Buying and selling houses is right up there with death and divorce on the list of life’s biggest stressers. Part of the reason for this is the uncertainty, especially when it comes to price. Both buyers and sellers lose sleep over what a property is worth, and despite its central role in the transaction, accurately valuing properties can be hit and miss.
The reason for the latter, according to property market veteran John Kennedy, is that the information currently available to those valuing properties is fragmented and unstructured, which makes it time-consuming to do and difficult to be accurate. However, he expects his new Independent Property Price Index, which provides valuations in minutes, to change this.
Kennedy is an engineer who worked for Intel before striking out on his own 20 years ago to apply his IT skills to the property sector. His company, 4Property, employs 11 people and provides a range of technology and market intelligence solutions to the industry, including the Independent Property Price Index (iPPi), which goes on general release in January. The iPPi will bring a new level of insight, transparency and accuracy to property valuations in Ireland, according to Kennedy.
“iPPi is the cleanest and most comprehensive property market database currently available and it will increase the understanding of and add context to the Irish housing market,” he says. “It provides openness around property transactions and around the performance of the market both on a day-to-day basis and over time. This in turn enables estate agents to produce much better valuations for their clients.”
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