Research Paper
EC315-QUANTITATIVE RESEARCH METHODS
LONDON, ENGLAND
LONDON: LAND OF ROYALTY
A BIT OF HISTORY
London, England is a fascinating city, with a rich history dating back almost 2,000 years. Although England had been inhabited by tribes of Celts in the ancient world, it was not until the Romans invaded Britain in 43 A.D. that the country began to emerge as its own entity. The Romans built a permanent bridge in an area where London now sits, east of where the present London Bridge is located, and, as the settlement flourished, named the new city Londinium (Ford, 2001). The Iceni (native British Celts), tired of their Roman oppressors, rose up against them with the help of two other neighboring tribes, and, led by the Iceni Queen Boudicca, razed London to the ground in 60 A.D. The city was rebuilt by the Roman Procurator Gaius Julius Alpinus Classicianus (Ford, 2001). This destruction would only be the first of many to come. The Romans continued to rule Britain for the next 3 centuries, until around 400 A.D., when the Roman Empire recalled all of their troops to fight the invading Germanic Tribe before the fall of the Western Roman Empire. Britain was plunged into the Dark Ages, of which not much is known of London during this period.
During the Dark Ages, there were warring tribes vying for power and control of England between the native Picts and Scots against the invading Saxons and Angles. The Saxons and Angles united and overtook the natives, thus beginning the Anglo-Saxon period. Under the Anglo-Saxons, London began to develop into a trading settlement around 640 A.D., with the river Thames being a natural port for traders (Ford, 2001). This advantageous position of London also made the city a target of invaders such as the Vikings, who attacked the city in 842, 851, and 865 A.D. In 878 A.D., the Anglo-Saxon King Alfred forced the Vikings into peace. Under King Alfred, the city flourished, with established laws and trade, its own government, a sheriff responsible for collecting taxes, and a Peace Guild, which was “established to pursue criminals.” (Ford, 2001). After King Alfred, King Aethelred ruled, and during his reign the Vikings returned in earnest with the purpose of overtaking Britain. King Aethelred was overtaken, and the Danes ruled until the death of King Edward the Confessor in 1066 A.D. and with him died the rule of the Anglo-Saxons.
Edward’s cousin, Duke William of Normandy, claimed he was promised the crown. When Edward’s brother in law was named king, William invaded England, and won, hence becoming King William the Conqueror, and ushering in the Norman dynasty. Londoners were the first to acknowledge William the Conqueror as king and London was the first city to be formally chartered, which made it the “commercial center of its time” (Johnson). During the following century, London encountered peace and turmoil from new kings, prosperity in trade, but also devastation from fire often because the city was so cramped. Also, London may have been the commercial capital and main city, but it was never a political stronghold. However, in the 12th century, Westminster, which had been built by King Edward the Confessor, became increasingly important and the Courts and Parliament began meeting there, and where they still meet today (Johnson). Westminster grew to become what today includes the Palace of Westminster, Buckingham Palace, Westminster Abbey, and Westminster Cathedral.
From 1221 onward, the influx of Friars and other religious groups led to a period of churches being built, most of which still stand today. Also, many new families moving into London began a boom of trade, from selling sheep and pigs to poultry and dairy. Importing and exporting to the rest of England soon became the norm in London, and soon tradesmen began organizing themselves into guilds to better manage their industry (Ford, 2001). By the 15th century, clothing was the main export in London. The 15th century also saw the rise of the Tudor Dynasty, and with it came the building of many splendid palaces. Henry the VIII was especially interested in building palaces. Many of his works included building Bridewell Palace, St. James’ Palace, and expanding York House to become Whitehall Palace (Ford, 2001). Henry the VIII’s reign also included the Reformation, in which the Dissolution of Monasteries destroyed many churches, or were surrendered to secular activities. The Friars and other religious groups, having lost their monasteries, were no longer able to help the poor or destitute, and it was not until the reign of Edward the VI that these taken buildings were given to the city to help the less fortunate (Ford, 2001).
During the reign of Elizabeth I, London enjoyed a “Golden Age” of prosperity and leisure, with much entertainment being sought, such as the plays of William Shakespeare at the Globe Theater. The death of Elizabeth ended the Tudor Dynasty and the Stuarts ruled from 1603 to 1714, during which time London suffered such catastrophes as the Plague, which killed 68,000 in London alone, and the Great Fire that destroyed most of the city. Only a fifth of the city within the walls remained and 13,200 homes were lost (Johnson). After the Great Fire, new regulations were approved to build homes with stone and brick instead of wood, and the streets were widened. It took decades to restore the city to its previous semblance.
London continued to prosper and grow throughout the centuries, with the Industrial Revolution helping the city progress. However, there was widespread poverty as well, hidden behind the shiny façade of wealth. Then World War I and II came, and the London Blitz of 1941 changed the city. Again the city had to be rebuilt, and with new changes to the city skyline also came changes in health and hygiene, including the Clean Air Act of 1956, which banned the use of coal to heat homes in order to rid the city of the smog suffocating it (Johnson J. , 2001). The city continues to progress and change with each decade, embracing modern architecture and revolutionary ideas.
MODERN LONDON
London is the largest city based on population, and one of the largest urban areas in the European Union. It is also home to over “100 of Europe’s top 500 largest companies” (Briney, 2010). The London Metropolitan Region covers an area of 3,236 square miles, which include many suburbs, and boasts a population of over 8 million people, which include White British, Asians of Pakistani, Indian, or Bangladeshi origins, Black, Chinese, and Arab, among others. London is one of the cities that attracts the most immigrants, with Indians, Polish, and Pakistani immigrants being the top 3 groups that immigrate. In fact, 37% of Londoners were born in a foreign country (Owen, 2012). With the variety that London enjoys in its population, it is natural that a lot of the city’s citizens are of various religious backgrounds, including Christians, Muslim, Hindu, Sikh, Jewish, and Buddhist (2011 Census: Key Statistics for England and Wales, March 2011, 2011). London, as well as the rest of the kingdom, has citizens in great health, due in a large part because of the excellent public health system, the National Health Service, which provides free medical care for everyone, including visitors to the country.
Employment opportunities in London are also abundant. There are opportunities in the administrative field, in finance, in hospitality, in tourism, in retail, and in the public sector. There are many websites to help you find a new career and where to start, such as www.londonnet.co.uk. The main industry in London is finance, but media and tourism are a big part of the economy (Briney, 2010). As a city that is continually growing and developing, employment opportunities could possibly be found just about in any sector.
Although England has a reputation for being rainy and cold, London actually has moderate temperatures. Average summer highs are in the mid-70’s ͦ F, and the city does not see very much snow in the winter because of the “urban heat island” factor, which affects urban areas because of buildings, concrete and asphalt, and high populations. That is not to say that London does not get cold; average highs during winter are 41-46 ͦ F (Briney, 2010).
London also has many things to do recreationally. There are many museums and libraries, you can visit castles such as the Bruce Castle Museum, or visit Charles Dickens home, which has also been turned into a museum. You can visit Buckingham Palace, or take a view of the city from the London Eye. Children will enjoy the London Zoo, or take a boat ride on the Thames River, enjoy a view of the river from Tower Bridge, or take in a play at Shakespeare’s Globe Theatre, which still stands today. If you have an adventurous spirit, you can take a tour of Whitechapel, which is where the infamous Jack the Ripper murdered 5 women in the 19th century. There are also plenty of clubs, cabarets, and pubs to enjoy the nightlife (Timeout.com/London).
STATISTICS
The results of the regression analysis done on the current market in London shows some interesting facts. The coefficients factored in were x1 (number of bedrooms), x2 (number of bathrooms), and x3 (does the property have a garden). The bedrooms definitely had an impact, as the t-statistic of 4.2978 shows that the bedrooms are statistically significant at the 95% Confidence Interval. If a bedroom is added to the property, it will add £23,561.49 ($37,975.61 U.S. Dollars) in increased value. The number of bathrooms and whether or not the properties have a garden both were not statistically significant, since both coefficients had t-values of less than 2. Indeed, adding a second bathroom could lose you almost £8,500 ($13,699.47) in value of the property. The statistics show that not having a garden and only having one bathroom is not important factors in buying a home. Unfortunately, some sources had incomplete information, and square footage could not be calculated as a contributing coefficient to see if more square footage or less was desirable in this small country. I did notice that Reception rooms are valued, as most postings noted how many other rooms (besides kitchen, bedroom and bathroom) there were available on the property. However, most information was incomplete with this factor also, and could not contribute to the regression analysis. The limited information provided more than likely contributed to an R square of .327, indicating that only 32.7% of the coefficients used contributed to the housing information in London.
SUMMARY
London, England is a beautiful city with an extensive and splendid history. This city has seen its establishment and its destruction over and over again and always manages to rise up from the ashes like the Phoenix. It has not faded into history like so many other cities over the centuries. London has endured ups and downs, and will always rise again. An economy that will not slump completely, London continues to grow and look toward the future always with vigor. It has kept its traditional roots while embracing modernism. This is a city with many opportunities for anyone looking for a new adventure.
REFERENCES
(2011). 2011 Census: Key Statistics for England and Wales, March 2011. Office for National Statistics.
Briney, A. (2010, April 04). geography.about.com. Retrieved from about.com: http://geography.about.com/od/unitedkingdommaps/a/londonfacts.htm
Ford, D. N. (2001). Britannia.com. Retrieved from Britannia: http://britannia.com/history/londonhistory/romlon.html
Johnson, J. (2001). Britannia.com. Retrieved from Britannia: http://britannia.com/history/londonhistory/stulon.html
Johnson, M. (n.d.). Britannia. Retrieved from Britannia.com: http://britannia.com/history/londonhistory/norlon.html
Owen, P. (2012, December 11). 2011 Census Data-Key Points. The Guardian.
Timeout.com/London. (n.d.). Retrieved from Timeout London: http://www.timeout.com/london/feature/1212/the-full-list
Appendix A
|
|
Price in £ |
# of Bedrooms |
# of Bathrooms |
Garden |
|
1 |
230,000 |
2 |
1 |
1 |
|
2 |
199,995 |
2 |
2 |
1 |
|
3 |
230,000 |
2 |
1 |
1 |
|
5 |
240,000 |
3 |
1 |
1 |
|
6 |
249,950 |
2 |
1 |
1 |
|
7 |
220,000 |
2 |
1 |
1 |
|
8 |
189,995 |
2 |
1 |
1 |
|
9 |
250,000 |
4 |
1 |
1 |
|
10 |
235,000 |
2 |
1 |
1 |
|
11 |
235,000 |
3 |
1 |
1 |
|
12 |
230,000 |
3 |
1 |
1 |
|
13 |
200,000 |
3 |
1 |
1 |
|
14 |
215,000 |
2 |
1.5 |
1 |
|
15 |
250,000 |
3 |
1 |
1 |
|
16 |
196,950 |
2 |
1 |
1 |
|
17 |
220,000 |
3 |
1 |
1 |
|
18 |
249,950 |
3 |
1 |
1 |
|
19 |
165,000 |
3 |
1 |
1 |
|
20 |
239,950 |
2 |
1 |
1 |
|
21 |
222,500 |
2 |
1 |
1 |
|
22 |
215,000 |
3 |
1 |
1 |
|
23 |
200,000 |
2 |
1 |
1 |
|
24 |
249,999 |
4 |
2 |
1 |
|
25 |
169,995 |
2 |
1 |
1 |
|
26 |
184,950 |
1 |
1 |
1 |
|
27 |
249,000 |
3 |
2 |
0 |
|
28 |
170,000 |
2 |
1 |
1 |
|
29 |
220,000 |
3 |
1 |
1 |
|
30 |
189,950 |
1 |
1 |
1 |
|
31 |
155,000 |
1 |
1 |
1 |
|
32 |
244,995 |
3 |
1 |
1 |
|
33 |
170,000 |
2 |
1 |
1 |
|
34 |
239,950 |
3 |
1 |
1 |
|
35 |
225,000 |
2 |
1 |
1 |
|
36 |
250,000 |
3 |
1 |
1 |
|
37 |
220,000 |
3 |
1 |
1 |
|
38 |
179,950 |
2 |
1 |
1 |
|
39 |
250,000 |
2 |
1 |
1 |
|
40 |
230,000 |
2 |
1 |
1 |
|
41 |
250,000 |
3 |
1 |
1 |
|
42 |
229,995 |
2 |
1 |
1 |
|
43 |
250,000 |
3 |
1 |
1 |
|
44 |
220,000 |
3 |
1.5 |
1 |
|
45 |
167,000 |
2 |
1 |
1 |
|
46 |
149,950 |
2 |
1 |
1 |
|
47 |
209,000 |
3 |
1 |
1 |
|
48 |
249,995 |
2 |
1 |
0 |
|
49 |
199,500 |
2 |
1.5 |
1 |
|
50 |
249,950 |
3 |
1 |
1 |
|
|
|
|
|
|
London, England 1
Appendix B
|
SUMMARY OUTPUT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regression Statistics |
|
|
|
|
|
|
|
Multiple R |
0.57186953 |
|
|
|
|
|
|
R Square |
0.32703476 |
|
|
|
|
|
|
Adjusted R Square |
0.28217041 |
|
|
|
|
|
|
Standard Error |
25257.2571 |
|
|
|
|
|
|
Observations |
49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANOVA |
|
|
|
|
|
|
|
|
df |
SS |
MS |
F |
Significance F |
|
|
Regression |
3 |
13950384330 |
4650128110 |
7.289412836 |
0.000437253 |
|
|
Residual |
45 |
28706806659 |
637929036.9 |
|
|
|
|
Total |
48 |
42657190989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coefficients |
Standard Error |
t Stat |
P-value |
Lower 95% |
Upper 95% |
|
Intercept |
203340.455 |
29838.13821 |
6.814783606 |
1.91898E-08 |
143243.3598 |
263437.55 |
|
Bedrooms |
23561.4916 |
5482.167792 |
4.297842108 |
9.12001E-05 |
12519.83885 |
34603.1443 |
|
Bathrooms |
-8497.78934 |
14868.57686 |
-0.571526745 |
0.570486451 |
-38444.64037 |
21449.0617 |
|
Garden |
-35199.9801 |
19281.42146 |
-1.825590515 |
0.07455256 |
-74034.75644 |
3634.79617 |