The property market is a murky one, according to a BBC business reporter.
Howard Mustoe says: “The prices you’ll see on most websites are asking prices.
“The value of a done deal – the real price – can take land registries weeks to process, by which time a fast-paced market will have moved on.
“So those on the inside doing deals, such as estate agents and developers, have a distinct advantage.
“Could technology help blast open this closed market?”
Step forward a software firm called GeoPhy, which currently tracks 40 million commercial property buildings in the UK.
The programme crunches lots of different data sets, from public transport to roads and location to local property, to calculate an estimated value for the property.
GeoPhy’s clients are pension funds and other large institutions that own property portfolios and want quick access to property valuations.
But GeoPhy believes its type of analysis could help transparency in the residential property market – both sales and rentals.
One way or another, it seems we’re going to be hearing a lot more about Big Data in relation to residential property.
Comments (7)
When computers can predict likely demand, interest, kudos, local school (or other amenity) influence, likely profile of the buyer and finally price affordability of said buyer then my comrades we really might need to retire.
Till then who cares what these chaps in their white coats tell us they can do we know they can’t
Nothing murky in the world of business reporting, I all ready sense a false claim with no foundation in this article
Transparency in the property market isn’t achieved by “Oh, I see the Semi Villa next door to your’s has just sold for £200,000 and your house looks the same so it’s worth £200,000!”.
I negotiated a purchase at 3 million, when working with a previous company, on a plot of land….. because we had worked out a Development at 46 Million with circa 26 million build/costs….. looking at a Sales Price on the Land Registry for that plot of land without knowing the background/detail is, in so many respects, pretty meaningless!
Likewise Online Property Listers who value potential properties for sale by looking at Land Registry Data and of course the Legendary Zoopla Property Estimate Tool!?…… invented by LaLa & Dipsy!
I’ve just sold a £150k property for £200k due to sheer persistence on my part to hold for that price despite the hailstorm of comments from potential buyers etc that it would never achieve anywhere near that price!…… where’s the transparency that illustrates the exceptional estate agent?!
Data….. on its own?…… dob’t make me laugh this early!
Did he really say “So those on the inside doing deals, such as estate agents and developers, have a distinct advantage” Hold the front page. A special mention award for the most remarkable gift for the obvious goes to Howard.
Frankly I think House Sale Prices should be private as it should be no one’s business what price I sold my home for! Always a step too far for me.
Next stop, I think Sweden has it….. how much you/your neighbour earn!? …..a complete invasion of privacy.
Data, Big Brother, 1984, Drones, Cookies….. it’s a slippery world we live in……. the biggest invasion is our Privacy!
“Agent in call for less transparency shock ”
It’s almost as if agents rely on market opacity to earn a living. Oh, hang on…..
Shame on you.