For the purpose of this assignment, I intend to use the data set provided to examine the house prices from the survey of five towns and then in turn analyse the effect that other factors such as a garage or house size can have on price.
Secondary I intend to examine whether regional location affects the price of a range of properties by sourcing information on average house prices from the Land Registry Office.
Method.
The method by which I intend to complete this assignment is analysis of the data provided through the means of suitable software applications. While the Minitab application (release 13) will be the only software used for the actual analysis, both Minitab and Microsoft Excel will be used to correlate data and present the data in graph form. .
Investigation.
To complete the given assignment it will be necessary to consider five main points, which are:.
• The overall distribution of house prices in the five towns surveyed.
• The proportion of house with garages in the five towns surveyed.
• The effects of the addition of a garage on property prices.
• The effects of the factors of size and distance on property prices.
• The effect of regional location and house type on house prices.
The Overall Distribution of House Prices in the Survey.
To begin with, the assignment has asked for the distribution of house prices from the surveyed five towns to be examined.
.
Figure 1 above clearly shows that the demand for houses reaches its premium between the sums of £180000 and £250000. This shows that within the house market surveyed there is a low availability of particularly low-cost or high-priced accommodation. With this in mind, it is possible to theorise that the houses available on the market are probably all of a similar type and so that the differing prices are more dependent on other factors such as location and the nearby amenities rather than classification.