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What are the main factors, which affect house prices in my local area and why?

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Introduction

Contents Title Page number Introduction 1 Location 2 Size 3 Accessibility 4 Interior Decoration 5 Graphs 6-8 Conclusion 9 GSCE ECONOMICS COURSEWORK What are the main factors, which affect house prices in my local area and why? Introduction In this investigation, I am going to look into the main factors of which determine the price of a house such as location, size, accessibility and the interior decoration i.e. fitted kitchens and wardrobes. The prices of housing in my area are very different, Harold wood costs much less to move to than Gidea Park, but yet they are no more than a mile apart. I am going to investigate why this is so as well. For example, a three-bedroom semi detached house in Harold wood cost �128,000 and a similar house in Gidea Park costs �235,000. Why it costs more to live in Gidea Park is something I am intending to find out. Throughout the 1980's and 90's, Havering has seen house prices rocket, along with most of southeast England and some parts of Manchester. One thing that affects these prices is the demand for this area of England, due partly to job opportunities and rail links into London. Other parts of Havering, haves seen price increases, but not as much as those such as Romford, Hornchurch, Upminster and Gidea park. This is because there is no greater demand for these areas like Collier Row and Harold Wood. ...read more.

Middle

A swimming pool in the back garden could decrease the value of a house by up to �10,000 because people often don't want to maintain it. Whether or not the house has a garage will also affect its price. In the case of the comparison of between the two houses, only the house in Gidea Park has a garage on site. The house in Harold Wood does have a garage however it isn't on the site of the house. This also could affect the price of the house at upwards of around �5,000 this is because people often like somewhere where they can park their car, which will be safer than outside the house, or often people can use it for extra storage or room. Whether the driveway is paved or not will also increase the value of the house by up to �5000 this is because it would allow an extra parking space for at least one more car depending on what the occupant has done. Accessibility How easy it is to get to a station or how far it is to the nearest bus stop does affect the price of a house. If it's easy to get to a station whether underground or main line then it is more likely to sell as there probably is more demand for it. Whether or not there are local shops within walking distance will also affect the price, as people are less likely to want to walk for a long time to get to local shops. ...read more.

Conclusion

Each estate agent I asked ranked these categories in importance, 1 represents no great affect, and 8 represents' a great effect on the price. Conclusion The results of my survey show that every one of the estate agents I asked all ranked surrounding properties as the main factor that affects the prices of houses, I think this is because people are less likely to buy a home if there is a derelict house near by. Most estate agents ranked other factors such as "snob value" and postcode as the least or second least important factor. However Susanne Blackledge of Haart estate agents said, "The postcode is very important in the real estate business. Take the South Hornchurch Rainham scenario, people in who live in Hornchurch call it Rainham, but people who live in Rainham call it South Hornchurch." The estate agents I asked in my survey had similar views over how important the factor of schools is. I even remember the Estate agent from Beresfords laughing at the fact that the estate agent I asked from Haart ranked the factor of schools as the 6th most important factor. I was surprised however that all of the estate agents I asked all ranked transport links as the second most important factor. I thought this wouldn't be ranked more important than the schools, crime and area factors. What are the main factors that affect house prices in my local area and why? Gareth Francis 11.1 GCSE Economics Course Work ...read more.

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