Zoopla Problem

Size66

I have a buy to let that was purchased 10 years ago and has been let out solid ever since -- A good quality flat in a development of only 10 - the problem is that someone has moved out of their owner occupier flat and did this under a part ex scheme, the builders who took the property in part ex have sold it on at 30% less than the properties where purchased for as new builds, this is resulting in the 3 properties ( not mine ) that are currently for sale are seen as being massively over priced according to Zooplas latest sales figures - is there any way to combat this data?

Surrey_EA

If there are three flats currently for sale, and your post appears to suggest they are not selling, perhaps they are massively overpriced?

I'm not sure there's a lot you can do about the figures on Zoopla, as I understand it the data come from the Land Registry. If that's what the property sold for, then that's it.

Guest101

Zoopla is just a guide, no you cant change it. It's their estimate of value.

Like i might estimate your property at being £100k, even if it sells for double that

Surrey_EA

Are we talking about Zoopla's estimate of value, or their reporting of a price that a property has recently sold for?

getmore4less

If it was such a good by at 30% discount to the new price and easy to rent out making money why did you not buy it?

ReadingTim

Zoopla gets its data from the LR, but simply applies the percentage change in sold prices for the local area to the price at which any specific property was last sold at to get its estimate. It's a pretty crude tool, and shouldn't be used as the sole basis for an offer or a valuation - people who try that generally get laughed at or derided as keyboard warriors, on this board anyway.

molerat

A few years back identical next door showed as "sold" at £150K when our value was around £180K. The price was part of a divorce settlement and had no effect on property prices in the street. As above, maybe they are overpriced.

Size66

I don't think they are too overpriced just now - the sellers are being realistic and are looking to sell for roughly the same prices as the first purchasers paid the builders 10 years ago - although there has been a crash & rebound in the mean time.. I don't think the units were overpriced back in 2005. im told that 1 estate agent recommended a sell price of £95 - £100k on a property that cost £200k 10 years ago - the joys of fixed fee estate agents !! all that matters is the sale! - im lucky mine is let out but others want to sell and get on with their lives elsewhere

mrginge

Seek legal advice. You may be able to sue zoopla.

clarky_cat

A family member recently bought me out of a property (50% stake). However a few months later it showed up on Zoopla with the 50% value so looked mega cheap. I contacted Zoopla and the LR who both removed it from their records. There is an option against any property to contact them if the records are incorrect.

Daerve

mrginge wrote: »

Seek legal advice. You may be able to sue zoopla.

On what grounds?

Zoopla lists pretty much every property in the country, if they left themselves open to legal action they must have a pretty big liability.