Remortgage Zoopla valuation is much lower - advice

hass123456

So I'm doing a remortgage and the first thing the lenders (woolwich) are doing is a Zoopla Valuation. My broker is dismissive of my own valuation basing it on Zoopla and recent sales alone.

The properties in my area are all the same in design and quite unique. I've spoken to all the local agents and trawled through Rightmove weekly for the last year. My property is worth £335k based on every other property being marketed for between £320-350k, and agents informing me of selling prices.

Zoopla says it's worth £270k.

Looking at confirmed sales in the area, the last one was in May (260k), most are April or February (250k). These properties were first listed for sale in Oct/Nov/Dec 2013 - a lot has changed since then, especially my area of London. Prices icreased 13.8% in Jan and Feb alone.

There have been plenty of sales in my area based on my research. These have clearly not completed yet and as we know it can take 6 months + if you're in a chain and it's leasehold etc. People are obviously being approved mortgaged for £300k+ based on my research.

Where do I stand with regards to getting an accurate valuation or the lender even bothering to do it? Why wouldn't a lender phone local agents or even look to see what similar properties are being listed for? Is this a common problem in a rising market?

Thanks for looking.

amnblog

The Lender is not going to change their view on the valuation just because you have been on Rightmove

Cyberman60

My view is that perhaps the lender is looking for a reason not to lend so much. If you had masses of equity they would not be so concerned with a valuation.

brit1234

hass123456 wrote: »

Prices icreased 13.8% in Jan and Feb alone.

What have you done in Jan-Feb tp add 13.8% to the value to the property, extension, added basement?

If nothing then you are talking of a speculative housing bubble where no real equity has been added. The only real way to take advantage and capitalise that speculative equity is to sell.

The banks aren't interested in greedy estate agents ramped up asking prices, they got burnt in 2007 by the same.

AnnaLMLH

do lenders really go on zoopla estimates?