Zoopla valuation wrong

[anntonia]

Hi,

Does anyone else have experience of their zoopla valuation being wrong? We live in a cheap part of the country but a desirable village, and paid £240k for our three bed terrace back in 2006.

Zoopla now values it at £220k-£305k in 2021. It has a neighbouring two bed terrace on for £380k.

We’ve not had it valued by estate agents, but going off local prices it’s ‘worth’ £400k+.

Zoopla 'valuations' are wrong more often than not, I wouldn't really take much notice.

I don’t really understand what the issue is tbh. If you want to sell, get an agent to value it. Otherwise what Zoopla says is immaterial. In the end, a property is only worth what someone is willing to pay for it.

Yes, we are thinking of selling. Surely it would be off putting if the house is listed at offers over £400k and then zoopla has a valuation of £270k

Of course ruby

If I was looking to purchase, I would look first of all at the price of properties sold in the area, not Zooplas estimation.

Rugby* sorry, not got the readers on.

Yes me too, but I’d definitely look at the zoopla history/listing too

Have you had a it valued by an estate agent?

Zoopla is just a series of algorithms. It looks at the s
last sold price and then adds the local price rise from houses that have sold nearby. Have you extended or done work? You can add that in to zoopla including what you spent on renovations and it will recalculate.

Your estate agent can advise you.

I would look at Zoopla, a bit of a difference is ok, I would assume someone has added to the property or done it up etc, but over £100k is a lot.

Are you willing to put a link?

Zoopla is meh, and you can inflate the value yourself by saying you’ve done x, y, z ….

Zoopla now values it at £220k-£305k in 2021.

Any half-savvy buyer would look at that and understand there was little to be gleaned from such a huge valuation range. The house is worth between 92% and 127% of the value paid 15 years ago? It's meaningless.

Zoopla valuations are only really useful for comparisons with properties that change hands frequently. I used to use Zoopla frequently for work and it was regarded as particularly rudimentary.

We’re purchasing a house for £380k and the lower end zoopla valuation is only £165k. It’s not been on the market for over 50 years, and their valuation really doesn’t bother me.
They have the house value for the one we sold last December, really accurate, but they have a recent sold price for that one.
It wouldn’t put me off your house if I was looking to buy it, I’d just realise it was inaccurate.

I can’t imagine anyone takes the estimated value on zoopla seriously. They’d look at actual sold prices of similar houses in the area.

I don't know about Zoopla, but on Rightmove there is a list of actual transactions going back for years I found it useful as history.
An agent will give you an up to date idea of how prices are moving now and what is the trend for near and further future.

Zoopla estimations are notoriously rubbish. The way I look at it is that anyone who relies on those estimates for buying a property is going to be a general dickwad as a buyer and best avoided.

Seriously, don't give it any more headspace.

As PPs have said Zoopla estimates are pointless. They used to be a little better but they changed the algorithm and now they are a shot in the dark. Even after a house has just sold and they have 'fresh' data, they still usually estimate £1000s below.

If I had a buyer say they were offering less because of Zoopla estimates, I would laugh and refuse to sell them even if they upped their offer. As they would be naive at best and gazuunder you at worst but either way would mess you around.

Zoopla estimations are shit. You can increase it yourself just by putting in that you have spent £x on renovations.
Ours is the other way round… Zoopla values it at about £100k more than it’s worth.

Everyone knows zoopla is a load of crap.

I swear zoopla being shite is pretty common knowledge

Go into Zoopla and see if you can update the valuation by inputting a more accurate description.

Zoopla tend to overvalue I believe?

@DeadHouseBounce

Zoopla tend to overvalue I believe?

They’ve definitely overvalued ours, by about £50k.

Zoopla only works on estates with similar, comparable homes with a steady record of sales. Our tiny cul de sac has many homes that were bought new 20 years ago so pricing on zoopla is mad - next door’s 3 bed semi with small garden was priced more than our 4 bed detached home with larger garden, and an extra reception room. A couple of houses sold and it’s now showing much more what you’d expect but it implied we overpaid for the first couple of years.

@m0therofdragons

Zoopla only works on estates with similar, comparable homes with a steady record of sales. Our tiny cul de sac has many homes that were bought new 20 years ago so pricing on zoopla is mad - next door’s 3 bed semi with small garden was priced more than our 4 bed detached home with larger garden, and an extra reception room. A couple of houses sold and it’s now showing much more what you’d expect but it implied we overpaid for the first couple of years.

Yes, a few have sold close to use recently for a lot more than ours is worth, but they have had the kitchen/dining room knocked through (ours are still separate) and new bathrooms etc so it has bumped up the Zoopla valuation for ours.

Zoopla hasn't updated our sale price from over two years ago, so meh, I take it with a pinch of salt. It's notoriously inaccurate.

How can it be "wrong"? They're all based on some algorithm using the last sale price. They're tenuously in the ball park at best, wildly inaccurate at worst.

Zoopla is wildly wrong, I didn't think anyone used it to get an accurate estimate. Our neighbors house is stunning, probably worth £1m, Zoopla has a price guide of around £150k. Perhaps it's more accurate in other places but here where no-one has sold for years it's nonsense.