Help to Buy Valuation in SY17

March 2023 marked the official end of the Help to Buy: Equity Loan scheme, but thousands of homeowners across the SY17 region still need to deal with outstanding equity loans. If you are planning to sell, remortgage to a new lender, or simply want a clear picture of where you stand financially, Homes England requires a formal RICS valuation.

That valuation sets the current market value of your home, and that figure is what your equity loan repayment is based on. It is worked out as a percentage of today's market value, not the price you originally paid. With SY17 values up 13% year-on-year and 2% above the 2023 peak, the loan often makes up a smaller share of the property's value than it did at the point of purchase.

Across SY17, we see a wide mix of homes, including older properties built with local rubble stone and finished with Welsh slate roofs. Those details appear in a number of the listed buildings found around the region too. Our RICS-registered valuers take these local construction features into account when judging market value.

Property in Wales does not always behave like other parts of the UK. In this area, values can shift with the rural setting, tourism in certain villages, and the balance between agricultural and residential property. Our valuers know the patch well, and that local judgement matters when a valuation needs to satisfy Homes England.

• Required for equity loan repayment
• Needed for remortgaging
• Homes England compliance
• RICS Red Book standard

SY17 covers a broad spread of property styles and building methods, and every assessment needs to reflect that. One of the defining features in this part of Wales is traditional local rubble stone construction, which sets many homes apart from the standard brick-built stock seen elsewhere in the UK.

Welsh slate roofs are common throughout the area, a reminder of the region's mining and quarrying heritage. They shape the look of many homes, but there is a practical side as well, particularly around insurance and maintenance. Our valuers know how to read those local construction details and factor them into market value.

Some properties in SY17 also come with listed status or notable historic character, and those homes need a more specialist approach. Restrictions on alterations and improvements can narrow or change buyer appeal. We have experience with heritage properties in SY17, so those points are properly covered in the valuation report.

Geology matters too. In parts of Wales, underlying clay soils can show shrink-swell behavior, which may lead to ground movement and, in some cases, subsidence issues. Our valuers are alert to these local geological conditions and consider them as part of the inspection.

For SY17 homeowners who bought through Help to Buy, the equity loan position is an important part of wider financial planning. Under the scheme, buyers could borrow up to 20% of the property value, or 40% in London, through a government equity loan. In Wales, the average Help to Buy stake was approximately £44,000, with an average property value of £229,375 in the last reported period.

Repayment is based on a percentage of the current market value, not the figure you paid at purchase. In SY17, the average property now stands at £289,696, up from the 2023 peak of £282,786, so the equity loan often accounts for a smaller percentage of the home's value than it did originally. At the same time, that rise may mean the property has gained considerably, which can make early repayment or remortgaging more appealing.

Homes England is specific about the format and status of a Help to Buy valuation. The report must be on company-headed paper, signed by a RICS surveyor with MRICS or FRICS status, not just AssocRICS, and formally addressed to Homes England. We prepare our SY17 reports to match those requirements.

There is one exception worth understanding. If a property has fallen in value since purchase, the amount due may be 20%, or 40% for London properties, of the original purchase price rather than the lower current market value. Still, with SY17 values currently up 13%, most homeowners locally are in positive equity and repay against the current higher value.

Homes in SY17 can throw up a range of defects and practical issues during inspection. Our valuers are trained to spot them, because a sound valuation needs to reflect the property's real market position, not an idealised one.

Traditional Welsh properties with solid walls can be more prone to damp, especially where original ventilation has been reduced by later double glazing. During the inspection, we look at general condition and note signs of damp, timber decay, or structural movement where they could affect value.

Roof condition is another key point in SY17 because Welsh slate roofing is so widespread. Plenty of older homes still have original slate roofs, which may call for continued maintenance or eventual replacement. Our inspection pays close attention to the roof and records any defects that could influence the valuation.

In the more rural parts of SY17, some properties rely on private drainage systems such as septic tanks or cess pits instead of mains sewage. Those systems come with their own maintenance demands and, in some cases, compliance points that can affect value. We note those arrangements during the inspection.