Zoopla house price estimates on our website are calculated by a proprietary Automated Valuation Model (AVM) powered by Hometrack, the UK's largest automated valuer of residential properties. Hometrack's data is relied upon by 85% of UK mortgage lenders today,
We get our data from publicly available data including the HM Land Registry & Registers of Scotland. Our model looks at the relationships between transaction prices, market values and property characteristics (type, style, tenure, number of bedrooms, etc.); and it uses these patterns and trends to estimate present house prices.
To be more precise, our Automation Valuation Model considers:
- previous sold prices for the specific property and recent transactions nearby
- changes in the market values to similar properties of that type in the local area
- the various characteristics of the property in question and those around it
- current asking prices for specific properties and others in the local area
- the size of the property in question relative to those around it
- the current values of comparable properties
- local area and address level data
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