The agreement centres on a new application programme interface (API) that serves to improve the quality and speed of AVs.
Karen Appleton, head of new lending at Skipton, said: “This will apply on a proportion of properties depending on appetite. It will be for example, a standard construction three-bed semi-detached house, at lower loan to values, in a road with a number of recent sales.”
“Customers will benefit from an automated valuation at the point of application and may be able to receive day-one offers, provided the case has been properly packaged,” she added.
Rightmove’s enhanced automated valuation model pulls data from sources including listings, sale prices and surveyor records.
Skipton is the latest lender to take steps toward greater use of automated valuations, driven partly by Covid-19 lockdowns.
Appleton added that AVs were for lending purposes. “It is for the customer to decide if they need a homebuyer or full survey based on the potential for there to be issues with that property,” she said.
