Ian Fraser, business development director of Hometrack, commented: “The adoption of Hometrack’s AVM by Abbey is set to make dramatic improvements to their service for many of their mortgage customers and intermediaries.
“The technological advancement of AVMs, computer-based systems which provide instant valuations on residential properties, has enabled Abbey to greatly speed up their turn-around time for all customers. Abbey’s use of a completely automated link provides even greater efficiencies.
“Abbey already provides mortgages with no valuation fee. Our online valuation service significantly reduces their costs, offering a much faster and less expensive valuation procedure. Although clients have been using our service for over three years, the technological revolution is now really starting to accelerate. The expansion in this market is going to be phenomenal within the lending community in the next few years. We expect the number of individual valuations processed through Hometrack's AVM to double over the next 12 months, both with several lenders already in the process of implementation and our existing clients extending their use of the service.”
