Automated Valuation Services: A case study for Aberdeen in Scotland

Rainer Schulz, Martin Wersing* (Corresponding Author)

*Corresponding author for this work

    Research output: Contribution to journalArticlepeer-review

    1 Citation (Scopus)

    Abstract

    Automated valuation services (AVSs) offered by listings platforms predict market values based on property characteristics supplied by users. We investigate the implementation of such a service for the City of Aberdeen. We fit different market value models with machine learning methods and assess them in a rolling windows procedure that mimics an AVS setting. We also investigate the ease and robustness with which the models can be implemented. We discuss how prediction uncertainty can be measured and reported to users. If implemented in the future, such a service has the potential to improve the transparency of the local housing market.
    Original languageEnglish
    Pages (from-to)154-172
    Number of pages20
    JournalJournal of Property Research
    Volume38
    Issue number2
    Early online date1 Mar 2021
    DOIs
    Publication statusPublished - 2021

    Keywords

    • housing market
    • machine learning

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