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Zoopla Introduces Property Buyer Reports at £9.99
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Zoopla has introduced new property buyer reports priced at £9.99 each.
The reports appear to be available to most, but not all, properties listed on the property portal.
A spokesperson for Zoopla says: “We are trialling a partnership with Vectis Surveyors of RICS-approved [Royal Institution of Chartered Surveyors] homebuyer reports, which give guidance on what to generally look for when buying property.
Zoopla Introduces Property Buyer Reports at £9.99
“They highlight repairs a specific property may need and will also give an indicative estimate of possible costs associated with any works required.
“The reports are relevant to all buyers, whether first time or second steppers, through to those looking at buy-to-let and investment opportunities.”1
However, an agent that bought a report is questioning its effectiveness.
Paul House, of London agent P J Morgan, bought a report for a property that his firm markets alongside another agent, which lists its properties on Zoopla. P J Morgan does not.
House says that he was surprised by its findings, which indicated that £8,600 worth of repairs was required.
In fact, House says that the whole property needs work that would cost between £25,000-£30,000.
The property’s report also gives a rental valuation of £594 per week.
House argues that this would only be achievable after at least £30,000 was spent, and if it was rented out in the peak months of August and September.
However, the report does state: “…these are simple checks for a first viewing. We would always recommend a RICS survey and valuation, particularly as the property requires refurbishment.”
It continues: “Trust us when we say never rely on a mortgage valuation as an indication of worth or condition.”1
House comments: “The report appears to undersell the value of work due whilst at the same time overvalue the rental return.
“It does lead you to wonder how these figures are derived at and the actual point in such a report, especially as the information is inaccurate and misleading to the consumer, and more importantly, was downloaded in seconds without any inspection.
“In fact, the only real information specific to this property is the valuation and amount of refurbishment they think is required.
“The rest is basic information that although useful, can easily be downloaded for free from the internet.”1
1 http://www.propertyindustryeye.com/zoopla-launches-new-property-buyer-reports-at-9-99/
