Dashly uses an AVM (Automated Valuation Model), which is the name given to a service that can provide real estate property valuations using mathematical modeling combined with a database.
Most AVMs calculate a property's value at a specific point in time by analysing values of comparable properties and current local trends. Our system is powered by Landmark® Analytics - a leading provider of residential property market data, analysis and automated valuation services to all sectors of the UK economy, including government institutions, mortgage lenders, surveyors, estate agents and the general public. They are also the only AVM provider in the UK to be published in a peer-reviewed academic journal.
Most mortgage lenders will also instruct a physical surveyor to check the value of your property as part of the mortgage process.
To make its calculations as accurate as possible, AVM's consider:
- Previously sold prices of the property, and when it was sold
- Changes in market value of similar properties sold nearby
- Characteristics of the property, for example, the number of bedrooms
- Local area data, including crime rates and local schools
- The data used is updated every month
The more up to date information we have about a property, the more accurate our estimate will be.
We now offer more coverage and are statistically more accurate, but our calculations are estimates only. They are not the same as property valuations carried out by estate agents or mortgage lenders.