Agents are being offered a new property valuation tool that claims to be different to others by using artificial intelligence to pick up trends and make predictions for the future.
Houseprice.ai has been testing an app called Horizon since August for agents, property developers and mortgage lenders that launched just before Christmas.
The software is programmed to use pricing data going back 20 years and to learn local trends using official house price, bank lending and rental figures as well as other factors such as crime, energy performance and planning data to provide valuation reports and forecasts within minutes.
In comparison, the Land Registry works out average values based on sale prices, while Zoopla’s online valuation tool uses factors such as property size and what neighbouring local properties have sold for. Rightmove provides market trend reports that show how much neighbouring property has sold for.
For subscriptions starting at an average of £100 per month depending on usage, subscribers can either work with the Horizon app and use the reports it generates or they can incorporate all the data into their own valuation and customised reports.
EYE queried whether these were all things an agent could already provide for free, but Houseprice.ai chief executive Eldred Buck said: “The main difference is that it is faster, has no subjective biases and takes in over 50 individual factors to arrive at the capital valuation and rental values.”
Two of the directors of the company, Buck and co-founder Giovanni Miano, come from a banking and financial technology background, while chief creative officer Vivienne Brooks has had a career in graphic design and marketing. The company has also appointed general practice chartered surveyor Philip Challinor as non-executive chairman.