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Original poster

How seriously do you take Zoopla and land registry house price index?

31 replies

Biwurlu · 26/09/2019 09:17

I've offered quite a bit more than Zoopla says it's worth (and they've done nothing since buying it) but the sellers seem to want the value it was valued at a year ago.

Should I be taking these indexes estimated values quite seriously?

If it says it's fallen in the last year, it could just keep falling so I think I'm being fair offering more than it says it's worth today

OP posts:
BendingSpoons · 26/09/2019 09:23

I don't really loom at it. It's just a formula based on the last sale price and the average change in values in the area. If someone got a good deal or paid too much that will skew the estimate. Also housing stock varies so value changes might not be accurate anyway e.g. if lots of people suddenly sold done up homes.

HugoSpritz · 26/09/2019 09:25

This reply has been deleted

Message withdrawn at poster's request.

MeanMrMustardSeed · 26/09/2019 09:30

Actual land registry sold at prices are very helpful - especially if you know the area well and can work out why some houses are worth more than others.
Zoopla, neither here or there. So many variables it doesn’t know about. Our next door house was bought at v low price ‘as seen’ from a hoarder. Zoopla doesn’t know that and just thinks the house is low value for the area.

chipsandgin · 26/09/2019 09:33

If you live for example in a terrace of similar size houses & not on the border of an expensive area which has a less desirable one right next door then I’ve found it fairly accurate. Our last house was on a very eclectic road - with 5 million pound mansions next to 70s bungalows and everything in between & the zoopla prices were a joke!

If house prices have fallen where you are buying then the house is likely to have proportionally fallen in value too - what do the agents think? Could they explain that to the sellers if that is the case? Also if it is & it’s been on be market for a year without a queue of buyers at the door then stick to your guns - presuming you’ll need a mortgage valuation too then offering too high could mean you don’t get it anyway. Local estate agents will have a far better understanding of the market than a website algorithm IMO.

Mackerz · 26/09/2019 09:59

I’m not sure that agents are that honest to buyers. They now have to tell the vendor the house it is worth more than it is to get the listing (as less houses are coming on the market so some estate agencies are struggling for business), then try and negotiate down with vendors and up with buyers.

Original poster
Biwurlu · 26/09/2019 10:21

Thanks really useful posts.

It's been on the market for 4 months, and is a nice flat with river views so someone probably will overpay. But it's not had any other offers apart from mine.

I've explained the land registry and Zoopla make me not want to offer the full price and the agent hasn't tried to sway me at all and just said to make another offer if I want to. So it makes me think the agent knows it's overpriced and prices are falling.

OP posts:
Mackerz · 26/09/2019 10:28

Is it leasehold? That could be putting off other buyers.

BuzzShitbagBobbly · 26/09/2019 10:29

I live in a 3 bed modern semi on a housing estate.
My house doesn't appear on Zoopla at all.

The semi attached to me is on there, but listed as a "farmhouse" priced at about 30% more than it should, because it seems to be lumped in with the 4 bed detached house across the road Confused

So no, I don't take it seriously!

Mackerz · 26/09/2019 10:33

Nationwide also have a house price calculator on their website. You could see if it reconciles with the Zoopla one.

Are all the flats in the building quite similar? If they are and there is a reasonably high turn over of sales then the Zoopla estimate could be pretty accurate.

PusheenLovesPizza · 26/09/2019 10:34

There are some factors I look for.

  1. If the price on Zoopla reflects active management of the Zoopla Formula E.g. the owner entering their home improvements e.g. new kitchen or bathroom, replaced flooring or windows etc I put a bit of weight on it. Not least because it shows that the person is aware of what they have put in and is likely to have thought about the price they listed their house at and also just because they have bothered to go through the hassle & expense of the improvements.
  2. If there have been a few similar properties in the nearby area sold then I think Zoopla is more accurate as it has more data to go on and that data is recent. If nothing’s sold nearby in the last few years it’s just a rule of thumb drawn more widely.
  3. land Registry is very illuminating, but I think you also have to look at whether the properties you are comparing with are really comparable- so things like condition internally, whether the house two streets over is on a main road etc, is it in the same school catchment area etc. Googling the address will often bring up an old Zoopla or Rightmove listing so you can look at the photos/layout and spot things on the map.
Yellowbutterfly1 · 26/09/2019 11:06

Never found Zoopla accurate at all.
The fact that to you think the owners haven’t done anything to justify the increase In price is irrelevant. It may just be an area that has seen an increase in house prices in general or they may have redecorated the while house. It could be any number of things.

Original poster
Biwurlu · 26/09/2019 11:23

The fact that to you think the owners haven’t done anything to justify the increase In price is irrelevant. It may just be an area that has seen an increase in house prices in general or they may have redecorated the while house.

Why is it not relevant? Since it last sold a few years ago there haven't been any home improvements that would state the Zoopla estimate is misleading. The agent selling it now sold it to him and told me this.

Zoopla and land registry say prices have gone down not up

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Yellowbutterfly1 · 26/09/2019 11:43

What does the agent say? Although thinking about it, best to take what the agent says with a pinch of salt, they are working for the seller and just want their commission and the property off their books.

I suppose you’re just going to have to wait for your mortgage valuation (if needing a mortgage) if they say it’s worth less then you offered then they will say and ma6 not be willing to lend to you based on your offer.

Gladimnotcampinginthisweather · 26/09/2019 11:49

Our house has a room missing on the Zoopla listing, so I would be sceptical.

Twickerhun · 26/09/2019 11:57

Or house is identical to all the neighbouring properties - Zoopla values vary between 403k-515k
that’s a massive range so no it doesn’t seem accurate at all to me

Slightlysurviving · 26/09/2019 12:18

We bought in May it currently estimates our house at £236k above what we paid. I don't worry too much. Pay what you think it's worth to you. If it's sat for months then it's not cheap is it.

IncrediblySadToo · 26/09/2019 12:24

Nope. It’s not accurate. It’s only value is the last sold price and even then god alone knows how often it’s wrong!

Look at SOLD prices and compare with those.

Original poster
Biwurlu · 26/09/2019 12:29

The estate agent isn't commenting on it.

Obviously I know it can be very inaccurate, but using sales within the last few years and the trends in the area the one I'm looking at is about right.

Ones selling for the price they're asking for are bigger and not comparable on price.

While it might be very inacuet in lots of cases where it has good data can't it also give a fair idea?

If the agent offered something to reassure me why it was inaccurate I would disregard it, but they aren't

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whateverhappenstheremore · 26/09/2019 14:09

It's a bit hit and miss I think. I agree with previous posters that if it's on an estate where houses are around the same value you can look at what people have paid and the estimates and get a good gauge. If it's a one off house though it's rubbish. We have a property that has a small cottage attached but has a separate title. Zoopla have estimated it at 4x it's worth because of the house prices on the road which is total Bollocks. I would use the previously paid price and make my own judgement but as others have said you will only pay what you will pay and they willl only accept what they will except. I have found though quite often people are very bullish about what they think they can get - but as time ticks in they become more realistic !

Knowmydisrespect · 26/09/2019 14:53

What it comes down to is that any house is only worth what someone is willing to pay for it. The seller may decide not to sell at that price, and wait for a better offer.

How much is this particular house worth to you?

Original poster
Biwurlu · 26/09/2019 15:20

It's worth 360 to me, they want 390. The price they paid a few years ago and the average increases in the area estimate it as worth 355.

I would have thought the estate agent doesn't care that much about the price and just wants a sale? Getting 390 might take months more (or never happen) only to make them 330 ish more money.

The estate agent isn't trying to convince me it's worth more, they're just passing on the revised offer.

OP posts:
HugoSpritz · 27/09/2019 08:57

This reply has been deleted

Message withdrawn at poster's request.

Neron · 27/09/2019 09:06

OP is hardly a time waster. House has been on for 4 months with no other offers except hers, and hasn't had anything done to it since current owners bought it. Nothing wrong with taking time to figure out one of the biggest purchases you'll make.
No one wants to over pay, especially not in the current market.

HugoSpritz · 28/09/2019 07:59

This reply has been deleted

Message withdrawn at poster's request.

Original poster
Biwurlu · 28/09/2019 08:03

Hang on that's hardly fair on me.

I wasn't even going to offer because I thought it was too low , but it's the agent that encouraged me to do so!

All the agent cares about is completing a sale.

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