How reliable is Zoopla for house prices?

[Monkeyyear]

I put my house on the market about 3 weeks ago and my asking price was very close to Zoopla high conference estimate. However last night I checked Zoopla again for my house now the high conference estimate has gone up by £10k. That seems abit too good to be true. Anyone has similar experience? Should I increase my house s price?

Not at all reliable

Way way out. We sold our flat for 150k more than the zoopla price!
Think they work it out on what has sold within/near your postcode but it doesn’t seem to take into account if the properties are similar - it’s only a guide.

Propertychecker.co.uk

Gives you the last sold price and an estimate on value based on other sold properties in the area.

Ours is way out. Perhaps because theres not many of my house type come up in my village.
On zoopla my house is valued at £244000. On rightmove its £290000.
Mine is a 4 bed semi on a cul-de-sac. Nothing comparable on the market at the moment but the 3 bed mid terrace on the main road has just sold for £250000 in need of modernisation, so I feel zoopla valuation is on the low side. I think rightmove may be on the higher side.

it is by definition an average of what has recently sold, You have no idea how comparable those properties, how many form the basis of the average and over what time period that average has been calculated. The fact it has jumped in 3 weeks implies a more recent sale replaced an older sale but, as we all know from experience, you should have absolutely no confidence at all in the "value" they assign to your property.

Use houseprices.io to get road prices and area360 to get local prices and 10 year trends, and then use your own knowledge to nudge the price up or down.

Not.

Depends on the area. I live in an area where most people haven’t done any improvements. It estimates mine at around £600kish including improvements (about 100kish more than those without), which is almost there: we’ve been offered £650kish off the street by cashbuyers because the area is well sought after & established & in an outstanding school & nursery area (both public and private).

The flats in our block are estimated 100K higher than sold house prices. Looks like it uses last sold price for the particular property and increases price in line with inflation, not taking into account recent sold house prices for other properties.

High confidence not high conference.
Zoopla isn't accurate at all.

Sorry for typos. Confidence Not Conference. It the problem with predictive text function.

Sorry, you typed it twice so I thought it was a mistake rather than a typo!

Zoopla isn’t accurate. They just want your data. It’s not a serious pricing service.

England and Wales only.

It can be fairly accurate, in an area with lots of very similar houses and lots of recent sales data available.

For more unique houses in areas where not much has sold recently, it can be much more hit and miss.

No, they are not reliable, use PropertyLog or similar to track price changes in your area or compare your house to other similar houses for sale.

What do you think of Plumplot?

So completely useless then? No wonder people in the UK are so confused about house prices.

Moderately (un)reliable for identikit homes / flats in (sub)urban streets where there is plenty of recent transaction data.

Highly unreliable for any home that isn’t average, is very rural, has more land than normal, has been extended when the comparators haven’t been, needs lots of work, etc.

So similar to EA"s then?

EA’s are better able to adjust for many of those factors than Zoopla. That’s not to say they do a good job of it - but they are better able to do so…

Probably, if they could be bothered, best guide is the offers you get really,and then the lender valuation.

My reply was about Propertychecker.co.uk .

I don't think vendors are confused, sold house prices are now on the start page of Rightmove, all you need is to check last sold prices in the area.
Was it 8 years of extremly low mortgage rates in the UK? Ppl are used to the idea house prices are always rising. It will take few more years for everyone to catch up with a new trend. MN is a very good example, change of attitude is palpable.

Our house has just sold for £100k less than the Zoopla estimate. It was priced very comparably to other houses of the same size in the area but we live in a hamlet and only 1, larger house has sold on our street in the last two years.

And 18 years before that of extremely loose lending practices? What a disaster of a country, we are going to be paying the piper now though I think? Not sure it will take years for people to catch on, hopefully the public are not that dense?