interesting house price website inc. price estimator

giger

I recently stumbled across this house price website that contains the usual info of previous sale prices etc, but also estimates current house prices. I am not sure what methods they use to do this, I am guessing local growth figures for the area plus a number of other local and national figures and then they apply it to house prices.

Surprisingly I have found that it has priced my home at a realistic price that I agree with.

I dare you not to look!
http://www.zoopla.co.uk/

Pooky23

Just done this for my home and reckon they have way over estimated value. Estimate at 318k but I reckon more like 290k. Not planning on selling anyway but it was interesting to do.

Cinderbrook

Also had a go with this site although it looks much like the Property Forecaster site that I have used before. My estimate was way out by 70K. I am in the South East and properties are selling at around the EA's valuation, so the site didn't work for me.

PasturesNew

There are a few threads about this site already over the last 4-5 weeks.

The site creates the estimate based on past sales... and as prices have only ever gone up, it will be showing false values. So all it does is applies the latest housing average increases to a property from the date it last sold or the average for an area. So it's quite misleading in a way as people are likely to take it as 'informed'

Dunstan_2

Said my house is worth £135,899. It has been on the market for two and a half months at £124,995, and we haven't even had any viewings yet!!

neas

Dunstan wrote: »

Said my house is worth £135,899. It has been on the market for two and a half months at £124,995, and we haven't even had any viewings yet!!

owned.

:P

PasturesNew

I just ran a quote on my old house and it has valued it £3k less than I sold it for 1 year ago.

formulaonefan

I came across that website few months ago. I don't have a clue how it comes up with that kinda of estimate but its algorithm for calculating current value of the property must be really rubbish or must have been developed by someone who thinks house prices only go up!

My councin's property (up north) is valued at 164K by zoopla.co.uk but they have put the property on the market for 140K for the last four weeks and he haven't even had one viewing. He said he will accept 130K and go renting.

giger

As mentioned, I found my price to be very accurate, I presume it must take in to account regional variations and growth. A neighbour with the same property as us is trying to sell for £20k more than we would consider selling ours for based on other sale prices, and the figure I got confirmed this. Sorry to hear it is not as accurate for others, I wouldn't have posted if I had known that was the case.

Doozergirl

Estimates this house at £3800 more than I paid for it a little over a year ago. Slightly undermines the assumption of some that I make my money from HPI surfing.

Dan:_4

It only really works if the house next door has been sold in last 6-12 months.