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Streetrod

Original Poster:

5,251 posts

91 months

[news] 
Wednesday 4th January 2012 quote quote all
Ok, saw the advert on TV last night so decided to try their estimator on my house value. Now to say I was not pleasantly surprised would be a fib. Anyway after a quick refinement of my details the estimate came down a bit but it still seemed to conclude that my house was worth a lot more than I expected. Now to be honest I have taken no notice of local house values since I bought mine eight years ago so may be this could be right.

Does anyone else have firsthand experience of these estimates and how they would compare to your local estate agents estimates?

Get your estimate here: http://www.zoopla.co.uk/home-values/

danyeates

6,085 posts

107 months

[news] 
Wednesday 4th January 2012 quote quote all
Streetrod said:
Ok, saw the advert on TV last night so decided to try their estimator on my house value. Now to say I was not pleasantly surprised would be a fib. Anyway after a quick refinement of my details the estimate came down a bit but it still seemed to conclude that my house was worth a lot more than I expected. Now to be honest I have taken no notice of local house values since I bought mine eight years ago so may be this could be right.

Does anyone else have firsthand experience of these estimates and how they would compare to your local estate agents estimates?

Get your estimate here: http://www.zoopla.co.uk/home-values/
It's bang on exactly what the house we're looking at is advertised for. But we're offering a fair bit less.

scenario8

3,795 posts

64 months

[news] 
Wednesday 4th January 2012 quote quote all
Streetrod said:
Ok, saw the advert on TV last night so decided to try their estimator on my house value. Now to say I was not pleasantly surprised would be a fib. Anyway after a quick refinement of my details the estimate came down a bit but it still seemed to conclude that my house was worth a lot more than I expected. Now to be honest I have taken no notice of local house values since I bought mine eight years ago so may be this could be right.

Does anyone else have firsthand experience of these estimates and how they would compare to your local estate agents estimates?

Get your estimate here: http://www.zoopla.co.uk/home-values/
Hilariously disasterously all over the place would be my (professional) opinion. The estimates work in a very crude way. If you don't want an agent or a surveyor to visit your property in the vast majority of cases I'd suggest a tiny bit of click work would give you at least as good an idea as to the true value of your home.

Each to their own, though.

As a very small sample I give you my home. My estimate £190,000+, agents circa £195,000. offers £187,500-£196,000, Zoopla £284,000.

I should have taken Zoopla's offer.

They're not always that far off, of course. Especially if there have been plentiful and recent very similar sales in the immediate vicinity - but I'm sure you get my point.

tonker

46,898 posts

133 months

[news] 
Wednesday 4th January 2012 quote quote all
if any work has been done, or if another sold nearby which has had work done, or you did a good deal, then it's rubbish. It's mostly rubbish.

30% out for my parents' house that sold. It's about 30% out for our house (we have done a chunk of work) - it overprices two others in our street by about 15% (they are identical to next door to them which Zoopla puts at 25% less than these).

It's a basic basic tool for comparisons - if anyone tried to haggle on a house price with me and used Zoopla, they would find themselves cut short VERY quickly.

Oh, and they ruined the best houseprice finding site when they bought out www.houseprices.co.uk - it now goes to Zoopla and is rubbish.

Funk

15,120 posts

94 months

[news] 
Wednesday 4th January 2012 quote quote all
I would say it's not that accurate. My property is estimated by Zoopla at £160,500. It's a one-bed flat. The flat below me sold in Aug '11 for £172,500 and is a two-bed flat with small balcony. The master bedroom also has an en-suite I believe. It had sat on the market at £190k and not shifted.

I don't think I'd get anywhere near £160k for mine - probably closer to £145k if the right buyer came along.
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illmonkey

8,286 posts

83 months

[news] 
Wednesday 4th January 2012 quote quote all
It reckons my house has gone up £15k. I think it has, although we've tidied it up from what it was alot. When we got it, it was fairly vile. Fag burns in carpet etc.

Streetrod

Original Poster:

5,251 posts

91 months

[news] 
Wednesday 4th January 2012 quote quote all
Having spent nearly £150k on updating our house recently (£30k on the kitchen furniture alone frown ) I was not too interested in finding out how much the house was now worth just in case in was worth less than I spent. But on refection I suppose ours is an ideal period family home with 3 highly rated private schools within tens mins drive. Only two houses in my street of 28 houses have come onto the market in the last eight years as people don’t want to move. Anyway it has left me feeling a little more positive biggrin

ThePlanner

5,157 posts

152 months

[news] 
Wednesday 4th January 2012 quote quote all
Zoopla only goes by the house sales locally. The estimaes for my street are hit and miss.

If the street (postcode area) has the same style and size house then the estimates are quite realistic, but my street (Postcode) has a mix of 2 bed flats 3 bed semi upto 5 bed detached. The 5 bed houses are underpriced by 100k and the flats overpriced by 70k but the 3 and 4 beds are similar to the recent sales.

bigandclever

7,157 posts

123 months

[news] 
Wednesday 4th January 2012 quote quote all
Today, the estimate for my house was £495000. Bearing in mind I bought it just over a year ago for £380000, I updated Zoopla to reflect this and the estimate is now £380617. I can therefore conclude that the estimates are either massively off or very accurate wink

JR

9,136 posts

143 months

[news] 
Wednesday 4th January 2012 quote quote all
scenario8 said:
Hilariously disasterously all over the place would be my (professional) opinion. The estimates work in a very crude way. If you don't want an agent or a surveyor to visit your property in the vast majority of cases I'd suggest a tiny bit of click work would give you at least as good an idea as to the true value of your home.

Each to their own, though.

As a very small sample I give you my home. My estimate £190,000+, agents circa £195,000. offers £187,500-£196,000, Zoopla £284,000.
I'm moving house now and tried a few houses on Zoopla. I'd say it is good to give you a very rough idea of prices in an area, say three bed terraces in Teeside vs three bed terraces in Chelsea vs three bed terraces in Bath but no good for pricing an in an individual house since I think that the estimate is +/- 50%.

JR

9,136 posts

143 months

[news] 
Wednesday 4th January 2012 quote quote all
bigandclever said:
Today, the estimate for my house was £495000. Bearing in mind I bought it just over a year ago for £380000, I updated Zoopla to reflect this and the estimate is now £380617. I can therefore conclude that the estimates are either massively off or very accurate wink
That's a lot of money to lose in one day smile

Output Flange

14,348 posts

96 months

[news] 
Wednesday 4th January 2012 quote quote all
It shows my house as being worth £150k more than our next-door neighbours'. Our neighbours have a bigger house on a bigger plot, so I suspect it may not be exactly accurate, eh wink

sinizter

3,348 posts

71 months

[news] 
Wednesday 4th January 2012 quote quote all
It is more accurate on houses that have been recently sold - so that the prices they use to estimate are more up to date, and more importantly, reflect the actual market at that point.

Not of any use on houses that have been owned by the same person for more than 4-5 years.

Mr Whippy

18,932 posts

126 months

[news] 
Wednesday 4th January 2012 quote quote all
The data out is only as good as the data in.

If not much good data went in, or it went in a long time ago, then the data out won't be so hot.

Considering it only correlates data like bedroom count and stuff, it's also not going to take into account anything like how nice the house is decorated or maintained etc.


It's just a guess, a bad one at that, if the local turnover is low and house type varies a lot (ie, a smaller village say)

Dave

Edited by Mr Whippy on Wednesday 4th January 15:29

Smashed

1,886 posts

86 months

[news] 
Wednesday 4th January 2012 quote quote all
They're very close to my house value. Quite a high property turnover in my area though it seems, with a lot of the houses being almost exactly the same so it would be easier for them to get enough data to put a number on it.

miniman

17,046 posts

147 months

[news] 
Wednesday 4th January 2012 quote quote all
Doesn't look terribly accurate to me. It values my house at £10k more than next door, which is larger, more receptions, bigger garden.

On the plus side, it does show who got the best deal on the street. Guess which one is mine hehe

http://www.zoopla.co.uk/home-values/yatton-keynell...

scenario8

3,795 posts

64 months

[news] 
Wednesday 4th January 2012 quote quote all
miniman said:
On the plus side, it does show who got the best deal on the street. Guess which one is mine hehe

http://www.zoopla.co.uk/home-values/yatton-keynell...
I'm hoping not number 5.

miniman

17,046 posts

147 months

[news] 
Wednesday 4th January 2012 quote quote all
scenario8 said:
I'm hoping not number 5.
Happily not.

kingston12

701 posts

42 months

[news] 
Wednesday 4th January 2012 quote quote all
Totally inaccuarate.

Basically, if you drive a great deal and buy a new build house for £300k and someone else buys exactly the same house next door for £400k Zoopla will always have yours as being worth less even if it is the same house.

The most hilarious thing is that you could redress the balance by putting your £300k house on the market for £1m for a couple of months and then removing it unsold. Unbelieveably, this will increase the Zoopla valuation.

Of course, if you replace the kitchen and bathroom and add a 2000sqft extension, this has no effect on the value at all!

Jasandjules

50,966 posts

114 months

[news] 
Wednesday 4th January 2012 quote quote all
How can it be accurate? It is a best guess which I suspect is based simply on whatever has sold near you. Which takes no account of your kitchen/bathroom and decor, which IME have a fairly significant impact upon the price..
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