The new products from SimplyBiz, which provides compliance, technology and business services, allow RICS-qualified surveyors to carry out accurate property valuations. They can do this while taking social distancing precautions, without needing to be physically present in people’s homes.
Home sellers can use smartphones, cameras or laptops to capture and share high-resolution photographs or video footage of their property with a chartered surveyor, or use video conferencing technology such as Skype or Zoom to take them on a virtual inspection.
A third option allows qualified local surveyors to carry out a physical external inspection to value a property, without running the risk of physical interaction with its owner.
This technology-led approach delivers a more accurate and reliable outcome than desktop valuations, which are commonly used for lower loan-to-value mortgages but are of limited use in other scenarios such as valuing unusual properties or higher LTVs.
Supporting the property market recovery
Following a rapid four-week development process, SimplyBiz and its subsidiary business Gateway have signed up Mansfield Building Society as the first lender to use the product suite, and are working with Nottingham Building Society to explore its potential use.
SimplyBiz has also committed to making this operating model freely available for other surveying companies, rather than maintaining exclusivity, to support the wider recovery of the property market.
As well as navigating the challenges of surveying while social distancing to contain Covid-19, the business hopes its approach will provide a blueprint to help digitise a key element of the homebuying process and improve the efficiency of the UK property market for the long-term.
Comment
Matt Timmins, joint CEO of SimplyBiz, commented: “Faced with exceptional circumstances, we have moved quickly to combine qualified surveying expertise with digital solutions to help surveyors perform their role to high professional standards and re-open the UK housing market for buyers and sellers.
“Businesses are having to adapt at pace, and this new suite of products will allow accurate and reliable property valuations while respecting social distancing guidelines and putting homeowners’ minds at rest.
“As well as supporting our own clients, we want to collaborate with other surveyors so this innovation can help tackle the backlog of transactions across the UK.
“By innovating in the short-term, these products also offer a long-term solution for forward-thinking surveyors and lenders to help make property transactions a more efficient, user-friendly and environmentally-friendly experience.”
Dave Newby, mortgage executive from Mansfield Building Society, said: “Adopting Gateway’s zero contact property valuation services gives us a level of confidence in terms of risk that means we can increase the loan to values we offer to customers and brokers through our product range.
“Gateway moved quickly to build a revolutionary service and we are delighted to be able to deliver this solution to our broking partners and their clients.”
David Marlow, Nottingham Building Society CEO, added: “We have worked successfully with Gateway for a number of years and commend them for their innovation and forward-looking view, particularly in these unprecedented times.
“We are working closely with them to evaluate and validate this great new idea, which has the potential to support us processing more mortgage applicants for borrowers than we can at present.”
