Inspired by the thread talking about property prices, but not wishing to derail it.
As the world's roughest straw poll, if you go here:
www.zoopla.co.uk/house-prices/
do you think the value of your house (assuming it shows it, or your near neighbours) is about right, too low or too high? Miles out? Spot on?
I reckon mine is showing about 30% too high, at an educated guess.
Just wondering if Zoopla ever get anywhere near, or if they do, if it's only on properties that actually sold a few weeks ago so they know a very recent price.
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Any postcode based value is going to be dependent on how may different kinds of house there are in that road, the price it gives is based, in my case, on the expensive ones, which mine is sadly not one of.
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It seems to me that their algorithm or calculated estimates, if you like, are strongly linked to only recent values - perhaps by percentages up or down. It seems not to take into account of areas changing in style, e.g. up and coming places years ago now becoming gentrified.
Take a look at a block of flats where, give or take a bit, all similar, 2 bed flats say, should be priced fairly similarly. In fact those sold up to say 3 years ago seem to indicate a new price broadly in line with my expectations. But anything older, particularly when last sold in pre internet days can be £100,000s out. That could be a variation of 25 - 30%.
Evidence: I've been researching flats to buy to assist a familar member with seeking out a first time buy.
Opinion: Zoopla is not to be relied on at all.
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House near me had a divorced couple - one bought the other out for say £50K - the £50K then became the house value rather than the £250K that the neighbouring houses made of late.
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About spot on I reckon for my olde cottidge.
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Way off for mine - about £120K shy.
House prices here have risen quite sharply over the last 2 - 3 years so looking at the pricing for our road I would say they are all a bit shy. The market here has been skewed a bit - there was a steady amount of new build for a number of years (ours included) which provided a plentiful supply. That's now finished, but the demand remained the same, so similar number of buyers chasing far fewer houses
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Erm ... UPDATE
Although the Zoopla valuation for my owse is spot on (in my guestimation) The Zoopla valuation of neighbs cottage (last sold in '98 for £30k) @ £107k is a tad orf the mark, as it has just gorn on the market @ £350k
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About £100K too low for my post code.
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Me too Perro. Had it valued for insurance last September. Zoopla value it at just a click over £4K more.
Cost us just less than that £4K when we bought it....and it was more than we really wanted to pay ! We had 2 wages coming in...about £36 a week......minted !
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Zoopla will be fairly accurate where they have recent data for houses which then feeds into their estimation for the area. But they don't know about individual houses that have changed.
So our house was bought in 2010 and they say it's gone up fair bit which it will have. Neighbour opposite bought their house (similar but not identical 1930s semi) many years before us. They extended it by about 50% in size... Zoopla says their's is worth less than ours.
Likewise our previous house was hold for £x in 2009. The 'identical' neighbours house has just sold for about 1.5 times £x. But it was't identical in reality - they had the loft converted into two bedrooms and an on-suite. The cellar was also converted into two rooms and fully fitted out. Ours had neither done. Zoopla did not take this work into account until it was put on the market recently.
And the neighbour actually bought the house in a run down state about 18 years ago for six times less than it's being sold for now.... Quite a return on investment.
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When you ask Zoopla for a valuation you have the opportunity to input details like floor area and what improvements have been made, when and how much spent on them.
My feeling is that the price generated is a good starting point. If you want more, get estate agents to give a valuation and then knock a bit off what they say.
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The current Zoopla estimate is around 50k less for our box than it was when it was valued by a local estate agent about a year ago.
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Our post code consists of a mansion probably worth about £2m, a couple of farms, and several houses/cottages of various sizes spread over about 5 square miles. I don't think the average value of £217,428 means very much, especially as none have changed hands in the last 10 years.
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Probably a reasonable estimate but they're short of data on the detached houses at top of road as only two have changed hands since they were built in 1998.
There's also confusion around the 3*semis (6 houses) further down some of which are described as terraced - the garages link - and one wholly incorrectly as detached. The fact that most of semis, although originally owner occupied, have been bought to let may also influence values.
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Ours is about £10k too high, IMO.
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Zoopla valuations are most accurate in areas comprising large numbers of similar types of housing with frequent transactions to regularly update the 'going' rate. The smaller the number of properties in a postcode the less accurate it is. The more diverse the type of housing in an area the less accurate it is. The smaller number of transactions in an area the less accurate it is. If you are in an area with very few houses, of wildly differing types, that don't change hands very often it'll be as accurate as throwing darts at a board blindfolded!
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I guess that if you are living in such an area any valuation, human or computer is basically a guess.
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We're in the process of selling. Had two offers, £2000 apart. Zoopla's price guide pitches it exactly in between those two offers. No sales around ere for the last two years to base their figures on. Uncanny.
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Reckon the valuation is £50k more than I would expect at sale, but it's tricky to guesstimate as my house is by some margin the oldest/biggest on the street - usually this appears to keep the price down - if the house was 'round the corner' on a slightly leafier avenue it would maybe make the valuation at sale.
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About 100% too high for our postcode. So I'd say miles out, not sure how they came up with that. All the houses are very similar and the ones near by sold for 100-120k, they estimate 200k, absolutely no chance of that price unless it's 4 bed detached.
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Zoopla house values - commerdriver
