Help to Buy Valuation Somerset

The Help to Buy: Equity Loan scheme let buyers purchase a new build property with just a 5% deposit, while the government provided an equity loan of up to 20% (or 40% in London). Since new applications closed in March 2023, many homeowners have now reached the stage where they need to remortgage, sell, or clear the equity loan. A Help to Buy valuation is the starting point, and it has to be carried out by a RICS registered valuer working to Red Book standards. It is not the same as a standard mortgage valuation or a building survey, because it serves a specific legal purpose linked to the equity loan agreement with Homes England.

Homes England sets out strict rules, including the use of at least three comparable properties within a two-mile radius of the home, with a similar type, size, and age. The valuer must be independent of any estate agent and have no previous relationship with you or the property. Our surveyors in Somerset know these requirements well and produce reports that meet the standards Homes England asks for. We keep clear of estate agencies and property developers, so our valuations stay impartial and sit comfortably within the ethical rules set by RICS.

Flood risk is one factor we look at carefully in Somerset, especially where a property sits on the Somerset Levels. That risk does not automatically pull a value down, but it is a material point and our valuers take it into account. The Somerset Levels are among the lowest-lying agricultural land in the UK, and homes in places such as the River Yeo and Parrett catchments need particular attention during the valuation. Properties in flood risk zones may call for extra consideration, and our surveyors are used to weighing environmental factors against property values in this part of the county.

The repayment figure for your equity loan is worked out as a percentage of the CURRENT market value, not the price you first paid. So if the property has risen in value, the repayment will be higher, but if values have fallen, the amount could be lower than the original loan. Our valuers look at both the original purchase price and the current market value, so you only pay what the Help to Buy agreement requires. In Somerset, property prices have increased by approximately 1.1% over the past year, with semi-detached properties showing the strongest growth at 2.6%.

• RICS Red Book compliant valuation
• Homes England specific requirements
• Independent surveyor reports
• Valid for 3 months

Across Somerset, several new build schemes were completed under the Help to Buy: Equity Loan scheme. The Groves at West Pennard, near Glastonbury, includes two detached bungalows and four four-bedroom detached homes, with Help to Buy available. Henley Lane in Wookey, near Wells, offers eight new homes, including terraced, semi-detached, and detached properties, also with Help to Buy equity loans. Taylor Wimpey has been active across the county too, with developments such as Orchard Grove near Taunton and Centurion Rise in Crewkerne. These are the kinds of homes our valuers assess every day.

Other well-known Somerset developments include Mead Fields in Weston-super-Mare, with three and four-bedroom homes, and Cherry Blossom View in Midsomer Norton, where three-bedroom properties are available. Keyford on The Green in Frome has three-bedroom homes from approximately £320,000. If you bought through any of those schemes, or another Somerset development, a Help to Buy valuation will be needed when you remortgage or sell. Our valuers know how major developers build in the area and use comparable evidence from similar new build properties to value them properly.

Somerset’s property market has held up well, with overall prices increasing by 2% according to recent analysis, which adds around £6,700 to the average property value. Detached homes remain the most popular type, accounting for 29.4% of sales, while terraced properties make up 28.4%. That mix matters, because valuations need to be compared with the right type of home. Sales have fallen by 12.2% in the past year, or -1,900 transactions, so getting the figure right matters even more for homeowners planning to remortgage or sell.

The county’s economy was worth almost £12.4bn in Gross Value Added in 2021, and it is still largely built around small businesses. Somerset has a population of approximately 571,600, up by 7.8% since 2011, with much of that growth coming from inward migration from elsewhere in the UK. Main sectors include agriculture, tourism, and work linked to the Hinkley Point C nuclear power station project. Our valuers take those local economic pressures into account when assessing your property.