Online valuation tools

daivid

On my house which has a decent number of comparable properties Zoopla estimates seem sensible (I've checked from time to time, used the midpoint as my value when remortgaging, and been nosey about listing and sale prices for other houses on the estate). If a house is unique, hasn't been sold for decades, has been modified greatly since sale, or is in a terrible state then the online tools are the equivalent of sucking a finger and sticking it in the air.

dannim12345

Just looked mine up on Rightmove and it has a £100k range (only bought last year) so if the others are similar, no they aren’t very accurate lol 

Dustyevsky

Newbie_John said:

If I ever hit 500 posts I'll ask to get it changed to Average_John

And they won't let you, unless your real name is John Average, that is!

BJV

GaryBC said:

BJV said:

No but I have just sold my car using Motorway. ( it was collected on the 2nd of jan 2024 )

It was slightly lower than the estimated price but the price it sold for was still £2000 more than we buy any car and £1000 more than my new dealership offered. 

So sorry where you talking about cars or houses ?

😁😁 Doesn't the forum title sort of give a bit of a clue! 😂😂

Yes sorry I was havin a thick moment 

GaryBC

BJV said:

GaryBC said:

BJV said:

No but I have just sold my car using Motorway. ( it was collected on the 2nd of jan 2024 )

It was slightly lower than the estimated price but the price it sold for was still £2000 more than we buy any car and £1000 more than my new dealership offered. 

So sorry where you talking about cars or houses ?

😁😁 Doesn't the forum title sort of give a bit of a clue! 😂😂

Yes sorry I was havin a thick moment 

Easily done! 😂

hazyjo

Zoopla is currently over-valuing mine by around £30k if you take the actual estimate. The range it gives is £55k apart - and its value is more than likely at the bottom, not the top.

It's overvalued one of mine by well over £150k and undervalued another by £100k ish. Totally unreliable, unless you live in a bog standard house that matches 100 other bog standard houses in the same street/estate.

Exodi

Logistically these house prices indices have a problem of specificity.

The indexes add up the total value of a type of house within a certain area and divide by value of the same area at a different point in time to give a multiple. This can however cause some issues. For example, if significantly more expensive houses were sold during a certain period, it might give the false impression that house prices have increased.

On a more individual scale, Nationwide or Zoopla or whoever, don't have armies of staff peering through peoples windows with binoculars. If I had a nice new bathroom and kitchen suite fitted, installed a swimming pool and jacuzzi, underwent a loft conversion and knocked two smaller bedrooms into one big one, replaced the boiler and roof, whacked on solar panels, had the garden professionally landscaped with new patio area and had the entire house plated in gold.... from their perspective, my house is still the same property and would value it the same.

In my opinion though, Zoopla is famously bad at overvaluing houses. I did a mock switch application on Nationwide and they value my house at £364k, whereas Zoopla values it at £404k (+11%). But I get it, people like thinking their houses are worth lots of money, Estate Agents do the same thing.

kingstreet

You can pay Hometrack £20 for a desktop valuation. Can't say how accurate it might be though.