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Are Zoopla estimates accurate?

I am interested in buying one of a couple of houses near Knutsford. However asking prices are over 20% higher than zoopla's valuations in both cases. I do not want to pay more than current market value but on the other hand to offer 20% less is a big discount. Are Zooplas estimates reasonably accurate?

Asked on Aug 1 2014, House Prices in Knutsford | Report content

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  • Usually they estimate according to data from land registry - i think they are sometimes a bit lower that market value - i would offer 10 percent less if you really like it - also what other properties are available for that money you wanted to offer ? its worth shopping around as some properties are not selling and therefore being reduced - check stats on zoopla like when it was listed , views, prices paid around that area, etc.... or check also rightmove !

    Answered on Aug 1 2014, Report content
  • Sometimes they are, sometimes not! I have seen Zoopla estimates vastly over and under both advertised price and what I would pay for that property. They are mainly based on the Land Registry data, but do not always match the prices implied by the Land Registry's own price index. If there is a previous sold price for the property try using the Land Registry price index for the area. eg <last sold price> / <index at time of sale> * <current index> But ultimately you have to make your own decision on WHAT IT IS WORTH TO YOU. Is it better than anything else you can afford. What else is on offer that you could afford. The more properties you look at online, the more you view, the better your estimate of value.

    Web reference: http://landregistry.data.gov.uk/app/hpi

    Answered on Aug 1 2014, Report content
  • Don't rely on Zoopla metrics. Do your own homework. Look at similar homes in your area that sold in the last 3-6 months. More important, look at where we are in the current cycle to determine whether now is a good time to buy.

    Answered on Aug 7 2014, Report content
  • No they are not I bought my house in 2003 it was a half converted barn no garage fencing gates gas electricity I spent 200k on improvement not they only value the house at 372k because they just look at the purchase price of the land registry nothing else is taken into consideration agents in Knutsford values my house at 695k last year

    Answered on Feb 13 2015, Report content

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