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

[Biwurlu]

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

Zoopla is not some clever authority on prices and no one from there has actually looked at the house. Basically it's a big machine learning algorithm and takes all the data from sold prices and listings and location, and crunches it together to provide an estimate. They also input some general trend for wider areas to compensate for the fact that asking prices are variable and sold prices are always a few months behind.
Even doing some cleaning and gardening and baking fresh bread can help your house sell, but Zoopla has no idea.
The actual price is what someone is happy to pay

@Biwurlu

The name of the website should give you an indication of their attitude towards house prices but they are also discussing Zoopla.

Just to give you the other side of the argument.

www.housepricecrash.co.uk/forum/index.php?/topic/235258-uk-housing-market-going-through-an-adjustment-bbc-news/

Re houses increasing in price and the owner not touching the house, the primary school this house is in catchment for was a run down old building, made this house cheap and didn't matter as my own children attended another school 3 miles away.

We moved here for a secondary school, and then they rebuilt the crappy primary school to be architecturally beautiful with state of the art modern rooms etc which then made it more desirable and pushed it's Ofsted rating up to outstanding because people were now falling over themselves to get in to it.

It therefore pushed the price of my own house up and those in catchment for the school. Also there is a massive shortage of 3 bed houses where I live, ie people just don't move from them so they rarely come up for sale and when they do they are pricey. Anyone in a 2 bed looking to stay here knows they are like hen's teeth so understands why they seem more expensive.

All you can do is put your offer in and if they take it then great if not then you need to look for something else.

To be honest, estate agents are useless and don't care about anything. They just want money. The current market is a buyer market and since not many offers have been made and since you like this property, I would increase the price by £5000 and just stop there and if offer rejected just hold on and don't contact the agent, there is still a very high chance they would come back to you after one or two weeks and they will try to check with you if you can increase it a bit more, then you are in a strong position and you know what to do...just stick to your last offer 😊. Best of luck

A house is only worth what someone is willing to pay.

Zoopla just uses formulas. They are a useful guide and nothing more.

Zoopla values our house at £400K but I don't believe anyone would pay more than £325K for it based on what houses actually sell for locally.

OP if you want the place you are going to have to up your offer.