zoopla zed index

angelis16

we were in principle agreed a remortage with the woolwich(fixed rate)and were to receive a free valuation,our freebie was done on the internet using zoopla and its zed index which really undervalued the house,we were then told the payments would have to be increased from the original offer because of this,getting our mortgage broker to complain resulted in them saying we could pay for one instead but it might not make a difference,there drop was at aleast £40,000,i dont mind some drop but this was outrageous,apparently alot of this is going on, cheaper rates is bull as the banks etc undervalue so your payments have to increase thus getting there money back no wonder the housing market isnt moving-where do i go from here?who or where can i complain to?:mad:

benjo

I dont know how accurate zoopla is... I checked my property and it suggested that it had increased in value by 2.8% since April this year but it fell within a range that could have seen it drop by 7% or rise by 14%....thats a pretty wide margin to cover any errors.

That doesnt help if your lender is taking the lowest value provided by zoopla, but if I were a lender then I would want to take the lowest value to protect my asset . In terms of the 'free valuation' well, thats what you get for free I'm afraid, you could pay for your own survey and if I were as confident as you are, then I would do just that. Of course the valuation 'might' come back the same as Zoopla in which case you have lost a couple of hundred pounds, but if you really are confident then you probably have nothing to loose by going down this route - assuming your lender will agree to be bound by the new valuation (which I suspect they might not).

I think before you complain you would have to have some evidence that their valuation is wrong, then you have to complain to the lender.

Goodluck.

dunstonh

Zoopla tends to overvalue houses or lag behind. A recent check on houses in my area found that they were being valued around £20,0000-£40,000 higher than the current sale prices in estate agents. Zoopla is no replacement for a proper valuation visit.

who or where can i complain to?

You find the price tag on your house and tell the lender that.

Let_Us_See

What you don't mention is the purchase price of the property. A £40k valuation difference on a £200k property is significant, on a £750k property it isn't. If you believe the purchase price is accurate then pay the additional fee for a physical valuation and if it does come within value then the Woolwich will accept and proceed on the physical valuation.

speedbird1973

Zoopla valued my house at £176000 the surveryor (for the bak) valued it at £175000. Not a bad effort on my road!

opinions4u

angelis16 wrote: »

we were in principle agreed a remortage with the woolwich(fixed rate)and were to receive a free valuation,our freebie was done on the internet using zoopla and its zed index which really undervalued the house,we were then told the payments would have to be increased from the original offer because of this,getting our mortgage broker to complain resulted in them saying we could pay for one instead but it might not make a difference,there drop was at aleast £40,000,i dont mind some drop but this was outrageous

Ask if you can pay for a professional valuation. This should be an option. Of course a valuer may agree with the Zoopla number.

apparently alot of this is going on, cheaper rates is bull as the banks etc undervalue so your payments have to increase thus getting there money back

Give over. Valuations are a matter of opinion and one index, that your chosen lender uses, has given that. Here's a Nationwide calculator that you can use to get a second opinion. This may help you to decide whether or not it's worth paying for a professional valuation. You could also get an estate agent round to tell you what they think you are likely to get for it if you sold (not what you should market it at).

no wonder the housing market isnt moving

What has a remortgage valuation got to do with the housing market "moving"? Absolutely nothing.

Why not post:

- your value
- their value
- the size of the remortgage
- the SVR of your current lender

Then others may suggest alternatives.

porscheking

Zoopla is no substitute for a "real" valuation. My own experience is poor when using this for comparisons.

Valued by surveyor at £310k 2 yrs ago.
Zoopla last week £268k.
Surveyor yesterday (different firm from 2 yrs ago) - £310k again.

As mentioned prev, do your homework and if you're confident (and it could make a difference with your lender), arrange your own basic valuation.

Let_Us_See

In my experience AVMs (Automated Valuation Model) work pretty well, but there will also be the odd case - as there is in some physical valuations. Overall the system works, but be prepard to pay for a physical survey if you believe the AVM is incorrect.

£310k valuation 2-years ago and now valued ay £268k sounds about right to me - 13.5% drop in value is pretty much national average. I would be more concerned about the latest £310K valuation. Not many properties have maintained their value over the past 2-years.

porscheking

Surveyors (in Edinburgh at least and I've spoken to two from different firms) are suggesting that valuations are now approx at 2007 levels. So, yes the valuation of my home had been higher but has now gone back to a previous level.

Given this explanation, I'm not unduly worried.

Let_Us_See

Edinburgh must be bucking the nationwide trend. Can't think of another area where prices are back to 2007 levels. I suppose we should be grateful for small mercies!

SouthCoast

Four identical flats on Zoopla:

£160k.
£218k
£198k
£185k.

The only real price is the £160k that is from a sale in November 2008.