How accurate do people find Zoopla?(49 Posts)
We had a low offer on our house (about 60% of asking price) and the offerees made reference to the Zoopla estimate.
I was quite shocked to see that the Zoopla estimate was about 70% of our asking price which we had quite carefully considered and which was the mid-valuation of 3 local EA's
I've randomly compared a few local properties on Rightmove and some seem accurate, others way off. Anyone else had any similar experience? Or it is usually a bit more accurate?
Well if Zoopla is accurate we have just paid nearly £100,000 too much for our new house!
and we paid 75k too much. and the people who offered on the property down the road paid 90k too much.
Glad it's not just me who finds it wildly inaccurate then
A local 5 storey Grade 2 listed Georgian townhouse (admittedly in some state of disrepair, but not derelict) is valued at 60k, whereas the place next door to it is £1.3m! Crazy....
Zoopla undervalued my flat to the tune of £50k so I wouldn't pay too much attention to it. If your buyers are looking at actual sold prices, then that's one thing but Zoopla estimates are frankly rubbish. I would have thought your EA would tell your buyers that to be honest
The EA's were v quick to point that out to offerees I think (we rejected their offer not surprisingly!)
And Zoopla itself seems to say that to get a more accurate valuation, a local EA should be instructed.
Nothing's sold on our street for over 3 years (think it's more like 5 years) so there won't be much up to date info on actual sold prices.
Anyway, thanks everyone for putting my mind at rest about Zoopla!
I'm sure zoopla just take the last selling price of a property and multiply it by the average house increase since. They don't take into account improvements (to the house or the area) or whether the previous buyers paid over/under the odds for the house in the first place. I live in a row of identical houses and zoopla value them all very differently. I can't believe the shrubs in the garden 3 doors down add £50k to it's value. If it does I'm off to the garden centre this afternoon!
Zoopla might be right if all the properties in the street are the same size and type, but that's normally not the case. Our street is a combination of large and small flats, plus some houses and then in close proximity we also have some bigger 4 bedroom houses with gardens. Some of the properties face into a busy shopping street, others are in quiet cul-de-sacs or close to a park. As a result the suggested Zoopla is all over the place, it means nothing.
My house on zoopla (we bought it 13 months ago) values it at £8k less than I paid for it.
We have converted the double garages into a playroom with storage!
Doesn't take that into account!
Plus in the next 2 years we will be extending the kitchen, it also won't take that into consideration.
The house we sold we gutted from top to bottom, new bathrooms (got rid of the pink ones with gold taps) new kitchen, new boiler etc etc but zoopla doesn't know all this took place which is why an estate agent values the place your selling.
Maybe you could point this out to your buyers
Our house that we bought last year was valued at about £175k less on Zoopla than what we paid for it. This is based I suspect on our post code only having 6 houses on it, of which only 2 have sold in the last 15 years and those happen to be the 2 bungalows. The other 4 houses including ours are 4 bedroom detached houses but Zoopla didn't seem to take that into account.
Message deleted by MNHQ. Here's a link to our Talk Guidelines.
Hmm, think mumsnet might not be keen on you posting, Lawrence, but I could be wrong.
That said, I actually find zoopla quite accurate for our area of SW London, and I like that it considers square meterage as one of the factors influencing price - too many EAs and sellers are totally blind to the impact of square meterage on value, IMHO!
Completely inaccurate. I develop property and am always checking and comparing prices and valuations and it has NEVER been right or anywhere near
regurgitating what it says on the website the info Lawence.
Even if I complete the additional info to make the estimation "more accurate" it's still waaayyyy off the 3 local Estate Agents valuation.
Just seems like it's a waste of everyone's time for these estimations to be generated. DH thought the shockingly low valuation was close to being defamatory
I still contend it's fairly accurate around here - or at least, it is if you're trying to work out the value of, say, a standard 30s semi. Less accurate on something like our current rental property, which is a tiny cottage in a private estate full of mega-mansions.
Oh, Lawrence - you're info is so inaccurate that you've got my new house listed as a detached when it most definitely has another house attached to it and has done for the past hundred years
I have found it to be way off reality in my area, I think because of the mix of housing and fairly infrequent sales.
Narmada - I have no idea why you'd think that - it's not like Lawrence started a thread advertising Zoopla!
It's way off in my area too, but the 'sold prices' is great
My understanding was that mumsnet do not like people posting about commercial ventures on chat boads, regardless of who started the thread. I started a thread a while ago which mentioned several products; the producer of said product replied and their comment was duly removed by MNHQ. It was about formula milk though so maybe that was an added impetus given the various codes of conduct on formula advertising.
PS chipping, no need to be so snippy.
it's still waaayyyy off the 3 local Estate Agents valuation.
Estate agents' valuations are about as accurate as Zoopla's. The last time I sold, we asked 5 agents and there was £200k between the lowest and the highest valuation.
Interestingly (perhaps this is the 'wisdom of crowds') the actual price we achieved was almost bang on the mean average of the five
Zoopla's crap. End of. As much use as a chocolate tea pot.
Narmada - there wasn't anything snippy about what I said.
I know all valuations are guesswork but at least the EA's take the time to actually look around your property and have some experience of the local market rather than just applying some blanket random, unexplained formula without any thought process.
Until I'd actually looked at the site (and got the opinions of other wise MNers!) I'd assumed it was some relatively accurate tool. But if it's well known that it's pretty useless, I won't be put out by people quoting it
I think it can be ok for some areas, where streets are full of broadly similar houses. The road we live on is a real mish mash and most of the estimations are way off, and it only takes one house in really bad condition or one house that's been bought for a lot more money than it's worth to really throw it off.
For example the house we rent sold a couple of years ago for roughly double what it would be normally worth. It's been sold to a developer who in a few years will knock it down to gain access to the land behind. But zoopla uses this figure which inflates the prices along the road (when in fact this high price means the houses will no longer back onto fields in a few years time and thus be worth less!)
I've never found it useful either, and doesn't advertise correctly either. IMHO nethouseprices is more accurate and is the site most used by property professionals. Poor Lawrence!! Brave of him to come on, only to be mauled..
Brave Lawrence??? He only came on to post some links!
If Lawrence wants to be really brave he could fork out for someone to code his software that actually comes up with a realistic price
Zoopla gave us an estimate 20k above the highest valuation we got from 3 estate agents.
Totally unrealistic in the current climate in our area.
It's not at all accurate. They are suggesting mine is 80k lower than its actual price. I happened to get the house for quite a bit lower than the asking price as there were problems that came up on the survey. We have also done a lot of improvements to the house, which Zoopla obviously do not know about.
Zoopla is just a waste of everyones time. Their estimates are way off to the detriment of the seller. Thanks to Zoopla under valueing our house in excess of 20k we have jeoperdised the sale of our house and the friendship of the prospective buyers. Zoopla obviously do not realise the trouble they cause to vendors. They should stop this function until they can calculate a more reliable estimate. I dont see how anyone can estimate the value of any property without first seeing it!!!!!!!!!!!!!!!!!!!!!!!!!!
Waste of time IMO. They really should make it more clear that they are only basing it on others fold and what the current owner paid. We currently have ours on the market for 100k more than zoopla says its worth. All the houses in this street are very different with about 500k of a price band between them.
Ours was in a state when we bought plus we bought in 2009 so knocked the vendors right down. We've replaced kitchen and bathrooms and had house rewired and skimmed throughout.
But we knew about zoopla inaccuracies from selling last time so we have kept the old particulars to show any potential purchasers what a state it was if they bring up the zoopla valuation.
This is a dead thread, Barbara Jean, the last posts were 18 months ago.
Zoopla is a mathematical model, and the more information that's fed into it, the more accurate it becomes. It's pretty accurate on my street, although I've noticed it doesn't take account of orientation.
You can submit your own information about your own house if Zoopla have got it very wrong.
Surveyors often value without viewings. I've remortgaged several times and they've never been to actually see my house. They estimate using square footage, which is recorded in your deeds I believe.
I haven't found it accurate at all. It says my house is worth 10K less than I paid 4 weeks ago. When I first put my house details in it put it at almost exactly what I paid for it.
When I added in the extras - like the en suite, the extension, the conservatory and 4th bedroom it didn;t seem to be aware of - it decided that with all that added on, the house was actually worth 10K less. That makes sense, right enough.
Doh, just seen this is a year old!
Hi, Zoopla over estimates our house price at the moment. However, this was not always the case. You can submit changes (eg sq footage, number of rooms etc). It takes sometime (weeks) to update the info and revise the price. You can do the same on Mouseprice too.
I live in a semi. It is identical in size to next door. However I have been in next door and it is way nicer than ours - it also has a garden about three times the size of ours. According to Zoopla ours is valued at 20k more than next door?????????????
We purchased our house in 2004 for £209,500 which wasnt at the height of the market, the house was a ruin and hadnt been lived in for 7 years. The house has been totally renovated, another bedroom added with a full en suite, another bathroom added making 3 bathrooms 4 double bedrooms, we put in a £20,000 kitchen and knocked 3 rooms into 1 to make a 32 foot kitchen family room with a cathedral roof living room, also a oak framed garage...in total we spent £150,000 on the house...Zoopla have stated our house is worth £258,000!!! We had a valuation done on the house by the bank in 2007 at £280,000 which I believe was at the top of the market and before we had finished the major part of the works on the house. However, our problem is that two other houses sold in our street for well under the asking price but both of those houses there were reasons for this, the first a tiny 1 bed bungalow which was basically a shack but had lots of land sold for £95,000 and the house across the road from us had been in the same family for generations sold on the day it was listed with the estate agents for well under the asking price...because we intended to purchase that house and when we said we would give the full asking price the estate agents said no it had an offer on it and when we said we would pay 15,000 over the asking price they said it had been sold, we know who purchased it, it was the original owner the farmer across the road from us!!! Zoopla are doing us a great disservice by listing it without taking all these factors into consideration. The last offer we had on our house was £100,000 under the asking price!!!! I am totally peed off with Zoopla
You can update your details and Zoopla and Mouseprice to reflect changes you have made - they then amend their estimates.
Why are you bumping a 2011 thread
It's rubbish. Estate agents valued out house 65k above the zoopla price. Zoopla can't tell if a house has been done up or extended or had a lof conversion. I think it just considers the general area's % increase and uses that info to work out a supposed house price.
It may be an old thread but the subject matter is still relevant Crutchlow.
I agree Scone - i emailed them as we had our house on the market 6 months ago and had an interested party who offered us 20k below what our place was worth citing Zoopla estimates and 'other factors'
Its only three years old and is a lovely 5 bed detached which was also on cheaper than the like for like properties in our street (it doesnt have a garage only a carport).
They emailed me back saying that there was basically nothing that they could do and that they wouldnt amend the information despite me pointing out that there is an identical house on our street valued at 40k more.
I think they cause alot of trouble for people as potential buyers, especially ones who dont know the area can really pin their knowledge on what they read on Zoopla.
My house in zoopla has been estimated at £110 over the EA, and I think the EA valuation is right (unfortunatly). It seems that Zoopla magic a number from somewhere....
I think Zoopla misleads the marketplace. I think the government should take a closer look as it's market manipulation.
Eg: check out this estimate in London.
It's can't be right???
Just realized this is a Zombie thread.
Zoopla have no way of knowing what's been done to a property since it last sold.
I reckon it's value is about £400,000 out on our house but I don't see why I should enlighten then, it's no one's business but ours and we're not selling.
Even more alarming is that it has our house on its data base twice and at two different values
Our zoopla estimate was 60k out on a house all estate agents valued at 300. So way out.
lol zoopla are so wrong. Please do not take notice of their valuations. If they are correct I have just paid £30K too much for my house.
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