How is Property Value Calculated?

You might have recently had a client ask you how their property value is calculated when they see an estimation on the quarterly mortgage report. Here's an example of what your client is seeing:

Here's how we get that data:

We take the value of the most recent mortgage your client has on that property, and we also look at the government house price index for their local authority. Then, our AI makes an estimation from those two pieces of data.

Why could it be incorrect?

Sometimes that data might seem incorrect to a client and here's some reasons why:

1: No property value

If the property is newly built or hasn't been completed yet then the local authority may not have the data we're looking for so we have nothing to reference.

2: Our postcode database doesn't contain the post code

Again, this is usually because of newly built homes where the postcode hasn't been added to the database.

3: Address doesn't contain a valid UK postcode

This could simply be because it isn't on the completion data provided, or it was formatted incorrectly. And, again it could be because the building is newly built or still under construction.

If it still seems incorrect and it's not because of any of the reasons above, then raise a ticket or get in touch with the support team so we can troubleshoot the issue.