How accurate are Zoopla property price estimates

[iamreally]

Just that really - have any of you who have sold recently know how accurate these are for those of us outside the London property bubble?
TIA

Not accurate at all.

Not reliable, no.

They are only reliable for houses that have just sold and been updated from LR.

Otherwise, wildly off.

They're terrible!

All they do is take the average price increase for the area and apply it to the last sold price.

My house has two values. It’s on zoopla under one name and says it was last sold in the mid 90s. It’s then on under another name and lists 2009 as the last sold date (this is because we changed the name back to the original house name when we bought it). There is a difference in the two zoopla values of circa £200k

Hopeless. Not even in the right ball park. Wrong by hundreds of thousands.

Wildly off. We have a sale going through at the moment.

My neighbour has recently bought their house, the price they paid is the exact estimate on Zoopla
DD1 is moving house - her house is priced very similar on Zoopla to what she was offered; the one she is buying is higher than the Zoopla estimate.
Dd2 is also moving house - her house is also a similar prize on Zoopla but the one she is buying is much higher that what they have offered. Over 200k higher!
I think the more expensive the property, the greater the difference. Also, Zoopla rely on the sold prices which come from the Land Registry and there’s a backlog of inputting info. Prices have shot up in my neck of the woods.

Ours was bang on, which really surprised me as I've always heard how unreliable it is.

@lazyakita

Ours was bang on, which really surprised me as I've always heard how unreliable it is.

A stopped clock is right twice a day and all that

Highly inaccurate.

They said my house had changed hands when I was living there :/

In my road there are different styles, sizes, ages and a range from virtually derelict to ultra modernised. Apparently according to Zoopla they are all the same price. All based on what one house which was falling to bits was sold for, about 3 years ago.

The info on Zoopla comes with delay and takes into account the last sold price but not improvements/ changes.

And apparently makes up sales and sales prices...

They are not, our house was weirdly valued at about £100K more than similar houses down our road, good job I don't believe it or else I would be disappointed.

not very at all - not sure what their algorithm is but from the few I have looked - makes no sense. Am sure they get some other revenue from the site though. ) So I would not trust a zoopla estimate as far as I could throw it ( not very far )

After we added a bedroom over our garage and did an extension downstairs, I updated the layout on Zoopla. It now seems to be in the right ball park, going by other sold prices around here.

I think its accuracy is dependent on (a) how long ago it was last sold and (b) whether the particulars have been updated since building work.

About three months out of date, according to property professionals I know, so not much good.

Not very accurate ime. Zoopla take the average local increase (or decrease) since the last sale and apply it to the last sale price. Condition, renovation work etc. aren't factored in. Zoopla does not have special insight.

It was fairly squiffy before, but now that prices are rising so rapidly it's laughably out of date and completely disconnected from actual recent sales in the area (South West).

My guess is that their underlying analytics haven't been updated for post pandemic preferences, and that this isn't helped by delays in completion and land registry updates due to the volume of sales.

@Soontobe60

My neighbour has recently bought their house, the price they paid is the exact estimate on Zoopla DD1 is moving house - her house is priced very similar on Zoopla to what she was offered; the one she is buying is higher than the Zoopla estimate. Dd2 is also moving house - her house is also a similar prize on Zoopla but the one she is buying is much higher that what they have offered. Over 200k higher! I think the more expensive the property, the greater the difference. Also, Zoopla rely on the sold prices which come from the Land Registry and there’s a backlog of inputting info. Prices have shot up in my neck of the woods.

Zoopla updates when houses go on for sale. My house is estimated at about the right amount even though the sale hasn't completed yet because it's based on the asking price when it was put on the market

I suspect it's very area dependent
Our road is rubbish because there is such a mix of houses (from 2up2down terraces to a huge standalone victorian villa with grounds and outbuildings) and they rarely come up for sale so the data for their algorithm is really wonky.
My mums is on an estate of matching houses and her neighbours sold last year at about bang on the zoopla estimate but lots of houses sell there fairly regular turnover of residents and the houses are all pretty similar so lots of data.

Since my house is valued at far more on Zoopla than the estimates we got from EAs last year - and those seemed to be very optimistic themselves given the percentage of properties that were reduced in our area - I’d have to say unreliable.

I like to look at it and fantasise since we’re planning to move, and an extra £70k or so would be helpful!

It’s quite a large corridor they give, from x to y, so as a guideline is useful and fairly accurate that your house price would fall somewhere between the highest and lowest price. But it doesn’t take into account any improvements made or if you’ve not maintained it so reduced its value.

Not at all. Mine is £100k out - I recently sold so know the market value.