Trick or Treating for AI

If you would like to know more information about Houseprice.AI , Horizon, or access to our API please feel free to contact us at info@houseprice.ai.


Message Us

The drivers of success

At Houseprice.AI we believe that transparency, honesty and consistency are the drivers of success. This vision is what drives us in providing our customers with the best quantifiable valuation of residential property in the market. By combining Big Data and AI with our experience, we continuously improve our machine valuation model (MVM) ensuring that we are are at the forefront of the Proptech/Fintech boundary. Are you using AI in your business yet? If not it might be costing you an arm and a leg.

What's the fair price? Houseprice.AI.

click the image to play

If you would like to know more information about Houseprice.AI , Horizon, or access to our API please feel free to contact us at info@houseprice.ai.


Message Us

House prices on the up

According to this month’s Halifax house price index, House prices in June, July and August were on the up, 0.1% higher than in March, April and May. This means that the annual house price growth has picked up to 2.6%. Just don’t be too quick to shout hurrah.

Russell Galley, Managing Director, Halifax Community Bank, said: “The annual rate of growth increased from 2.1% in July to 2.6% in August with the average house price now £222,293, which is just above the previous high of December 2016 (£222,190). “

Unemployment is also at a 43 year low. The Office of National Statistics16th August Bulletin states that “The employment rate (the proportion of people aged from 16 to 64 who were in work) was 75.1%, the highest since comparable records began in 1971.”

There has also been an increase in mortgage approvals, and according to Bank of England seasonally adjusted figures, nearly reversed all the falls seen so far this years.

So this seems sunny news, however, wage growth is still lagging. The cost of your weekly shop has also gone up. If you look at your standard 800g white loaf, for example. it was 97p in April and is now £1.04. It doesn’t sound a lot, but add 7p to every item in your weekly shop and it soon adds up to a sizeable increase. With inflation outstripping wage growth, this puts a significant strain on the household budget. New house or avocado toast?
The HMRC say that property sales are on the up, however the RICS monthly report, shows that new instructions for home sales fell for the 17th consecutive month in July, and that the average number of properties on estate agents’ books are close to an all-time low, making that instruction from any vendor all the harder to secure.

With wages stagnating and food bills increasing it is not hard to see why people are less eager to upgrade, so there are fewer properties coming onto the market, and thus the market value increases.

Without making but the slightest nod to Brexit, house prices will fluctuate, wages and food prices go up and down. Yesterday the Telegraph reported that “soaring house prices in the UK mean that one in every 76 Britons is now a millionaire, up from one in 84 last year.” Somehow that diminishes the value of being a millionaire, it just bumps up the stamp duty. If your prospect is a millionaire purely because their house is worth a million, it means very little if they have no immediate intention of selling it. Whether they live in a large house In Belgravia or a 2 up 2 down in Sunderland the value of their home increasing means nothing. Its just the roof over their head. It only matters when they decide to move.

This is a good place to state that the Big Data that feeds our AI includes the house price index. So whether house prices go up or down you can be confident that Houseprice.AI and our Estate Agents app, Horizon, will back up your own knowledge with the most current and fair price for any vendors property.


Acknowledgements:
https://www.halifax.co.uk
http://www.telegraph.co.uk/
https://www.rics.org/uk/
https://www.ons.gov.uk/

What is Houseprice.AI?

This video explains how Houseprice.AI is at the forefront of Proptech innovation by developing a machine valuation model that draws on Big Data and AI to predict astonishingly accurate valuations.

What's the fair price? Houseprice.AI.

click the image to play

If you would like to know more information about Houseprice.AI or our Estate agents' App Horizon, please feel free to contact us through the online chatbox or by email at support@houseprice.ai.