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How accurate is a site like houseprices.io ?
nykied
Posts: 951 Forumite
We looked at a house today, it's only been sold (apart from when it was originally built) once, in January 2013. It was sold for £184,000. The current asking price is £239,950. The estimated value on house prices.io is £202,250.
Does the site not have enough data to work out the estimated value or is the vendor being wildly optimistic?
Does the site not have enough data to work out the estimated value or is the vendor being wildly optimistic?
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Lots of debate on here about similar sites - in my opinion they're absolute crap. If someone puts theirs on the market or if similar ones have sold within a couple of months, they can be adjusted by huge amounts to show something nearer the current value. It undervalued mine by around £100k then suddenly a few weeks ago, it added £80k or so out the blue. It overvalued my last house by £150k-ish.
Do your own research against sold priced of similar nearby properties.2024 wins: *must start comping again!*0 -
My understanding of the site is that it gives sold prices, not predictions. The data is drawn from the land registry.0
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jimmy_cricket wrote: »My understanding of the site is that it gives sold prices, not predictions. The data is drawn from the land registry.
It gives an estimated value too. That's what the OP referred to. Presume they know the sold prices are fact, not guestimates...2024 wins: *must start comping again!*0 -
The estimates are usually wrong. The only way to find out what a house is worth to you is to compare the price with sold prices of similar houses sold in the same area.0
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Depends if it's had any renovation / improvements as well.0
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Thanks guys. It seems reasonable so I'm going with the 'absolute crap' option ��0
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Oops, that was supposed to be a smiling face. It's been a while since I posted on here...0
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None of us really know what our own houses are worth until we actually sell it.
Chances of a stranger/random website knowing?
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Absolute rubbish if the house has ever been sold at a discount to an existing tenant, eg. Council RTB, Police House etc. etc. The tenant purchase price after discount is taken from the Land Registry and they just add on an annual figure, resulting in gross understatement of current value.0
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Absolute rubbish if the house has ever been sold at a discount to an existing tenant, eg. Council RTB, Police House etc. etc. The tenant purchase price after discount is taken from the Land Registry and they just add on an annual figure, resulting in gross understatement of current value.
I am buying my council house, and the Zoopla valuation was less than the value of next door, but more than the councils valuation.0
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