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Zoopla estimates

2

Comments

  • bertiewhite
    bertiewhite Posts: 1,904 Forumite
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    and today it's back up to £172K :rotfl:
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
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    It's meaningless. When I bought mine for £210 Zoopla said it was worth £185.

    Zoopla says today that mine's worth £252, so if you add that previous £25k difference to that it'd "indicate" to some that mine must be worth £277k - but you can buy a brand new one like mine for £275 just 50 yards down the road - and my almost identical neighbour's just sold his at £245-250.

    There are four identical houses here that all built/sold at the same price/date - now some have sold subsequently the Zoopla estimates vary wildly on the four.

    It's just a novelty index.
  • Grenage
    Grenage Posts: 2,899 Forumite
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    Zoopla is useful for several things, but the valuation figure is not one of them.
  • Typhoon2000
    Typhoon2000 Posts: 1,122 Forumite
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    I used to live a mews with 10 identical town houses either side of the news. There were all part of the same development and sold off between 1997 and 1998 by the developer for the same prices ( a rising slowly with the market so the later ones cost a bit more) Some remain with the original owners and some have sold between 1 to 4 times during that time. On Zoopla prices vary between £457k and £639k.
  • Tiners
    Tiners Posts: 232 Forumite
    I usually find Zoopla to be pretty accurate to within 10-20%... which I'd say is a more accurate reflection of true market value than the insanely unrealistic kite flying asking prices that most vendors seem to list their houses at
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    Tiners wrote: »
    I usually find Zoopla to be pretty accurate to within 10-20%... which I'd say is a more accurate reflection of true market value than the insanely unrealistic kite flying asking prices that most vendors seem to list their houses at
    You seem to be saying Zoopla is always under selling price. Overvalued my last house by £150k-ish. I've found it to be way out. Maybe because of the very different housing stock and desirability of one road compared to a very nearby road. Who knows. Obviously it's different for everyone, I'm only speaking for me. Some sellers are delusional, yes. But many houses have sold near me for way over their Zoopla valuations (over £100k difference with some).
    2023 wins: *must start comping again!*
  • wesleyad
    wesleyad Posts: 754 Forumite
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    To quote Virginmoney on my last remortgage at the end of a fixed deal - "we might not even need to carry out a full valuation, an external visit together with current market figures from someone like Zoopla will probably suffice".

    What they mean by this they look at other similar houses sold and for sale on Zoopla and Rightmove to check current market values in the area. They don't mean using the "zoopla estimate" which can be all over the place.
  • bertiewhite
    bertiewhite Posts: 1,904 Forumite
    First Post
    wesleyad wrote: »
    What they mean by this they look at other similar houses sold and for sale on Zoopla and Rightmove to check current market values in the area. They don't mean using the "zoopla estimate" which can be all over the place.

    But like I said - the mortgage valuation just so happened, coincidentally, to be exactly what the Zoopla estimate said at the time. Funny old thing, that.
  • Surrey_EA
    Surrey_EA Posts: 2,042 Forumite
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    bertiewhite wrote: »
    But like I said - the mortgage valuation just so happened, coincidentally, to be exactly what the Zoopla estimate said at the time. Funny old thing, that.

    Normally when remortgaging the applicant is asked by the lender for an estimate of the value of the property.
  • bertiewhite
    bertiewhite Posts: 1,904 Forumite
    First Post
    Surrey_EA wrote: »
    Normally when remortgaging the applicant is asked by the lender for an estimate of the value of the property.

    I have always been asked for an estimate of what it's worth but they've never taken any notice.
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