A former estate agent who has set up an online platform giving information on property values for London renters and buyers has accused the industry of a lack of transparency.
Matthew McDwyer - described as a former estate agent, turned City analyst and fintech entrepreneur - has set up a platform called Bricks&Logic which claims to offer estimates of the “fair value” of properties in London.
A statement from the firm says it aims to “bring transparency to house prices and help property hunters make informed decisions on purchases, rental negotiations or home improvement projects. It is also intended to help estate agents and lettings agents better guide their clients when setting selling or rental values.”
It claims its data relates to an individual property and not an average of all properties on a road or within a postcode and can allow for adjustments based on other factors such condition or any home extensions. “This means that pricing data is much more accurate and meaningful for the user” it says.
McDwyer says of the property sector: “It’s an industry that lacks transparency on pricing as a buyer or renter you don’t always have reliable data on what a property is really worth. Bricks&Logic is designed to shine a light on a key aspect of the complex London market. We’re free to use for the consumer user so we can be completely neutral and give them accurate information to empower their decision-making.”
The platform launches this week in part of London and aims to extend to Greater London postcodes by the end of the year, then to what it calls “major national urban hubs” in 2021 and across the nation before the end of 2022.
Bricks&Logic’s platform can identify the style of property, number of bedrooms, outside space, square footage and other determining factors to calculate what it calls “its current value-estimate” for rental or sales.