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leeroy221

Zoopla Estimates And Advice

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Hi all,

Found a house we like which is on the market at 140k. Little work needs doing to it. The ZED (zoopla estimated average price) for this street is 125k.

How accurate are the zoopla estimates and what are they based on?

The last sale in the street was for 115k last year, although that property needed dexorating throughout.

The EA also mentioned the property been on market since October 2013 and the owners have divorced so want a quick sale n would be negotiable on price. Im thinking of 120k 1st offer n see what happens

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great...anotyer im buying a house now thread.

your in the wrong place...with all the government props no one here woukd serooysly consider buying a house.

if your serious...do yourself a favour and move abroad...if your a e.. terrified your not hitting your targets and the markrt is dying....tough..no one is buying your b.s. or your over priced rubbish.

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great...anotyer im buying a house now thread.

your in the wrong place...with all the government props no one here woukd serooysly consider buying a house.

if your serious...do yourself a favour and move abroad...if your a e.. terrified your not hitting your targets and the markrt is dying....tough..no one is buying your b.s. or your over priced rubbish.

Yeah great, thanks so much for your help. Really appreciate it. If you dont lile the posts,A: move on to somewhere else, B: just domt reply at all.

This is a forum for help and advice on houses

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Hi all,

Found a house we like which is on the market at 140k. Little work needs doing to it. The ZED (zoopla estimated average price) for this street is 125k.

How accurate are the zoopla estimates and what are they based on?

The last sale in the street was for 115k last year, although that property needed dexorating throughout.

The EA also mentioned the property been on market since October 2013 and the owners have divorced so want a quick sale n would be negotiable on price. Im thinking of 120k 1st offer n see what happens

After nearly 10 years reading this forum and not buying we took the plunge last year, offering in Feb and completing in August. Buying suited my personal circumstances (I retire in 15 years and want to have a house paid off by then), we are also settled in the area (I'd originally started renting after moving down from Scotland in 2004 - I didn't want to buy before 2008 and after that I was in wait an see mode).

There are a few Jeremiahs on here who have been predicting doom and gloom for years ... for some it's been the right thing to hold off, others really would have done better to buy earlier but hey, highsight is a wonderful thing.

In most of the UK we've had our crash - not much in the way of nominal falls but in GBP compared to most other currencies the falls have been substantial, add in the effects of inflation since 2008 and real house prices are 20-30% down on the peak end of 2007.

I took the view that nominal falls from here are unlikely but even if I'm wrong, it doesn't matter as my personal circumstances are driving things: with retirement looming, I'd never have been able afford to buy a house outright even with a substantial deposit already banked, because paying rent was getting in the way.

In any case many of the things sustaining high house prices - a permanent move to two salaries from one (shifting the historic income multiple), high immigration, a housing shortage, and crap annuity rates driving people however misguidedly into BTL - these things aren't going to change in a hurry. While I don't believe HPI can carry on forever neither do I see dramatic nominal falls any time soon. (The madhouse that is London excepted but if you are talking abiout £140k, you aren't in London anyway).

As for Zoopla, it's not gospe lbut it's a reasonable starting point. Assuming your circumstances are sensible - you won't need to move in a hurry, have a reasonable deposit and a reliable income - then £120k seems about right for the house you describe. In a reasonably desirable area of Berkshire we nevertheless offered 20% off the asking and agreed at 14% off - identical to another similar house in the street in 2011 and about 30% UNDER the zoopla valuation, which was based on a silly price the owners paid in 2000 just as things were hitting lift-off. (They made surprisingly little, really, for 13 years' ownership in the biggest housing boom the country has ever seen).

Anyway, don't listen to the curmudgeons here, just don't do anything stupid (like pay over the odds or get yourself so trapped you can't move - if that's the case then wait till you are in a better position). If you want somewhere to live that's your own, and can afford to take a modest risk in this market in return for that (rather than rent) then by all means go for it.

If falls do come I believe they will be modest - but my best guess is that things will continue to average out at a below-inflation rise - not a speculative investment, but not a diaster either for people buying now - factor in lost money renting and it may be a sensible decision (unlike when I was renting - over the course of 3 years we saw two landlords drop their asking prices by £100k and £160k respectively - our total rent in that time was a fraction of their 'losses' (losses that would have been crystalised for us if we'd bought and had to sell again in that period - renting at that point was by far the best place to be).

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I don't go to Zoopla but if you go on Rightmove you can find sold prices for houses in the street for several years back and if your actual house is on there you can link to other houses in the street directly often with pictures so you can compare details eg no of bedrooms/general state of the place etc so then you know you are making fair comparisons. You might even find out what the vendor paid for the house you are after and how long ago which is always useful to know.

Good luck

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Zoopa estimates seem to be very inaccurate, take a road of identikit houses built 15 years ago and all sold new for the same price , depending on when they last sold the estimated value varies dramatically, in reality they are all worth about the same, something lacking in the zoopla formula imho

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The zoopla estimates are way out in my area. It shows my house as being worth £330k, I had it on the market for a week at £450k and accepted an offer at £480k so nearly 50% over their estimate.

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