Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • fishglobe
    • By fishglobe 4th Jul 18, 9:30 AM
    • 3Posts
    • 0Thanks
    fishglobe
    Zoopla /rightmove house valuation
    • #1
    • 4th Jul 18, 9:30 AM
    Zoopla /rightmove house valuation 4th Jul 18 at 9:30 AM
    Hi all. I have been regularly checking my house value on mentioned sites and noticed some discrepancies just now. We bought our house 4 years ago for 200k and few month ago it was estimated nearly 250k. Following latest check the value dropped by 15k and I wondered why so started checking recent sales in the area and didn't see anything unusual apart from one thing. Our next door neighbour bought their house one year after us and paid the same price as us. And here is the twist. Current zoopla/rightmove records are showing that their house was sold 2 months ago for 135k.

    But 1. It couldn't have been sold as they still live there as normal.

    2. this sale price is unrealistic as all houses in the area are within 200k + range.

    Anyone has any idea what possibly is going on, is it something dodgy? Or is it possible that there is data error on zoopla/rightmove stating that their house was sold way below market value?

    I don't fancy go asking neighbours as dont want them to think we're being nosy.

    Appreciate all suggestions.
Page 1
    • maisie cat
    • By maisie cat 4th Jul 18, 9:42 AM
    • 587 Posts
    • 698 Thanks
    maisie cat
    • #2
    • 4th Jul 18, 9:42 AM
    • #2
    • 4th Jul 18, 9:42 AM
    Could they have entered into some sort of sale and leaseback type arrangement? That might account for the heavy discount. Another possibility that I can think of is that they sold it to their chidren.
    • AnotherJoe
    • By AnotherJoe 4th Jul 18, 9:45 AM
    • 11,489 Posts
    • 13,273 Thanks
    AnotherJoe
    • #3
    • 4th Jul 18, 9:45 AM
    • #3
    • 4th Jul 18, 9:45 AM
    Maybe one of them bought the other out as they are divorcing, or half was sold/left to children


    Look on the land registry and see if theres been a recent sale. Or of course it may just be an error.



    Just shows how irrelevant these price estimates are.
    • PasturesNew
    • By PasturesNew 4th Jul 18, 9:46 AM
    • 64,942 Posts
    • 381,223 Thanks
    PasturesNew
    • #4
    • 4th Jul 18, 9:46 AM
    • #4
    • 4th Jul 18, 9:46 AM
    There are all sorts of discrepancies on there.

    I've seen a past neighbour's house listed at the wrong price - he'd inherited it mortgage free and the figure they had must've been a small mortgage he raised on it.

    More recently, a new build in 2010 never appeared on prices sold (maybe he bought it using his company to get a mortgage at the time) and then it appeared as "sold" just last year and he's still there, so I suspect he bought it from his company and/or remortgaged.... it's only showing as 240k though, even though the house was "worth" about 270-280k at the time, so maybe that's all he needed for a mortgage.

    There's a lot not right about all that data.... and the more you look, the more inconsistencies you see.

    It's really not worth bothering about - there's nothing you can do - it's just data.... and Garbage In, Garbage Out.
    • Grenage
    • By Grenage 4th Jul 18, 9:48 AM
    • 1,615 Posts
    • 1,541 Thanks
    Grenage
    • #5
    • 4th Jul 18, 9:48 AM
    • #5
    • 4th Jul 18, 9:48 AM
    The sale of my last house never made the Land Registry's records of sale, so it's not on Zoopla etc.


    At the end of the day, don't worry about it. Zoopla/RightMove/etc figures are meaningless when it comes to the market value of a house. 300k, 500k, 2.50; it's all nonsense.
    • sal_III
    • By sal_III 4th Jul 18, 9:50 AM
    • 653 Posts
    • 666 Thanks
    sal_III
    • #6
    • 4th Jul 18, 9:50 AM
    • #6
    • 4th Jul 18, 9:50 AM
    I wouldn't call what Zoopla/RM do a "valuation", it's just an automatic guesstimated based on their data of nearby sales. As you pointed out this data can be wrong and/or sales might be missing in their database.

    The sell value of your property is the amount someone else is prepared to pay for it.
    • cloo
    • By cloo 4th Jul 18, 9:53 AM
    • 1,124 Posts
    • 1,140 Thanks
    cloo
    • #7
    • 4th Jul 18, 9:53 AM
    • #7
    • 4th Jul 18, 9:53 AM
    I wouldn't read too much into these - they have a long time lag and you don't really get any context, so they are the roughest of guides and you won't see the reasons behind anomolies.
    • Surrey_EA
    • By Surrey_EA 4th Jul 18, 11:36 AM
    • 1,684 Posts
    • 2,240 Thanks
    Surrey_EA
    • #8
    • 4th Jul 18, 11:36 AM
    • #8
    • 4th Jul 18, 11:36 AM
    Appreciate all suggestions.
    Originally posted by fishglobe
    Ignore what Rightmove/Zoopla suggest your property might be worth.
    • SG27
    • By SG27 4th Jul 18, 11:48 AM
    • 2,523 Posts
    • 1,766 Thanks
    SG27
    • #9
    • 4th Jul 18, 11:48 AM
    • #9
    • 4th Jul 18, 11:48 AM
    Ignore what Rightmove/Zoopla suggest your property might be worth.
    Originally posted by Surrey_EA
    Exactly this!

    My house on zoopla is 334,000

    Just sold it for 304,000

    .you are better registering for updates on nethouseprices or similar to see what sold prices sre near you for similar houses.
    Last edited by SG27; 04-07-2018 at 11:52 AM.
    • wlondoner
    • By wlondoner 4th Jul 18, 12:18 PM
    • 21 Posts
    • 5 Thanks
    wlondoner
    Don't trust it get a professional in and 2 estate agents too then you have 3 and go with the average

    My neighbours identical flat here in London is showing as is worth 15k more than mine! They are exactly the same 5 year old properties (even the interior kitchen and bathroom are the same)

    I guess it's just there to give you a rough idea of the price
    • fishglobe
    • By fishglobe 4th Jul 18, 12:21 PM
    • 3 Posts
    • 0 Thanks
    fishglobe
    How about allegedly selling house way below market value or even purchase price? Could this be real, error or something else?

    They are young couple with small child so they couldn't have sold it to it.
    • bigisi
    • By bigisi 4th Jul 18, 12:45 PM
    • 429 Posts
    • 766 Thanks
    bigisi
    How about allegedly selling house way below market value or even purchase price? Could this be real, error or something else?

    They are young couple with small child so they couldn't have sold it to it.
    Originally posted by fishglobe
    Yes they could.
    • TBagpuss
    • By TBagpuss 4th Jul 18, 12:46 PM
    • 6,907 Posts
    • 9,107 Thanks
    TBagpuss
    Zoopla / right move values are virtually meaningless. My house allegedly shot up in value last year, if you believe them. In real life, it didn't, it's just that the beautiful Old Rectory up the road sold last year for 1.2m and skewed the average for the postcode.
    It's likely just an error. Someone has input in post code wrong, or there has been some other glitch.

    Unless you are trying to sell or remortgage, it's irrelevant, and if you are trying to sell of remortgage, get sa proper valuation.

    If it bugs you, mention it to your neighbour and let them raise it with zoopla.
    • Crashy Time
    • By Crashy Time 4th Jul 18, 4:36 PM
    • 6,814 Posts
    • 2,512 Thanks
    Crashy Time
    Hi all. I have been regularly checking my house value on mentioned sites and noticed some discrepancies just now. We bought our house 4 years ago for 200k and few month ago it was estimated nearly 250k. Following latest check the value dropped by 15k and I wondered why so started checking recent sales in the area and didn't see anything unusual apart from one thing. Our next door neighbour bought their house one year after us and paid the same price as us. And here is the twist. Current zoopla/rightmove records are showing that their house was sold 2 months ago for 135k.

    But 1. It couldn't have been sold as they still live there as normal.

    2. this sale price is unrealistic as all houses in the area are within 200k + range.

    Anyone has any idea what possibly is going on, is it something dodgy? Or is it possible that there is data error on zoopla/rightmove stating that their house was sold way below market value?

    I don't fancy go asking neighbours as dont want them to think we're being nosy.

    Appreciate all suggestions.
    Originally posted by fishglobe

    Put your house on the market and see what offers you get, you can always take it off later, that should put your mind at rest, a real world valuation sort of thing.
    • kinger101
    • By kinger101 4th Jul 18, 6:40 PM
    • 4,489 Posts
    • 6,228 Thanks
    kinger101
    Put your house on the market and see what offers you get, you can always take it off later, that should put your mind at rest, a real world valuation sort of thing.
    Originally posted by Crashy Time
    You can also get a hefty bill from an agent if they find a willing and able buyer. Not a good plan.
    • tori.k
    • By tori.k 4th Jul 18, 6:44 PM
    • 3,301 Posts
    • 8,738 Thanks
    tori.k
    I really wouldn't truck with Zoopla out of curiosity ive just check ours its showing at 3k less than we purchased it for yet the neighbours are 27k more than our purchase price which considering we are a 3 bed and the semi- detached end of the four houses and they are a two bed mid terrace I find the prices flaky. no wonder some people get confused over the value of there property
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Mortgage Free (stage 3) 140000/ 4389
    Save 12k in 2018 #76 5000/6000
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,333Posts Today

6,554Users online

Martin's Twitter