New website plans to identify homes where buyers can try for discounts

A new website promises ultimately to identify 'mispriced' properties, including those which have the highest probably of being secured at a discount.

Propcision.com has recently been set up by Michelle Ricci, the former head of a team of analysts on a credit derivatives trading floor, and Julien Zak, a quantitative developer for major banks.  

Its first and current offering is for prospective buy to let investors, using software to estimate the rental yield of properties for sale within London. 

In the near future the pair will identify what they call "mispriced properties" which the site will identify by applying a theoretical value on each property for sale. 

"Our pricer will not be based on the last purchase price of a property (which other portals do) but sound fundamentals of property transactions in the area with properties having similar characteristics" Ricci has told Estate Agent Today. 

"We detect distressed sellers in a few ways. For example, we record how many times a property price has been reduced, time on market, and if a sale had fallen through - great signals for when someone has gotten serious about shifting their property" she says.

After "gaining the confidence of the consumer" through these free-to-use tools, Ricci says the website will focus primarily on crowdfunding."Using our tools that compares all properties for sale, users can easily see why a given property is a good investment in comparison to other properties on the market" says Ricci.

So far the pair - who both read mathematics and computer science at university - have done all the development work themselves over the past nine months. The formal launch will be staged later in October. 

"As we move towards an era of consumer empowerment, Propcision sits neatly in an area, which up to know, remained opaque with a heavy reliance on a bias third party (estate agent) to provide accurate information" says Ricci.