"This latest version of the AVM will increase the number of residential properties where the AVM valuation results sit within a significant confidence level."
New homes digital sales and marketing firm, Prospect Generator, has launched a free AI-powered residential property automated valuation model (AVM).
The firm launched its first residential AVM in 2005 and is now harnessing the power of AI to increase accuracy levels.
The AVM tool can generate leads for property sales and mortgage brokers, and stimulate part exchange and assisted home move transactions.
The AI-powered AVM has gone live on the consumer brand PropertyPriceAdvice.co.uk this morning, following a Beta-testing programme.
Managing director, Peter Sherrard, commented: “The use of AI in our modelling in recent months has enabled our econometrics and data science team to turbo-charge their calculations and process vast amounts of residential property data very quickly in order to refine the coefficients used in our algorithm. Simply put, this first iteration of our AI powered AVM has enabled us to create increased confidence levels across more residential valuation uses, leading to a rise in accuracy levels of the valuations generated when compared with the previous AVM.
“As a team we’re very excited to launch what we believe to be the first free consumer facing AI-powered AVM for residential property in the UK, having pioneered the AVM sector back in 2005 and ever since. For us, this is a natural progression in terms of using the latest technologies and methodologies available in order to assist both businesses in the property sector and consumers to gain an instant understanding of the value of a residential property, which has always been the core aim of our business. However, this is the just the start in terms of incorporating AI into our AVM and other solutions; we have much more in our development roadmap to come, and we’re looking forward to sharing details of yet further innovation in the next few months.”
Dr Matt Morton, head of data and statistics at Prospect Generator, added: “At this stage, the UX that consumers use to generate their AVM results won’t change, as the most significant benefit of our AI-powered AVM is to reduce the number of ‘outliers’ rather than change the way that the valuations are generated; that is to say that this latest version of the AVM will increase the number of residential properties where the AVM valuation results sit within a significant confidence level. In real terms this means that where some residential properties have, up until now, proven more difficult to generate an AVM valuation for due to their unusual characteristics, these will now receive a statistically significantly improved AVM valuation due to the enhanced econometric modelling processes which have recently become possible using AI.”
