A new AI-powered property search tool that uses big data to enable faster, more accurate and tailored searches for home buyers has been launched.
Realyse COO Irakli Menabde (main image) whose company is behind the launch, says the platform, which is already used by big developers and financial services companies, has now been made available to individual homebuyers and sellers.
AI technology means that, rather than scrolling through endless listings on Rightmove or Zoopla, users can specify and get instant results based on a huge range of criteria – from proximity to vegetarian cafés and cycle routes to school catchments areas and leisure facilities.
It is even able to provide a probability score for obtaining planning permission for an extension.
The system works by analysing data from multiple sources including Land Registry, EPC certificates, and approximately 20 websites and agencies. It then provides valuations based on median sold prices on a pound-per-square-foot basis, with a claimed accuracy range of 1-5%
Most valuation tools give you a 20 per cent margin of error, which is absolutely useless.”
Menabde tells The Times: “Most valuation tools give you a 20% margin of error, which is absolutely useless in my view.”
The Realyse tool also provides market context by showing the difference between asking and sold prices for similar properties in the area, so the buyer/seller can work out whether the property is over or underpriced compared with others on sale. Users can also view two-year housing forecasts to evaluate its potential investment value.
Unprecedented transparency
And for sellers, the estate agent comparison facility provides unprecedented levels of transparency. At the click of a button, they can see how many similar properties estate agencies have sold in their area, how far above or below the asking price they achieved specifically for that type of property, and how long it took to sell them.
For landlords and investors, the platform offers detailed rental information — from estimated returns to colour-coded maps showing the highest yields and capital appreciation on a street-by-street basis.
Subscription options are £9.99 a month for the basic package or £19.99 for the premium package that enables users to track an unlimited number of properties.
