Zoopla Property Price Estimate

(16 Posts)
MaggotFriend Fri 11-Sep-20 12:08:00

Does anyone else keep track of their estimated property value on Zoopla? Clearly it isn't precise, but it's a good way of seeing general market trends for similar properties in the area.

Anyway, the estimator gives you a range, an estimated value, and a % change over different time periods. Once a month the % change in the 'past 3 months' category goes to 'Not Known' (presumably while the algorithm updates) and then a few days later the new 3 month % change and updated estimate appear.

This month, the update on my house put the estimated value as £1k higher, but the 3 month change section puts it as 19% increase. Clearly mathematically this can't be right!

The reason I've been tracking it is we were hoping to take some money out of the house to do an extension in the next year or so... if prices in the area really have risen that much then it's time to get a proper valuation ASAP. But there's clearly a mistake in the algorithm somewhere so I don't know which part to rely on.

Does anyone else track theirs, and if so, have you noticed anything similar?

TIA

OP’s posts: |
Africa2go Fri 11-Sep-20 12:24:27

No, its rubbish. Google any threads on this topic and they'll all say the same. Its just made up figures.

JoJoSM2 Fri 11-Sep-20 12:29:20

I don’t find it particularly accurate at all. The way properties are valued is by looking at comparables in the area. So if similar houses have recently sold nearby yours for X amount, then that’s what your house will be valued at. Zoopla could as well be quite under or over.

MaggotFriend Fri 11-Sep-20 12:42:49

Thanks. I did acknowledge in my OP that it's not precise, and I know that some/many people don't rate it. I just happen to find it useful.

Is there anyone who also uses it who can answer my question about the algorithm glitch?

OP’s posts: |
Africa2go Fri 11-Sep-20 16:39:41

I think its a bit worse than "not precise" - I think the reason that you're not getting any replies is because no-one's ever really paid that much attention to how the % changes or why there might be a "glitch" in the algorithm knowing that its pretty useless for any meaningful analysis.

Ariela Fri 11-Sep-20 17:22:06

It's all on comparable basis. Our house we bought very very cheaply vs price of the day. Consequently it always showed up as very cheap on Zoopla compared to the rest in the postcode.. Our neighbours was also very cheap and was sold about 5 years ago. However they did it up and sold it for lots more (100% almost) . Now ours, the smallest in the road, shows as a LOT more than houses half as big again further down the road, that have been significantly improved with extensions etc.

positivelynegative Fri 11-Sep-20 18:15:42

Our price was out by £360k! Total rubbish really

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YellowNotRed Fri 11-Sep-20 18:23:48

Our price was out by 40k, it's useless.

TabbyStar Fri 11-Sep-20 18:30:21

No answers, but mine's the same - it says prices have changed 19% since 3 months ago, but only 1% since 6 months ago. The actual price looks about right. I wonder whether it just did something strange as houses were not being sold 3 months ago and so it had dropped unusually low on the day the 3 month price was calculated. Or it is just a mistake.

Sitdowncupoftea Sun 13-Sep-20 17:37:42

Zoopla are rubbish. My house is way over what it's worth.

Bathroom12345 Mon 14-Sep-20 12:39:23

Its complete rubbish. Ok for large estates with lots of buying and selling but for one off's its not worth even tracking it!

FurierTransform Mon 14-Sep-20 13:02:05

I actually find it to be quite useful,, and in fact I've used is as the single piece of evidence to supply to my mortgage company to support the idea my house was worth more, therefore allowing me to remortgage at a lower LTV/better rate, so they also must have seen some value in it ...

RedRumTheHorse Mon 14-Sep-20 13:10:55

The reason I've been tracking it is we were hoping to take some money out of the house to do an extension in the next year or so...

My remortgage valuation earlier this year was higher than the highest price on Zoopla. This is because I brought my property at a cheaper price than comparable properties as it needed some work done on it.

RedRiverShore Mon 14-Sep-20 14:07:28

Rubbish, it said the value of our house was £100k more than other similar houses on our road (Average £250-300k houses). Some other ones were valued lower.

TorkTorkBam Mon 14-Sep-20 14:14:04

For your purposes look at other algorithms too

www.nationwide.co.uk/about/house-price-index/house-price-calculator

Snakeplisskensmum Mon 14-Sep-20 14:19:01

Just had ours valued by an EA and he valued it at £120k over Zooplas best price!

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