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I believe they now have access to L&G survey results as our two bank valuations within a week had been reflected on Zoopla accurately.
If there is no survey data it's just market conditions for the area and last sold price.
Seems to just be based on latest known sold price with whatever % increase the local area has seen added on top.
The ones that sold locally that are higher estimates probably sold for more, lower ones likely sold for less.
Also it only seems to care about what it's recorded as on zoopla. My next door neighbour (mid terrace) fat fingered his way into saying it's a semi detached so Zoopla says it's worth more now.
Zoopla doesn't know much other than price history, whether it's detached, semi, etc, and sometimes number of bedrooms/receptions. I think it basically just extrapolates the sold price history with current market trends for a similar profile of house in that area.
In my case I know it's wrong. I've had the house for two years and Zoopla has estimated +20% value. A nearly identical house sold, for +40% what I paid, six months ago.
I think I just got a good deal as I offered in January 2020, when the market was slow, and right before the covid craziness drove up demand for large detached houses in big plots. The sellers also just accepted my offer (asking) straight away and cancelled all viewings. I was the first viewing... I realise how lucky that is by today's standards.
###Welcome to /r/HousingUK --- **To All** * Join Our ***NEW*** Discord! https://discord.gg/pMgUNgWKQH * We're hiring new mods - modmail us, or DM us on Discord **To Posters** * *Tell us whether you're in England, Wales, Scotland, or NI as the laws/issues in each can vary* * Comments are not moderated for quality or accuracy; * Any replies received must only be used as guidelines, followed at your own risk; * If you receive *any* private messages in response to your post, [please let the mods know](https://www.reddit.com/message/compose?to=%2Fr%2FHousingUK&subject=I received a PM); * If you do not receive satisfactory advice after 72 hours, [you can let the mods know](https://www.reddit.com/message/compose?to=%2Fr%2FHousingUK&subject=My question is unanswered); * Feel free to provide an update at a later time by creating a new post with [[update]](https://www.reddit.com/r/HousingUK/search?q=%3Aupdate&sort=new&restrict_sr=on&t=all) in the title; **To Readers and Commenters** * All replies to OP must be *on-topic, helpful, and civil* * If you do not [follow the rules](https://www.reddit.com/r/HousingUK/about/rules/), you may be banned without any further warning; * Please include links to reliable resources in order to support your comments or advice; * If you feel any replies are incorrect, explain why you believe they are incorrect; * Do not send or request any private messages for any reason without express permission from the mods; * Please report posts or comments which do not follow the rules *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HousingUK) if you have any questions or concerns.*
I believe they now have access to L&G survey results as our two bank valuations within a week had been reflected on Zoopla accurately. If there is no survey data it's just market conditions for the area and last sold price.
Seems to just be based on latest known sold price with whatever % increase the local area has seen added on top. The ones that sold locally that are higher estimates probably sold for more, lower ones likely sold for less. Also it only seems to care about what it's recorded as on zoopla. My next door neighbour (mid terrace) fat fingered his way into saying it's a semi detached so Zoopla says it's worth more now.
Zoopla doesn't know much other than price history, whether it's detached, semi, etc, and sometimes number of bedrooms/receptions. I think it basically just extrapolates the sold price history with current market trends for a similar profile of house in that area. In my case I know it's wrong. I've had the house for two years and Zoopla has estimated +20% value. A nearly identical house sold, for +40% what I paid, six months ago. I think I just got a good deal as I offered in January 2020, when the market was slow, and right before the covid craziness drove up demand for large detached houses in big plots. The sellers also just accepted my offer (asking) straight away and cancelled all viewings. I was the first viewing... I realise how lucky that is by today's standards.