Zoopla - Estimates - Are they fairly accurate??

RedfordML

Just had a look at the website which I have been rec and it estimates our house to worth 11k less than we currently have our house on for and roughly 17k less than we purchased it for in 2007!!!

Just wondered if ppl feel these estimtates are realistic or not??

Running_Horse

Search this forum for "Zoopla" and "rubbish".

But remember prices can fall as well as rise.

Mum_of_3_3

If you do a search for Zoopla on this forum you will see that plenty of people think they are wildly inaccurate.

I would do a prices sold search looking to see what similar properties in your area have sold for, I would take the estimated figures on Zoopla with a mountain of salt if I were you.

M_o_3

googler

Mum_of_3 wrote: »

I would take the figures on Zoopla with a mountain of salt if I were you.

The actual SOLD figures on Zoopla are 99% accurate.

The estimates aren't, primarily because Zoopla's estimator software has NO local knowledge. It had the average price for an area near me as £735k, when nothing in the area had sold for over £275k or so - because included in the estimate was the land sale for housing dev, which changed hands at £1.75mill....

hazyjo

They 'value' the house we're buying at £200k more than we're paying. I wish lol. As said, it's rubbish. Sale figures, a different kettle of fish.

Jx

Mum_of_3_3

googler wrote: »

The actual SOLD figures on Zoopla are 99% accurate.

The estimates aren't, primarily because Zoopla's estimator software has NO local knowledge. It had the average price for an area near me as £735k, when nothing in the area had sold for over £275k or so - because included in the estimate was the land sale for housing dev, which changed hands at £1.75mill....

I meant the estimated prices are miles out. I guess they take the sold prices from the land registry or somewhere and would therefore be accurate.

Sorry for any misunderstanding!

M_o_3

Catatonia

I think the estimated prcies are often way out because their calculations are very unsophisticated. E.g., a property might have sold very cheaply a few years back because it was near derelict. Because it's last sale price was low, Zoopla will value it as low, even though it could have been totally done up and extended and is actually now worth more than other houses in the same street.

paul1964_2

RedfordML wrote: »

Just had a look at the website which I have been rec and it estimates our house to worth 11k less than we currently have our house on for and roughly 17k less than we purchased it for in 2007!!!

Just wondered if ppl feel these estimtates are realistic or not??

In my experience, their estimates are only worth looking at for houses that have sold in the past few years.

It is possible that a house purchased in 2007 is now worth 17k less - depends on the area.

You can do your own estimate on the Nationwide website.....

http://www.nationwide.co.uk/hpi/calculator.asp

PasturesNew

I know of a good house that sold in 07, the buyer freshened it up and is now asking £22k less than he bought it for, it's on the market for £27k less than the previous buyer was asking. So £17k isn't unreasonable in many places.

samroo

The trouble with checking prices on sites like this is that they have no idea of why a house may have sold for a lower price (ie in need of major works) or a higher price (double garage in place on single, bigger garden,etc)

rilou81

Load of rubbish!!! Only use it to check sold price and ignore the estimates. Someone from Zoopla commented on my post more or less asking this question and even he admitted its way off! x