How does zoopla house valuations work?

Lyd00

The one I'm buying has dropped £8k in estimated value since my offer was accepted according to zoopla. But do zoopla adjust their estimated valuation based on a STC advert?

The exact same house 3 doors down is valued by zoopla as £30k more (it sold last year for approx £20k more than what I offered for mine). Mine was marketed much less because it needs a lot of work. 

Snookie12cat

Take them with a pinch of salt. They adjust them based on the % movement in prices in the area so do not look at the individual house at all. Some are wildly out. If the surveyor has valued it at PP then there is no issue.

FreeBear

Snookie12cat said: Take them with a pinch of salt.

According to Zoopla, the average house price for my road (based on sales in the last 12 months) is £132,000.... The estimate for *this house is £290,000 to £350,000 - Quite a spread, although in the current market, quite possible I could get the lower end without too much difficulty.

Deedoodee

The one I’ve offered on has gone up 10k on to Zoopla since I offered but properties in the area aren’t moving at the same pace. Some have been online for coming on 3 weeks now. 

Slithery

Lyd00 said:

How does zoopla house valuations work?

They lick their finger and wave it around in the air.....

user1977

They don't work. Nobody with any sense should pay much attention to them. 

hazyjo

It's currently putting mine at 10k-60k over its true value.

As above, take with a bucket of salt.

Thrugelmir

Lyd00 said:

Mine was marketed much less because it needs a lot of work. 

Which is something Zoopla wouldn't know. 

Snookie12cat

The one I am buying is listed £70k more than the surveyor valued it at.
Zoopla should never be trusted.

Lyd00

But is there any reason why its dropped this week? None of the others on that street have so I'm wondering if mine is now reflective of the asking price? 

eddddy

Lyd00 said:

But is there any reason why its dropped this week? None of the others on that street have so I'm wondering if mine is now reflective of the asking price? 

Zoopla are very secretive about how they calculate property valuations.

They will only say things like:

Or value estimates are calculated using a proprietary algorithm that analyses millions of data points relating to property sales and home characteristics in local geographic areas. Our estimates are constantly refined, using the most recent data available and a variety of statistical methodologies, in order to provide the most current information on any home.

Link: https://www.zoopla.co.uk/property-advice/how-are-house-prices-indices-calculated/

.... which doesn't really tell you anything.