How accurate are "Zoopla" estimates??
Discussion
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 ZooplaIt 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
Edited by Pickled on Monday 21st January 22:13
Edited by Pickled on Monday 21st January 22:14
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 ZooplaIt 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
Edited by Pickled on Monday 21st January 22:13
Edited by Pickled on Monday 21st January 22:14
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
What did the other neighbour's house sell for? What did other houses with a similar description sell for?Edited by Pickled on Monday 21st January 22:13
Edited by Pickled on Monday 21st January 22:14
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.
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.
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.
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.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.
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.
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.
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
What did the other neighbour's house sell for? What did other houses with a similar description sell for?Edited by Pickled on Monday 21st January 22:13
Edited by Pickled on Monday 21st January 22:14
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.
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!
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!
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). 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!
Fortunately the Judge put slightly more weight on actual valuations than some rubbish website's wild guess.
Edited by JonRB on Tuesday 22 January 14:45
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.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/
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.
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.
I've found that its most useful for seeing what properties were last sold for.
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....I've found that its most useful for seeing what properties were last sold for.
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".
So, in answer to the question "how accurate", I suggest "not very".
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