has anyone used mouseprice.com?

googler

Yes, but it's only worthwhile if it shows significant numbers of the properties for sale - in another thread, I mentioned that I'd looked at the largest town in my county, where there are well over 50 properties for sale. mouseprice shows 2 properties in that town, one of which went Under Offer last year, and then shows others outside the town, in order of distance away.

Most of the houses listed in mouseprice are 'flirts' as they call it - owners putting a 'tempt me' price on their own home - they aren't actually for sale.

Fire_Fox

Hannah you need permission from the Powers-that-be to post on MSE as a Mouseprice Company Representative - links in signatures are also forbidden so please remove it immediately.

GTG

A WARNING TO ALL HOME SELLERS

My self contained purpose built one bedroomed flat is located in a small block of indentical flats most of which are local authority owned. I bought mine under the right to buy many years ago. I recently had it redecorated and refurbished throughout with decent kitchen and bathroom fittings and some laminate flooring whilst it has been many years since the local authority did any work of this nature in their properties. Their fittings were basic to say the least.

Now looking at mouseprice valuations mine has been singled out as been valued at £19,000 less i.e 22% less than the others in the block, work that one out? I have the flat on the market, what do you think peoples first thoughts are going to be when they see this..... not very favourable I imagine. What infuriates me further is the reply I got from mouseprice, the bold type is of my doing to highlight the absurdity of the situation.

Thank you for getting in touch.

The accuracy of the free valuation estimates differ between properties, depending on the amount of data available for each one. If the property is fairly typical of nearby properties, accuracy will generally be improved. The valuation is calculated using a statistical model that reflects information on local market activity - it is a slimmed down version of that used by the mortgage lending industry.

The valuation estimates should become more accurate over time, as more data becomes available. The valuation estimates are updated monthly.

We have a new feature on the site which should help you - registered users can now give feedback on their property's valuation by clicking the link on their property's page. Then, the next time the valuations are updated (once a month), your estimate will be taken into consideration. You can also post anonymous comments on your property's page to let other users know more about the property.

Kind regards,

Mouseprice support

What a complete farce.

I've just looked on mouseprice and they have removed my property details despite it still appearing when I login to my account. So how I'm supposed to appeal against it as they suggested I do not know.


There are a number of course of action I'm prepared to take if the matter cannot be resolvesd equitably. As a long standing member of Which and the consumers association they would be an otpion. I'm also familiar with my local MP and I could also splash the details all over the www. If there are any lawyers out there who could give me some advice on the viability of suing them on discriminatory or other grounds I would be pleased to here from you.

So sellers please check your valuations, the last thing you want is a hindrance of this nature to your sale !!

googler

What exactly would you sue them for?

They've ESTIMATED the price of your house based on the data available to them, and on the face of it, based on the lower purchase price than the norm when you purchased it as a right-to-buy a few years ago.

GTG

googler wrote: »

What exactly would you sue them for?

I don't know I'm not a lawyer that is why I wrote this:

If there are any lawyers out there who could give me some advice on the viability of suing them on discriminatory or other grounds I would be pleased to here from you.

They've ESTIMATED the price of your house based on the data available to them, and on the face of it, based on the lower purchase price than the norm when you purchased it as a right-to-buy a few years ago.

It was listed on mouseprice with the same valuation as the rest of the flats in the block until as recently as 5 months ago. In anycase I purchased the property more than 19 years ago, would this data be in digital format/available then? The discrepancy was explained in detail like it is here to mouseprice would n't you have thought mouseprice would have said that if they had thought that was the case?

EDIT: It gets worse, the estimated present value given for the previously sold flat comes up with a different figure to that of mine or the local authority ones! If this method is a slimmed down version of the paid for one it makes one wonder what the value of the fat one is?

J._Jones

I bought a flat for £60,000 in late 2007 and so was surprised, nay astonished, to see that recently Mouseprice was showing an estimated valuation of £98,000. The entry also stated that no recent record of sale existed for the property (which, as you'll gather, simply ain't true, and in itself hints at poor-quality research by Mouseprice).

Clearly an estimate is just that, not a precise figure, but the margin of error was so great (over 60%) that it simply looked incredible. In one sense, of course, I was delighted because the error, if it influenced a potential purchaser, would work very much to my advantage. But I was so queasy about the magnitude of the inaccuracy that I felt I ought to let them know about it.

First, I sent them an email, directing them to the relevant on-line record of sale (actually on Nethouseprices.com) and then pointing out that, having bought at the top of the recent residential property bubble, there was no way a flat bought for just £60,000 in late 2007 could now be valued credibly at 60% more.

Their response was to tell me that I would need to enter my objection instead in the form of a suggested new valuation for this property on the website itself, which they would take into account when revising their calculations each month. I did so, but was understandably unhappy that this method didn't allow me to offer the full facts of the case, as here, which would make the argument irrefutable.

I was nonetheless staggered to see that the most recent revision to the estimate has risen by a further £7,000, to an utterly bizarre £105,000. Sticking an extra few percent in a single month on top of an already staggering over-estimate seems the perfect two fingers to an owner's honest attempt, clearly against his own financial interests, to put them on the right track.

The conclusion, dear friends, is that Mouseprice are reluctant to listen to hard evidence relating to the actual recent market prices of particular properties and in my case have clearly preferred to stick with estimated values based on their own complex but obscure algorithms.

Me, I won't be using Mouseprice to track price changes since I no longer believe their approach to be remotely credible.

elise83_2

Mouseprice gives only a ballpark figure based on statistical estimates which themselves are dependent on the initial quality of the data input. I viewed a place yesterday and mouseprice gave me a figure of what it's worth today based on the average rise in price of similar properties since the last time it was sold. A "similar property" it showed me was a 1 bedroom flat (mine was 2 bed) in a completely different postcode so you take the figures with a pinch of salt, especially as it doesn't take into account whether any significant work is done on a property.

GTG

J._Jones wrote: »

Their response was to tell me that I would need to enter my objection instead in the form of a suggested new valuation for this property on the website itself, which they would take into account when revising their calculations each month. I did so, but was understandably unhappy that this method didn't allow me to offer the full facts of the case, as here, which would make the argument irrefutable.

I was nonetheless staggered to see that the most recent revision to the estimate has risen by a further £7,000, to an utterly bizarre £105,000. Sticking an extra few percent in a single month on top of an already staggering over-estimate seems the perfect two fingers to an owner's honest attempt, clearly against his own financial interests, to put them on the right track.

I used the form to enter my objections and to explain that all the flats in my block were identical. Their valuation was revised upward but my flat is still singled out as being 15% below the value of the others! Another email to them got no reply.

The conclusion, dear friends, is that Mouseprice are reluctant to listen to hard evidence relating to the actual recent market prices of particular properties and in my case have clearly preferred to stick with estimated values based on their own complex but obscure algorithms.

Me, I won't be using Mouseprice to track price changes since I no longer believe their approach to be remotely credible.

Well put, I no longer see any value in their service.

GTG

elise83 wrote: »

Mouseprice gives only a ballpark figure based on statistical estimates which themselves are dependent on the initial quality of the data input. I viewed a place yesterday and mouseprice gave me a figure of what it's worth today based on the average rise in price of similar properties since the last time it was sold. A "similar property" it showed me was a 1 bedroom flat (mine was 2 bed) in a completely different postcode so you take the figures with a pinch of salt, especially as it doesn't take into account whether any significant work is done on a property.

Elise, you seem to know more about how they arrive at their valuations. Would you be kind enough to share where you got your knowledge from? Are you a mouseprice employee or do you have some other related interest?

frafferty

Lol! Mouseprice is a farce:rotfl:They have my property listed as leasehold when it is actually freehold and always has been. What a random old bag of rubbish