They just don’t offer anything more than a tiny little piece of information that may or may not be possibly/maybe accurate to a small degree in some fashion.
The algorithms and information they use to predict your property value are pretty impressive, but there are so many limitations that it’s just simply less accurate than pretty much any other method of trying to work out your valuation.
I’d say that asking John (sorry John) down the pub that once moved house back in 1985 and was thinking about moving a few years ago and knows everything about everything so can definitely help you with exacting information on any subject is probably as helpful. Sure…. it might be more painful getting a lecture from John, but you should do the exact same thing with what they both tell you… ignore it.
So why are they rubbish?
– The land registry is out of date in a slow-moving market, let alone a fast one…
– There’s rarely sufficient comparable properties.
– Information available (like square footage) isn’t always right.
Hence the price being bad.
Check this one below. It’s for a house that’s worth circa £650k ish.
The rent is £2300 – £2500 pcm. It’s a typical house. This is from our own online valuation tool. But how would getting this information be helpful to anyone?