How accurate are zoopla's evaluations?

harrup

One of my friends and I spent an interesting hour on zoopla last night...until she had the glorious idea to look up the details of her own house.

Major head-scratching and a somewhat long face followed: according to zoopla her home has lost 106 K ( or - 16.4%) since they bought it in Sept 2007.

Can this be right? Seems unduly high.

I consolded her by stating that it didn't matter as she sold her previous house high nor do they have a mortgage. But then it isn't my house who's had a 100 K + wiped off.

Anyone know how accurate zoopla is? I'm still addicted to this site, but perhaps there are better alternatives.

Dan:_4

It is about as accurate as Halifax's House Price Index Figures last month.

harrup

Dan: wrote: »

It is about as accurate as Halifax's House Price Index Figures last month.

Thanks Dan.

Not sure how to interpret this, though: are you saying they are accurate or non-sensical...or that simply no one knows what's going on?

MrDT

Q - How accurate are zoopla's evaluations?
A - They're not.

tyllwyd

Have you tried the same thing with the Nationwide? (on their home page, there is a link under Latest News)

Dan:_4

harrup wrote: »

Thanks Dan.

Not sure how to interpret this, though: are you saying they are accurate or non-sensical...or that simply no one knows what's going on?

To be honest, I really don't know how they calculate their figures. My house and exactly the same house next door has a 40 grand difference!!!!

Better off getting it valued via normal routes.

harrup

fatpig wrote: »

About as accurate as Alastair Darling's predictions for the UK economy

Aha, I get the picture. Thanks.

They are spot on, then, ey? :rolleyes:

But I still don't know whether zoopla undervalues or overvalues.

Anyone?

thegibdog

harrup wrote: »

But I still don't know whether zoopla undervalues or overvalues.

Anyone?

Both. As for the value of your friends house it could well have dropped by that amount, but the only way to accurately value a house is to sell it.

hethmar

Depend on the area etc. Nationwide gives you a calculator where you can enter the date bought and the area.

But generally, 16% drop from peak is about right Id have thought. If she sold at peak then she had the benefit that way.

geoffky

i am a bear and think house prices are going to drop a lot more...but the values of zoopla is a finger in the wind...i tried it and it was way way out on a house i knew the price history of.

hethmar

I think zoopla can only work on houses sold recently. My house was last sold 20 years ago and their estimate is madly out. They have my 4 bed detached with quarter an acre garden at less than a 3 bed semi on there. But the semi was only sold 4 years ago so they have a price to work on.