The conclusion of the five-year interest-free window on thousands of equity loans is generating a noticeable increase in valuation activity across the property sector.
Homeowners who purchased through Help to Buy in 2020 and 2021 now face a key financial decision. With the interest-free period ending, they must either sell, refinance or accept rising interest payments, and all three paths require a formal RICS valuation.
As more borrowers approach their anniversary date, the demand for Help to Buy valuations is climbing steadily in early 2026.
The Clock Strikes FiveWhen the Help to Buy equity loan scheme operated in England, the government lent first-time buyers between 5% and 20% of the value of a new-build property, up to 40% in London, interest-free for the first five years. After that, according to official government guidance on GOV.UK, interest begins at 1.75% of the original loan amount and rises every April in line with the Consumer Price Index plus 2% (for the 2021–2023 scheme) or the Retail Price Index plus 1% (for the earlier 2013–2021 scheme).
Crucially, these charges do not contribute to paying down the loan itself. They are purely interest, and they compound annually. For a homeowner who borrowed £50,000 under the scheme, the first year of interest alone amounts to £875, a cost that will increase every year thereafter.
It is this trajectory that is now prompting action. Homeowners who completed purchases in 2020 and 2021, years that saw significant Help to Buy activity, particularly as buyers rushed to meet scheme deadlines, are now either already in year six or approaching it. For many, remortgaging to repay the equity loan before interest escalates has become the preferred strategy. For others, selling is the more practical route. Either way, a formal valuation is the unavoidable first step.
Why a RICS Valuation Is Mandatory
This is a point that catches some homeowners off guard. Unlike a standard estate agent appraisal or an online automated valuation, repaying a Help to Buy equity loan requires an independent valuation from a surveyor registered with the Royal Institution of Chartered Surveyors (RICS).
The reason is straightforward: repayment is calculated as a percentage of the property’s current market value, not the original purchase price. If a homeowner initially bought a property for £250,000 with a 20% equity loan (£50,000), but the property is now worth £300,000, they would owe 20% of £300,000, that is, £60,000. The government’s stake moves with the market, in both directions.
This is why the valuation must be conducted by a qualified RICS surveyor and submitted as part of the formal repayment process through Homes England’s appointed mortgage administrator. Estate agent valuations, however well-intentioned, are not accepted. Online estimates are not accepted. Only a signed RICS report qualifies.
There is also a time constraint that many homeowners are unaware of: RICS Help to Buy valuations are only valid for three months. If a sale or remortgage does not complete within that window, the valuation expires and a new one must be commissioned at additional cost.
The Market Backdrop: What Prices Mean for Repayment
The current state of the housing market adds another layer of financial consideration for Help to Buy borrowers.
According to the Office for National Statistics, average UK house prices rose by 2.4% in the year to December 2025, reaching £270,000. In England specifically, the annual increase stands at 1.7%, bringing the average to £292,000. However, the picture is uneven. London recorded a year-on-year fall of 1%, while regions such as Northern Ireland and Wales have seen considerably stronger growth.
For Help to Buy borrowers, these variations matter directly. Rising prices mean a higher repayment figure; softening prices, as seen in parts of southern England, may offer some relief. As Zoopla’s February 2026 House Price Index noted, southern England has seen prices broadly unchanged over the past 12 months, with affordability pressures and increased supply keeping growth subdued.
Nationwide, meanwhile, forecasts house price growth of between 2% and 4% across 2026, modest, but still enough to mean that homeowners who delay their decision may face a higher repayment figure further down the line.
Valuation Demand Is Rising, and Timelines Matter
The volume of Help to Buy valuation enquiries has increased noticeably in recent months, reflecting the concentration of purchases made during the peak activity years of the scheme.
Jack Purdie, COO and Co-Founder of Find My Surveyor, which connects homeowners with accredited RICS surveyors, says the trend is clear: “We’re seeing a genuine uptick in Help to Buy valuation enquiries in early 2026. It’s consistent with what we’d expect given the volume of completions that happened in 2020 and 2021, those homeowners are now at or approaching their five-year point and need to start moving.”
The concern, he adds, is that some homeowners may not appreciate how tightly timed the process needs to be. “A lot of people don’t realise that their RICS valuation is only valid for three months. If there are delays in the remortgage process, and mortgage applications can take considerable time, that window can close before completion. That means instructing a new survey and paying again. Planning ahead avoids all of that.”
In certain regions and at peak periods, surveyor availability may also become a consideration. A surge in enquiries concentrated around particular anniversary dates could create short-term capacity pressure, particularly in areas where Help to Buy take-up was highest.
What Homeowners Should Do Now
For anyone approaching their five-year Help to Buy anniversary, the advice from housing professionals is consistent: begin the process earlier than feels necessary.
The key steps are:
Check your anniversary date. The five-year interest-free period runs from the date of completion, not the date of application. Interest begins at the start of year six, so knowing the exact milestone is the starting point.
Speak to a mortgage broker. If remortgaging to repay the equity loan, understanding borrowing capacity in the current rate environment is essential before commissioning a valuation. Mortgage rates have been gradually improving, with the Bank of England having made four cuts during 2025 and further reductions anticipated in 2026, which may improve affordability for borrowers looking to absorb the equity loan into their mainstream mortgage.
Commission the RICS valuation at the right time. Given the three-month validity window, timing the survey to align with the likely completion date of a remortgage or sale is critical. Homeowners arranging a RICS Help to Buy valuation should factor in how long their mortgage or conveyancing process is likely to take before instructing the surveyor.
“Planning early prevents unnecessary delays or duplicate fees,” says Purdie. “The process isn’t complicated, but it does require coordination. Homeowners who leave it to the last minute risk the valuation expiring before they complete, and that’s an avoidable cost.”
A Predictable Pressure Point
The current surge in Help to Buy valuation demand is, in one sense, entirely predictable. The scheme’s five-year structure always meant that 2026 would see significant activity as a large cohort of purchases came of age simultaneously. What makes it newsworthy is the scale of that cohort and the financial stakes involved, particularly against a backdrop of modest house price growth and evolving mortgage market conditions.
For homeowners, the message is clear: the five-year point is not just a milestone, it is a decision point with real financial consequences. Getting the valuation right, and getting it at the right time, is the first step in navigating it well.
