Instantly mark a property out of 100 with new online service
New online property rating tool from Big Property Data makes search information easily accessible to buyers and sellers for the first time.
Big Property Data, one of the largest property search providers in England and Wales, has launched a new property rating tool for consumers. PropScore, is aggregating property search information for home buyers and sellers for the first time and making it available for free before offer stage.
A free ‘PropScore’ is available on any property in England and Wales, via submission of its postcode to www.propscore.co.uk . The score out of 100 gives a rating of, poor, OK, good, very good or excellent. This is reached through unique analysis and cross-referencing of numerous individual data sets including environmental searches, local crime rates, amenities and insurance risks from partner sources, such as The Land Registry, property data experts CLS, Earthsense and The Environment Agency.
Lorenzo Tejada-Orrell, Director at PropScore, said:
“We are aiming to provide information to buyers and sellers much earlier in the transaction process. This mitigates any surprises and puts both buyers, vendors and agents in a more informed position to act on the information and negotiate.”
“300,000 property transactions collapse every year, with 20% of sellers experiencing a sale fall through. This costs vendors £2,700 on average or £400m a year, it was revealed last year in research by YouGov on behalf of the HomeOwners Alliance. These costs include conveyancing fees, local search costs and subsequent lower offers on a property.“
“We want to help make the process more efficient for everyone involved at an earlier stage. Vital information is simply not available to buyers at the right time. The Conveyancing checks will bring up similar information but by that stage, time has gone by and money spent. If we can help reduce the number of collapsed property transactions, everyone will be in a better position.”
Paula Higgins, CEO of HomeOwners Alliance, consumer campaign group championing homebuyers and sellers said:
“Buying a home is one of life’s biggest and most stressful decisions, yet people have very little information when deciding to view a property. Buyers should be more informed and initiatives such as PropScore should help to make property and neighbourhood information much more transparent and accessible.”
Jan Boothroyd, CEO at Land Data, the National Land Information Service regulator commented:
“Any innovation which attempts to deliver transparency to the home buying and selling community, has to be congratulated. We fully support the idea that consumers should be able to access up to date and reliable information in advance, to help make well-informed decisions prior to buying or selling a property.”
In addition to a free PropScore, it is possible to buy a PropScore Home Report for £59.99 which goes into further detail on the property’s score. Other individual reports are also available from £4.99, including a Title Deed check, Flood Insurance check, Lendability check.
To find out a property’s PropScore visit: www.propscore.co.uk.
Kindly shared by Big Property Data