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    • bertiewhite
    • By bertiewhite 15th May 17, 3:22 PM
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    bertiewhite
    Zoopla estimates
    • #1
    • 15th May 17, 3:22 PM
    Zoopla estimates 15th May 17 at 3:22 PM
    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"?
Page 1
    • Fosterdog
    • By Fosterdog 15th May 17, 3:34 PM
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    Fosterdog
    • #2
    • 15th May 17, 3:34 PM
    • #2
    • 15th May 17, 3:34 PM
    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
    • By bertiewhite 15th May 17, 3:40 PM
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    bertiewhite
    • #3
    • 15th May 17, 3:40 PM
    • #3
    • 15th May 17, 3:40 PM

    You can also get the valuation changed yourself by updating the property details or getting an actual valuation done
    Originally posted by Fosterdog
    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
    • By Surrey_EA 15th May 17, 3:48 PM
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    Surrey_EA
    • #4
    • 15th May 17, 3:48 PM
    • #4
    • 15th May 17, 3:48 PM

    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.
    Originally posted by bertiewhite
    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
    • By phill99 15th May 17, 4:09 PM
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    phill99
    • #5
    • 15th May 17, 4:09 PM
    • #5
    • 15th May 17, 4:09 PM
    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
    • By bertiewhite 15th May 17, 4:10 PM
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    bertiewhite
    • #6
    • 15th May 17, 4:10 PM
    • #6
    • 15th May 17, 4:10 PM
    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.
    Last edited by bertiewhite; 15-05-2017 at 4:14 PM.
    • bertiewhite
    • By bertiewhite 15th May 17, 4:12 PM
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    bertiewhite
    • #7
    • 15th May 17, 4:12 PM
    • #7
    • 15th May 17, 4:12 PM


    If you really believe that it will give you a real estimate of value, then you are very niave.
    Originally posted by phill99
    I don't - read the bit in my opening post where I use the words "sceptical" & "guess"
    Last edited by bertiewhite; 15-05-2017 at 4:24 PM.
    • Fosterdog
    • By Fosterdog 15th May 17, 4:29 PM
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    Fosterdog
    • #8
    • 15th May 17, 4:29 PM
    • #8
    • 15th May 17, 4:29 PM
    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.
    Originally posted by bertiewhite
    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
    • By edinburgher 15th May 17, 4:33 PM
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    edinburgher
    • #9
    • 15th May 17, 4:33 PM
    • #9
    • 15th May 17, 4:33 PM
    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
    • By hazyjo 15th May 17, 4:41 PM
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    hazyjo
    Overvalued my last house by around £150k - and undervaluing my current (and the one I want to by) by around £100k.


    Ignore. Ignore. Ignore.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies
    • Crashy Time
    • By Crashy Time 15th May 17, 4:42 PM
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    Crashy Time
    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.
    Originally posted by Surrey_EA

    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?
    • bertiewhite
    • By bertiewhite 17th May 17, 10:09 AM
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    bertiewhite
    and today it's back up to £172K
    • PasturesNew
    • By PasturesNew 17th May 17, 11:12 AM
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    PasturesNew
    It's meaningless. When I bought mine for £210 Zoopla said it was worth £185.

    Zoopla says today that mine's worth £252, so if you add that previous £25k difference to that it'd "indicate" to some that mine must be worth £277k - but you can buy a brand new one like mine for £275 just 50 yards down the road - and my almost identical neighbour's just sold his at £245-250.

    There are four identical houses here that all built/sold at the same price/date - now some have sold subsequently the Zoopla estimates vary wildly on the four.

    It's just a novelty index.
    • Grenage
    • By Grenage 17th May 17, 11:17 AM
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    Grenage
    Zoopla is useful for several things, but the valuation figure is not one of them.
    • Typhoon2000
    • By Typhoon2000 17th May 17, 11:26 AM
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    Typhoon2000
    I used to live a mews with 10 identical town houses either side of the news. There were all part of the same development and sold off between 1997 and 1998 by the developer for the same prices ( a rising slowly with the market so the later ones cost a bit more) Some remain with the original owners and some have sold between 1 to 4 times during that time. On Zoopla prices vary between £457k and £639k.
    • Tiners
    • By Tiners 17th May 17, 11:45 AM
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    Tiners
    I usually find Zoopla to be pretty accurate to within 10-20%... which I'd say is a more accurate reflection of true market value than the insanely unrealistic kite flying asking prices that most vendors seem to list their houses at
    • hazyjo
    • By hazyjo 17th May 17, 12:51 PM
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    hazyjo
    I usually find Zoopla to be pretty accurate to within 10-20%... which I'd say is a more accurate reflection of true market value than the insanely unrealistic kite flying asking prices that most vendors seem to list their houses at
    Originally posted by Tiners
    You seem to be saying Zoopla is always under selling price. Overvalued my last house by £150k-ish. I've found it to be way out. Maybe because of the very different housing stock and desirability of one road compared to a very nearby road. Who knows. Obviously it's different for everyone, I'm only speaking for me. Some sellers are delusional, yes. But many houses have sold near me for way over their Zoopla valuations (over £100k difference with some).
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies
    • wesleyad
    • By wesleyad 17th May 17, 12:55 PM
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    wesleyad
    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".
    What they mean by this they look at other similar houses sold and for sale on Zoopla and Rightmove to check current market values in the area. They don't mean using the "zoopla estimate" which can be all over the place.
    • bertiewhite
    • By bertiewhite 17th May 17, 1:12 PM
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    bertiewhite
    What they mean by this they look at other similar houses sold and for sale on Zoopla and Rightmove to check current market values in the area. They don't mean using the "zoopla estimate" which can be all over the place.
    Originally posted by wesleyad
    But like I said - the mortgage valuation just so happened, coincidentally, to be exactly what the Zoopla estimate said at the time. Funny old thing, that.
    • Surrey_EA
    • By Surrey_EA 17th May 17, 1:14 PM
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    Surrey_EA
    But like I said - the mortgage valuation just so happened, coincidentally, to be exactly what the Zoopla estimate said at the time. Funny old thing, that.
    Originally posted by bertiewhite
    Normally when remortgaging the applicant is asked by the lender for an estimate of the value of the property.
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