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Zoopla estimates

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bertiewhite
bertiewhite Posts: 1,904 Forumite
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in House buying, renting & selling
I bought my house for £135K 18 months ago, and it had been on the market for £145K.

When I checked the Zoopla valuation estimate last month it stood at £181K (admittedly, I was rather sceptical) and a quick check this morning says £154K. What is going on?

I know the market fluctuates but given that the last time I re-mortgaged, the valuation just so happened to be exactly what Zoopla estimated, shouldn't they be a bit more stable in their "guess"?
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  • Fosterdog
    Fosterdog Posts: 4,948 Forumite
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    It could be that a few properties in the same or surrounding streets have sold recently and it does seem to recalculate the value of the area based on how close to the previous estimate it sold for.

    You can also get the valuation changed yourself by updating the property details or getting an actual valuation done, even if your neighbours do this it can be reflected in your valuation.

    The house we were renting for several years and wanted to buy off the landlord, he based his price on the Zoopla estimate of £89k we were being generous offering £62k. He got an actual valuation done and it came out as IRO £58-£63k so Zoopla was way off. In contrast a relative bought a house as a probate sale, very dated, lots of work needed for £32k. All the work has been done with a tenant in it for a few years, Zoopla still only values it at £38k but a recent valuation as he wants to sell has come out as £79k.
  • bertiewhite
    bertiewhite Posts: 1,904 Forumite
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    Fosterdog wrote: »

    You can also get the valuation changed yourself by updating the property details or getting an actual valuation done

    Yes, I did this and was as accurate as I can with the details when I gave them feedback a while ago - there's no point in kidding myself.

    I know something is only worth what someone is willing to pay but it does seem crazy that some mortgage valuers heavily base their estimate on what Zoopla says these days which can then affect LTV% or even worse, prevent some even getting a mortgage.
  • Surrey_EA
    Surrey_EA Posts: 2,042 Forumite
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    bertiewhite wrote: »

    I know something is only worth what someone is willing to pay but it does seem crazy that some mortgage valuers heavily base their estimate on what Zoopla says these days which can then affect LTV% or even worse, prevent some even getting a mortgage.

    Can't say I've heard of this.

    It is generally accepted that Zoopla estimates are best ignored. Mortgage valuers have access to fairly extensive data to help them with their figures, I'd be frankly amazed if they were paying any attention to what Zoopla's algorithm was saying.
  • phill99
    phill99 Posts: 9,093 Forumite
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    Zoopla is nothing more than an algorithm of figures submitted to a data base.


    If you really believe that it will give you a real estimate of value, then you are very niave.
    Eat vegetables and fear no creditors, rather than eat duck and hide.
  • bertiewhite
    bertiewhite Posts: 1,904 Forumite
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    edited 15 May 2017 at 4:14PM
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    To quote Virginmoney on my last remortgage at the end of a fixed deal - "we might not even need to carry out a full valuation, an external visit together with current market figures from someone like Zoopla will probably suffice".

    We never did get a knock on the door from the valuation company and what was the valuation? Exactly what was on Zoopla.
  • bertiewhite
    bertiewhite Posts: 1,904 Forumite
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    edited 15 May 2017 at 4:24PM
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    phill99 wrote: »


    If you really believe that it will give you a real estimate of value, then you are very niave.

    I don't - read the bit in my opening post where I use the words "sceptical" & "guess"
  • Fosterdog
    Fosterdog Posts: 4,948 Forumite
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    bertiewhite wrote: »
    To quote Virginmoney on my last remortgage at the end of a fixed deal - "we might not even need to carry out a full valuation, an external visit together with current market figures from someone like Zoopla will probably suffice".

    We never did get a knock on the door from the valuation company and what was the valuation? Exactly what was on Zoopla.

    It can be quite normal for them to do this for a mortgage renewal or remortgage but for a valuation for a buyers mortgage or a valuation to sell they wouldn't.
  • edinburgher
    edinburgher Posts: 13,463 Forumite
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    I am aware of the Zoopla 'value' of my house, but tend to treat it as a very aspirational figure. When considering the likely value of the house, I tend to use the median point between the last formal survey and whatever Zoopla says today ;)
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    Overvalued my last house by around £150k - and undervaluing my current (and the one I want to by) by around £100k.


    Ignore. Ignore. Ignore.
    2023 wins: *must start comping again!*
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    Surrey_EA wrote: »
    Can't say I've heard of this.

    It is generally accepted that Zoopla estimates are best ignored. Mortgage valuers have access to fairly extensive data to help them with their figures, I'd be frankly amazed if they were paying any attention to what Zoopla's algorithm was saying.


    Wasn`t it mortgage "valuers" and investment bank`s algorithms that got us to a point where they can`t raise rates and no one can sell their property?
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