New Reactive Valuation Report

Horizon introduces the most advanced property valuation report on the market.

Here is what’s new.

We have been listening to all our users feedback and we are now excited to share a cleaner, improved, more usable and readable value report. It is reactive to mobile and tablets and it still has the beloved features like area analytics, custom branding, chat, social media integration, 360 photo support and viewers tracking.

Horizon is designed for property professionals, estate agents, surveyors, investors and developers, our new amazing customised reactive marketing reports are fast and precise and are used to get objective information for key decisions in property buying, capital appreciation, development value and rental returns.

Horizon covers the entire UK and can value any property using AI. Click the button to see an example Buyers report.

Horizon delivers:

ComparablesNeighbourhood
Historical valuations Macro economics
Post to social mediaShare via E-mail
Live chat360 camera views
Real time report trackingReports branded with your Logo
Marketing AutomationIntegrate to your Website

Prediction accuracy

The Horizon App is powered by Houseprice.AI, the most accurate machine valuation model API to determine residential property values, forecast 3-year returns and to estimate rental returns.

Using Bigdata, Houseprice.AI MVM aggregates millions of data elements, including more than 20 years of property data and continuously evolving proprietary calculations and analytics, to accurately define and forecast values and market influences.

Big, clean data is required for the analytics we do. We have built, and will continue to build, the most complete property data set in the marketplace. Every data element we include is based on clear reasoning for why this factor matters. We monitor the most specific details about a given property, the broadest macroeconomic factors, and everything in between.

Do catchment areas really matter?

Schools out for summer, yet many parents will be thinking about where their little darlings will be going to school in September. Looking through many school websites in the UK, the recurring message is that living in a catchment area does not guarantee a place at that school. This is repeatedly emphasised, and yet parents will go to extreme measures, even moving home, to get their child into their preferred school.

Whether this is the motive behind the move, or some more legitimate reason, it is beneficial if the estate agent can show suitable properties in the catchment area of choice, as it will still give the buyer an edge as an appeal can be raised. Most schools have a tie breaker where priority is still given to applicants living nearest.

Sheffield’s local authority website states “If no exceptional circumstances are present; admissions are prioritised by the straight line distance from the centre of the home to the centre of the school building.” Usually the measuring system is an integral part of the admission software, and uses Ordnance Survey maps and the Local Land Property Gazetteer so is accurate to 1 metre. Yes, you read that correctly, 1 meter can make a difference.


Each Local Authority has its own set of admissions policies. The school may already be oversubscribed with children from the attached infant school, those with an SEN, siblings at the school, or the children of staff members, all of whom have priority. The admissions criteria is set by the LEA and can change annually, so it is vital to use up to date information. Brent’s Authority website states: “New housing developments in Brent mean that catchment areas may change slightly.” So the flat your buyer was checking out last year might not get them the priority they think if a new block is raised closer to the school.”

When the downside is the upside

It gets crazier than this, the Kensington admissions appeal guide states that: “If applicants share the same address point … priority will be given to those who live closest to the ground floor and then by ascending flat number order. Routes will be measured to four decimal places.” So that basement flat might be worth more than the penthouse!

Horizon is continuously updated to ensure that the estate agent gives both client and buyer the most accurate information. The interactive reports that can be emailed through our app contain the most recent catchment information possible. Distances to nearby schools, the type of school and other contributing factors, such as transport links are all detailed.

Alternative Schools

From the buyers point of view sometimes being outside the catchment area of a popular local school has its advantages. Parents choosing a school based on their religious beliefs, a private school or specialised field can be shown properties further away. Foundation, voluntary aided and academy schools tend not to use catchment area as part of their admissions criteria. This means that the buyer can get more square meters for their round pound.

“As a Foundation School Governor of 7 years standing, I often saw parents suddenly discovering religion, attending the local church and even getting their children baptised in order to get priority admission to the church school”

We have looked at the school catchment areas through the eyes of parents buying a house, but those without children, young and old alike, benefit from the lower price distance brings. For the client it is always good to know the most current catchment areas as this will affect the sales price that they are likely achieve on their property and help the estate agent to clinch the deal.


For more information on Horizon contact: info@houseprice.ai 


Acknowledgements:
https://www.brent.gov.uk/services-for-residents/education-and-schools/information-about-admissions/school-catchment-areas/
https://www.rbkc.gov.uk/children-and-education/schools/join-school/admissions/appeals
https://www.sheffield.gov.uk/home/schools-childcare/apply-school-place

Factoids and Snippets about Property Valuation Methods

Herman Hollerith (1860-1929)

In the 21st century processing Big Data and analytics are now part of our lives, but how would you compute even one set of data if your calculator could only add up one string of values at a time? Herman Hollerith, ingenious inventor, started the tabulator industry. He invented an electrical system that could process thousands of transactions in a single run. His system of blanks and holes was basically a binary system. The concept of automated data processing had been born.
In 1880 Hollerith worked for the US Census Office, where they recorded the results by hand. He realised there had to be a quicker way and had a lightbulb moment to store information with holes punched in paper as bus conductors did. His then girlfriend’s dad, suggested a card device to automate the count, like those used for Jacquard looms.

Hollerith got cracking designing a machine that used the completion of an electrical circuit though holes on cards to advance a counter on a dial and tally overall numbers, individual characteristics and even cross-tabulations. He tested his machine in 1887 when the hand-counted 1880 census was finally completed, winning a contract from the Census Office for the 1890 census, which is reputed to have saved the American Government $5 million.

The Hollerith Electric Tabulator - never needed a reboot

That Tabulator was hardwired to operate only on 1890 Census cards. The advantages of the technology were immediately apparent for all sorts of industry, and Hollerith founded the Tabulating Machine Company in 1896. In 1906 Hollerith made the first step toward the foundation of our modern information processing industry by adding a control panel which allowed it to do different jobs without being rebuilt.

His firm merged with others to form the Computing Tabulating Recording Corporation, renamed International Business Machines in 1924, IBM. It spawned a larger class of devices known as unit record equipment and the whole data processing industry. The term "Super Computing" was first used by the New York World newspaper in 1929 to refer to huge custom-built tabulators IBM made for Columbia University.

After the mechanical computing era waned in the 1960s, punched cards were used for input, but were replaced by magnetic tape, then disks for data storage and manipulation. Punched cards are now almost obsolete but were used in the American elections as recently as 2014.

Herman Hollerith’s designs influenced the computing field for nearly an entire century. He is remembered as one of the founding fathers of modern programming, the father of information processing, and the world’s first statistical engineer.

Acknowledgements:
'IBM's Early Computers', MIT Press (1985) Bashe, Charles J., Lyle R. Johnson, John H. Palmer, Emerson W. Pugh
'A Computer Perspective: Background to the Computer Age' Eames, Charles and Ray,Harvard University Press. 2nd Edition 1990
'The American Patriot’s Almanac Daily Readings on America' William J. Bennett and John Cribb, (2008) Kindle Edition)
united states census bureau www.earlyofficemuseum.com

Factoids and Snippets about Property Valuation Methods

Marie-Esprit-Léon Walras (1834 –1910)

While delving into the history behind the development of AVMs, we came across this interesting pioneer. Léon Walras was a French economist who formulated the marginal theory of value (independently of William Jevons and Carl Menger) and pioneered development of general equilibrium theory.

“I say that things are useful whenever they can be put to any use at all” - Léon Walras

In the early 1870s the theory of marginal utility started a brand new microeconomics. The main impact on future development of AVMs was the theory of value. Before these bright sparks, the classical thought was that exchange value was based on building costs, particularly labour. Marginalist theory linked value with use and demand. So, if you flood the market with new property, the demand is diluted and the cost becomes almost irrelevant.

Initially Walras enrolled at the School of Mines in Paris but didn’t like engineering and quit. He tried several diverse careers. These include, but are not limited to: a journalist, a railway clerk, a bank director, and even a published romantic novelist! He applied for economics posts in France but was under qualified, and complained that the orthodox French economists passed on their chairs to their relatives. Finally he obtained tenure at the University of Lausanne in Switzerland.

Whilst Jevons was lauded in England, just as Menger was in Austria, poor Walras was in Switzerland where the academic appreciation of economics did not have a major role. However, Walras continued his dedication to his theories, and simulated an artificial market process that would get the system to equilibrium, a process he called “tâtonnement” (French for “groping”). He hypothesised that tâtonnements in the markets for productive services and for consumer goods are interrelated.

In 1895 Walras’s successor to the chair of economics at Lausanne, Pareto, presented Walras’s ideas in his own books, and finally began their widespread dissemination.

In 1904, Walras wrote to old friends about his future:
“I have not the least doubt about the future of my method and even of my doctrine; but I know that success of this sort does not become clearly apparent until after the death of the author”. then in 1909 a celebration of his jubilee was held by the University of Lausanne. He was honoured as the first economist to establish the conditions of general equilibrium, thus founding the School of Lausanne.

Walras's prediction of success proved accurate. His theory of general equilibrium has been developed further in the 20th century and these have become an integral part of mainstream modern economics.

For sheer genius, and intuitive power in divining the underlying structure of fundamental economic relationships and their extensive interdependencies and consequences, Walras has been surpassed by no one.


Acknowledgements: The Concise History of Economics 2nd Edition, Léon Walras: The life of Léon Walras and perspectives on his thought edited by John Cunningham Wood, Advances in Automated Valuation Modelling edited by Maurizio d'Amato, Tom Kauko,