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  • FIRST POST
    • nykied
    • By nykied 17th Jun 17, 10:40 PM
    • 948Posts
    • 3,782Thanks
    nykied
    How accurate is a site like houseprices.io ?
    • #1
    • 17th Jun 17, 10:40 PM
    How accurate is a site like houseprices.io ? 17th Jun 17 at 10:40 PM
    We looked at a house today, it's only been sold (apart from when it was originally built) once, in January 2013. It was sold for £184,000. The current asking price is £239,950. The estimated value on house prices.io is £202,250.

    Does the site not have enough data to work out the estimated value or is the vendor being wildly optimistic?
Page 1
    • hazyjo
    • By hazyjo 17th Jun 17, 10:57 PM
    • 10,526 Posts
    • 13,692 Thanks
    hazyjo
    • #2
    • 17th Jun 17, 10:57 PM
    • #2
    • 17th Jun 17, 10:57 PM
    Lots of debate on here about similar sites - in my opinion they're absolute crap. If someone puts theirs on the market or if similar ones have sold within a couple of months, they can be adjusted by huge amounts to show something nearer the current value. It undervalued mine by around £100k then suddenly a few weeks ago, it added £80k or so out the blue. It overvalued my last house by £150k-ish.

    Do your own research against sold priced of similar nearby properties.
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • jimmy cricket
    • By jimmy cricket 17th Jun 17, 11:00 PM
    • 355 Posts
    • 224 Thanks
    jimmy cricket
    • #3
    • 17th Jun 17, 11:00 PM
    • #3
    • 17th Jun 17, 11:00 PM
    My understanding of the site is that it gives sold prices, not predictions. The data is drawn from the land registry.
    • hazyjo
    • By hazyjo 17th Jun 17, 11:04 PM
    • 10,526 Posts
    • 13,692 Thanks
    hazyjo
    • #4
    • 17th Jun 17, 11:04 PM
    • #4
    • 17th Jun 17, 11:04 PM
    My understanding of the site is that it gives sold prices, not predictions. The data is drawn from the land registry.
    Originally posted by jimmy cricket
    It gives an estimated value too. That's what the OP referred to. Presume they know the sold prices are fact, not guestimates...
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • Cakeguts
    • By Cakeguts 17th Jun 17, 11:25 PM
    • 4,364 Posts
    • 6,242 Thanks
    Cakeguts
    • #5
    • 17th Jun 17, 11:25 PM
    • #5
    • 17th Jun 17, 11:25 PM
    The estimates are usually wrong. The only way to find out what a house is worth to you is to compare the price with sold prices of similar houses sold in the same area.
    • goodwithsaving
    • By goodwithsaving 17th Jun 17, 11:54 PM
    • 819 Posts
    • 1,244 Thanks
    goodwithsaving
    • #6
    • 17th Jun 17, 11:54 PM
    • #6
    • 17th Jun 17, 11:54 PM
    Depends if it's had any renovation / improvements as well.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
    • nykied
    • By nykied 18th Jun 17, 9:18 AM
    • 948 Posts
    • 3,782 Thanks
    nykied
    • #7
    • 18th Jun 17, 9:18 AM
    • #7
    • 18th Jun 17, 9:18 AM
    Thanks guys. It seems reasonable so I'm going with the 'absolute crap' option !!!55357;!!!56842;
    • nykied
    • By nykied 18th Jun 17, 9:19 AM
    • 948 Posts
    • 3,782 Thanks
    nykied
    • #8
    • 18th Jun 17, 9:19 AM
    • #8
    • 18th Jun 17, 9:19 AM
    Oops, that was supposed to be a smiling face. It's been a while since I posted on here...
    • robatwork
    • By robatwork 18th Jun 17, 10:20 AM
    • 4,299 Posts
    • 4,713 Thanks
    robatwork
    • #9
    • 18th Jun 17, 10:20 AM
    • #9
    • 18th Jun 17, 10:20 AM
    None of us really know what our own houses are worth until we actually sell it.

    Chances of a stranger/random website knowing?

    0
    • datostar
    • By datostar 19th Jun 17, 12:39 PM
    • 1,056 Posts
    • 632 Thanks
    datostar
    Absolute rubbish if the house has ever been sold at a discount to an existing tenant, eg. Council RTB, Police House etc. etc. The tenant purchase price after discount is taken from the Land Registry and they just add on an annual figure, resulting in gross understatement of current value.
    • sevenhills
    • By sevenhills 19th Jun 17, 1:32 PM
    • 1,170 Posts
    • 433 Thanks
    sevenhills
    Absolute rubbish if the house has ever been sold at a discount to an existing tenant, eg. Council RTB, Police House etc. etc. The tenant purchase price after discount is taken from the Land Registry and they just add on an annual figure, resulting in gross understatement of current value.
    Originally posted by datostar
    I am buying my council house, and the Zoopla valuation was less than the value of next door, but more than the councils valuation.
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