Worried offered to much on house compared to zoopla guide

[Honey2822]

Hello everyone, we have had an offer accepted recently for £187,500 was on market for offers over £175k a lot of improvements are required on the house. I am concerned we have offered to much as the zoopla price guide has recently gone down not sure if the mortgage company have anything to do with passing information on to zoopla from their mortgage valuation on property. I know the market is crazy at the moment and everything on market seems to be offers over.

Zoopla isn't particularly accurate. It's based on previous sold prices for the house and average market rises in the area. But it doesn't reflect condition, size of garden, parking etc. as it's a guide only.

It’s strange how until the valuation was done it had been higher as I have been monitoring zoopla and since the valuation has been done it’s gone down. The house next door last sold around the same time and still showing higher approx value like ours had previously before valuation by mortgage lender.

We sold a previous house for about £80k more than the zoopla estimate (we had only owned it 5 years and hadn't done any extensions/alterations). House valuation came back in line with offer price. Zoopla isn't always very accurate especially if your house is quirky or different from the neighbouring properties.

Zoopla.

Pick a number between 1 and 10 and then multiple it by 5 divide by 3.4566 then add 6. Then add this to the last known sold price.

And there you go. You have a complete bollocks valuation and apparently a good business model.

I honestly think we need a pinned banner on this forum page saying “zoopla estimates are shite”
this comes up so many times. They are a nonsense and essentially computer generated from a not very good algorithm

Zoopla estimates....IIRC you used to be able to tweak tem by reporting a house's condition or recent work on it. Not sure this can still be done, but if it can, it could explain the change.
I think they can be reeasonable estimates for houses where thre are a lot th same on the same street. If a house is very individual, not so much.

I live on a road where all the houses are the same size/layout. The Zoopla estimates vary by a good 25% across the houses. Have sold a house for 35% over the Zoopla estimate as well. It’s bollocks frankly.

Zoopla estimates are a load of rubbish. According to them my neighbours house which is a bigger detached house and has 5 beds opposed to our 4 is worth less than ours. This is basically due to the fact that they have lived there since it was built and we bought ours 4 years ago and it's had 2 previous sales before ours

Zoopla prices are full of bugs. It claims my old house is worth 95k. It's a semi and the identical house next door is worth 165 apparently!

This this and this again.

Our house is very undervalued on zzopla because naturally zoopla has no idea we added a basement extension with an accompanying two bedrooms, and refitted the kitchen and bathrooms.

I'm happy with that tbh due to very nosy family members!