Hometrack vs Zoopla vs mouseprice

sam9876_2

Hello All,
We are currently looking to buy and have used Hometrack twice to find out what they think the valuation is. The problem is that when we use Zoopla and mouseprice they both come up with slightly different prices. For example, we looked at a house which was on the market for 329k
Hometrack value this property for 287k
Mouseprice valued this property at 310k
Zoopla value the property at 265k
We thought it was only worth around 285k so on getting the Hometrack report we put in an offer of 287k and quoted that this offer was backed up a valuation from them. Unfortunately the offer was rejected and on further consideration we decided we did not want to pay anymore for it (BTW 4 months on it is still on the market for 329k).


The question is has anyone else used these valuations as a way to validate / backup an offer and if so have you also found variations from each Company? Does anyone have a view on which one is best and most reliable?
Thanks

DannyboyMidlands

I wouldn't use their valuation as a way to back up your offer. I think that'd sound a bit silly to be honest. Far better to go back to basics, do some research and find what similar properties sold for and when.

GAH

To be honest all of these websites that your referring to are wildly inaccurate, as you can tell from the three different prices.

If you are looking to compare prices, the best place is Land registry figures by looking on Nethouseprices.

This does only give you a price though, and not how many bedrooms or receptions rooms a property that has sold has.

On top of that you also won't know that general condition of properties that have sold in the road, whether they were immucalte or a wreck.

At the end of the day you can do all of that research, but the bottom line comes down too, what you are willing to pay as a maximum and what a vendor is willing to accept.

grimsalve

I think some of these "house price guessing" websites (I wouldn't call it a valuation) use the price that the property was previously sold for and then add some sort of localised weighting ... and IMO usually get it completely wrong. ie. house that previously sold many years ago, has been looked after, modernised, well decorated, etc. might be given a much lower value than the house next door that's been bought and sold many times, is in a bit of a state and needs a fair bit of work to put right.

A house is only worth what someone is willing to pay for it.

WelshNic

sam9876 wrote: »

on getting the Hometrack report we put in an offer of 287k and quoted that this offer was backed up a valuation from them.

You know these sites are about as reliable as a chocolate teapot, yes?

Richard_Webster

And what do they do about the Land Registry entries for transfers of equity where one partner buys the other out for half the difference between the mortgage and the perceived current market value? Those kinds of entries would greatly skew the results!

WelshNic

Richard_Webster wrote: »

And what do they do about the Land Registry entries for transfers of equity where one partner buys the other out for half the difference between the mortgage and the perceived current market value? Those kinds of entries would greatly skew the results!

Also p/x for new builds

westv

Well Hometrack claim

"The Hometrack Valuation System™ is based upon the Realtime Valuation Model™ which is the market leading online valuation service used by High Street Banks and Mortgage Lenders. It is one of the most advanced Automated Valuation Models in the world. Currently lenders representing more than 70% of the UK Mortgage Market utilise the Realtime Valuation Model™ for both mortgage origination and further advance."

CloudCuckooLand

I would not mention any source of arriving at an offer. Just "local research of the market", if you want to flannel them a bit.

The 3 sites mentioned have wildly different figures, not only compared to each other, but within themselves for similar properties.

By all means use as many as you can to arrive at an average "target" figure, but you then need something nearby in reality to fit in with that or it doesn't hold water...