> ... if a high quality house in that location would be worth £400k and cost £150k to construct, then the landowner would want £250k. Is that wrong? If the ho

> ... if a high quality house in that location would be worth £400k and cost £150k to construct, then the landowner would want £250k. Is that wrong? If the house+location is worth 400, and the house alone is 150, why isn't the location worth 250?