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Zoopla Estimates

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Anyone know how Zoopla makes its estimates? I'm assuming that it's mainly based on the previous transactions and applying a percentage loss/gain depending on where the market has gone since. What I was wondering was does it use Haliwide or LR stats, or a combination of indices.

Also I've noted that some properties already have an estimate made against them with others requiring you to input details of the property including previous transaction values. Why is it that properties that I've previoulsy obtained an estimate on still come up with no estimate against them next time I log on?

sorry this is a really dull thread.

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no but i'd be interested

i always thought they were too high

i used to look at previous selling prices and then compare them with the local area land registry price index but this always gave better value!

alas i suspect zoopla is more accurate as to what vendors will accurately sell for these days. cheeky bids no longer considered.

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Anyone know how Zoopla makes its estimates? I'm assuming that it's mainly based on the previous transactions and applying a percentage loss/gain depending on where the market has gone since. What I was wondering was does it use Haliwide or LR stats, or a combination of indices.

Also I've noted that some properties already have an estimate made against them with others requiring you to input details of the property including previous transaction values. Why is it that properties that I've previoulsy obtained an estimate on still come up with no estimate against them next time I log on?

sorry this is a really dull thread.

AFAIK Zoopla uses actual Land Registry transaction values to show sold house prices, so that is what it also uses to base its price estimates on. For a defined area (area definition to be checked with Zoopla, maybe by postcode but not sure) Zoopla looks at the evolution of past actual transaction values and infers up/down trends from there. As you guessed those inferred trends are then applied to latest actual paid prices to estimate present value. In other words, I do not think Zoopla uses other indices or stats appart from actual LR prices. I would venture to guess that their estimating method is proprietary and hence probably do not use other agencies indices.

Re your query about apparent lack of consistency on price estimates for the same property... IIRC Zoopla can always generate a first pass price based solely on post code and local LR past sold prices. This can typically be way off, specially if Zoopla does not have a description of the house or, more crucially, do not have any past LR data for that property. Remember Zoopla's LR data only goes back some 6 or 7 years methinks. Hence zoopla also allows you for a more refined estimate if you can acurately describe the property using the description interface you mentioned.

Edited by Old_Traveller

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problem with zoopla is that it cannot account for individualism and the fact that one person can negotiate and another person can overpay in bucket loads. Two identical houses can have estimates with a 30% difference...

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problem with zoopla is that it cannot account for individualism and the fact that one person can negotiate and another person can overpay in bucket loads. Two identical houses can have estimates with a 30% difference...

Indeed. What could be really interesting is to compare Zoopla's methodology, asuming you can provide an acurate description of the house, with present valuators standard methodology.

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i STR'd a while back

zoopla gave a spot on price for the house i sold

i've also tried it for other houses locally, and it seems pretty accurate for the current market conditions, and what i KNOW houses are selling for

what is interesting though, is that after STR'ing, i moved to a place to rent. which was up for sale (as well as rent)

they wanted 420k for a very tired old 1930's bungalow.........and i mean tired.......

it had been on the market for a year, after the mother had died

the daughter....a greedy, grotesquely overweight individual...........insisted that she would not take less than 400k for it

i suggested it was worth less than 300k, and that's why it hadn't had one offer in a year, to which the agent and owner pissed themselves laughing

i just zoopla'd it.........it comes up at 250k

so, they were "only" asking 70% over the market value........

i wonder how many other places, languishing in estate agent windows are like that........

Edited by jmzr

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Anyone know how Zoopla makes its estimates? I'm assuming that it's mainly based on the previous transactions and applying a percentage loss/gain depending on where the market has gone since. What I was wondering was does it use Haliwide or LR stats, or a combination of indices.

Also I've noted that some properties already have an estimate made against them with others requiring you to input details of the property including previous transaction values. Why is it that properties that I've previoulsy obtained an estimate on still come up with no estimate against them next time I log on?

sorry this is a really dull thread.

Nationwide and halifax data is unreliable.... Zoopla is a million miles away from being as acurate as them... in some instances they ask property owners to inpout their own assumptions... its truly pointless and a guide not worth having at all.

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so, they were "only" asking 70% over the market value........

FFS, zoopla is NOT a market value. It can be not that far out, but I suspect that this is a happy coincidence in a lot of cases.....

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Only properties that haven't sold in so many years have no estimate value. My cottage has not sold since 1983 and so hence no estimate. I logged in and told them what I thought it was worth, adding a photo and other details. The estimate is now going up and up. Great, cos, now when I want to sell, I can just refer any buyer to Zoopla! The estimate I gave them was very fair. It's one of the those properties that is quite hard to value because there is nothing else like it in the immediate area.

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FFS, zoopla is NOT a market value. It can be not that far out, but I suspect that this is a happy coincidence in a lot of cases.....

my comment was about market value, vs vendors value, and this specific occasion when the vendor and agent are greedy and fixated on what they want it to be worth, rather than what is is actually worth

in this case, they "wanted 420k" for a 1930's bungalow in surbiton

it's a 880 sq ft bungalow. bathroom and kitchen from 1960's. no insulation at all. needs rewiring, re-plumbing....the lot

would you pay 420k............?

no....

Edited by jmzr

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i STR'd a while back

zoopla gave a spot on price for the house i sold

i've also tried it for other houses locally, and it seems pretty accurate for the current market conditions, and what i KNOW houses are selling for

what is interesting though, is that after STR'ing, i moved to a place to rent. which was up for sale (as well as rent)

they wanted 420k for a very tired old 1930's bungalow.........and i mean tired.......

it had been on the market for a year, after the mother had died

the daughter....a greedy, grotesquely overweight individual...........insisted that she would not take less than 400k for it

i suggested it was worth less than 300k, and that's why it hadn't had one offer in a year, to which the agent and owner pissed themselves laughing

i just zoopla'd it.........it comes up at 250k

so, they were "only" asking 70% over the market value........

i wonder how many other places, languishing in estate agent windows are like that........

two identical houses, next door to each other, zoopla suggests that one is worth 200k the other is worth 300k.... because one buyer paid less, and the other buyer paid too much. Zoopla is too simplistic

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