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London, Tuesday 13th September: Hometrack has been appointed by digital challenger bank, Atom, to provide a range of Automated Valuation Model (AVM) services.
Atom Bank is the first of a new breed of digital, mobile-only challenger banks to enlist the support of Hometrack and will join 17 of the UK’s top 20 mortgage lenders already using the residential property specialists’ AVM services for origination.
Atom Bank, which launched in April 2016, has outlined its intention to launch an intermediary mortgage offering by the end of the year as it expands the range of products and services available to customers.
Hometrack Chief Operating Officer, David Catt, said: “Atom Bank is an innovative, forward-thinking business and we are delighted to be working with them as they look to establish their position in the retail banking market. As a technology-driven business we believe there is a natural synergy between the services we provide to clients and the end-to-end digital solution Atom Bank offers its customers.
“We look forward to sharing our knowledge, insight and analytics with Atom Bank to give them the evidence and confidence to make informed business and strategy decisions about the residential property market.”
Maria Harris, Director of Mortgages at Atom Bank, said: “We are focused on creating a seamless experience for our intermediaries and their customers so it is crucial that we are able to give fast, accurate lending decisions. When it comes to mortgage lending, AVM technology is a key part of that process and therefore we have appointed Hometrack to support in this area.”
Hometrack was founded in the UK in 1999 and is trusted by major mortgage lenders, housing authorities and property developers in both the UK and Australia. Hometrack launched its AVM in 2002 and uses proprietary data and algorithms to provide the UK’s market leading automated valuation tool.
The latest Hometrack UK Cities Index reveals that in the three months to September house price inflation in London recorded the lowest quarterly growth for 20 months.
The latest Hometrack UK Cities Index reveals house price growth has fallen to 8.2% as the slowdown seen in cities across the south of England in recent months intensified in August.
The latest Hometrack UK Cities House Price Index reveals a marked slowdown in house price growth over the last three months, led by a deceleration in London and other high value cities across the south of England.
The latest Hometrack UK Cities House Price Index reveals that annual house price inflation plateaued at 10.2% in June, the same level as May 2016, but still ahead of 6.9% growth seen in June 2015.