Shared Ownership Valuation in Wigan

Shared ownership homes are valued differently from standard residential properties. If you own a share of the home, usually between 25% and 75%, the valuation has to set out both the full market value and the value of your own equity share. Housing associations and mortgage lenders rely on this for staircasing, resales and remortgaging. In Wigan, where the average property price is around £199,000, getting that figure right can have a real impact on financial planning. Our surveyors base their assessment on current market evidence and comparable sales in the relevant postcode area.

Quite a few shared owners in Wigan do not realise they need a RICS valuation by law when selling their share or buying extra shares. Housing associations often specify who can carry out the work, and a valuation from an unregulated evaluator can hold matters up or be refused altogether. We regularly work with the main housing associations active across the Wigan borough, including Regenda Homes, who oversee numerous schemes across the borough, as well as Onward Homes, Great Places Housing Group, Jigsaw Homes Group and Sanctuary Housing. Our reports meet their requirements and are routinely accepted.

Across Wigan, the market has been moving upwards, with prices rising by around 2-4% over the past year. Some postcode districts have moved faster, and WN1 has seen increases of up to 8-19%. That makes a current valuation especially important if you plan to staircase or sell. Values can differ sharply between WN1 (town centre), WN3 (Ashton-in-Makerfield) and WN6 (Standish). For instance, flats in WN3 average about £78,333, while in WN1 they average £130,000. Local knowledge matters.

Wigan valuations come with one local complication that cannot be ignored, the borough's coal mining history. Large parts of the area sit on former coalfields, and our surveyors know what to look for where ground stability may influence value. We can also say whether a mining report is likely to help for the exact location of the property, especially in places such as Billinge, Orrell and other former mining villages.

There are a few points at which shared owners in Wigan need a valuation, and staircasing is the one we see most often. Before a housing association agrees to sell more equity, it is legally required to have an independent RICS valuation. That figure fixes the current market value of the property and, in turn, the price of the extra shares. With average Wigan values around £199,000, even a modest percentage increase in your holding can add up to thousands of pounds. Accuracy matters here.

Selling your share on the open market calls for a shared ownership valuation as well. In many cases the housing association has first refusal, and it will want a current RICS valuation to set its purchase price. If the buyer is someone else, their lender is also likely to need a valuation for the mortgage application. Our reports are accepted by major housing associations and mortgage lenders across the Wigan area, and we understand the timescales they work to. We get the report out promptly so the transaction is less likely to stall.

Some shared owners in Wigan ask us to value their property for remortgaging, especially when changing lender or moving onto a different mortgage product. A valuation may also be requested by the housing association if you want to extend the lease or carry out major alterations. We provide reports that cover those requirements and can advise on points that may be relevant in your case, including whether the property has been altered from its original specification.

Valuations do not stay valid indefinitely, and the usual period is 3-6 months. If staircasing is the plan, we suggest arranging the valuation as near as possible to the point when you intend to move ahead, because Wigan values can shift. In postcode areas showing positive growth, a delay could mean paying more for the additional shares.

Shared ownership has become more popular in Wigan partly because prices remain relatively accessible compared with other parts of Greater Manchester. With the average property price around £199,000, it can offer a route in for first-time buyers who would struggle on the open market. There are also several developments locally with shared ownership options, including homes by Prospect Homes at The Avenue on Wigan Lane, David Wilson Homes at Winstanley Park and Bellway at Hawley's Place. Those schemes bring modern properties with energy-efficient specifications, which often appeal to buyers.

Wigan has changed a good deal in recent years. Regeneration has brought new housing schemes and plenty of modern, energy-efficient stock, but the town also retains a large number of older homes, especially terraced properties around Mesnes Park, Swinley and the town centre. Those older houses can be more complex to assess because of their age, possible maintenance issues and, in some cases, historic mining activity. Our surveyors take all of that into account, drawing on experience across properties from every period of construction in the borough.

For many buyers, Wigan's appeal starts with transport. Wigan North Western and Wigan Wallgate stations provide regular services to Manchester, Liverpool and further afield, while the M6 motorway runs close to the borough and opens up the wider North West region. These links feed into value. Homes with convenient access to the motorway or the railway stations often see stronger demand, which can support both the full market value and the value of your share.

New build activity in Wigan is strong, with 115 new properties sold in the last twelve months at an average price of £261,000. Schemes such as Poppy Fields from Keepmoat Homes and Wharfedale from Miller Homes cover a broad pricing range, from £179,995 to £469,995, so shared ownership buyers have a variety of options. One point we always factor in is that new build homes often sell at a premium compared with similar older properties, and that affects the starting valuation as well as the scope for future growth in value.