A query about ZOOPLA et al: how do they work out the value of a property? I'm confused as mine seems well below what I thought it'd be

[notnowbernard]

My place is valued at a good 20k below what I think it's worth (compared to what others have recently sold for)

Eg - exactly 1yr ago v v similar property (next door!) sold for 226k - and mine's valued at 196k . How do they arrive at this figure?

Getting valuations done next week by agents, btw

Probably just apply annual house price inflation rate to last known selling price. It's crap, totally unreliable - doesn't take account of condition of house or any improvements.

When did you buy it? I think it uses historical price data for your own house and part price data for the rest of the street, especially similar houses in the street.

Have you done lots of work to it since you bought it?

Zoopla is a pile of shite. The house owner can influence the price they show. My neighbours house is worth £890k ( no chance!) according to Zoopla, whereas it was saying mine was worth £300k, the houses are not that different. I filled in the form online telling them we had done £100k of work (lie) and it was now worth £600k ( there's no way) and 2 days later they upped it to 599k with no checking at all!

Same here! we live in the largest house in our road with more land and square footage of space but we are priced £130,000 below our neighbours!
Their house has not been decorated for over 30 yrs as they are in their 80's!!!!!
As much as I love our neighbours as they are the best! Their house should be knocked down!
we however have a modern house in an old building complete with brand new kitchen.bathrooms.conservatory and swimming pool all in the last 4 years.
i think all these sites estimate on % growth regardless of what has been spent upgrading a property.
They have no idea on the inside of a house only purchase price + inflation.
Our neighbours bought in the 50's and haven,t spent any money on modernisation so it would be interesting to have a valuation from an EA
Don't take too much notice of these sites valuations!!!
When we were last in for our mortage chat with bank they said we had achieved 10% growth per year since we bought without knowing how we have spent renovating!!!

Am reassured, thanks

I had a look at Zoopla just now (normally I use mouseprice) and I think it must be quite inaccurate. My house is one of six in a terrace and it has all but two of these houses valued at between 143k and 148k. The other two are valued at 157k and 165k. The 157k was the house bought most recently in the row and the 165k was bought prior to anyone else in the row.

The one which is valued at 165k has had nothing done to it and is a state.

Mouseprice gives me a valuation of 158k, but I think that may be a little excessive knowing the local market. The other houses in the row are valued by mouseprice within about 2k of each other though.

I had a look at mouseprice and it's wildly inaccurate too, it has my neighbours house on at £98k when zoopla has it on at £890k. In reality it's probably worth about 450-500k.

I agree, Zoopla is hopeless, its just a mathmatical approch based on the sales figures of property in that area.

It has some crazy prices on it. Just checked my old street - we sold last year. My next door neighbour's is valued at about 100K less than we sold for and the one next to her is valued at £80k more than we sold for. So a £180k variation on three very similar houses.

That mouseprice is very amusing - our house is worth less than 40% of what we paid for it apparently

It's a pile of crap. We bought our house for a snip because it needed a complete renovation. It's listed and needed some structural changes so potential buyers were put off it, hence the low buying price.

The Zoopla price makes no recognition of the work we've done to it, just how much it's appreciated in value based on some sliding scale off the purchase price. It does recognise the addition of a few rooms though.

Our house was recently valued and according to the (slightly more reliable) valuation, Zoopla! has undervalued our house by about 200k!

I've just been on mouseprice too, apparently ours is worth £240,000 less than our neighbours house which is about half the size.

The "comparable" house it talked about is in Central Reading. We're about 20 miles away in a little village in the Chilterns.

I'd just go by proper EA valuations if I were you.

I just looked up my postcode
it had BOTH of my neighbours houses selling for UTTERLY ficticious prices in the past 5 years
I've been here 16 years, they have been here 25 and 30 years respectively

the ONLY valuations to trust are Land registry based on stamp duty

Glad to read these posts

Am green behind the ears to say the least re this selling business... was starting to think we'd be stuck where we are forever based on the Zoopla et al values!