How accurate are Zoopla estimates?

[VirtuousVamp]

Saw a house today I've fallen in love with. It's on market at just under 500k, Zoopla estimates it to be nearer £430k. However it's a very popular area, houses rarely come on market (this one last sold in late 90's!)
House has had at least 4 viewings since it came on market on Thursday with another lined up for Monday. So does this obvious pull of the area and lack of available property make Zoopla less accurate? Or do they take that into account?

Thanks for any help. Fingers crossed house hasn't sold by the time I get DH there! He couldn't come today!

[VirtuousVamp]

I suppose I've kind of answered my own question in that if you want it, it's worth what you are willing to pay for it!!!

[Dededum]

Well the problem is that it is computer generated, if there have not been a lot of sales then the data is not sufficient. Some areas do better despite general flat property prices.

We live in popular area, with some recent house sales and I would think that the zoopla estimate is good though maybe slightly on the cheap side.

[Dededum]

Just put an offer in, you can always back out.

[lalalonglegs]

the current "valuation" depends entirely on the sold price so, if the house was bought under the going rate or if, say, it was in a bad state and therefore cheap, the value that Zoopla generates will always be on the low side. Zoopla figures are very, very ballpark - if someone told me that my house was worth 70k less than the asking price based on a Zoopla estimate, I would be extremely .

[StiffyByng]

I would ignore it personally. The flat I have just sold, for example, was valued without reference to the fact that (a) I flukily paid around 30K under market price for it, (b) I had bought share of freehold from it being a very low lease length, and (c) it now had a private rather than communal garden. It hadn't just been decorated or new kitchen/bathroom etc., which I know nowadays doesn't necessarily add anything to it, but real changes that materially affect the value. (I live in a place where prices are still going up, more or less.)

Much more useful are actual sold prices, if there are any relevant ones.

[VirtuousVamp]

Thanks everyone! I agree with you Ali just wanted to check that they weren't super accurate!

I'm pretty certain they've improved the house loads. Which as you've confirmed Zoopla wouldn't know.

Thank you!! Want to offer now but agent shut.......!

[VirtuousVamp]

Hmm. Not sure who Ali is but meant "all".

[specialsubject]

if those viewings turn into offers, it will be near the asking price. Zoopla is only as good as the data it gets -too little data by the sound of it.

[ixos]

Zoopla, load of tosh, sorry. House attached to ours (identical original footprint obv.) is currently valued on Zoopla at 50k more than ours despite the fact that we have an extra bedroom and bathroom. Zoopla is all about sale price on a certain date with a % increase applied. Very blunt and frankly wrong. I got it.

[ixos]

That was supposed to be 'ignore it'

[CelineMcBean]

Not very accurate.

[VirtuousVamp]

Thanks again all. Pleased to hear others think/know it is as inaccurate as I felt it must be!!