Part of Zoopla, Hometrack describes itself as the ‘pioneer’ behind the automated valuation model (AVM) which is used by 17 of the top 20 mortgage lenders to produce remote valuations.

Now it wants to increase collaboration with customers and prospects to help them navigate the changing market dynamics.

It hopes, by using the platform from Databricks, a data and AI company, it will be able to increase the scale and speed of this innovation.

Dave Morris, director of engineering at Hometrack, said: “We are already the leading AVM, yet 70% of all valuations still happen in person.

“By using Databricks we can improve AVM acceptance rates and reduce the data team’s effort required to manage our platform by more than 60%.

“This approach enables us to speed up the delivery of new products to market and access new revenue streams.”

“Banks and large financial institutions face challenges when adopting new systems, but by partnering with Hometrack, they can access new technology in a managed way, which keeps them at the leading edge of innovation.”

Databricks’ Lakehouse Platform helps organisations accelerate innovation by unifying data teams with an open, scalable platform for all of their data-driven use cases.

From streaming analytics and AI to business intelligence (BI), Databricks provides a modern lakehouse architecture that unifies data engineering, data science, machine learning and analytics within a single collaborative platform.

Hometrack’s AVM has been used to value over £200bn of mortgage products over the last five years.

Underpinned by expert technology, the AVM easily integrates into lenders’ existing architecture to manage risk, choose the best value assessment option – AVM, desktop or physical, ultimately enabling loans to be approved, in as little as two minutes.