When it comes to property valuations, Zoopla is a joke. I written this post because Zoopla values my house at just 58% of identical houses in the same street as mine. I own a 2,900 square feet 5-bedroom detached house standing on a 1/4 acre plot, 38 minutes by train from central London. Zoopla insist on valuing the house at £360,000 despite valuing my neighbour's identical house at £616,000.
The amateurs that have created Zoopla use an algorithm that relies entirely on prices recorded by the Land Registry. As we know this data is often inaccurate. In my particular case the Land Registry data ignores the fact that when I purchased my house in February 1997, I traded in my previous property, another 5-bedroom house. The Land Registry records the net transaction value and fails to accommodate the value of the traded-in house.
The real problem with Zoopla's under-valuation is that I suspect it is used by many out of area estate agents who job for mortgage lenders. In my particular case the under-valuation could have quite an impact on any remortage I undertake. Does anyone know how to shake the Zoopla people into recording a more accurate property value? Should I attempt to get Zoopla to see sense or just start a campaign to undermine their credibility as a serious property website?
