Automated Valuation Models: an international perspective

This paper describes two research projects: the first carried out during Q2 2007 for the Council of Mortgage Lenders (CML) and MacDonald Dettwiler and Associates (Downie & Robson, 2007). The second is a questionnaire survey of RICS Residential Faculty members, carried out Q2 2008, as part of an ongoing study funded by the RICS Education Trust and the RICS Residential Faculty, investigating how AVMs can integrate with valuation services to meet the needs of borrowers, lenders and RICS members. Both projects were undertaken by the School of the Built Environment at Northumbria University. The former predates the credit crunch and the latter coincided with it. The paper will first outline the main findings of the CML report, then those of the valuer questionnaire and finally draw conclusions about issues for consideration by professional and industry bodies.