The UK surveying provider and property risk service, e.Surv Chartered Surveyors, has launched a remote valuation service.
Set to offer mortgage lenders an accurate digital alternative to the automated valuation model (AVM), the service is fast to complete, making it quicker than the four to five-day turnaround typically involved in a physical inspection.
Remote valuations carried out by e.surv are already being conducted by experienced valuers who are knowledgeable about local market conditions. Using e.surv’s iPad programme, valuers assess the same level of data as they do for physical inspections to produce an accurate valuation.
What’s more, the software enables valuers to identify properties using geographic coordinates, as well as automatically download boundary plans. Valuers can also access official data from the Land Registry and third-party sources such as Building Cost Information Service (BICS), Rightmove and Google Maps.
While the service is quicker and more cost-effective, valuers retain the right to recommend that a property receives a full physical valuation if necessary, for example if the building is of non-standard construction.
e.surv believes enhanced risk controls and sophisticated risk scoring make this a better option for lenders looking to receive high-quality surveys while also limiting costs.
The service has also undergone a series of in-depth trials conducted with major UK lenders over the past year. In 95% of completed areas, the remote valuation matched the physical inspection valuation. The average variance was 7%.
“We know that we’re bringing to market a one-of-a-kind service that will revolutionise the way properties are valued and we can’t wait to see the impact it will have on the industry,” said Paul RayCollins, risk director at e.surv.
“This bespoke software is going to be of huge benefit to homebuyers who will enjoy quicker turnaround times, and mortgage lenders who will enjoy a higher degree of acuity than those using other remote models.”