E.surv Chartered Surveyors has unveiled its Remote Valuation service, which is designed to offer mortgage lenders “a quicker, more cost effective and accurate digital alternative” to the automated valuation model (AVM).
Using e.surv’s iPad program, valuers assess the same level of comparable data as they do for physical inspections to derive an accurate valuation without the need for physical inspections.
The firm says its bespoke software enables valuers to accurately identify properties using geographic coordinates, as well as automatically download boundary plans. Valuers also have access to official data from the Land Registry and third party sources such as Building Cost Information Service (BICS), Rightmove and Google Maps.
E.surv says the service is suitable to be used for both purchase and remortgage decisions.
It has been through a series of trials with UK lenders over the past year. In 95% of completed cases, the Remote Valuation matched the physical inspection valuation. In cases where there was a difference between the physical valuation and e.surv’s Remote Valuation, the average variance was 7%.
Paul RayCollins, risk director at e.surv, said: “After years of developing the Remote Valuation service, all at e.surv are excited to see it launch. 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.
“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.”