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Zoopla - are their estimates usually mean?

Discussion in 'Personal' started by lindenlea, Feb 13, 2012.

  1. lindenlea

    lindenlea Star commenter

    Anyone used Zoopla for house selling / information. The price estimate for my house is rather mean - is this typical or am I kidding myself about my house's value. No one is buying anything here at the moment so I'm not prepared to go for a price cut just yet although our agent knows we are open to offers.
     
  2. I got a valuation that came in about £25000 less than what I paid nearly three years ago and I have since done about £10000 worth of work on the kitchen and bathroom, so I guess I have to agree that their quotes are mean...
     
  3. lurk_much

    lurk_much Occasional commenter

    I think they might be low
    I tried our old heap and it was a 25% less than I would guess


     
  4. magic surf bus

    magic surf bus Star commenter

    In valuing my Mum's house the local estate agents came up with a figure suspiciously close to the Zoopla figure.

    It strikes me that adding your property to Zoopla might keep the price down, insofar as Zoopla assigns some sort of average based on recent sales. As potential buyers might look on Zoopla for an estimate they could end up offering you less than it's actually worth if they see a price assigned to your property. I'm keeping my Mum's place off it for that reason - she's been its only owner so there are no recent sale figures to go on.

    The Nationwide valuation tool based on inflation/CPI/RPI (or whatever) gave us a more generous valuation.
     
  5. Zoopla (estimate based on current averages) and Nationwide (based on what I paid in 1996) were within £2k of each other for mine and pretty much spot on for what flats round here are selling for.
     
  6. foxtail3

    foxtail3 Star commenter

    Most agents use all the sites - Rightmove, Zoopla etc. I think Rightmove have the most hits. The prices would have to be comparable, otherwise everyone would go for the cheapest option. Our last house was valued by one agent at £485k in July 2010. It sold in March 2011 for £415. The original was over the top, but we still had to accept an offer. Loads of viewings but few offers initially. Methinks there are lots of house browsers.
     
  7. It worries me that people do use zoopla to make offers and will definitely worry me more - one of the flats where I live was sold to a family member and for that reason sold ridiculously cheap. People looking on zoopla will not know this and perhaps think perhaps the price mine is on at (£45000 above this sale price) is overpriced!
     
  8. marymoocow

    marymoocow Star commenter

    House prices near me, whilst not decreasing yet by more than £10K are not moving either. So house prices have probably fallen somewhat but not by much. However I am in a small cul de sac with identical houses. Although we have a slightly better plot than everyone else zoopla has ours at the most expensive and £20K more expensive than it was at the peak of house prices, my nextdoor neighbours on one side at £30K less and my other neighbours at £60K less! Not very accurate! Although I would say the order of valuations is correct given position/ gardens size and outlook, the values are way out.
    Interesting what people have been saying about the effect zoopla have on prices. I dont tend to look at values only the previous sales prices. I am looking for an investment property at the moment in a touristy area and the houses a I am looking at but cant afford are way over priced for what they are and definately aimed high at the holiday home market. Yet when you look on zoopla or similar, identical houses have sold in the last couple of years for a good £100k less and the current houses have been on the market a year or more. Their valuations are more in line with past sales too. Might be worth considering and putting in a massively lower offer after all.
     
  9. jubilee

    jubilee Star commenter

    Zoopla prices are just a guide based on what the property last sold for and what other nearby properties have sold for in the past few years.
    They work out an average and apply the average price drop for that area over the past few years of the recession.
    They do not factor in improvements to a property since it last sold, which could include substantial extensions, so they should not be taken as valuations, just as a general indication of what an untouched property is worth today compared with its value a given number of years ago.
     
    needabreak likes this.
  10. stunica

    stunica New commenter

    I believe that if you are the owner of a house the site will allow you to claim it and update it regarding improvements done which can then "improve" their estimate.
     
  11. Noja

    Noja Senior commenter

    Bizarrely, they had ours at £30,000 more than they were currently advertising it on their own website...and it was on the market for a year at the lower price and didn't sell so I don't think it's anything more than a rough guide.
     
  12. BelleDuJour

    BelleDuJour Star commenter

    They valued our neighbour's much smaller property at more than ours.................quite a lot more. I've never heard anything good about them.
     
  13. Orkrider2

    Orkrider2 Star commenter

    Maybe it's different in different areas. Just searched my road and there's a 3 bed end terrace estimated at nearly 600k. The house 2 doors down is 850k! I know prices round here have gone up a little bit recently, but that's a huge - really huge - increase in a very short space of time. I would have expected them to be about 200k lower than that (and I do look on rightmove quite regularly, so I know I'm not completely out of touch with reality!)
     
  14. foxtail3

    foxtail3 Star commenter

    Had a look at our road and it's definitely off kilter! One of our neighbour's, with a less favourable aspect and much smaller garden is valued at £6,000 more than ours, but that's because they paid more for it new, whereas we negotiated a lower price.

    The same house, new, but semi detached rather than detached, is for sale (and selling) at £25,000 more than ours. Their valuations are based on a pretty crude calculation I think.
     
  15. lindenlea

    lindenlea Star commenter

    This is an old thread - we moved three years ago!

    I'm totally addicted to rightmove but think Zoopla is way off
     
  16. needabreak

    needabreak Star commenter

    True but if you are the owner you can communicate with them about the improvements you have made and the cost that was incurred they look at the value again adjust as they see fit (which you may not agree is enough as they don't always add the full value of improvements), but this may account for differing prices on the same street.

    At the end of the day a house is only work what someone is prepared to pay for it and if it's a desirable area and people have the cash or are able to access it they will and you'll get lots of offers. In my experience much is down to the work of the agent and how they approach things during viewings, while some people know the area they know the worth to them without Zoopla etc but may go on there to check they aren't going to go above the ceiling price for the road if they do any improvements after purchase. That's certainly how I have approached it and it seems my buyers have too.
     
  17. grumpydogwoman

    grumpydogwoman Star commenter

    Don't know about the estimates. The facts are wrong. It says that ours is a 5. It's a 4. It says that next door is a flat! It's a 5.
     
  18. scienceteachasghost

    scienceteachasghost Lead commenter

    Zoopla are mean! My flat has depreciated in the 10 years since I bought it according to them and my opinion of what its worth differs from theirs by about a factor of 1.4.
     
  19. needabreak

    needabreak Star commenter

    Have you claimed your home GDW? If you have you can amend the details to be more accurate, it looks as thought from what posters are saying that they rely on this to some extent, the rest may be guesswork... Once you have claimed it I'm not sure if you can un-claim it should you wish to though.
     
  20. Vladimir

    Vladimir Senior commenter

    Don't take any action with regard to buying or selling a horse until you Google the tricks of estate agents online. You can get tied down to all sorts of deals you didn't want, so hesitate before you even agree to a valuation.
     

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