How accurate are Zoopla figures?

chelseablue

I purchased my flat in 2010, and yesterday being nosy I thought Id check out Zoopla and see their estimate of what they think it could be marketed at now.


Does anyone know how accurate their estimates are?


Thank you

glentoran99

They are way way off in the case of my house

movilogo

If they overestimate my house price, then very accurate otherwise I don't give a hoot

G_M

Ignore them completely. I wouldn't waste my time looking.

I can't recall the last time any of Zoopla's Valuers came and looked round my house but it must have been a long time ago........

kayfaz

Here is how "accurate" Zoopla valuers are.
http://www.zoopla.co.uk/home-values/reading/copenhagen-close/rg2-8uh/?q=RG2%208UH&search_source=home-values

Number 11 is estimated at £207k while number 12, an identical house next to it is estimated at £56k!

phoebe1989seb

Definitely not worth looking -

The house we just bought was *valued* by Zoopla at around £240k more than we paid and the one we sold was *undervalued* (lol :rotfl:) by a significant amount.....

ReadingTim

In a nutshell, Zoopla takes the last known sold price of a property and multiplies it by the average increase (or decrease) in local sold prices since that sale to today.

Therefore, if you've bought a place on the cheap because it hadn't been updated since the 1960's and spent thousands on doing it up, it'll still be 'valued' lower than next door whose previous sale price was higher because it didn't need that work doing - hence the wide variations described above.

aap_2

As accurate as a broken clock ��

ReadingTim

aap wrote: »

As accurate as a broken clock ��

Twice a day seems like a pretty good rate of accuracy for Zoopla....

DaftyDuck

They're often slammed and, if they aren't looked at closely, I'd agree they are next-to-useless....

However, very often they do give some broad hint of a price or, more interestingly, hint at a disparity that's worth chasing down. Obviously, they are accurate (in their way) for a few months after a sale, then the accuracy wavers depending on what else sells nearby, how similar it is, what repairs are done, what deviations there are between local and national trends, endless possibilities.

It's worth looking when buying, if only because the majority of sellers will look, and be heavily influenced by what it says. Even some agents can be swayed. Same in reverse when selling....

When there is a large deviation between similar nearby properties, it's worth a ponder as to why. But, just a ponder.... Zoopla can't possibly be on the ball up and down every street.

For a flat sold in 2010, particularly if similar flats have sold since, I'd actually expect it to be within a handful of percent of a sensible valuation.

ReadingTim

In addition to the points listed above, I think the main reason they're derided is that they're used by keyboard warriors (both on the buying and selling side) to justify whatever ludicrous offer/asking price they're putting forward, in willful disregard of all other evidence.