To ask the Chancellor of the Exchequer, with reference to the Answers of 23 October 2006, Official Report, column 1679WA and 8 October 2007, Official Report, column 227W, and pursuant to the Answer of 12 March 2024 to Question 16860 on Housing: Valuation, whether the Valuation Office Agency uses locality adjustment factors to calibrate the automated valuation model for multiple regression analysis; and how many localities the Valuation Office Agency has created for the model.
Answered on
15 April 2024
The Valuation Office Agency’s Automated Valuation Model (AVM) methodology for Wales has been updated substantially since the cancelled 2007 English revaluation. The new AVM uses spatial modelling techniques of which location is a key element. The spatial model estimates a continuous field of location factors (which are influenced by various aspects such as transport links, crime rates, quality of nearby schools) rather than the discrete localities.
I would observe that this is a policy proposed by the Welsh Government, and does not represent the policy position of the UK Government in England.