Nationwide valuation thingy how accurate is it?

spudnik

Ok we have seen a house that we like, going looking at it next week, but we are so confused as to the price.

currently listed at 190k last sold 41k 1997 nationwide says 106k zoopla says 112k. That is a HUGE drop from asking, and it's putting me off viewing .

The house is a semi 3 beds greenbelt, the street is all terraced except for this semi last selling price for the terraced was 60k in 2008 and another at 68k in 2009. Pretty views front and back BUT it is a 5 minute walk over a field to the edge of a rough council estate and it is in a really bad primary school district, oh and it is 1 field away from the cemetery, been for sale for 280 days.

Internally its nothing special except it has a garage conservatory and utility room.

So how accurate would the nationwide valuation thingy be here ? i understand it wouldn't take into account any internal works done to the house (but to be fair except the conservatory it doesn't look like they have done much)

~petal~

I have used it for our last 3 houses spanning 15 years and it has always been pretty accurate. Is accurate on our current house at the moment.

lincroft1710

Having had access to actual sale prices, I used to frequently check Nwide's estimates where there were 2 sales of same property. Using their calculator on both earlier and later sale price always gave different results e.g. 93 sale £40K, 97 sale £60K, Nwide would say £36K for 93, £66K for 97.

Using more recent figures, say 2005 and 2008, their figures may be more accurate.

Remember, it is a guide only and should not be used for any important or vital calculations.

QTPie

I think it can vary dramatically in it's accuracy: looking at what similar properties have actually sold for in the same area (not necessarily the same street) is FAR more accurate....

I have seen houses valued at 660k or less on Nationwide go for in the region of £780k, but I have also seen the reverse (houses valued at £820k go for £755k). It really does depend on supply and demand in a given area and a host of things besides!

Nationwide doesn't take into account regional variations either.

As for viewing it, you need to decide that based on your budget and that particular house's merits....

(some people would say that a cemetry is a good neighbour: open green space and no loud parties... ).

QT

sunshinetours

spudnik wrote: »

Ok we have seen a house that we like, going looking at it next week, but we are so confused as to the price.

currently listed at 190k last sold 41k 1997 nationwide says 106k zoopla says 112k. That is a HUGE drop from asking, and it's putting me off viewing .

The house is a semi 3 beds greenbelt, the street is all terraced except for this semi last selling price for the terraced was 60k in 2008 and another at 68k in 2009. Pretty views front and back BUT it is a 5 minute walk over a field to the edge of a rough council estate and it is in a really bad primary school district, oh and it is 1 field away from the cemetery, been for sale for 280 days.

Internally its nothing special except it has a garage conservatory and utility room.

So how accurate would the nationwide valuation thingy be here ? i understand it wouldn't take into account any internal works done to the house (but to be fair except the conservatory it doesn't look like they have done much)

The part in red above certainly would suggest that something is wrong and possibly that could be the price. Although the fact that is arguably is in a poor area with poor schools certaiinly isn't making it sound a great buy!

The online valuations are merely a guide and no oone on here will be able to tell you how accurate it is for a particular house

RabbitMad

QTPie wrote: »

(some people would say that a cemetry is a good neighbour: open green space and no loud parties... ).

QT

So are you saying the neighbours would be dead quiet?

gauly

When we were looking for a house I found Nationwide House Price Calculator better than Zoopla or Mouseprice which are the other two house price guessing websites I found. Having said that, it was extremely inaccurate - just not as completely bonkers as the others. It tended to be within about 10% if you put in the correct region, the house hadn't had any major work done to it and it had sold within the previous 5 years. It also helps if you can find several other houses in the neighbourhood which look similar to use as comparisons - the more recent sales the better.

£41k in 1997 to £190k in 2010 does sound quite unlikely but it is possible they got it cheaply for some reason (eg. sold to them by a relative) or they could have done some major work such as adding an extension.