Exploring new data sources to improve UK land parcel valuation

Henry Crosby, Paul Davis, Stephen A. Jarvis

Research output: Chapter in Book/Report/Conference proceedingConference contribution

1 Citation (Scopus)

Abstract

The paper describes a novel approach for building a UK-wide Automated Land Valuation Model and its implementation into commercial online software. We examine existing approaches to land valuation used in the UK, notably Trade Area Analysis, Spatial Interaction and Comparable Sales. We make the case that land use analysis, demographics and societal preferences affect the potential income and optimal use of parcels of land and hence the value of those parcels. This hypothesis leads to the introduction of a number of additional factors required to facilitate estimated land value, including traffic flow, population and site suitability. A number of artificial intelligence (AI) and machine learning spatial-temporal techniques are introduced to predict the value of all land parcels sold since 1995. We introduce a new technique, which includes (i) the application of Support Vector Machines to land use analysis; (ii) the use of predictive techniques for macro-environmental factors; (iii) the use of large, open-source data sets to improve valuation; (iv) industry alignment in predefined industrial tool. A number of different mathematical techniques are used to validate the proposed model and we show that our model demonstrates 92% accuracy for residential pricing predictions.

Original languageEnglish
Title of host publicationProceedings of the 1st International ACM SIGSPATIAL Workshop on Smart Cities and Urban Analytics, UrbanGIS 2015
PublisherAssociation for Computing Machinery
Pages32-35
Number of pages4
ISBN (Electronic)9781450339735
DOIs
Publication statusPublished - 3 Nov 2015
Event1st International ACM SIGSPATIAL Workshop on Smart Cities and Urban Analytics, UrbanGIS 2015 - Bellevue, United States
Duration: 3 Nov 20156 Nov 2015

Publication series

NameProceedings of the 1st International ACM SIGSPATIAL Workshop on Smart Cities and Urban Analytics, UrbanGIS 2015

Conference

Conference1st International ACM SIGSPATIAL Workshop on Smart Cities and Urban Analytics, UrbanGIS 2015
Country/TerritoryUnited States
CityBellevue
Period3/11/156/11/15

Keywords

  • Big data
  • Classification
  • Correlation
  • Feature selection
  • Gis
  • Real estate
  • Regression
  • Spatial temporal
  • Urban science

ASJC Scopus subject areas

  • Civil and Structural Engineering
  • Building and Construction

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