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Zoopla current values

Hi, We put an offer for a flat and got accepted: £242500 & accepted. However later, we saw the current values on Zoopla at £205041. Other flats in the same area have been labelled with prices 230000-260000. Have we made a wrong decision. Is there anything else to be taken into account.

Asked on Apr 30 2013, House Prices in Harrow | Report content

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  • I wouldn't worry about it, you haven't made a wrong decision if you buy something you want and can afford. Zoopla values are there as a guide and are not to be relied upon as a true valuation for individual properties. Some values could be fairly accurate, others could be way out. Valuing property takes experience and knowledge of an area including taking into account prices paid. Putting an accurate value to every property is like saying ‘how long is a piece of string’. Every property (including similar flats in a block for instance) will be valued slightly differently according to size, standard, spec, position etc ect… I hope that puts your mind at rest somewhat, a property is always worth what someone will pay.

    Answered on Apr 30 2013, Report content
  • There is no right wrong answer and there is no formula for calculating it. A property is only worth what you think. It is advertised at the amount that the estate agent and vendor think it will sell. From what you have written you could have offered less and worked your way up.

    Answered on Apr 30 2013, Report content
  • Always do your research and never accept a price an Estate Agent is asking as being an accurate valuation. The Zoopla price is an average price. It provides a guide to the value of a home only and should be supplemented with additional research and/or professional advice. The best valuation is taking the most recent sold price, if it is within a year then, because it can be taken as fairly accurate. Also look at what comparables there are in the area for the same type of property. Taking these into account, you should be able to come to an approx valuation.

    Answered on May 1 2013, Report content
  • I would withdraw the offer. £240k for a flat in Harrow seems seriously overpriced to me.

    Answered on May 8 2013, Report content
  • Its all average or estimate and not exact prices which take into account lease length or improvements made to the flats

    Answered on Jun 17 2014, Report content

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