Our AVM gives fast and accurate property valuation estimates, saving time and money on surveying fees and reducing the risk of overvaluing properties.
Many Lenders have automated most of the mortgage lending journey and have successfully implemented automated credit checks for mortgage applicants. However, the valuation process for properties remains manual, with lenders still relying on physical visits from surveyors to assess the value of a property. In fact, 50% of all UK mortgages are now underwritten using an AVM, this number is going to increase going forward. Thanks to the largest and most granular property database in the UK, we can analyse properties with similar attributes to make reliable automated valuations.
We are 95% confident that our AVM value is within the range of the actual completion price paid. Why?
When comparing TwentyCi's AVM with actual completion prices, we use statistical measures such as the interquartile range and standard deviations to track the accuracy of our AVM. The interquartile range tells us that half of the data falls between -2.6% and +1.8% of the actual completion price, while the range of plus or minus 2 standard deviations away from the mean covers over 95% of the data, with a range of -10.6% to +8.7%.
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