Free-to-use platform empowers property hunters with data on the “fair value” of any residential property with a London postcode
Results 20% more accurate than Land Registry data alone*
Bricks&Logic, a new free-to-use platform has launched today to empower London property hunters with accurate data on the “fair value” of millions of properties in London. Its unique approach and groundbreaking analysis enable it to estimate the current value of an individual property with a median error as low as 7.5% – making it the most accurate, freely available house price indicator on the market.
Launched by Matthew McDwyer, a former estate agent, turned City analyst and fintech entrepreneur, Bricks&Logic aims to bring transparency to house prices and help property hunters make informed decisions on purchases, rental negotiations or home improvement projects. It is also intended to help estate agents and lettings agents better guide their clients when setting selling or rental values. Unlike other property information sites, Bricks&Logic data is based on an individual property not an average of all properties on a road or within a postcode and can allow for adjustments based on other factors such condition or any home extensions. This means that pricing data is much more accurate and meaningful for the user.
The platform is considerably more accurate than other traditional house price analysers that rely solely on Land Registry data and use the “repeat-sales method”, looking at multiple sales of a single property to see how it has changed over time. When aggregated across many properties, this creates an index summarising the aggregate change. Looking at all sales in London postcodes between August and December 2019, there were more than 10,000 sales where the repeat-sales and Bricks&Logic methods could be applied. The forecast error for Bricks&Logic was found to be 20% less on average.
Bricks&Logic’s unique platform can identify the style of property, number of bedrooms, outside space, square footage and other determining factors to calculate its current value-estimate for rental or sales. Its sophisticated search function also enables users to identify exact streets within each postcode that match their property criteria, including travel distance to work or other points of interest. The mobile application also enables users to search property prices using geo-location so they are able to research an area while they are visiting.
Matthew McDwyer, founder of Bricks & Logic said: “As a nation, we’re obsessed with property and its value, or otherwise, has a real impact on consumer confidence. However, it’s an industry that lacks transparency on pricing as a buyer or renter you don’t always have reliable data on what a property is really worth. Bricks&Logic is designed to shine a light on a key aspect of the complex London market. We’re free to use for the consumer user so we can be completely neutral and give them accurate information to empower their decision-making.”
Bricks&Logic is launching this week within the London postcode area, extending into Greater London postcodes by the end of the year. Rollout to major national urban hubs will begin in early 2021 with a full national rollout expected by the end of 2022.
