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Housing: Valuation

Volume 475: debated on Wednesday 7 May 2008

To ask the Chancellor of the Exchequer with reference to the answer to the hon. Member for Welwyn Hatfield of 8 October 2007, Official Report, column 227W, on housing: valuation, what technical name or definition was given to the localities referred to for the purposes of the automated valuation model; what co-efficient value was given to each locality for regression analysis; and what unique reference number or other identifier was given to each locality. (203029)

There is no other technical name for localities as used by the Valuation Office Agency in the context of its automated valuation models. The Agency has defined a locality as being an area that is subject to the same, or similar, market forces. In the multiple regression analysis, coefficients generated for localities differ from locality to locality. The coefficient generated for each of approximately 10,000 localities in England could be provided only at disproportionate cost. Every ‘live’ locality within a Billing Authority area is allocated a unique number.