Zoopla estimates - easily changed :-(

boots_babe

Hi,

Just thought I would post. Maybe this is common knowledge but I wasn't aware until now and was rather surprised

Firstly, I should say that I know online estimates from Zoopla and the like are to be taken with a pinch of salt. However I didn't realise they were completely meaningless.

It occurred to me I hadn't 'claimed' our new house on Zoopla since moving a couple of years ago. So I logged on and did that, then was prompted to 'improve the estimate' by adding further details. Which I did.

We did some major work last year, a biggish extension, new boiler, and refurbished throughout, new bathrooms etc. So I put those in on the 'improvements' section, all filled out perfectly honestly.

However, I didn't realise that the new estimate based on this info, would permanently update Zoopla. I thought it would just be shown to me as a one off - I assumed the original Zoopla estimate shown to all, would remain the same.

So by putting in the renovation spend, it has massively bumped up the property value, and now shows as being the most expensive on the street by far. Now, I'm still taking with a pinch of salt what this estimate says, but the reason for posting is that in effect, this means anyone looking to sell their house, can sneakily 'bump up' the displayed estimate on Zoopla, if they were savvy enough, and nasty and underhand enough, to do so. And other less aware people, who may rely on sites like Zoopla, could base their offers etc on these cheated figures.

I'm pretty shocked tbh, and to me, this renders the figures on Zoopla completely pointless (whereas until now they were at least 'pinch of salt' in terms of usage).

bigbigmamamoo

I did the same thing and was amazed how much they put it up by. You can redo it though so you can pretty much set the value by changing what you say has been done. Presumably you could also claim someone elses house (if you so inclined) and do the same thing

CloudCuckooLand

Zoopla has just about reached the point of being a joke.

boots_babe

The other thing that makes it worse, is that although the estimate goes up, the details I put in regarding the refurbishments are not mentioned anywhere on the public profile for the house.

At least if they WERE listed, then a prospective buyer would see them, so that when they turn up for a viewing they could go 'where's that big 5 bedroom extension you put on Zoopla?'!

googler

boots_babe wrote: »

I'm pretty shocked tbh, and to me, this renders the figures on Zoopla completely pointless (whereas until now they were at least 'pinch of salt' in terms of usage).

Bear in mind this only renders the Zoopla 'estimates' to be inaccurate - I only look on Zoopla for Sold Prices - which are, with some minor exceptions, 100% accurate, since they're based on data supplied by Registers of Scotland and Land Registry.

I'm shocked that you're shocked. Someone adds 'improvements' to the profile of their house, and it raises the estimated price. Well, I never.

I don't think you need worry about people 'relying' on the estimates on Zoopla. The people that matter (surveyors, who provide mortgage valuations, which determine how much people can borrow, and hence what they can afford to offer) won't be paying it any heed.

boots_babe

Hi googler,

Probably not explained myself as well as I could. Obviously someone doing major improvements would hope to see some kind of increase in house price, no problem there.

It's just that without any form of validation at all, an unscrupulous person can use this to their advantage to falsely manipulate the estimates that other users see.

Most posters on MSE are probably more savvy than a random person on the street, and I just thought it would leave a lot of less knowledgeable people at a disadvantage as a result.

Maybe I am just too untrusting and cynical though

de1amo

even sold prices are slightly erroneous--the last 2 properties in my block have both been exors sales and done in such away that has undervalued them--the families werent local and obviously didnt care--but it makes the rest of the block 'suffer'!( the block next door which is inferior has seen properties sell for more)

googler

boots_babe wrote: »

It's just that without any form of validation at all, an unscrupulous person can use this to their advantage to falsely manipulate the estimates that other users see.

Most posters on MSE are probably more savvy than a random person on the street, and I just thought it would leave a lot of less knowledgeable people at a disadvantage as a result.

Maybe I am just too untrusting and cynical though

Yes, anyone could manipulate your estimate or their own, to their evil ends - but my point is that even if they do, it doesn't matter.

If a gullible buyer offers on the basis of an inflated Zoopla estimate, they may find the delusional seller accepting the offer, but what then?

A surveyor values it for the buyer's mortgage company - do you think he'll be daft enough to base his valuation on a Zoopla estimate? Net result - surveyor's valuation is lower/more realistic, and the buyer now has to reduce their offer, because their lender will only lend on the surveyor's valuation, not the Zoopla estimate....

At the end of the day - it doesn't matter (unless the gullible buyer is paying cash and not getting a valuation survey done)

SuzieSue

de1amo wrote: »

even sold prices are slightly erroneous--the last 2 properties in my block have both been exors sales and done in such away that has undervalued them--the families werent local and obviously didnt care--but it makes the rest of the block 'suffer'!( the block next door which is inferior has seen properties sell for more)

If you are worried about it, there is no reason why you can't correct them. Zoopla had my house at £40k less than an identical neighbouring house which had just sold, so I revised it. There is a box where you can say why you want to revise it and I just said that an identical house had sold for more. You don't need to be the owner as it gives you the option of saying that you are a neighbour. I don't know if they will definitely revise it, but they should do if you tell them that their sold price is incorrect.

tyllwyd

Our house had a Zoopla estimate based on when we bought it as a 3 bedroom house. We extended it to four bedrooms, which it picked up from the EA details, but still estimated the value based on the original purchase price. Would be the bargain of the century if we sold at that price.

Running_Horse

Zoopla is rubbish.