MIAC launches house price index competitor
The global financial risk, software and analytics business, has created a granular residential property analytics platform for the UK with plans to deliver predictive tools in the near future.
The platform gives users an instant visual breakdown of house prices and rental indices by a range of characteristics, such as location (including by county, region, nationally and nationally excluding London), type of property, number of bedrooms and type of occupancy (owner-occupied or rented).
Using a combination of sources including Land Registry data going back to 1995, MIAC’s property analytics aims to build a more complete and detailed picture than other house price indices, which reflect a portion of the market and might exclude certain sectors such as buy-to-let.
For the rental market, MIAC offers the same level of granularity as its house price index and includes the ability to track interest coverage ratios over time to coincide with the credit risk assessment of buy to let mortgages at the underwriting stage.
Alongside these features, MIAC is developing predictive analytics for the platform that would extrapolate future trends. Development, MIAC said, is “nearing completion”.
Darrel Welch, managing director of MIAC Analytics, said: “We believe that our residential house price and rental indices are the most robust and least volatile in the industry, providing our client partners with unrivalled insights into the relative risk and value of the properties in which they have an interest.”