Rightmove Data
Who we are and what we do
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Contents
AVM
Automated Valuation Model
Data
What else do we do?
SCT
Surveyors Comparable Tool
US
Meet the team
Rightcheck
Anti Fraud Tool
Contact
Property to
be Valued
AVM
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.
AVM Property
Database
User
Interface
Report
.Valuation
.Confidence
.Supporting Evidence
The Rightmove Automated Valuation Model
History
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 2000.
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.
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 2007.
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.
The History of the AVM
2004
2014
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.
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.
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.
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%
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.
• 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!
Key features
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
15 - 50
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.
A few examples
Property logbook
and the search
functionability
An example of
the comps
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
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.
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
• Asking / rental prices
Unique alerts not available from any other
organisation
• Rental Property (hidden buy-to-lets)
• Lower Asking Price (property clubs, gifted deposits, incentives etc.)
You can have rightcheck integrated into your SCT platform
Receive and Validate date from client, Quest or Xit2
example of how the
surveyor over-valuation
alert works
How it works
Append Rightmove Data Rightcheck processing Return Alerts & Data
Validation Data
Property Type | Property Style Tenure | Bedrooms | Living Rooms | Bathrooms | Cloak Room | Conservatory | Year Built | Heating | Parking | Floor Area | Council Tax Band + the same details for the most comparable area
Can the property be valued to a significantly high confidence?
Is the surveyors price significantly higher
Surveyor over valuation
Surveyor Valuation AVM Valuation
% Variance between surveyor and AVM
