How accurate are "Zoopla" estimates??

How accurate are "Zoopla" estimates??

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Pickled

2,051 posts

143 months

Monday 21st January 2013
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blueg33 said:
All it does is apply the Halifax regional house price index to the comparable evidence from the land Registry database.

It is impossible to "value" a house with an accuracy of £2000.

Because it uses the above methodolgy it should always be pretty close except where a house is not conventional or where the comparable evidence is old, sparse or skewed
Both my neighbours houses have been sold within the last 12 months, one is identical to ours and sold for £540k ours was valued at £440k on Zoopla


Edited by Pickled on Monday 21st January 22:13


Edited by Pickled on Monday 21st January 22:14

5678

6,146 posts

227 months

Tuesday 22nd January 2013
quotequote all
Pickled said:
blueg33 said:
All it does is apply the Halifax regional house price index to the comparable evidence from the land Registry database.

It is impossible to "value" a house with an accuracy of £2000.

Because it uses the above methodolgy it should always be pretty close except where a house is not conventional or where the comparable evidence is old, sparse or skewed
Both my neighbours houses have been sold within the last 12 months, one is identical to ours and sold for £540k ours was valued at £440k on Zoopla


Edited by Pickled on Monday 21st January 22:13


Edited by Pickled on Monday 21st January 22:14
This is the level of accuracy I'm curious about. Is it 000's off, 0000's off or 00000's off?

anonymous-user

54 months

Tuesday 22nd January 2013
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Zoopla is pointless.

You are better off spending some time researching actual sold prices and talking to agents.


blueg33

35,808 posts

224 months

Tuesday 22nd January 2013
quotequote all
Pickled said:
Both my neighbours houses have been sold within the last 12 months, one is identical to ours and sold for £540k ours was valued at £440k on Zoopla


Edited by Pickled on Monday 21st January 22:13


Edited by Pickled on Monday 21st January 22:14
What did the other neighbour's house sell for? What did other houses with a similar description sell for?

Residential freehold valuation has always been more art than science

As haryhun says, Zoopla is only ever a guide and cannot replace your own research. Even then you still only have a guide. I have to put value on property in various locations across the UK every single week, and its always an educated guess.

5678

6,146 posts

227 months

Tuesday 22nd January 2013
quotequote all
A similar property next door sold for £390k in 2010, but also has off road parking and a garage. Those alone seem to add £30-40k in the area in question.

BJG1

5,966 posts

212 months

Tuesday 22nd January 2013
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I assume it's more accurate in London where you can get a pretty good measure of value based on £ per square foot for a particular area, for example South Kensington, £13,000 a square foot, Earls Court, £900 a square foot. Obviously you need to pick quite small areas.

JonRB

74,519 posts

272 months

Tuesday 22nd January 2013
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All Zoopla do is extrapolate prices from the last known sale price, weighted by area.

My non-estate house has been known by two different names over the past 20-odd years (the previous owner changed it), and is listed by Zoopla under both names. The difference between the two estimates of exactly the same house under different names is £100k so I can't say that their estimates are that accurate.

However, for a row of terraced houses or estate houses, that are pretty much all the same, then their estimates are probably more accurate as they have better data and less variation in prices between similar houses.

CaptainSensib1e

1,434 posts

221 months

Tuesday 22nd January 2013
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5678 said:
Bumping this from the past...

How do we think it fares in the current market?

For the house I'm looking at, asking is £400k. Last sold in 2005 for £250k. It's currently in very good condition, but physically is the same size/rooms etc. Zoopla put it in the £295-£305k bracket! But I was thinking more like £330-350k is fair.
If they bought it as a wreck for £250k in 2005, spent £100k doing it up, then £400k might not be an unreasonable asking price. This is where Zoopla completely falls down. Look at other property currently for sale locally to establish whether this is a fair price.

Accelebrate

5,250 posts

215 months

Tuesday 22nd January 2013
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My postcode includes a mixture of flats and houses, the houses are roughly double the cost of the flats. If you live in the flats I suspect you'd be pleased with the 'valuation'.

I presume it's only accurate if all of the houses in your postcode are relatively similar in size and spec, and there have been enough sales recently to provide the data.

Pickled

2,051 posts

143 months

Tuesday 22nd January 2013
quotequote all
blueg33 said:
Pickled said:
Both my neighbours houses have been sold within the last 12 months, one is identical to ours and sold for £540k ours was valued at £440k on Zoopla


Edited by Pickled on Monday 21st January 22:13


Edited by Pickled on Monday 21st January 22:14
What did the other neighbour's house sell for? What did other houses with a similar description sell for?

Residential freehold valuation has always been more art than science

As haryhun says, Zoopla is only ever a guide and cannot replace your own research. Even then you still only have a guide. I have to put value on property in various locations across the UK every single week, and its always an educated guess.
The house on the other side is a different style of property all together, mine and other neighbours is 4 bed detached, other property is 3 bed det. bungalow, sold for £365k

kingston12

5,480 posts

157 months

Tuesday 22nd January 2013
quotequote all
As most have already said, the method used by Zoopla is totally flawed. In the rare instances it is close, it will be purely by chance.

The most ridiculous factor that is included is the asking price for unsold properties.

If you believe people look at these valuations, put your £500k house on the market for £1m for a few months. You won't get any offers, but your Zoopla valuation will shoot up!

JonRB

74,519 posts

272 months

Tuesday 22nd January 2013
quotequote all
kingston12 said:
As most have already said, the method used by Zoopla is totally flawed. In the rare instances it is close, it will be purely by chance.

The most ridiculous factor that is included is the asking price for unsold properties.

If you believe people look at these valuations, put your £500k house on the market for £1m for a few months. You won't get any offers, but your Zoopla valuation will shoot up!
When I was in court over the divorce and we were contesting each others' valuations of our assets, my Counsel thought it amusing that I had assembled three independent valuations by local Estate Agents to show what my house was worth in the current market and in its current state, and my ex-wife had a printout from Zoopla showing my house was "worth" £100k more (of which she wanted half as a cash lump sum, of course). rofl

Fortunately the Judge put slightly more weight on actual valuations than some rubbish website's wild guess. hehe


Edited by JonRB on Tuesday 22 January 14:45

fido

16,796 posts

255 months

Tuesday 22nd January 2013
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A house is worth as much as someone is willing to pay for it (last sold prices). But vendors don't always have to sell (asking prices).

GetCarter

29,373 posts

279 months

Tuesday 22nd January 2013
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Hopeless. 300,000+ out.

Chrisw666

22,655 posts

199 months

Thursday 24th January 2013
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I live in a semi-detached house, neighbours home is identical and both are in broadly the same condition.

Zoopla says mines worth £15k less, in 2009 I paid £19k less than they did in 2006 so at a guess I won't be waving them off any time soon.

PhilboSE

4,351 posts

226 months

Thursday 24th January 2013
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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/
Out (too low) by about 8000% in my case. Which is extremely odd as they have most of the relevant details they need in terms of last sale price, rooms etc. According to them, my house has gone to 20% of what I paid for it 7 years ago.

I'm not refining my details any further because the T&C's are not acceptable.

And Zoopla can go .... themselves after they bought out and wound up Globrix.

BaronVonVaderham

2,317 posts

147 months

Thursday 24th January 2013
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It's an odd one. I'm in the process of buying a flat in London and for some of the properties the zoopla estimate has been spot on - i.e. backed up by surveyors valuation and for others, including the one I've gone for, it's way out - £36k too high on a flat worth £250k.
I've found that its most useful for seeing what properties were last sold for.

CaptainSensib1e

1,434 posts

221 months

Thursday 24th January 2013
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BaronVonVaderham said:
It's an odd one. I'm in the process of buying a flat in London and for some of the properties the zoopla estimate has been spot on - i.e. backed up by surveyors valuation and for others, including the one I've gone for, it's way out - £36k too high on a flat worth £250k.
I've found that its most useful for seeing what properties were last sold for.
Even a broken clock is right twice a day....

Revisitph

983 posts

187 months

Thursday 11th July 2013
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I had reason to visit Zoopla just now. I discovered that my house, which we live in in the mistaken belief that it is a large stone-built Edwardian semi (like the description of the one it is attached to) is actually a leasehold 10+ bedroom 0 bathroom 0 reception room mobile / static park home! I'm tempted to "claim" it and make the description even more bizarre, but that would be difficult - I'm happy to live in what must be the Buckingham Palace of caravans. However, it is certainly static - one would need a mighty tow truck to try to move it.

So, in answer to the question "how accurate", I suggest "not very".

FiF

44,050 posts

251 months

Thursday 11th July 2013
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Yep GIGO

Apparently we have lost one bedroom and two bathrooms. Should I complain to the council about our tax banding.