Shared Ownership Valuation in Plymouth

Homes England and individual registered providers set the rules for shared ownership. When a staircase is requested, meaning you buy extra shares of your home from the housing association, the price is worked out as a percentage of the current open market value. That figure has to come from an independent RICS-registered valuer, not an estate agent or an automated tool.

The same applies if we first buy a shared ownership property on the secondary market, known as a resale, if we sell the home back to the housing association during the nomination period, and in certain remortgage cases. Without a compliant Red Book valuation, the housing association cannot confirm the share price, and the solicitor cannot complete the transaction.

Across Plymouth's shared ownership market, three major registered providers are active, LiveWest, one of the largest providers in the South West, plus Guinness Partnership and Sovereign. Each one has its own panel rules and valuation validity periods. We know all three and format our reports to fit their requirements, which cuts the chance of a valuation being queried or turned away.

Our Plymouth valuers hold RICS membership at either AssocRICS or MRICS level, and they carry full professional indemnity insurance. Every report we produce is a formal RICS Red Book valuation, the only format accepted by housing associations and mortgage lenders for shared ownership transactions.

Plymouth has several active new-build developments where shared ownership homes are available, or where staircasing demand is already building. Knowing these sites helps us compare like with like and carry out more accurate comparable analysis when we prepare a valuation.

• Saltram Meadow, Plymstock (PL9) - developed by Persimmon Homes and Charles Church, offering a mix of 2 to 5-bedroom homes, with shared ownership available on selected plots
• Sherford, Plymouth (PL9) - a major new community on the eastern edge of Plymouth, developed by Taylor Wimpey, Linden Homes, and Bovis Homes, with a wide range of 2 to 5-bedroom properties
• Palmerston Heights, Derriford (PL6 5US) - a Barratt Homes development offering 2, 3, and 4-bedroom homes in the north of the city
• Tamar View, Forder Valley Road (PL5 3SP) - a Linden Homes development in the north-west of Plymouth with 2, 3, and 4-bedroom homes

Outside those new developments, Plymouth still has a sizeable stock of existing shared ownership homes in places such as Plymstock, Plympton, St Budeaux, and Efford. Many were built in the 1990s and 2000s by housing associations, and they are now at different stages of shared ownership. Staircasing instructions from those older schemes make up a good share of our Plymouth workload.

According to Plumplot's most recent data, new build properties in the Plymouth postcode area averaged £336,000. For shared ownership, the valuation is for the full open market value of the property, and your share price is then calculated as a percentage of that amount. So a £336,000 new build bought at a 25% share would need a deposit on an £84,000 share purchase.

Plymouth is one of the larger cities in the South West, with a population of around 264,000 and a housing stock shaped by naval history and major post-war rebuilding. The city was heavily bombed during the Second World War, which is why much of the older housing stock in central Plymouth dates from the 1950s and 1960s. Areas such as Efford, Ernesettle, and parts of St Budeaux contain large amounts of post-war social housing, some of which has been sold under right-to-buy schemes and now sits in the private market.

Terraced properties dominate Plymouth's housing mix, making up 35.4% of sales in the last 12 months according to Property Market Intel. Detached homes accounted for 26.8% of sales, semi-detached 24.6%, and flats 13.1%. For shared ownership valuations, flats in Plymouth average £152,469, while the terraced market averages £222,094. Those figures matter when the housing association or solicitor reviews the report.

Plymouth's geology is mainly Devonian limestone and shales, which generally gives stable building foundations. Some parts of the city do have superficial clay deposits, though, and that can lead to shrink-swell movement, particularly near mature trees. The city also sits at the confluence of the Rivers Plym and Tamar, so low-lying waterfront areas carry flood risk. Coastal areas beside Plymouth Sound bring tidal and storm surge risk. Those issues matter more to a structural survey than a pure valuation, but they still affect marketability and, in turn, open market value.

Conservation areas and listed buildings are concentrated in the Hoe, the Barbican, and parts of Devonport. Homes inside conservation areas often face restrictions on alterations, which can affect how buyers view them, and our valuers take that into account when assessing open market value. The Barbican in particular, with its narrow Elizabethan streets and Mayflower Steps, commands premium values because of its unique character, while also attracting buyers who want exactly that setting.

Staircasing is the process of buying extra shares of your home from the housing association until you own it outright, or you reach the maximum staircase level allowed by your lease. Most shared ownership leases let you staircase in tranches of 10% or more, although some older leases work differently.

ONS data for December 2025 shows Plymouth average sold prices rising by 3.2% year-on-year, so staircasing sooner rather than later can make financial sense in a rising market. The share price is based on the open market value at the point you staircase, not the price you originally paid. If values have climbed since your first purchase, each tranche will cost more, but you are also buying a larger share of a more valuable asset.

The valuation for a staircase transaction follows the same process as an initial purchase valuation. We inspect the property, run comparable analysis in the local Plymouth market, and produce a Red Book report. The housing association then confirms the share price using our figure and your lease terms.

Demand for staircasing has been particularly active in the Sherford development, where early purchasers are now reaching the point where they have enough equity to buy additional shares. Its position on the eastern edge of the city, together with the community facilities on offer, has supported values and made staircasing a practical step for many residents there.