Help to Buy Valuation in BN23

A Help to Buy valuation is a specific type of RICS Red Book valuation required by Homes England when you want to repay your equity loan or sell your property. A standard mortgage valuation will not do. This has to be carried out by a RICS-regulated surveyor and addressed directly to Homes England. The report gives an independent view of your property’s open market value at redemption, and that figure is what sets the amount needed to clear the equity loan. It is a legal requirement under the Help to Buy scheme, and there is no substitute with another kind of valuation.

The BN23 area, covering parts of Eastbourne including Willingdon and Stone Cross, has seen 374 residential property sales over the last year according to homedata.co.uk data. We draw on that local market evidence, together with at least three comparable sales from within the last six months and ideally within a two-mile radius, to produce a valuation that satisfies Homes England requirements. In the BN23 5 area specifically, recent sales data shows detached properties averaging around £669,930 and terraced properties at approximately £383,188, according to homedata.co.uk property data.

Bear in mind that the valuation has to leave out any improvements you have made since buying through Help to Buy. Our surveyors carry out detailed internal and external inspections so the figure reflects the property’s current condition, while still accounting for alterations or additions that may affect the assessment. So if you have extended the kitchen, added a conservatory, or renovated the bathrooms, those changes are not included in the equity loan repayment calculation. The valuation is based on the property as it was originally purchased, plus any fair wear and tear.

We also look for structural issues that could affect the figure, including signs of subsidence in areas with clay soil, and flood risk for homes near the Eastbourne coast. Our inspectors know the common defects seen in local stock, from Victorian and Edwardian terraced houses in the town centre to newer developments around Willingdon and Stone Cross.

• RICS-regulated surveyor
• Homes England compliant
• 3-month validity
• Internal and external inspection
• Minimum 3 comparable sales
• No conflict of interest

If you bought through the Help to Buy scheme in BN23, Homes England provided an equity loan to top up your deposit. This loan is usually up to 20% of the property value, or 40% in London, and there is no interest on it for the first five years. When you redeem the loan, either by repaying it or selling the property, you need an official RICS valuation to work out the settlement amount. The equity loan is based on the property value at the time of purchase, not the current value, which is why a current valuation matters.

The BN23 housing market has moved around a little recently, with homedata.co.uk reporting a 0.21% increase over the last 12 months, while home.co.uk data shows a 3% decline compared to the previous year. Those shifts make it important to get an up-to-date valuation from a qualified professional who knows the local market. The valuation is valid for three months, so timing the survey properly matters. If you are selling, we suggest getting it done early in the process.

When our valuers assess a property in BN23, they look at everything that matters, from its Eastbourne location and the building’s condition to recent comparable sales close by. We give you a detailed breakdown of how the figure was reached, so the assessment is clear and fair. We know the range of property types here too, from flats averaging around £226,875 to detached homes at approximately £384,090.

Many BN23 homeowners are not aware that negative equity protection may apply. If your property has fallen in value since you bought it through Help to Buy, you may be able to repay your equity loan for less than the original percentage. That can mean significant savings, especially with BN23 prices currently around 9% below the 2022 peak. A RICS valuation is required to confirm the current market value and to qualify for this protection.