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Flying Homes has launched a new property valuation tool for house sellers to obtain a free instant online valuation of their home.
The valuation tool uses sophisticated algorithms coupled with sold house price data from the UK Land Registry to produce a property valuation.
Alan Simpson, a director of Flying Homes said: “We noticed home sellers used ‘sold house price data’ coupled with information on ‘houses for sale’ locally to work out the value of their home. The process involves a couple of hours (on average), looking up house prices and browsing similar properties on portals such as Rightmove, Zoopla or OnTheMarket. We figured we could produce a similar valuation figure in less than one minute, saving a huge amount of time and effort.
The Flying Homes property valuation tool is not restricted to the consumer market. Estate agents are able to use the tool free for their customers or to prepare ‘comparables’ – a process whereby property valuations are justified with reference to sold prices of neighbouring or similar properties.
Simpson continued: “We knew there were similar online house valuation tools on the market but decided to commission our own tool as we see this as something we can develop further, adding much more functionality than exists at present. Other public datasets can be added, such as crime statistics, and data from local planning authorities, to produce a really useful report for buyers or sellers containing local data.”
Although a useful tool, it’s important to recognise that the valuations produced are not something to be relied upon for total accuracy. At best, like any other valuation calculator, the Flying Homes online tool is a useful addition for users to get a ‘ballpark figure’ of their property’s worth. There is no substitute for a proper look around a property taking into account any special features, proximity to good schools and access to local amenities, which can dramatically alter a property’s desirability, and therefore value. The free house valuation tool can be found on the Flying Home website here: https://www.flyinghomes.co.uk/how-much-is-my-house-worth/
On a final note Simpson said: “We believe that customers need to be empowered with more information and knowledge about the property market, particularly anything that affects the value of their home. Providing that information is one of Flying Homes’ goals to enable consumers to make an informed choice when buying or selling property.”
Release ID: 88922316