how accurate is Zoopla?

verytricky69

I've just discovered Zoopla and have been looking at estimated house prices for the road i am buying a house in. The house we are buying has an estimated value of £295,000 but we have bought it for £315,000! Now my guess is that they are basing the estimate on the price the house sold for previously (£289,000 in 2006) The house has had a total refurb since then (high spec)

Are we still overpaying? How accurate is Zoopla? We havent had the survey/valuation done yet (next week hopefully)

olias

How accurate is Zoopla?

Not very!

All it does is look at previous price sold, adjusts according to 'average' property price increase/decrease in that area, and come up with a figure. Does not take into account a whole host of other variables. I would say treat it as a very, very rough estimate.

Just to prove a point. I live in one of two identical houses that were built next to each other by a developer at the same time and to the same spec. neither has had anything done to them. Zoopla shows a difference of nearly £20000 between them!

Olias

Eric1

verytricky69 wrote: »

How accurate is Zoopla?

Not accurate in my experience. Looking at very recent - 2008-09 - sold prices of similar properties will give you a better estimate

googler

Don't use the Zoopla estimates.

Use Zoopla to get the 'prices paid in (street name/town/county)' and look at the recent history. Look at the styles of houses in the street you're buying and surrounding area, look for those of a similar style to the one you're buying, and look at any changes or extensions made to the ones you're looking at.

This will give you a far more accurate pointer to the asking/selling prices than the Zoopla estimates.

Come back and let us know how this works out?

SelbyJay_2

Zoopla seem to base estimates by tracking how the market value has gone up and down. If someone on your road paid more for their house, Zoopla will still say it's worth more than yours.

It's a bummer when you're trying to sell and Zoopla gives you a low estimate!

pinkshoes

It seems to be much more accurate in small villages than it is in cities, but in general, it's not very accurate.

DVardysShadow

verytricky69 wrote: »

... Are we still overpaying? How accurate is Zoopla? We havent had the survey/valuation done yet (next week hopefully)

Once it has sale data, it is incredibly accurate :rotfl::rotfl::rotfl:. So, if you buy for £315k, in a few months it will reflect that and track it faithfully. Your only problem is, when you come to sell, if the prospective buyers don't agree with the zoopla valuation.

blissfulbabe

Not that accurate - I paid £50,000 less than the market price of my house as I was bought it off a family member who gave me a 25% discount - so Zoopla currently calculates the value of my house the cost to me plus the market increase, so it shows the value of my house as £148,000 - the house next door has just sold for £208,000, despite having a much smaller garden and needing decorating, rewiring and a new heating system, which my house doesn't.

Running_Horse

This has been done once or twice:

http://forums.moneysavingexpert.com/showthread.html?t=2372539

olly300

Not accurate at all.

Flats in my block are 2 or 3 bedroom. All the 2 bedrooms are identical to each other and all the 3 bedrooms are identical to each other in size and layout.

It rates:
1. Some 2 bedroom properties as being more expensive than the other 2 bedroom properties
2. Some 3 bedroom properties as being more expensive than the other 3 bedroom properties
3. Some of the 2 bedroom properties as being more expensive than the 3 bedroom ones

The only difference in the properties is the time they were sold.

PasturesNew

I saw a zoopla guesstimate for a row of identical houses the other day .... it valued one at £55k, based on its selling price in 1996 .... and another one at £195k, based on its selling price in 2006.

Zoopla is as accurate as a fortune cookie.