23rd November 1999

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A project carried out by the University of Ulster and the Valuation and Lands Agency could transform the housing market in Northern Ireland.

The new system, which is the only one of its kind in the United Kingdom, is being developed to help in the assessment of rateable values.

However, the system would have capacity to carry out a market value assessment of most of the 620,000 homes in the province at little or no cost and deliver the new valuations over the Internet.

The project builds on initial research carried out by the Agency, the University and its spin-off software development company Mineit

The firm has developed technology that relates individual house characteristics to recent sales figures in the local area, in such a way that the system can value all houses, whether they have been sold or not.

According to the Assistant Commissioner of Valuation, Brian McClure says the system could have several very important applications.

"If and when the Government asks for a Domestic Rateable Revaluation we would normally have to value hundreds of thousands of residential properties at that given date.

"This new system, combined with the our electronic database, has the potential to value over 80% of the province's housing stock to a reasonable degree of accuracy, without resorting to individual inspection and valuer assessment. So it would be much cheaper."

The Managing Director of Minet, Maurice Mulvenna says the project has already been through a number of 'proof-of-concept' stages. He says it has a number of potential applications:

"It may be that in 5 year's time we are able to offer the public a current 'guide' valuation of their largest financial asset, their home, at little or no cost and delivered over the Internet.

"This is not pie in the sky. This general approach is now common in North America and our if our application works, it could put our processes and expertise in this field at the forefront in European terms."

For further information, please contact:

Press Office Department of Communication and Development
Telephone: 028 9036 6178
Email: pressoffice@ulster.ac.uk