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House estimated value

Hi, I live at 5 GIBBET HILL, OLDBURY, B69 1QW estimated at just over £250,00 by Zoopla, whereas the property next door to mine 6 GIBBET HILL is estimated by Zoopla at £269.000. They are the same properties, could you explain why the difference in the estimated value. Thank you. Ginette

Asked on Apr 30 2014, House Prices in Oldbury | Report content

Answers (1)

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  • Looking at the listing I can see that you bought your home in Nov 2008 for £250,000 your neighbour bought their home in Apr 2008 for £320,000. Zoopla base a large part of their estimate on the previously sold price so they are combining the last sold price with recently sold prices in the area. It seems that your next door neighbour over paid for their property, particularly as they are currently in negative equity and in 2008 April was the peak of the boom and November when you bought yours was the start of the recession. The bottom of the answer is Zoopla are assuming their house is a bit bigger however the truth is they over paid.

    Answered on May 3 2014, Report content

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