e.surv Chartered Surveyors, has launched a remote valuation service to offer lenders a quicker digital alternative to the automated valuation model (AVM).
With several major lenders already using the service, remote valuations carried out by e.surv are being conducted by experienced valuers who have strong insight into local market conditions.
Using e.surv’s iPad programme, 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.
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.”
The 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.
The level of accuracy means it is suitable to be used for both purchase and remortgage decisions.
The remote valuation service is fast to complete, making it quicker than the four to five day turnaround that is involved in a physical inspection.
However, valuers retain the right to recommend that a property receives a full physical valuation if they deem it necessary, for example if the building is of non-standard construction.
e.surv’s remote valuation service has been trialled with lenders over the past year. In 95% of completed cases it 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 only 7%.