Over the years, there has been much debate over whether or not Zoopla’s online valuation tool is actually accurate or not. With many using it as their main home valuation tool, it may come as a shock when their house does not sell at the asking price predicted by Zoopla’s house valuation tool. This has led to some attacking Zoopla for misleading information.
In this article, we will be discussing how to use the Zoopla property valuation, if it is accurate when you should and shouldn’t use it and whether there are any benefits to using it when looking to sell!
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Before we get started on the benefits & accuracy of Zoopla’s home valuation tool, we should look at how Zoopla actually estimates its prices. Zoopla’s property valuation tool is an estimate and it should be considered with a grain of salt. It is not, and should not be used as a definitive house valuation.
Zoopla’s online valuation tool is based on data powered by Homestack, which provides statistics from all things property – but is also owned by Zoopla. Homestack uses current trends and historic data from the HM Land Registry, Registers of Scotland, Ordnance Survey and Royal Mail. They take into account previous sold prices, changes in market value of local buildings, the age, size and type of property and local area crime & school rates. (would change to ‘crime rates and number of local schools’).
To note, Zoopla says that its estimation tool is more accurate in England and Wales than in Scotland as more data is available. In Northern Ireland, the data is not published at all, so the estimates are quite vague.
Also, the online house valuation from Zoopla does not take into account any renovations and makeovers or recent extensions and extra rooms. These adjustments may improve or deduct from your house valuation, but because Zoopla’s estimation tool is based on data, any of these ‘In Real Life’ adjustments will not be recognised.
To actually use Zoopla’s house valuation tool, the process is pretty straightforward. To start, you’ll need to enter your full postcode below where it says ‘How much is your home worth?’.
Then you need to manually choose your address from the drop-down menu and press ‘get an estimate.’ Here, you’ll be provided with a property description – including how many bedrooms and receptions there are, how large it is in sq. metres, and the type of property it is. If you scroll down, it will also give you a high & low estimate of the property, as well as a property timeline of when it was last sold. The property timeline will normally only go back 10 -15 years, although sometimes it may go back further.
If you click ‘reveal the estimate’ it will ask for a log-in, either create an account or sign in with your Google account if you have one. Once through the sign-in process, you will be given Zoopla’s estimated price – which will be the average of the high and low valuations on the page before.
To increase trust in the estimation, Zoopla also includes a ‘High Confidence / Low Confidence’ rating. If your property displays a High Confidence rating, then there are a lot of homes like this in the area, the data is up to date and market conditions are steady. If your property displays a Low Confidence rating, then there are few similar properties nearby, the data is less recent and the market conditions are highly changeable.
On this pop-up page, you will also be offered to ‘Book an in-person valuation’, where your local estate agent will visit your property for a more realistic valuation. Here, you’ll input your postcode and address again, and the reason for you seeking a Zoopla home valuation (curiosity, remortgaging, renovating, selling, buying, letting).
You will need to let Zoopla know your moving plans and contact preferences, select your favourite local estate agent and then they will get in touch with you to request a viewing with the aim of providing you with a more realistic asking price.
As mentioned earlier, the valuation tool does not take into account any real-life home improvements on your property. Not only this, but it cannot judge the condition of your home – if your house is in disrepair with smashed windows, unloved kitchens or torn-up carpets, the data will not pick this up.
This means if you did get a reasonably high valuation, this will be misleading as the market will not agree with the valuation – and your property will probably not sell. Here are some examples of where Zoopla’s property valuation tool falls short:
It’s not all doom and gloom for Zoopla’s online valuation tool though! It can be a great resource for homeowners to get a general idea of their house valuation. It should not be taken as a formal valuation, but as a guide instead to inform any decisions at the start of your selling process.
If you are looking for a formal house valuation, there are many routes to go. Yes, use Zoopla’s online valuation tool as a starting point for reference, but don’t get tied down with the idea that your house will sell at their valuation price. As it will greatly depend on the condition of your property, which can only be determined via an in-person viewing. Here are some routes to valuation:
No, Zoopla’s estimates are not accurate. They should be used as a general guide and not a formal valuation. You should always get a second opinion from an estate agent or online estate agents.
Improving your home value can be a large job to undertake depending on the current condition of your home. By adding fixtures and fittings to your bathroom and bedroom you could add 10-20% more value to your home. As well as adding a patio or cleaning your garden which could add up to 5% more value.
You can use the Zoopla home valuation tool to create a general guide for valuing your home, but you should get a second or third opinion from another source like a chartered surveyor, online estate agent or local estate agent.
If you have found this article helpful, please don’t hesitate to contact us with any questions.
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Tom is Digital Content Writer passionate about sustainable property & property trends. Regardless of the subject, he will always write blogs of the best calibre. Read more about Tom here.
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