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Why are Zoopla prices different to agents?

Zoopla estimate £166,631 agent estimate £13995! Why the big difference?

Asked on Aug 15 2009, Selling in Liskeard | Report content

Answers (1)

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  • I bet the property in question was built in the last 5 years and is probably a flat - am I right? The problem with new builds is you normally pay a 15-20% premium for the privilege of getting a brand new home. If you sell within the first few years, you would only get more money back if house prices in general had risen quite substantially. There is currently an over-supply of flats, as most developers built big areas of flats and these were bought by people getting into BTL. Not all the flats have been sold and some of the flats that did sell to BTL people have been repossessed by the banks because they couldn't rent them out for enough money. The repossessions then drive down the price of the other places that are also for sale. If the place is a fairly new flat then the EA valuation is probably realistic. If not, then ask another couple of EAs to come and give a valuation. It could be that this guy is valuing low in the hope of getting a quick sale. Most EA prices are MORE than the Zoopla valuations (except new build flats).

    Answered on Aug 17 2009, Report content

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