Zoopla Valuations

CFrog

Sorry if this has already been raised.

I have just noticed that Zoopla have changed the way they publish 'House Prices' or current valuations. Previously they published a current (single) valuation based upon (I guess) the last sale price adjusted for house price inflation etc. Now I see they publish a wide range for the current price with lower / upper bound figures that are (in my case) c. 60 - 80% below the valuation I noted about 2-3 months ago.

Is anyone aware of their reasons for changing this approach and also the sharp change in their valuation?

RelievedSheff

They are based on pure fiction so not sure the change will really matter much.

Slithery

Completely irrelevant. Zoopla is only accurate within +/-500k.

hazyjo

Everyone keeps slating them so I guess they're trying to make their 'valuations' more reliable. Can't see it myself as they've been between £100k-£200k out on two of my old houses!

Just checked mine as Zoopla has been saying the market has dipped for the two years I've been here. Now they're saying it's gone up and giving a bracket £50k apart, both figures higher than I paid.

diggingdude

I quite like it as it's valuing my house about £20k more than its worth

jonnygee2

I live in a row of identical flats (interiors vary of course). Zoopla obviously doesn't know they are identical, one is valued at about 240k and another at over 400k.

Basically, Zoopla doesn't know how much your house is worth so dont look at it.

AdrianC

Slithery wrote: »

Completely irrelevant. Zoopla is only accurate within +/-500k.

(for most properties)

lookstraightahead

If you actually look at how they value then you can see it doesn't make sense any more than if I bake a cake fir Christmas Day does that mean my neighbours do

Marvel1

Mine and next door sold same time, both identical, next door paid £2,500 less than mine.

Zoopla on high valuation gives next door and estimated £6K more.

However the whole estimate sounds about right for the lowest value for mine - not recovered from 2007.

Moneyminded

I noticed the changes to Zoopla valuations recently too. You can click on the little i icon and it gives you more information about the valuation estimate.

In relation to the recent changes Zoopla says the following

Why has my estimate changed?
Our automated valuation model was ahead of its time when it was launched in 2008. We have upgraded all estimates to a newer model developed by automated valuer specialists Hometrack.

Hometrack, which is part of Zoopla, is the UK’s largest automated valuer of residential property.

More detailed data, more price points and an improved methodology now mean you can get a more accurate picture of property prices across more UK homes.

When changing from one modelled price estimate, it’s natural that prices will change with some properties increasing and others decreasing. Some of these changes will be small (e.g. less than +/- 10%) while others will be larger. Above-average variations will be largely a result of changing property characteristics and the comparability of the property to the local market.

Hope this helps

Luke1066

From my experience I have actually found it to be quite accurate. For example, last year I was selling a 3 bedroom semi:
Agent 1 valuation- £270k
Agent 2 valuation - £265k
Agent 3 valuation - £270k
Zoopla at the time was £304k

Listed for £300k Two offers in the first 3 days after 4 viewings one for £295k the other for the asking price, accepted the asking price one and completed 8 weeks later.
Has a similar experience a couple of years earlier with two bedroom flat I sold. Maybe some areas are more accurate dependent on the data they have.