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

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
JournalJournal of Property Research
Publication statusAccepted/In press - 3 Dec 2020

Keywords

  • housing market
  • machine learning

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