How much to offer on £285K house?

MF2015

neverdespairgirl wrote: »

27% is an incredibly large sample in statistical terms, though.

Statisticaly;
78% of CEOs earning under 100k wear black shoes.
22% of CEOs earing over 100k wear brown shoes.

Does that mean if I start wearing brown shoes I will get a pay rise?

Statistics don't always work.

maryotuam

GemQuin wrote: »

I know it seems ridiculously expensive but honestly I have been looking around for months and all the ones I like are around the £275K mark so although it seems ludicrous to pay this much that's what I have been finding during my property searches. The 2 beds I looked at were all well over £300K. It is a lovely Victorian conversion with a massive garden and kitchen??

Why not put in silly offers for some 2 bedroomed flats. You have nothing to lose and you might hit on someone who is desperate!!

neverdespairgirl

There are all sorts of rules and guides and protocols for statistical sampling, but measuring everything in sight isn't one of them!

<reaches into dim and distant part of memory where A level stats facts are stored!>

neverdespairgirl

MF2015 wrote: »

Statisticaly;
78% of CEOs earning under 100k wear black shoes.
22% of CEOs earing over 100k wear brown shoes.

Does that mean if I start wearing brown shoes I will get a pay rise?

Statistics don't always work.

I think you are confusing statistical measurements with cause and effect.

harry_w

Expensive for a 1 bed pad. I doubt the seller can be expecting to beat the stamp duty threshold.

27% of the market surveyed by Nationwide and Halifax is a huge sample, if one assumes their sample is typical of the housing market as a whole.

I believe I've read there's some regional difference in their customer bases (Halifax more northern, Nationwide southern), and neither are going to be representative of a lot of business at the top end of the housing market, or of other types of sales (e.g auctions, direct transactions, non-mortgage purchases).

I think a sample of around a 1000 usually produces an acceptable sampling error ( +/- 2-3 %) no matter how large the whole population may be.

The sample in this case is probably representative of the bulk of the housing market, and large enough to also provide a decent sample of activity when broken down for housing types and for regions/metropolitan areas across the parts of the country where Halifax and Nationwide are active.

However, niche markets and other types of house sales may vary considerably.

MF2015 wrote: »

Statisticaly;
78% of CEOs earning under 100k wear black shoes.
22% of CEOs earing over 100k wear brown shoes.

Does that mean if I start wearing brown shoes I will get a pay rise?

Statistics don't always work.

Assuming there's only black or brown shoes, there's no difference between CEO earning under 100k and those earning more.

It's more of a trick question, meant to highlight how the presentation of statistics can effect how they're interpreted.

[The first thing anyone gets told in statistics is that correlation does not mean causation.]

spuds_2

Property snake tells you what houses started at and how much they have been reduced too:

http://www.propertysnake.co.uk/

To be honest, I would rent at the moment if possible as I think prices have a bit more to fall yet and there is the prospect of another cut in the interest rates very soon.