Determinants of house prices

The purpose of this brief paper is to make available the results of a statistical study which sought to examine the determinants of house prices in particular areas of Scotland over two different time periods. To this end, a sample of 150 house purchases effected over the periods August 1973 to December 1974 and January 1975 to October 1976 in the Kilmarnock and Loudoun District of Strathclyde Region was employed. This sample encompassed four types of property, i.e. first floor flats (24%), ground floor flats (6%), semi-detached houses (43%) and detached houses (24%) while prices ranged from £2,310 to £36,000 with a median price of £8,800. The determinants examined were for the most part physical attributes of the individual houses.