurate assessment. Our team regularly values properties across all these property types and understand how each segment of the market behaves differently in the current economic climate.
We pride ourselves on providing clear, comprehensive valuation reports that give you confidence in your shared ownership decisions. Our RICS registered valuers have extensive experience in the Preston property market and understand the local factors that influence property values across PR1. From the Victorian terraced streets near the city centre to the modern developments on the outskirts, we have the knowledge to provide an accurate assessment of your property. We have conducted valuations on properties throughout Preston, from the historic Georgian squares to newer residential developments.
Our service includes a thorough inspection of the property, comprehensive market research using local data, and a detailed report delivered within standard timescales. We understand that shared ownership transactions often have tight deadlines, and we work hard to ensure your valuation is completed promptly without compromising on quality or accuracy. Most valuations in PR1 are completed within 5-7 working days of the inspection, and we offer expedited services where needed. Our valuers are familiar with all the common developments in the area and can often provide additional context about local factors that may affect your property's value.
When valuing shared ownership properties in Preston, we take into account numerous local factors beyond just the property itself. This includes proximity to the University of Central Lancashire which drives demand for both rental and purchase properties, access to Preston railway station for commuters, the quality of local schools, and the overall desirability of the neighbourhood. Properties in conservation areas such as those around Winckley Square may command premium values due to their character and historical significance, and our valuers understand how these factors specifically impact shared ownership valuations.
Source: Zoopla/Rightmove 2024
Book your shared ownership valuation online or over the phone. We'll arrange a convenient appointment time for our valuer to visit your Preston property. Our booking system offers flexible appointment times to fit your schedule, and we aim to accommodate short-notice requests where possible.
Our RICS qualified valuer will visit your property to conduct a thorough inspection, measuring the accommodation and noting the condition and any improvements. The inspection typically takes between 30-60 minutes depending on the size and complexity of your property. We'll look at all key aspects including rooms, fittings, and any visible defects.
We conduct comprehensive research using local market data, comparable sales, and our knowledge of the Preston property market to determine an accurate valuation. This includes analyzing recent sales of similar properties in PR1, assessing current market trends in the area, and considering any factors specific to your location or property type. We have access to extensive database of local property transactions to support our valuations.
Your detailed valuation report will be prepared and delivered to you, typically within 5-7 working days of the inspection. The report will include the current market value, your share value, and all necessary information for your housing association or lender. We'll also explain the findings in plain English and answer any questions you may have about the valuation.
If you are staircasing to 100% ownership, you will typically need a full market value valuation. For partial staircasing, the valuation will assess the value of the additional share you wish to purchase. Always check with your housing association regarding their specific valuation requirements before proceeding. Different housing associations may have different processes and timeline requirements, so it's worth contacting them early in your staircasing journey.
Preston offers a diverse range of housing options that are suitable for shared ownership purchasers. The city centre features numerous apartment developments, many of which are popular with first-time buyers and young professionals working in the city. The University of Central Lancashire creates ongoing demand for rental accommodation, which can influence the shared ownership rental values and potential rental income for leaseholders. With around 35,000 students at UCLan, there is consistently strong demand for properties near the university campus, making this an attractive area for shared ownership investors and owner-occupiers alike.
The housing stock in PR1 includes a significant proportion of terraced properties, particularly in the areas surrounding the city centre and near Winckley Square where Georgian architecture can be found. These period properties often appeal to families looking for shared ownership options with more space. The Georgian properties in the Winckley Square area are particularly sought after and are often listed buildings, which can affect both valuation and any improvement works you may want to undertake. Semi-detached properties are also prevalent throughout PR1, offering a good balance of indoor and outdoor space at competitive prices compared to detached properties.
The Preston property market has shown resilience in recent years, with property prices in some parts of PR1 growing by around 3.2% in the last year according to recent data. However, market conditions can vary across different parts of the postcode, and our valuers understand these local nuances. in a popular area like Fulwood or a more affordable terraced street near the city centre, we'll provide an accurate valuation based on current local market conditions. We track all the latest market data for PR1 to ensure our valuations reflect the most current situation.
When valuing shared ownership properties in Preston, our valuers consider various local factors including the proximity to the city centre and its amenities, access to transport links including Preston railway station which provides direct services to Manchester, Liverpool, and London, the quality of local schools, and the overall desirability of the neighbourhood. Properties near Winckley Square and the conservation areas may command premium values due to their character and historical significance. The River Ribble runs through Preston, and properties very close to the river may have additional considerations for flood risk that can affect valuation, though this is typically not a major concern for most properties in PR1.
Your shared ownership valuation report will contain several important sections that you need to understand. The report will state the current market value of your property, which is the price it would sell for on the open market. It will also specify the value of your current share and the value of any additional shares you are looking to purchase. This is crucial for staircasing calculations as it determines how much you need to pay for each additional percentage of ownership. Our reports are designed to be clear and straightforward, avoiding unnecessary technical jargon while still providing all the detail required by lenders and housing associations.
The report includes details about the property's construction, condition, and any factors that may affect its value. For properties in Preston, this may include references to the local geology, flood risk from the River Ribble, or any preservation requirements if the property is in a conservation area. We check all relevant environmental factors including flood risk and ground conditions when assessing properties in PR1. Understanding these factors helps you make informed decisions about your shared ownership property and any improvements you might want to make in the future.
We ensure our reports are clear and easy to understand, with no jargon or confusing terminology. Our valuers are happy to discuss the findings with you and answer any questions you may have about the valuation or what it means for your shared ownership plans. If you're staircasing, we can explain how the valuation affects your path to full ownership. If you're remortgaging, we can help you understand how the valuation impacts your borrowing potential. Our team is here to support you throughout the process.
A shared ownership valuation is a specialized assessment of your property's value conducted by a RICS registered valuer. It is required when you want to staircase to a higher share, remortgage, or sell your shared ownership property. The valuation differs from a standard mortgage valuation as it considers the leasehold nature of the property and the specific shared ownership lease terms, including the remaining lease length and the arrangements with your housing association. In Preston, our valuers are familiar with the various housing associations operating in the area and understand their specific requirements for valuation reports, ensuring your valuation meets all necessary criteria.
Shared ownership valuations in PR1 typically start from around £350, depending on the type of valuation required and the complexity of your property. For larger properties or those requiring more detailed assessment, such as historic buildings in conservation areas like Winckley Square, the cost may be higher. We provide clear pricing upfront with no hidden fees, and we'll always confirm the total cost before proceeding with the valuation. The price reflects the complexity of assessing shared ownership properties, which require additional calculations compared to standard valuations.
The inspection itself usually takes between 30 minutes to an hour, depending on the size and complexity of your property. We then aim to deliver your valuation report within 5-7 working days of the inspection, which is standard for the Preston area. If you need the report urgently, please let us know and we will try to accommodate your timeline. We understand that shared ownership transactions often have tight deadlines, particularly when staircasing or remortgaging, and we work hard to deliver promptly without compromising on quality.
Yes, most housing associations and mortgage lenders require a RICS registered valuer to conduct shared ownership valuations. This ensures the valuation is carried out to professional standards and provides the necessary assurance for all parties involved in the transaction. Our RICS registered valuers are familiar with all the major housing associations operating in the Preston area and understand their specific requirements. Using a RICS registered valuer like ourselves ensures your valuation will be accepted by your housing association and lender without delays or complications.
Property values in Preston can fluctuate based on market conditions, and it's common for values to change over time. Your shared ownership valuation will reflect the current market value at the time of assessment, which may be higher or lower than your original purchase price. Recent data shows PR1 property prices have shown variation, with some areas seeing growth of around 3.2% in the last year while other areas have seen different trends. This is normal and the valuation will provide an accurate reflection of your property's current worth, giving you the information you need to make decisions about staircasing, remortgaging, or selling.
Yes, our shared ownership valuations are accepted by most housing associations and lenders for staircasing purposes. We understand the specific calculations required for staircasing and will provide all the necessary information in your report, including the full market value and the value of each individual share. However, you should always check with your specific housing association to ensure our valuation meets their particular requirements before proceeding, as different associations may have different processes or additional documentation requirements.
Several factors can influence your property's value including its location within PR1, the type and age of construction, the condition of the property, the remaining lease term, and current market conditions in Preston. Proximity to the University of Central Lancashire, transport links including Preston railway station, and local amenities also play a role in determining value. Properties in conservation areas like Winckley Square may command premiums due to their character, while properties near the River Ribble may need consideration for flood risk. Our valuers take all these factors into account when assessing your property, drawing on their extensive local knowledge of the PR1 area.
You should provide your lease agreement, any previous valuation reports, and details of any improvements you've made to the property since purchasing. It also helps to have your mortgage statements and any correspondence from your housing association readily available. If you've made significant renovations or extensions, providing invoices or receipts can help justify any increase in value. Our team will let you know exactly what we need when you book your valuation, and we're happy to answer any questions about documentation requirements.
The shared ownership valuation process involves assessing both the full market value of the property and the value of each individual share. Our valuer will inspect the property, research comparable sales in the Preston area, and calculate the value of your current share plus any additional shares you wish to purchase. This is different from a standard valuation because we need to provide figures that allow you to calculate the cost of staircasing. We also assess the lease terms and any restrictions that may affect the property's value, ensuring the report meets all housing association requirements.
From £400
Detailed condition survey for modern properties
From £550
Comprehensive survey for older or complex properties
From £80
Energy performance certificate for your property
From £350
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RICS Registered Valuers for Shared Ownership Properties in Preston
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Homemove is a trading name of HM Haus Group Ltd (Company No. 13873779, registered in England & Wales). Homemove Mortgages Ltd (Company No. 15947693) is an Appointed Representative of TMG Direct Limited, trading as TMG Mortgage Network, which is authorised and regulated by the Financial Conduct Authority (FRN 786245). Homemove Mortgages Ltd is entered on the FCA Register as an Appointed Representative (FRN 1022429). You can check registrations at NewRegister or by calling 0800 111 6768.
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