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Albert Square house prices have increased tenfold since Eastenders started


02-14-2015

The average property in the fictional borough of Walford could have been snapped up for £32,567 30 years ago, but now it would cost around £336,175 typically to set up residence in Albert Square, the study from Halifax found.

The huge 932% increase in prices since the mid-1980s is almost double the 576% rise in property prices seen across the UK over the last 30 years, underlining the strength of the London market, which has been a strong pull for wealthy investors from overseas.

In real life, many of the soap's characters would find themselves priced out of the area today, the research found.

Halifax found that the average house price in Walford would be around 32 times the annual wage of a member of bar staff working in the Queen Vic and nearly 13 times the wage of a pub landlord such as Mick Carter, who is played by Danny Dyer.

The price of a typical property in the area would be nearly 30 times the yearly wage of someone working in the launderette, 15 times the salary of a car salesman and 11 times the earnings of a mechanic.

Halifax found that house prices in the setting of EastEnders have risen much faster than those in the locations surrounding other long-running soaps.

Property values in Coronation Street would have increased by 574% over the last 30 years to reach £128,626 typically, according to Halifax, which based these findings on house price trends in Salford.

Meanwhile, in Yorkshire, house prices in Emmerdale have seen 526% growth over the last 30 years, with the average property there costing around £188,980.

Craig McKinlay, mortgage director at Halifax, said: "House prices have risen significantly in the location around the setting of EastEnders since the TV series was launched in 1985.

"Based on their typical occupation, current prices are well out of reach for the majority of Albert Square residents."

Campbell Robb, chief executive of Shelter, said: "Whilst the places and characters in our favourite soaps might be fictional, sadly, out-of-control house prices are all too real for the millions of young people and families desperate for a home of their own.

"Successive governments have failed to build the affordable homes we need, and a generation stuck paying sky-high rents or forced to live in their childhood bedroom well into adulthood are bearing the brunt.

"Politicians need to stop papering over the cracks and come up with a plan that will tackle our desperate shortage of affordable homes once and for all."

www.heraldscotland.com

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