Help to Buy Valuation in SP5 Salisbury

The Help to Buy equity loan scheme closed to new applications in October 2022, yet thousands of homeowners across SP5 and the wider Wiltshire area still have loans outstanding. Once a property is being sold or remortgaged, Homes England requires an independent RICS valuation to work out the repayment amount. Our team has guided numerous SP5 homeowners through this process, and we know how unsettling it can be when the repayment figure is still unknown.

The figure is worked out from the current market value, not the price you originally paid. So, if an SP5 home has risen in value since purchase, the repayment goes up too. If the market has dipped, the valuation may come in below the original purchase price, and that changes how Homes England calculates the repayment. We have seen this play out in places such as Lower Bemerton and Stratford sub Castle, where shifts in value have had a direct impact on the equity loan calculation.

Local knowledge matters here. Home.co.uk data shows an 8% decrease compared with the previous year, and a 12% drop from the 2023 peak of £583,226, so a current, accurate view of the market is essential. We keep a close eye on conditions across SP5, from Whiteparish and Alderbury to homes closer to Salisbury city centre.

SP5 covers a broad spread of homes, from modern new-builds that were popular with the Help to Buy scheme to older period properties in conservation areas. Our valuers work on all of them, including the detached houses that make up much of the rural village market and the terraced homes nearer Salisbury. That local experience helps the valuation land where it should, and keeps it in line with Homes England requirements.

• Compliant with all Homes England requirements
• RICS registered valuers with local knowledge
• Physical inspection included
• Comparable properties from within the area

Our RICS valuers carry out a full physical inspection, looking at both the interior and exterior so they can judge the home’s condition and market value. Depending on the size and complexity of the property, the inspection usually takes around 30-60 minutes. We measure each room, photograph key features, and note any alterations or extensions that could affect value.

During that visit, we assess the roof, walls, windows, doors, plumbing, electrical systems, and any visible defects or maintenance concerns. In SP5, we pay close attention to the kinds of construction that are common in Wiltshire, including brick, flint and local stone. Older period homes often have traditional lime mortar pointing rather than modern cement, and that can affect both condition and upkeep.

We also look at the grounds and any outbuildings, as well as the property’s setting within the local area. Proximity to schools in Salisbury, transport links, and local amenities all play a part in the market value. The valuer will also check for anything that could drag the figure down, such as nearby development sites or environmental considerations. In SP5, we are aware of several development sites that may affect values in particular spots.

Wiltshire geology includes clay soils in some areas, and those can cause shrink-swell movement that affects foundations. Our valuers are trained to spot signs of structural movement, including cracking patterns that may point to subsidence or heave. SP5 is not in a high-risk flood zone, but we still check for any history of flooding or drainage problems that could affect value or marketability.

• Interior condition and fixtures
• Exterior walls and roofing
• Windows and doors
• Plumbing and electrical basics
• Boundaries and grounds
• Parking and access

Homes England has clear requirements for a Help to Buy valuation. It must be carried out by a RICS registered valuer with MRICS or FRICS status. AssocRICS surveyors are not typically accepted for equity loan redemptions. Our team is made up entirely of MRICS and FRICS qualified valuers, all registered with RICS and experienced in Help to Buy valuations across the SP5 area.

The report needs to be on company-headed paper and signed by the RICS surveyor. It must be addressed to Homes England, formerly Target HCA, and include at least three comparable properties with their sale prices. Those comparables should be similar in type, size, and age to your property, and preferably within a two-mile radius of your SP5 home. We know the recent sales picture across SP5 sub-areas well, from SP5 1 covering the Salisbury centre to SP5 5 including villages like Whiteparish and Alderbury.

The inspection date must be shown clearly on the report, and the valuation is usually valid for three months from that date. If the transaction drags on, a fresh full valuation may be needed. Our valuers know these requirements inside out and produce reports that meet Homes England standards. We also advise on timing, so the valuation stays valid for as much of the sale or remortgage process as possible.

• MRICS or FRICS designation required
• Report on company-headed paper
• Minimum 3 local comparables
• Physical inspection mandatory
• Addressed to Homes England