Help to Buy Valuation in Orkney Islands

Since the Help to Buy (Scotland) Equity Loan scheme closed to new applications in February 2021, many owners who bought through it have reached the point where they need to redeem their equity loan. That redemption requires a RICS Red Book valuation from a qualified surveyor. The figure in that valuation sets the current market value of your property, and that in turn affects how much you will pay to redeem the loan. For Help to Buy Scotland purposes, the report must be prepared by a RICS-qualified surveyor and issued on official headed paper.

Across Orkney, getting the valuation right matters, especially in a market that has grown so sharply. Average property prices in the islands are now £230,000, with detached homes averaging £304,000 and flats starting at around £119,000. If you bought some time ago, there is a good chance your home is now worth noticeably more, which can change your equity loan redemption figure. Our surveyors value all sorts of properties across Orkney, from traditional sandstone homes in conservation areas to newer developments around the edge of Kirkwall.

Your valuation report remains valid for three months from the date of inspection, which usually gives enough time to complete the redemption process with Help to Buy Scotland. At the inspection, our surveyor looks at the condition, size and location of the property, then compares it with recent sales of similar homes nearby to arrive at the current market value. On Orkney's more remote outer islands, extra points come into play too, including accessibility, local services and transport links to the mainland.

We regularly carry out valuations across the Orkney mainland and the connected islands. In the past 12 months, approximately 290 sales were recorded on the mainland and connected areas, with around 43 sales on the outer islands. That local transaction evidence helps our surveyors produce accurate, evidence-based valuations that match the real market in your particular part of Orkney.

• RICS Red Book compliant valuation
• Valid for 3 months
• Experienced Orkney surveyors
• Full market value assessment

Few parts of Scotland have seen price rises like Orkney. Over the past five years, property prices here have increased by over 60%, making Orkney the council area with the steepest rise in Scotland during that span. The average price is now £230,000, after a further 13.5% increase in the past year alone. For Help to Buy owners, that kind of growth can mean a much higher current value than the original purchase price, which feeds directly into the equity loan redemption amount.

Not every Orkney home sits in the same price bracket, and property type makes a real difference to valuation. Detached homes have the highest average at £304,000, while flats and maisonettes come in at around £119,000. Semi-detached and terraced properties, both common in Kirkwall and Stromness, average £218,000 and £182,000 respectively. Our surveyors factor in all of these market patterns when assessing your property.

Orkney's economy rests on several sectors, including tourism, agriculture, fishing, renewable energy and public sector employment. Those industries shape buyer demand and, in turn, local property values across the islands. Island life also brings practical issues around ferries, flights and general accessibility, all of which can affect value. Our surveyors take these local conditions into account in every Help to Buy redemption valuation we arrange.

One reason prices have kept climbing in Orkney is the lack of homes coming onto the market. There have been only 333 sales across the islands in the past 12 months, so demand continues to outstrip supply. The pressure is often strongest for family houses and properties with land, where competition can be intense. Our surveyors reflect that supply and demand imbalance when arriving at market value.