House Valuations from Zoopla

canaster

Hi All,

Friend of mine has seen a house that he likes and put in an offer about 6K below the asking price. The E/A told him that the house price had already been dropped by 8K so the seller would not accept a bid below the current asking price.

Friend then agreed the asking price. However, I just checked the Zoopla website and they have valued the house at 20K below the asking price which is in the region of 180K.

Friend is not computer savvy and a bit naive TBH. I was wondering what opinion people have about the valuations that Zoopla place on houses? Are they a fairly accurate guideline? Do buyers use them as a tool when negotiating prices with vendors?

Would be grateful for any feedback of experiences with Zoopla.

bee123456

Sorry, no experience with Zoopla.

greenhill

Hi

All I can share is my experience.

Before putting my house on the market I checked the valuation on Zoopla. It was £150,000.

Estate agents have valued it at £200,000-£210,000.

I think that Zoopla base their valuations on similar property sold in the same area. So unless a house that's almost identical to your friends, and very close geographically, has sold recently, any valuation would be a 'ball park' figure.

Just my 2 cents worth. I may of course be totally wrong:o

Running_Horse

Search this forum for Zoopla and Rubbish.

blissfulbabe

Zoopla values my house at 140K but the rest of the houses (all exactly the same!) in my street at 190K - the only difference is that I have the largest garden by far. Go figure!

tyllwyd

I used to live on an estate of modern houses, so it was very easy to compare values against neighbours - I had a look on Zoopla, and the prices they list are all over the place. It's interesting to have a look, but your friend should do his own research on the local market, not just go by the Zoopla estimate.

kingstreet

I've owned more effective chocolate teapots.

19lottie82

Zoopla valuations are a load of russbish, pay no attention to them. It valued my flat @ 54k and an identical one sold recently for 110 :rotfl:

canaster

Thanks folks.

Back to the drawing board!

crazycatlady1984

hey, I've just paid £184K for a property zoopla values at £78K! Have no idea how they manage to get it so wrong sometimes!

DannyboyMidlands

"The E/A told him that the house price had already been dropped by 8K so the seller would not accept a bid below the current asking price."

Of course the EA is gonna say that, it's his job to screw as much money out of the purchaser as possible. I suspect that your friend should have played slightly harder. Who would pay full asking price in this climate?

Anyway, in answer to your question, Zoopla valuations are useless and can be way too high or way too low.