A different types of property mix found in these areas, whether the property infrastructure differs between these areas, the cost comparison of different properties in these areas and any interesting aspect near these areas that can add value to the aforesaid property and finally what are the issues how the total pricing of a property may be considered. It is an accepted fact in the Real Estate industry that the price of any property will vary with location. total carpet area, amenities and value additions like nearby supermarkets, swimming pool, and open space. Hence each variable must be considered while proposing a new establishment both for cost effectiveness and customer focus (Pagourtzi et al, 2003).
Data Collection: We have considered housing properties in Colchester, Mersea Island, and Jaywick and details were collected from http://www.rightmove.co.uk/.We selected 58 properties in Jaywick, 60 in Mersea Island and 59 in Colchester so a total of 178 properties were selected. The distribution was more or less equal.
For the above analysis and comparison, t-tests and ANOVAs were conducted and the p-value was noted. The hypothesis was that if the p-value is less than 0.05 it will mean that there is a significant difference between the observations and the observation has not taken place due to chance factors of random sampling and if the p-value is more than 0.05 it will mean that there is a no significant difference between the observations and the observation has taken place due to chance factors of random sampling (Warne et al, 2012).
Further, a multiple regression equation was conducted to find how does pricing of a property relate to the various independent variables like bedrooms, parking space, and others. The equation was done through the software based on R programming language (Wessa, 2014).