Help to Buy Valuation in CM20

A Help to Buy valuation is a particular kind of RICS Red Book valuation used when you are repaying, or redeeming, a Help to Buy equity loan, remortgaging, or when Homes England asks for an updated figure. It is not the same as a standard mortgage valuation. The report has to be completed by a RICS regulated valuer and addressed to "Target HCA", the Homes and Communities Agency. Its purpose is to give an independent view of the property's current market value, which is the figure used to work out how much equity has to be repaid. Get the valuation type wrong and the redemption application will be rejected.

In CM20, our valuers carry out Help to Buy valuations in line with strict RICS Red Book requirements. That means a full internal inspection, a review of at least three comparable sales in the local area, and consideration of improvements made since the property was bought. The finished report is an official document that meets Homes England requirements for equity loan redemption calculations. We look at the general condition of the property, then drill into points such as extensions, loft conversions and updated kitchens where they may influence value.

Across CM20, the valuation needs to reflect live market conditions in Harlow. Recent figures put the overall average property price in CM20 at approximately £309,122, but values differ a good deal by property type. Detached homes average around £451,438, while flats typically change hands at about £222,956. Our surveyor uses genuinely relevant comparables from the local market to arrive at an accurate market value, with particular attention to similar developments and streets within the CM20 postcode.

The report remains valid for three months from the date of inspection, which usually gives enough time to move through an equity loan redemption or remortgage. If that period runs out, or your circumstances shift, a new valuation will be needed so that Target HCA's requirements are still met. Timing matters here. We can talk through the best point to book, based on your situation and the point at which your lender needs the report.

• RICS Red Book compliant
• Addressed to Target HCA
• Valid for 3 months
• Includes comparable evidence
• Interior inspection included

For Help to Buy redemptions in CM20, the amount you repay is calculated using the current market value of the property minus the outstanding mortgage balance. The equity loan percentage stays fixed at the original purchase price, but the pound-for-pound repayment amount changes as property values change. So, if you took a 20% equity loan on a home originally worth £250,000, you would owe £50,000 plus any accrued interest. If that property is now worth £300,000, you would still only owe 20% of the original £250,000 (£50,000), which means a lower percentage of the current value. That is exactly why the current valuation needs to be accurate.

Recent figures for CM20 show that not every part of the postcode is moving in the same direction. CM20 1 recorded a 1.7% price decrease over the last year, while CM20 2 saw 7.7% growth. That spread is a good example of why local knowledge matters. A RICS valuer who knows Harlow can judge how a particular property and location have actually performed, and our valuers factor those local market conditions into the valuation. We have seen especially strong growth in certain streets and developments within CM20 2.

Sales activity in CM20 has eased, with the total number of property sales falling to 176 transactions in the last year. Fewer deals can make it harder to find perfect comparables, which is where experience in the Harlow market really counts. Our local valuers know the area well and can make sensible adjustments for location-specific factors. Where recent sales are limited, they may rely on slightly older evidence and adjust it appropriately.

Property values do not only move one way. If your home is worth less now than when you bought it through Help to Buy, the equity loan repayment will still be based on the original loan percentage of your purchase price. You will, however, still need an official RICS valuation to confirm the current market value for the redemption calculation. During the inspection, our valuers can explain how that works in your particular case.

• Check your Target HCA statement
• Verify outstanding loan amount
• Arrange RICS valuation
• Calculate repayment figure
• Complete redemption process