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What is an automated property valuation and how does it work?
An automated property valuation is a statistical model used to estimate the value and rental income of a property without the need for a physical appraisal.
Upon request the model provides a market property value and a market rental income figure, within seconds, using property related information provided by Landbay, as well as market conditions.
Landbay have a set of confidence score thresholds and minimum requirements that the figures must pass. If the results do not meet the thresholds, the automated property valuation will fail.
This differs from a physical valuation where a valuer enters the property, assesses it and produces a report which is sent to our Underwriting team.