Lenders traditionally instruct a valuer to conduct a property valuation to support property secured loan decisions. However AVM use for UK residential loan valuations has recently grown rapidly (CML, 2007) raising questions about how the UK valuers’ professional body, the RICS, should respond. The paper reports research funded by the RICS Education Trust and Residential Professional Group, commencing with interviews and a survey examining valuers’ changing roles in residential loan valuation in the UK, including the use of AVMs. Subsequent interviews with lenders and AVM companies explored choices between different valuation and survey levels, including AVMs, and development of AVM tools designed to support valuers. The paper analyses possible approaches to advice, guidance and regulation of AVM use by the UK professional body, drawing on the survey, interviews and a review of other countries’ professional body responses to AVMs. It is the first systematic study of valuers’ current and likely future involvement with automated valuation and their perceptions of it.
|Publication status||Published - 2009|
|Event||ERES 2009 - Stockholm|
Duration: 1 Jan 2009 → …
|Period||1/01/09 → …|