How crazy are Zoopla estimates?

[Witchathulu]

Just asking because the zoopla estimate of our property seems to be going up?? I haven't changed any of the details in ages, but as we've just gone on the market, I thought I'd check it out - apparently it's worth over 50k more than it's on the market for?? I think this is bonkers - the other similar properties in the area are all of a fairly similar price (to the market price of ours), but why would there be such a difference? I know it's only an estimate, but [hconfused]!

[cantspel]

Zoopla estimates are a joke and should never be relied upon.
They are way off. It is better to reseach sold prices in your area as it will give you more relistic idea of value.

[Ciske]

Possible they are okayish if there are a lot of similar properties in the area and there is a lot of buying and selling going on. For us, it was bonkers as there was a wide variety of properties available, and a combination of 'good' streets and 'bad' streets. So the price of a flat in street A would say nothing about the flat in street B. I never looked at it.

Best way is to look at the land registry and check houses in the area which are similar in size and upkeep as yours, and see what they sold for.

[Witchathulu]

yeah, that's the problem - it's all converted Victorian mansions or purpose builts, so there's a massive variety in price. Will look at land registry though.

[GooseyLoosey]

They are miles out in our experience. Would agree that you are much better looking in local estate agents' windows.

[chickydoo]

zoopla underestimated ours by 200K very odd!!

[ElderberrySyrup]

Estate agents' windows won't help because that's just asking prices.

Zoopla also gives a figure for rises/falls in the area as a whole (you can choose what period of time you want it); did that go up or down during the time yours supposedly rose?

[Witchathulu]

It says it's fallen by 5% in the last year, but I know my property price has risen on the site since I first registered the details, and the other flats in the building have done too - from what I can tell, the other flat estimates are pretty spot on, and as our flat is 30% of the building, (the others are 25%, 25% and 20%) I've always expected ours to be higher. We have the top two floors and are 3 beds, whereas all the others are one, and two 2 beds are at 148 and 178 respectively. When I've looked on r/move, places seem to be going for asking price. In 1/4 mile around, 3 bed houses sell for 300-350, flats - anything from 200-625! I think because of it being such a varied area, it's just REALLY difficult to judge! I think being a maisonette is probably a bonus, but being up on the top two floors would probably cancel that out. What will be unique about this place is the field at the back - the only other flat on to have that at the moment (on for 165) is a 2 bed that has a 2nd reception room, but that & their kitchen are the same size as our kitchen, so it's like they're missing a whole one of our rooms, so to speak. (I don't know if that makes as much sense as it does in my head!)
When you list 3 bed flats in this 1/4mile area, this place is pretty much a bargain - but I guess every buyer thinks that about their own property!