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A new website is offering home sellers help in determining the price buyers will be willing to pay for their property using artificial intelligence.
Slam AI Club has created an algorithm which uses a wide range of factors to predict property prices including transaction data from Land Registry, geo-location data from Google and Royal Mail databases, financial markets data and records from the Office for National Statistics.
House hunters can record details properties they have visited and add descriptions, notes and photos, using the portal to create a shortlist of properties and record property values.
Property owners can list their homes for sale or rent on the website.
The service is free to home buyers and a fee of £14.99, is charged to property sellers and agents.
The website was created by Aichoo when the tech firm entered a worldwide year-long competition organised by Zillow, the US version of property giant website, Zoopla, to beat its existing algorithm.
The winners received $1 million and Zillow adopted the winning algorithm for its own use and acquired the sole intellectual property rights.
The founders of Slam Ai Club came fourth out of 5,000 competitors. However, this did mean that Aichoo were able to retain the rights to their own algorithm and are able to offer the product to the UK market independently now.
Founder David Surkov says: “Our portal is designed to make the house buying process more straightforward by making real estate data available to everyone rather than a select few giant property website or agents.
“There is an element of competition in the name ‘Slam AI Club’ – we want to show that artificial intelligence can compete with human ability to predict property prices.
“Once a sale is complete through the website, the algorithm looks to see who was more accurate, AI or its human counterparts and then learns from the competition, making it more accurate in the future.”
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