Research on the prices of flats in the South East London and Vilnius

Abstract

Mathematical statistics methods were applied to analyse the pricing of two bedroom flats in South‐eastern London and similar sized three room flats in Vilnius. Analysis revealed that the average prices of Vilnius three room flats are 4–5 times less comparing to prices of two bedroom flats in South‐eastern London. Also flat prices influencing factors such as living space, dwelling condition, communication, parking space, additional space, storey, etc. were compared. It was found that some additional factors are influencing dwelling prices in Vilnius rather as in London. More attention must be paid on multi‐storey buildings age and construction type. These factors are important in Vilnius living areas where panel buildings are common — Antakalnis, Fabijoniškes, Pašilaičiai, Šeškine, etc. Other pricing influencing factors are similar to London, most often the condition of the flat is the most important factor to Vilnius three rooms dwelling pricing. As Vilnius is much smaller than London, communication and parking area do not have much influence on dwelling prices. Similar to London, the space of dwelling is more important factor in Vilnius living areas than in central parts of the city and prestigious districts.

First Published online: 18 Oct 2010