Help to Buy Valuation in St. Minver Lowlands

Help to Buy equity loan purchasers could borrow up to 20% of the property value, or 40% in London, alongside a minimum 5% deposit. When a sale or remortgage is on the table, the government asks for a RICS Red Book valuation to pin down the current market value. That figure drives the equity loan repayment amount, so the sum repaid is usually 20%, or whatever percentage was borrowed, of the sale price, not the original loan. In St. Minver Lowlands, where property values have risen by 8% year-on-year, that can make a real difference. Our team has valued everything here, from starter homes to luxury coastal residences.

Our RICS valuers go through every accessible part of the house, checking walls, ceilings, floors, windows and doors before we leave. We measure each room, take photographs of key features, and note improvements that might move the figure. For St. Minver Lowlands, we then compare recent sales in similar postcode sectors, and for PL27 6 we study transactions from the last 24 months so the valuation tracks current conditions. The average price per square metre in this sector sits at £3,960, while half of transactions fall between £3,410 and £5,070 per square metre. That sold price evidence lets us adjust for location, type and condition.

St. Minver Lowlands brings its own valuation quirks, not least the heavy share of second homes and holiday lets. In November 2021, about 71% of properties here were reported as second homes or holiday lets, well above the national average, and in Trebetherick and Polzeath the figure climbs to around 80%. That changes how the market behaves. Our valuers know what that means for coastal Cornwall, whether a place is a main home or likely to be treated differently. We fold those local factors into the market value.

Affordable housing restrictions can weigh heavily on values here. The Dingles Way site in Rock, delivered by the St Minver Community Land Trust, is one example, with homes sold at steep discounts to open market value. Phase 1 homes went at 31.3% of market value, and Phase 2 homes at just over one-third. If a property sits on a scheme like that, we need to allow for covenants or other restrictions that affect resale. Our valuers are used to these local housing setups and the effect they have on Help to Buy figures.

• Detailed property inspection
• Comprehensive market research
• RICS Red Book compliant report
• Help to Buy Agency acceptance guaranteed
• Fast turnaround options available

The St. Minver Lowlands area has seen a number of affordable housing schemes that sit alongside Help to Buy, or similar equity-based arrangements. One of the best known is the Dingles Way site in Rock, where the St Minver Community Land Trust delivered 12 affordable self-build homes in Phase 1 (2008) and another 12 in Phase 2 (2011). Those homes were sold well below open market value, with Phase 1 at 31.3% of market value and Phase 2 at just over one-third. If a property comes from a scheme like this, restrictions and covenants have to be built into the valuation. That local background is part of the job here.

In November 2023, Gilbert & Goode, part of Ocean Housing Group, put forward an affordable housing scheme at Menefreda Way in St Minver, with a public exhibition held that month. The plan is aimed at local need, and 42 households in St Minver Lowlands were identified as having housing needs, including 23 households aged 55+ looking for smaller accommodation. We keep an eye on proposals like this because resale restrictions or occupancy conditions can change the figure attached to a property. New schemes matter to our valuations, especially in a small parish market.

The St Minver Parishes Neighbourhood Development Plan points to a need for moderately priced homes, originally £200,000-£350,000 at 2015 prices, if skilled workers are to be drawn to the area. That policy backdrop matters, because it shows the push and pull between market value and affordability. In some parts of the St Minver parishes, 80% of properties are holiday lets or second homes, so the main residential market does not behave like a typical UK housing market. Our valuers weigh that into the open market value for Help to Buy, day in and day out. It takes local knowledge to read a place like this properly.

Tourism and related services drive much of the local economy in St Minver Lowlands, and that has a direct effect on both prices and the pool of homes available for permanent occupation. The seasonality can make the housing market move differently from inland areas. With so many second homes, some properties can also face different valuation considerations, including occupancy or use restrictions. Our team works with those conditions every day, and we can produce a figure that reflects the current market as it stands.