property value estimate on Zoolpa

[theWookiesWife]

hi fellow Mums !

I looked up my property value on Zoolpa yesterday - just out of curiosity - and was pleasantly surprised ! Are these Estimates usually pretty accurate ?! Does anyone know if estate agents are guided by these ? As if so - I might be tempted to move ?!?
My property doesn't have a similar neighbour or the same style in a nearby setting - so it's hard to compare ?!
I'd appreciate your comments !
thank you !
:-)

I think property values on Zoopla are a load of b**cks, tbh.

Our house is "valued" at around £100k less than our neighbour's house, despite having a new kitchen, new bathrooms, a large extension across the back, a landscaped garden, and so on. Another house up the road has a ridiculously low "value" because the current owners bought it cheaply from their parents. It would easily fetch double on the open market.
Zoopla is a simple calculation based on the price and date a property was purchased. It takes no account of whether vthe property was secured for a high or a low price, nor of any changes to a property's size or condition.

No, I find ours wildly inaccurate.

For example, the houses close to my house are all 3 beds, and either two stories or three stories, but within that are pretty identical. So the two storey houses (which are all identical to each other) are valued at:

163k,
212k
101k
202k
189k

Yet these are all identical houses with no loft conversions or garage conversions. There is only currently on the market asking for 210k (but this is smaller - was a 2 bed, but an attic conversion has given a 3rd bedroom).

The 3 storey houses which are also 3 bed (but some have changed their layout a bit) vary from:

221k
240k
203k
229k

Yet, the reality is that the 2 storey houses tend to sell for more money than the 3 storey houses. There is one on the market asking for 215k.

I think the value of the house depends on when you bought it and how much you paid for it.

No, they completely inaccurate. If your house has gone up in price the chances are the one you want to buy will also.

yup they ate bollocks, the only take into account sold prices.

my house and my neighbours is the mirror of each other sold within weeks of each other ( new builds) and because we got a good deal mine is valued less.

its silly.

It doesn't take into account the work we have done. It suggested 75k under estate agent valuations.

They are complete works of fiction. Does anyone know if they are really used by any process ?

ahh - maybe I won't move then ! lol !! it's probably a good thing I guess - as if it was accurate then the house market would go the same way as the second hand car market - ie I'm not paying any different to what 'we buy any car ' will say !! thanks peeps !! :-)

Ours isn't far off, but we bought recently and I've updated the estimate by adding on the work that we've done to the house. I got a better one by getting our local estate agent round to value the house, then knocking 10% off his suggested marketing price.

I wish - Zoopla is valuing our house at £30K more than the 3 local estate agents have said to put it on the market at.

it's just a mathematical algorithm taking into account local sold prices and trends. It's not really of any use at all.

houses are worth what people will pay for them. In the area where I am looking, the houses I am looking at are all £10k overpriced compared to what they eventually sell for. So none of them shift until the price is dropped to that level. Trouble is that it takes the vendors months to realise that.

Totally inaccurate. When I had a flat, for no apparent reason that I could discern, it suggested that mine was worth £6,000 less than the identical one two floors up in the same building.

Carvell, you can amend your property estimate, enter all the renovations ou have done and Zoopla will recalculate the estimated value.

yeah - mine had all the right amount if rooms etc - was about £100k more than I thought it would be !!!
hey ho - C'est la vie !! I shall stay put !!

All a load of rubbish, 4 identical houses on our developement, however some were purchased before the crash and some after when a good deal was to be found. Zoopla is now showing a difference of 100k from cheapest to most expensive. OK some plots are nicer than others but not 25-30% nicer !

It values our house at about 20k less than what it's worth. It doesn't take into account the fact that we bought it a bit cheap as the vendor was desperate, we've done a new kitchen, new bathroom, new roof, new chimneys, new carpets, new boiler, replastered every room and redecorated.

If it was still in the same state it was when we bought it then possibly it'd be worth the zoopla estimate.

Oh, I didn't know about been able to put in renovations.....hang on.

That's more like it, says we've added anywhere between 8k and 28k worth of value to the house.

Zoopla is bilge,
because it is based on the Land Registry Data which has the mother of all exception lists
www.landregistry.gov.uk/market-trend-data/house-price-data-exclusions

including ALL sales to or from BTL companies
ALL sales at other than market value

Zoopla is currently valuing the house we sold last week at almost exactly what we got for it and the house we bought at 98.5% of what we paid for it which I guess isn't bad. I, of course, think we settled for too little for our old house and paid too much for our new one but there you go....