Zoopla House Prices

Kynthia

shireknight wrote: »

Going off topic slightly but not worth starting a new thread for it I have a similar question please.

How reliable are estate agents prices, my house was listed at £110'000 I offered £100'000 and we eventually settled on £102'000 does this mean I brought a £110'000 house for £102'000 or is it wrong to view it like that?

Estate agents try to guess what price marketing a property at will generate interest and lead to the best offers possible. They never said the house was worth £110k, they just guessed based on their experience that advertising it for more would put off buyers viewing it and would mean it would take longer to sell or not sell at all. Only an RICS surveyor is qualified yo say what a house is worth.

thequant

To be honest I find zoopla, very accurate if you know how to use it.


To know how to use it, you need to understand how it is compiled.


Essentially, they take the last sold price of the house + HPI using the land registry index.


To get an accurate estimate, you need to remove those outliers, i.e. the properties that were sold below or above market value at the time.


If you have a street or area of comparables, then take the median price.


As the data is from the LR, it has a lag against the index from Halifax/natiowide.


So from your zoopla average, add 6 months HPI from the combined Halifax/nationwide index to arrive at an up to date price.


This will give you the expected price of the property in average condition. It's then for you to add or deduct for the subjective factors.


e.g. how much extra are you willing to pay for it being end terrace ? Or how much do you want off because you expect the house will need certain works etc

TheTravellingTiffin

Thanks, all. Valuation came back and confirmed the offer price as being the market value. Zoopla was therefore wayyyy out when it came to market value for this specific property (but obviously a useful tool for the factual information which is extracted from the Land Registry).

DRP

TheTravellingTiffin wrote: »

Thanks, all. Valuation came back and confirmed the offer price as being the market value. Zoopla was therefore wayyyy out when it came to market value for this specific property (but obviously a useful tool for the factual information which is extracted from the Land Registry).

again, the valuation from the mortgage company is just an educated stab in the dark (like zoopla). It seems the valuation can vary between individual valuers and depending on the LTV...

But it (obviously) carries a lot more weight because.... they 're the guys with the £££

Eejay

I really like Zoopla. Obviously it's not fully reliable, but it's handy to use when researching properties - along with numerous other websites that give you information on the area etc.

marsman802

My remortgage value is spot on against zooplas....

I find zoopla undervalue my area (Twickenham) against what is going through.

Also an area with regular sales will give a more accurate picture as the true data updates.

My cousin is an EA and he gave me access to rightmove to play around. Interesting to see how listings change over time for the same property as people's expectations adjust.

MobileSaver

TheTravellingTiffin wrote: »

Should I just ignore Zoopla?

Yes, in most cases it is not remotely accurate.

LandyAndy

Hmm. Just checked a house for sale on my road.


Last sale; Nov 2004. £401,640
Zoopla Estimate: £497,631
Currently on at: £550,000


I think the Zoopla estimate is much more what it is likely to fetch in the end. It's the most expensive house on the street (all the others are £250-400k) and I can't see anyone wanting to pay £500k+ around here to live on this street.

MABLE

I like Zoopla because it values our house £15,000 more than Mouse house price index. However take all with a pinch of salt.

BornAtTheRightTime

Before selling a house, people have been known to edit the Zoopla record to add work done, extra rooms, cart lodges and gold taps, and watch the Zoopla valuation go sky-high. Because some people tend to believe everything they read.

Thank god for forums like this!