Help to Buy Valuation in Preston, East Riding of Yorkshire

A Help to Buy valuation is a specialist RICS Red Book valuation that Homes England, formerly the Homes and Communities Agency, asks for when you want to redeem your equity loan, remortgage or sell your Help to Buy property. It is not the same as a standard mortgage valuation. We arrange for a RICS-regulated valuer to inspect the property properly and assess its current market value using comparable sales data and a full physical inspection. The report also has to be addressed to "Target HCA" and set out in line with their rules on comparables and validity periods.

This valuation plays a central part in the Help to Buy process. When the property was first bought, the government contributed an equity loan of up to 20% of the property value, or 40% in London. If the value of the property has changed since then, the amount of equity to be repaid changes with it. The RICS valuation we provide gives the official figure that Homes England uses to work out your redemption figure. So if the property has risen in value, you may have to redeem more than you originally borrowed, and if values have fallen, you may repay less in cash, even though the loan still represents the same proportion of the current value.

We inspect the inside and outside of the property, looking at construction, condition and anything that could affect value. In Preston, that matters because the housing stock ranges from older village homes to newer builds. Where it is relevant to condition, we may note the local geology, including the boulder clay soils known to cause shrink-swell movement. Walls, floors, ceilings, roofs and foundations, where accessible, all form part of the assessment we provide for Homes England.

In Preston, East Riding of Yorkshire, valuation work needs a bit of local judgement because the housing stock is varied. You see everything from traditional brick-built cottages around Main Street to modern detached homes on the Persona Homes developments, and those different property types call for different comparables and different weighting in the assessment. Our team knows the factors that tend to shape value in this commuter village, including access to Hull, local school catchment areas and the restrictions that come with the village's Conservation Area.

The RICS Red Book sets the professional standard for property valuations, but a Help to Buy redemption needs more than a routine mortgage figure. Homes England says the report must be addressed to "Target HCA" and must include at least three comparable sales within a 2-mile radius of the property that sold within the last 90 days. Those rules are strict, and they are there to keep the valuation tied closely to the current market.

A Help to Buy valuation also involves a wider inspection than many basic mortgage valuations. Some lenders will rely on a drive-by or desktop approach for mortgage purposes, but Homes England requires us to arrange a physical inspection of both the interior and exterior. Our valuers measure each room, look at the condition of fixtures and fittings, and record any alterations or improvements since the original purchase. That way, the final figure reflects any extra value created by renovation or extension work.

Validity is another area where Help to Buy differs. These valuations are usually valid for only 3 months, while a standard mortgage valuation may stay valid for 3-6 months. The shorter 3 months period reflects the fact that the property market can move and Homes England wants up-to-date evidence when it calculates the redemption figure. We always suggest planning the timing carefully so you do not need a second valuation before the redemption completes.

Preston, East Riding of Yorkshire has a few local features that can influence value, and flood risk is one of them. The village lies relatively near the Humber Estuary, and some of the lower-lying land towards the river is exposed to flood risk from rivers, the sea and surface water. Most homes in the village itself are not in the highest-risk flood zones, but we will note any relevant flood risk shown in Environment Agency data. Properties near the eastern edge of the village, closest to the estuary, need especially careful consideration of flood history and any existing flood defences.

The geology matters here as well. Across the East Riding, boulder clay deposits are common, and this clay-rich soil can expand and contract as moisture levels change. That shrink-swell risk can affect foundations, especially in older homes with shallower foundations or in properties with large trees close by. During the inspection, we look for visible signs of subsidence or structural movement and record anything relevant to the market value assessment. On clay soils, buildings with trees nearby may need a more detailed structural assessment.

There is also a designated Conservation Area in Preston, centred on Main Street and the historic core, with St Augustine's Church included as a listed building. If a property sits within or close to that conservation area, restrictions on alterations may have a bearing on value. We are familiar with these local designations and reflect them in our assessment. Conservation area homes can bring extra maintenance responsibilities, but they may also achieve a premium because of their character and protected setting.

Construction in Preston varies a lot between the older village stock and the newer developments. Traditional homes in the centre are often built with solid brick walls and clay tile roofs, while the Persona Homes developments use modern cavity wall construction. Our valuers understand how those construction types can affect present condition as well as future maintenance needs. All of that feeds into the final valuation assessment.