... there are many reason that are contributing factors that are: the characteristics are: types of house (bungalows, flats terraced, detached and semi detached); types of buyer (former owner buyer & first time buyers); property ages (modern, new & old); inflation; interest rates; unemployment; disposable income; and affordability The characteristics mentioned would increase or decrease the value of the property i.e. a newly built and decorated home is relatively high in price compared with the holder home which may require renovation as mentioned by Ali Anari & James Kolari. ` As a consumer good, inflation increases the construction costs of new houses through higher costs of building materials and construction wages. Higher construction costs of new houses result in higher new house prices.'2 In addition the value of a house will depend on the characteristics of the property. These could be any of the following: the location within the UK; type ...

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