Shared Ownership Valuation in Wigan

Shared ownership properties have a unique valuation methodology that differs from standard residential properties. When you own a share of your property (typically between 25% and 75%), the valuation must calculate both the full market value of the property and your specific equity share. This is essential for housing associations and mortgage lenders to determine accurate figures for staircasing transactions, resales, or remortgaging. In Wigan, where the average property price sits around £199,000, understanding your exact share value can make a significant difference to your financial planning. Our surveyors use the latest market data and comparable sales in your specific postcode area to ensure accuracy.

Many shared owners in Wigan are unaware that they are legally required to obtain a RICS valuation when selling their share or purchasing additional shares. Housing associations often have specific requirements regarding who can conduct these valuations, and using an unregulated evaluator can result in transactions being delayed or rejected. We work closely with all major housing associations that operate in the Wigan borough, including Regenda Homes who manage numerous schemes across the borough, Onward Homes, Great Places Housing Group, Jigsaw Homes Group, and Sanctuary Housing. Our reports consistently meet their exacting standards and are accepted without question.

The Wigan property market has shown steady growth with prices increasing by approximately 2-4% over the past year, though some postcode districts like WN1 have seen more significant increases of up to 8-19%. This positive trend makes it particularly important to obtain an accurate, up-to-date valuation whether you are looking to staircase or sell. Properties in areas like WN1 (town centre), WN3 (Ashton-in-Makerfield), and WN6 (Standish) can vary significantly in value - for example, flats in WN3 average around £78,333 while in WN1 they average £130,000 - so local knowledge is crucial for an accurate assessment.

One aspect that makes Wigan valuations unique is the legacy of coal mining in the area. Many parts of the borough are built on former coalfields, and our surveyors are experienced in identifying potential ground stability issues that could affect property values. We can advise whether a mining report would be beneficial for your specific property location, particularly if you are in areas like Billinge, Orrell, or other former mining villages.

There are several circumstances where you will require a shared ownership valuation in Wigan. The most common is when you want to staircase - that is, buy additional shares in your property. Housing associations are legally required to obtain an independent RICS valuation before agreeing to sell you more equity. The valuation determines the current market value of your property, which sets the price you will pay for the additional shares. With average Wigan property values around the £199,000 mark, even a small percentage increase in your share can represent thousands of pounds, making an accurate valuation essential for your financial planning.

Selling your share on the open market also requires a shared ownership valuation. Housing associations typically have the first right to buy your share, and they will require a current RICS valuation to determine their purchase price. If you are selling to another buyer, they will also need their own valuation for their mortgage application. Our valuation reports are accepted by all major housing associations and mortgage lenders operating in the Wigan area. We understand the specific timelines housing associations work to and can ensure your report is delivered promptly to avoid delays in your transaction.

Some shared owners in Wigan also require valuations for remortgaging purposes, particularly if they want to switch to a different mortgage product or lender. Additionally, if you are looking to extend your lease or make any significant alterations to the property, your housing association may request a valuation to assess the impact on the overall property value. Our surveyors provide valuations that meet all these requirements and can advise on any additional factors specific to your situation, such as whether the property has been modified from its original specification.

that valuations have a validity period, typically 3-6 months. If you are considering staircasing, we recommend obtaining your valuation as close to when you intend to proceed as possible, as property values in Wigan can change. With the market showing positive growth in certain postcode areas, waiting could mean paying more for additional shares.

Wigan has become an increasingly popular area for shared ownership due to its relatively affordable property prices compared to other parts of Greater Manchester. The average property price of around £199,000 makes it accessible for first-time buyers who may struggle to purchase on the open market. Several new developments in the area offer shared ownership options, including properties from developers like Prospect Homes at The Avenue on Wigan Lane, David Wilson Homes at Winstanley Park, and Bellway at Hawley's Place. These developments offer modern homes with energy-efficient specifications that can be attractive to buyers.

The town has seen significant regeneration in recent years, with new housing developments bringing modern, energy-efficient homes to the area. However, Wigan also has a substantial stock of older properties, particularly terraced houses in areas like Mesnes Park, Swinley, and the town centre. Many of these older properties can present valuation challenges due to their construction age, potential for maintenance issues, and in some cases, historical mining activity. Our surveyors understand these local nuances and factor them into every valuation, drawing on their experience with properties across all eras of construction in the borough.

Transport links make Wigan an attractive location for commuters, with regular train services from Wigan North Western and Wigan Wallgate stations to Manchester, Liverpool, and beyond. The M6 motorway passes close to the borough, providing easy access to the wider North West region. These factors all influence property values and are considered in your shared ownership valuation. Properties within easy reach of the motorway or railway stations typically see stronger demand, which can positively affect both full market value and your equity share.

The new build market in Wigan shows strong activity, with 115 new properties sold in the last twelve months at an average price of £261,000. Developments like Poppy Fields from Keepmoat Homes and Wharfedale from Miller Homes offer various price points from £179,995 to £469,995, giving shared ownership buyers plenty of options. However, that new build properties often command a premium over equivalent older properties, which affects both initial valuation and potential for value growth.