A digital or automated valuation (AVM) is the name used for a service that can provide property valuations using mathematical modelling combined with a database.
Most AVMs calculate a property’s value at a specific point in time by analysing the values of comparable properties within the local area.
We will check against this model to try and determine if the property value you have indicated can be confirmed. If the AVM fails to confirm this, we will require a physical valuation of the property to be carried out.
The accuracy of the digital valuation depends on how much comparable data is available at the time.
If the AVM returns a property value lower than you indicated and you would like this to be re-evaluated, you will be provided with the opportunity to pay for a physical valuation during the application.