Crosby, Henry James, Davis, Paul and Jarvis, Stephen A. (2015) Exploring new data sources to improve UK land parcel valuation. In: UrbanGIS, Seattle, 3 Nov 2015. Published in: UrbanGIS'15 Proceedings of the 1st International ACM SIGSPATIAL Workshop on Smart Cities and Urban Analytics (1). pp. 32-35. ISBN 9781450339735.

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Abstract

The paper describes a novel approach for building a UKwide
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.

Item Type:	Conference Item (Paper)
Subjects:	Q Science > QA Mathematics > QA75 (Please use QA76 Electronic Computers. Computer Science) Q Science > QA Mathematics > QA76 Electronic computers. Computer science. Computer software
Divisions:	Faculty of Science, Engineering and Medicine > Science > Computer Science
Journal or Publication Title:	UrbanGIS'15 Proceedings of the 1st International ACM SIGSPATIAL Workshop on Smart Cities and Urban Analytics
Publisher:	ACM
ISBN:	9781450339735
Official Date:	3 November 2015
Dates:	Date Event 3 November 2015 Published 1 August 2015 Accepted 1 July 2015 Submitted
Number:	1
Page Range:	pp. 32-35
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
Date of first compliant deposit:	4 November 2016
Funder:	Engineering and Physical Sciences Research Council (EPSRC)
Conference Paper Type:	Paper
Title of Event:	UrbanGIS
Type of Event:	Workshop
Location of Event:	Seattle
Date(s) of Event:	3 Nov 2015
Related URLs:	Publisher

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