Empty Homes programmes and the AVM
Clients are starting to use the Savills/Rightmove AVM for a wide range of projects. Recently, we have worked with clients using the AVM to help identify and select properties for inclusion in their Empty Homes programmes.
As the AVM produces an estimated market rent and an indicative capital value, the tool has proved as a useful guide as to whether or not to proceed with the acquisition depending upon the results of the exercise.
The main benefits of using the AVM to produce indicative valuation for Empty Homes Acquisition are time and cost:
Time: An indicative valuation can be produced in as little as 10 minutes, allowing a decision to be made whether or no to investigate the property further much sooner than a traditional valuation on the individual property;
Cost: The cost to produce an indicative valuation in-house using your existing access to the AVM, rather than instructing a surveyor to produce a valuation for each property is substantially less.
Running prospective properties through the AVM and ascertaining both the estimated sales value and market rent quickly and cheaply allows you as an association to investigate more properties and start the process much sooner – giving you a better chance of being successful with the purchase of an empty property, particularly when time is of the essence!
Savills have a number of RP clients for which they undertake the process of acquisition from start to finish, this involves identifying the properties, inspecting them, determining the approximate Market Value and making an offer on the property . Once agreed Savills can act on behalf on the RP to liaise with the agents and solicitors to complete the transaction. Please contact me at CASmith@savills.com if you would like to discuss this further.
|1)||Search for the property, establish the owner and status of the property|
|2)||Inspect the property. RP to provide Savills with repairs details. Establish market value|
|3)||Make an offer, produce valuation of property and commence negotiations|
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On 10th January 2017, The Scottish Government published the much anticipated ‘Places, People and Planning’ consultation paper which sets out 20 proposals for change that aim to strengthen the planning system and support sustainable economic growth across the country.
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