In October 2020 the IVSC issued its Agenda Consultation 2020 which highlighted Automatic Valuation Models (“AVMs”) as a key topic to be considered by the IVSC over the next few years. The Agenda Consultation stated that the “IVSC Technical Boards had originally begun to look at this topic due to market feedback on technological disruption caused by the increasing use of AVMs in many markets, particularly by banks and valuers for the valuation of residential properties for secured lending purposes.”
In this paper, the first in a series looking at AVMs, the IVSC looks at the current International Valuation Standards and asks: “Can a Residential AVM ever produce an IVS Compliant Valuation?”