September Rightmove Data Who we are and what we do

Transcription

1 September 2014 Rightmove Data Who we are and what we do

2 Contents Click on the relevant boxes below to navigate yourself around the relevant pages. AVM Automated Valuation Model SCT Surveyors Comparable Tool Rightcheck Anti Fraud Tool Data What else do we do? US Meet the team Contact Get in touch

3 AVM The Rightmove Automated Valuation Model What is an AVM? An AVM (Automated Valuation Model) calculates property valuations using a statistical model which computes large amounts of property data to generate an estimate of the market value for an individual property. A confidence level is also produced along with the valuation to indicate how accurate the valuation is. Good data is critical to an AVM, which gives Rightmove a key advantage over competitors. Long term agreements with data partners and a rich collection of property sales descriptions give Rightmove a large, credible, database upon which to build the AVM. User Interface Report Property to be Valued.Valuation.Confidence.Supporting Evidence AVM Property Database

4 History The History of the AVM Rightmove is best known for our website - Rightmove.co.uk - the UK s number one property website, which was first launched by Connells, Countrywide Assured Group, Halifax and Royal & Sun Alliance in As the website grew we started to provide comparable products to our members to assist them with valuing property. It has therefore been a natural progression for us to develop other products for other property professionals and as a result we were ideally placed to develop an AVM. Throughout our research and development we worked with our original surveying partners; Connells Survey & Vauation and Countrywide Surveyors, who continue to support us through long term agreements to supply us with their data from physical inspections. This relationship, along with HM Land Registry data and Rightmove data, is invaluable to ensure that the Rightmove AVM is as up to date and accurate as possible. Initial investigation into AVMs began in the summer of 2004 with development commencing in 2005, and after a period of intense research and development, the finished product was commercially launched in January

5 Overview The Rightmove AVM database contains exceptional quantities of property data - one of the reasons we believe it is the UK s most accurate AVM. Rightmove is in a unique position in that as well as having access to 19.9 million Land Registry and Scottish Land Registry Sold Price data records and 16.8 million Surveyor data records we also have access to a further 30.4 million Rightmove. Rightmove is a name that can be trusted and relied upon - we are a large, publicly listed FTSE 250 company. We have years of IT experience running a top 10 UK website, with on average 22 million pages being served every day and site availability in excess of 99.99% - this reliability is extended to our AVM. co.uk data records, giving us access to over 67 million property records in total - and these numbers are continually increasing, making the Rightmove AVM more and more accurate This combination of live Rightmove data, used with Surveyor data and sold prices, means that we track market trends accurately and consistently. Land Registry data can take 3-6 months to become available; as a result any AVMs that solely rely on this data will lag the current market by up to 6 months. However, Rightmove supplements the Land Registry data with large volumes of Surveyor data, which has at most a 1 month lag, when building our index. This means that the Rightmove valuation is accurate today - an important feature in a volatile market A vast number of property records are essential for any AVM to work successfully. Not only do we have the data, we have also developed a highly effective model, taking maximum advantage of the latest techniques and have made it available via a user friendly interface. As well as a web product, we provide an XML interface and can process batch files for portfolio valuation. We also have the UK s first Rental AVM, which gives a report similar in depth to that of the standard AVM but also provides a prediction of the monthly rental income in addition to the capital valuation.

6 Why choose our AVM? More property data than any other AVM in the UK Better overall accuracy levels, with truly predictive confidence classes Endorsed by the leading rating agencies Batch valuations from Rightmove analysed by Standard & Poor s, Moody s, Fitch. Comprehensive UK coverage: England, Wales, Scotland and Northern Ireland Detailed information on comparables Photographs are displayed (both for comparables as well as the subject property) where available Property particulars can be viewed where available Detailed property attributes and previous transaction records are displayed Professional Indemnity Insurance Rightmove maintains a suitable policy of Professional Indemnity Insurance, details of which are available upon request. Reliability and stability Large, publicly listed company with over 300 employees Years of IT experience running the a top 10 UK website, with over 14,000 pages served per minute and site availability in excess of 99.99%

7 Surveyors Comparable Tool Market intelligence for professionals The Surveyor Comparable Tool is designed primarily for surveyors who would like a listing of comparable properties relevant to a subject property they are set to value. To facilitate an optimised selection of comparable properties, the following attributes are considered: Proximity to subject Recency Number of Bedrooms Type/Style Only records provided by the Land Registry and Rightmove will be used as data sources for the listing. The inclusion of property information that has not been address matched, but still belongs to an area (identified through postcode) is also valid within the search, as the property valuations still support the general base of information. Key features The largest property database in the UK Designed especiialy for Surveyors Shows the full transaction history for the subject property Lists the comparables and scores them on relevance Shows full addresses, including house numbers Ability to veiw the full transaction history for each comparable Estate agents particulars can be seen All reports are saved on your account - no need for printing!

8 How the scoring works The system has been designed to score the comparable properties on how comparable it is to the target property - remember the higher the score the better the SCT thinks the comp is! Attributes Score Description Type and Style Combination Depending on similarity. The tool will score semi detached properties as being similar to terrace, however it will not score as highley as aother terrace. Beds -30 to 30 Difference in points is more acute where the number of bedrooms is small, For example a 1 bedroom property is not comparable to a 2 bed, but a 4 bed is comparable to a 5 bed. Distance 0 to 50 Less points are awarded the further the comparable is from the subject property Street 25 If the property is in the same street, then a bonus is applied Recency 0 to 60 Analyses records within the last 6, applies scores so that the newest records are given the highest scoring.

9 A few examples Property logbook and the search functionability An example of the comps

10 Getting access If you would like a free trial to access the SCT yourself, please do not heistate to send your details to datasupport@rightmove.co.uk

11 Rightcheck The anti-fraud tool Rightmove has the largest dataset of any AVM or property data provider. We use this data to provide lenders with real time and batch based valuation re-assurance programmes and fraud triggers. There are nine principal trigger points: Surveyor Over Valuation Alert - identifies potential Surveyor over-valuation. Surveyor Under Valuation Alert - identifies potential Surveyor under-valuation. Rental Alert - identifies hidden Buy to Let and rental properties. Rental Over Valuation Alert - identifies protential Surveyor over-valuation Multiple Surveyor Alert - identifies potential fraud from multiple applications and re-sales. Recent Transaction Alert - identifies properties being flipped and quickly re-sold. Lower Asking Price Alert - identifies applications where the purchase price may have been falsified. Valuation Above Threshold Alert - identifies application that are above a certain figure. Hidden Incentive Alert These alerts can all be configured to meet the specific requirements of each individual client, and can be delivered in conjunction with other solutions and platforms, including Xit2 and Quest Q Guard. A simple traffic light approach can also be provided.

12 More about rightcheck The anti-fraud tool What else can you see? Estate agent details - internal and external pictures, room dimensions, floor plans etc Previous surveyor valuations Comparable property details Unique alerts not available from any other organisation Rental Property (hidden buy-to-lets) Lower Asking Price (property clubs, gifted deposits, incentives etc.) Asking / rental prices You can have rightcheck integrated into your SCT platform Receive and Validate date from client, Quest or Xit2 Append Rightmove Data Rightcheck processing Return Alerts & Data How it works Validation Data Property Type Property Style Tenure Bedrooms Living Rooms Bathrooms Cloak Room Conservatory Year Can the property be valued to a significantly high confidence? Surveyor over valuation Surveyor Valuation AVM Valuation % Variance between surveyor example of how the surveyor over-valuation alert works Built Heating Parking Floor and AVM Area Council Tax Band + the same details for the most comparable area Is the surveyors price significantly higher

13 Our other products Pre - Valuation or Quick Sales AVM Provides a valuation without a supporting measure of confidence. Historical AVM This version of the AVM has the facility to provide historic valuations which is particularly useful for audit and Expert Witness work. Interactive Sales AVM Provides a valuation and a measure of confidence in that valuation, along with full supporting evidence including sales history and comparable properties with photographs and other attribute data where available. Interactive Rental AVM This is our most detailed report, providing both the Capital and Rental valuations, both with a confidence level and supporting data, including rental history, projected yield and comparable properties with photographs where available. XML The Rightmove AVM can be fully integrated into your existing software via an XML interface. It is also possible for us to deliver our AVM via the Quest or Xit2 software, via Experian or via SIRA. Batch We are also able to process batch files and portfolios with a minimum of 100 records which is particularly useful for auditing and Basel compliance work. Back Book Audit An in depth review showing where risk and segmentation lies within a portfolio.

14 Our other products Indexation Using our highly granular indexes to index forward known and trusted valuation data. Reinstatement Values We are also able to provide you with reinstatement values from BCIS. The Market Intelligence Report a new service aimed at providing detailed market analysis within a given. Data includes marketing and transactional counts and values, calculated per square foot values, socio demographic mix, new build premium and more besides. House Price Forecast comprising two distinct products: The Oxford House Price Forecast an Oxford Economics product, (powered by Rightmove), relevant to a wide range of financial institutions, housing consultancy clients, house builders and other professionals who have a requirement for regularly updated and highly granular house price forecasts. The Rightmove Portfolio Outlook Model - a Rightmove product, (powered by Oxford Economics), which provides an enhanced portfolio AVM with property specific 5 year growth forecasts. The short term price forecasts are further enhanced and fine-tuned by Rightmove derived supply and demand data.

15 Us Alan Gearing Property Related Services Director Sarah Ames Business Support Executive Phil Sumption Customer Service Executive Adrian Hudson Project & Propositions Director Ed Burgess Account Manager

16 Us Dilip Bahirwani Project Lead Gavin Sutton Statistical Analyst Martin Cain Data Analyst Robert Murphy Statistical Analyst Aruna Rao QA Analyst Yurdakul Celebi QA Analyst Jonathan Wong Development Team Lead Ty Jenkins Development Team Lead Elena Montojo Vanrell Developer Eliza Chevreuil Developer Harry Winser Junior Developer

17 Contact Us If you would like to find out more about our products, please do not hesitate to contact us: Telephone: