• Join over 1.2 million students every month
• Accelerate your learning by 29%
• Unlimited access from just £6.99 per month
Page
1. 1
1
2. 2
2
3. 3
3
4. 4
4
5. 5
5
6. 6
6
7. 7
7
8. 8
8
9. 9
9
10. 10
10
11. 11
11

# House buying - a good idea or not?

Extracts from this document...

Introduction

Application of number: level 3

House Buying – a Good Idea or Not?

a) Firstly the intention is to collect data for house prices within the area of Leicester. In order to produce reliable samples of data, information would need to be collected for at least 60 houses in total. Two separate samples, each comprising of 30 houses will be acquired for:        a) First time buyers’ houses

b) Other houses

The information will be obtained form two main sources:

1. Local newspaper
2. Internet

Undeniably both sources should provide sufficient house prices from many of the leading estate agents.

The data collated for both samples would be presented in the form of suitable graphs and charts and will then be used to calculate the mean, median, and interquartile range. House prices for first time buyers’ houses and other houses will also be compiled at a later stage. These house prices will be compared with present house prices by calculating the percentage increase since 1998. The current Leicestershire house prices will also be compared with regional and UK house prices.

b) The property guide published by the Leicester Mercury local newspaper was undeniably an invaluable source of house price data for my area.

Middle

= £81,984 (to the nearest £)

• Range:        highest house price – lowest house price

= £249,950 – £18,500

= £231,450 (to the nearest £)

All of the calculations have been double checked in order to ensure that they are correct. The data in the tables of the samples was arranged in ascending order in order to be able to easily recognise the highest and lowest values required for calculating the range. The calculations for the means are seemingly correct since they are similar to mean values provided by the Internet. It can be quite simply proved that the mean for all houses is correct as:

[First-time buyers’ houses’ mean + Other houses’ mean ] / 2 = All houses’ mean

All of the means are also values, which are almost in the middle between the largest and the lowest values of each sample.

1. Cumulative frequency graphs will be produced to find the medians, the middle

values of distribution, and interquartile ranges, measures of spread, for the data collected.

Conclusion

Accuracy of the graphs and charts were ensured by carrying out the following:

• Using tick marks with lower intervals
• Adding values above bars (on Excel software) and ensuring that they correspond to the data in each of the sample tables.

According to the data for all houses the average house price in my survey (i.e. £81,984) is lower than the average house price for my region (i.e. £88,700). Evidently this difference is not very considerable.

The difference could be due to the following:

• Lack of demand as Leicester may have less to offer as a city (e.g. employment, education, leisure and recreation, low crime rates etc.)
• Inaccuracies in selecting the house prices for the sample, which may be caused by not including enough data or ineffective selective sampling (due to data being selected too randomly).

However the average house price (for all houses) in my survey generally tends

be similar to that of the UK (£81,800).

Generally I think that buying a house in my local area would be a good investment due to the following reasons:

• Average Leicester house prices being only relatively slightly above the national average.
• Leicester house prices having the tendency to increase relatively considerably by about 26% within 2 years.

This student written piece of work is one of many that can be found in our AS and A Level Probability & Statistics section.

## Found what you're looking for?

• Start learning 29% faster today
• 150,000+ documents available
• Just £6.99 a month

Not the one? Search for your essay title...
• Join over 1.2 million students every month
• Accelerate your learning by 29%
• Unlimited access from just £6.99 per month

# Related AS and A Level Probability & Statistics essays

1. ## Study of the height/diameter ratio of limpets inhabiting the middle shore region of exposed ...

E.g. Sheltered shore Limpet Diameter (mm) Height (mm) Orientation Observations 1 2 Etc. * Group members must be well dressed for the conditions of the shore; cold weather, rain, winds etc. Wellington boots are highly recommended for protection from water and the sharp rocks. The following is what each person of the group should do at their corresponding shores.

2. ## &amp;quot;The lengths of lines are easier to guess than angles. Also, that year 11's ...

The next table is for the percentage error of year 11 estimates. LINE ANGLE Estimate (e) Error Percentage error (%) Estimate (e) Error Percentage error (%) 5 0.4 8.70 40 7 21.21 5 0.4 8.70 35 2 6.06 5 0.4 8.70 40 7 21.21 4 -0.6 -13.04 45 12 36.36

1. ## Frequency curves and frequency tables

Thus, it is important to have a scale of some sort. Bar charts are very easy to draw, and equally easy to understand. However, they can be limited in power as they are restricted to showing differences in only one factor, through they can be made more powerful by using

2. ## Data Analysis of American House Price

The overall distribution of the house prices in the survey; this take into account all the house price within the 5 township without distinguishing for any other factor such as bedrooms and bathrooms number or size. b. An examination of the proportion of the houses with a pool.

1. ## Used Cars - What main factor that affects the price of a second hand ...

As these factors increases, the second hand price of cars should decrease. This should be apparent in the scatter diagrams of these two factors against the second hand price of the cars. In contrast to this, the scatter diagram with engine size against the second price I believe should show

2. ## find out if there is a connection between people's IQ and their average KS2 ...

Spearmans ranks all the data for IQ and Average KS2 SATs result and then finds the difference of the rank, then finds the correlation. The scale that they both use is from 1 to -1, the closer the number is to 1, the more positive and strong it is.

1. ## I want to find out if there is a connection between people's IQ and ...

The closer the number is to -1, the more negative and strong the correlation is, and 0 means no correlation. =PEARSON(L12:L61,M12:M61) My Pearsons PMCC for my graph was 0.88. This shows that my correlation is positive and is very strong as 0.88 is very close to 1.

2. ## Case study -Super Savers is wishing to move into the UK Food Retail market.

In order to prove that there is a significant difference between the two products four test have taken place. 4.2 TEST SELECTION AND FULL EXPERIMENTAL RATIONALE Four tests were used in order to specify the aims of the project: * Discrimination Testing * Descriptive Analysis * Acceptance Testing * Preference

• Over 160,000 pieces
of student written work
• Annotated by
experienced teachers
• Ideas and feedback to