The IVSC Tangible Assets Board recently published a Perspectives Paper – Automated Valuation Models and Residential Valuations. This paper follows on from the Agenda Consultation 2020 which highlighted Automatic Valuation Models (“AVMs”) as a key topic to be considered by the IVSC over the next few years.
The Agenda Consultation noted that the IVSC’s Technical Boards had begun to look at this topic due to market feedback on technological disruption caused by the increasing use of AVMs, particularly by banks and valuers for the valuation of residential properties for secured lending purposes.
In this paper, the first in a series of Perspectives Papers looking at AVMs, the IVSC reviews the current International Valuation Standards and asks: “Can a Residential AVM ever produce an IVS Compliant Valuation?”
The IVSC Perspectives Paper on AVMs is available here.
If any API Members have any feedback in relation to the Perspectives Paper they are encouraged to forward it to the IVSC Tangible Assets Board at: [email protected], or alternatively provide feedback on the paper to the API by 30 January 2023 and the standards team will collate the feedback and provide it to the IVSC on behalf of Members.
Any queries, please contact the standards team at [email protected]
Posted on December 14, 2022