Help to Buy Market Valuation Report for a Two-bedroom End of Terrace House in Hockliffe, Bedfordshire
The valuation report was requested by the homeowner as they wished to pay off the remainder of their loan and buy the home. In line with the conditions of the Help to Buy Scheme, in these circumstances homeowners are required to obtain a valuation prepared by a RICS registered valuer.
A visual inspection of the property was undertaken, rather than a survey. A detailed description of the property was provided; measurements taken in accordance with the RICS Code of Measuring Practice (sixth edition) and square footage calculated.
At the time there were limited comparables of recent sales of similar properties in Hockliffe, so we also reviewed sales of older and larger properties in the locality. The evidence sought to compare location, type of property, internal square footage, numbers of rooms etc, along with the asking and sold prices.
The report was prepared in May 2021 and at that time we advised the client of the significant state of ‘flux’, owing to the ongoing Coronavirus (COVID-19) situation.
Contrary to the initial predictions by analysts that there would be a significant short-term fall in house prices by the end of 2020, the housing market had instead experienced a rise in the level of residential sales and to house prices over the 12 months to January 2021. This high level of activity had been boosted by the temporary Stamp Duty holiday.
As a result, assessing the medium to longer term impact following the termination of the Government furlough scheme, and predicted house price growth, was extremely difficult.