Help to Buy Valuation in Dartington

A Help to Buy valuation is a specialist RICS Red Book report the Help to Buy scheme administrator asks for when you want to redeem your equity loan in full, or staircase by buying extra shares of between 10% and 75% in 5% increments. It is not the same as a standard mortgage valuation. We arrange for a RICS-registered valuer to carry it out, following the RICS Valuation Standards, the Red Book, and the assessment is based on open market value without any mortgage lending assumptions.

We base the valuation on the current open market value of the property, looking at local property prices, the condition of the home, and comparable sales in the Dartington area. Our valuers inspect internally and prepare a detailed report ready to submit to the Help to Buy scheme administrator. That report includes close analysis of recent sales across the TQ9 postcode area and nearby South Hams villages, so the figure is properly grounded.

Help to Buy equity loans were only offered on new-build homes, and the scheme closed to new applicants in December 2020. Existing Help to Buy customers can still redeem their loans or staircase under the original terms of their agreements. So if you bought in Dartington through the scheme, likely on a new-build development such as St Mary's, you can still move ahead with redemption or staircasing.

• RICS Red Book compliant
• Internally inspected
• HCA recognised
• Accepted by all major lenders

Dartington has a mixed housing market, from historic estate homes to more recent new builds. Average property value in the village is about £484,000, although the figure shifts a lot by type. Detached homes are around £609,200 on average, while semi-detached homes sit closer to £375,000. We see steady demand from families attracted by the strong local schools, and from retirees looking for a quieter Devon countryside setting.

Because Help to Buy only applied to new-build homes, any property bought through the scheme here would have been newly built. In the Dartington area, that includes developments such as St Mary's in TQ9 6TH, where modern detached homes are available. These homes often retain value well, although the wider Devon market has adjusted since the 2023 peak. We account for that new-build premium in the valuation, along with the factors that influence modern construction values.

For a Help to Buy valuation, we look at more than nearby sales. Our valuer also considers the property's condition, any changes made since purchase, and the standard of local amenities. In Dartington, even nearby pockets can behave differently. The Tolchers area is a good example, with prices up 5% year-on-year and now 47% above the 2017 peak.

Property values in this part of South Devon are shaped by several very local factors, and our valuers know them well. The link to Totnes station, with services to London Paddington, can influence demand. So can the catchment for Torquay grammar schools, and the appeal of the Dartington Hall grounds. We weigh all of that in every Help to Buy valuation we carry out here.

• New build premium considered
• Recent comparable sales
• Property condition
• Local market trends
• Modern development specifics

Across Dartington, many owners are now reaching the stage where a decision on their Help to Buy equity loan cannot be put off for much longer. That applies whether the purchase was at St Mary's or another new-build development in the TQ9 area. The scheme helped first-time buyers onto the ladder, but with values shifting since the 2023 peak, the sums behind redemption or staircasing may look quite different now.

Thinking about staircasing? Under the scheme, ownership can be increased in 5% increments, beginning at 10% and going up to 75%. Each staircase needs a fresh valuation, and the price of the extra share is tied to the current market value at that point. We can also give an indication of value before the formal valuation goes ahead, which can help with budgeting.

For full redemption, the amount due will include the original loan amount, any accrued interest, and the 1% redemption fee. With Dartington values sitting 15% below the 2023 peak, some owners may now be dealing with a lower property value than before. Our report sets out the current market valuation clearly, so you can see exactly what full redemption is likely to require.