Written question asked by Paul Howell (Conservative) on Tuesday, 26 March 2024, in the House of Commons. It was due for an answer on Monday, 15 April 2024. It was answered by Nigel Huddleston (Conservative) on Monday, 15 April 2024 on behalf of the Treasury.

Housing: Valuation

Question: 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.

Answer

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.

Secondary information

Type: Written question
Reference: 20809
Session: 2023-24
Related items: Valuation Office Agency
Monday, 23 October 2006
Written questions
House of Commons; Housing: Valuation
Monday, 8 October 2007
Written questions
House of Commons; Housing: Valuation
Tuesday, 12 March 2024
Written questions
House of Commons
Subjects: Housing Finance Procurement Valuation Valuation Office Agency
Contains statistics: Yes
Link: View this Written question on www.parliament.uk

Housing: Valuation

Secondary information

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