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Bubble Bursts On Soap Homes

18th May 2008

- Hollyoaks hardest hit as property slump hits the Soaps -

Adding to drug addiction, miscarriages of justice and illicit liaisons, the inhabitants of Hollyoaks can today add another woe to their list as new analysis shows that the village has been hit the hardest by the recent property downturn - wiping over £102,047 (5.53 per cent) off the total value of properties in the village in the last six months.

Zoopla.co.uk, the UK's leading property valuation website, which provides free, instant value estimates on any UK home, conducted its analysis of the nation's favourite Soap streets by matching each fictional property to identical homes in the areas where the shows are based.

Proving that Soap-land is certainly not immune to the recent housing slump, the research found that the residents of Walford have felt the second biggest ripple, seeing the total value of Albert Square decline £97,720 over the past six months. The cobbles of Coronation Street followed, with the street losing £66,511, whilst the Kings and Dingles of Emmerdale have been least affected, seeing only a one per cent drop, reducing the value of the village by £51,077.

According to Zoopla.co.uk figures, in the past three months alone, values have fallen by over 3% on Albert Square (Walthamstow), wiping an eye-watering £13,976 off the price of the average home. Hollyoaks village (Chester) and Coronation Street (Salford, Manchester) are suffering too, with £1,267 and £387 respectively being knocked off the average value of their homes since February. Values in Emmerdale (Esholt, Yorkshire Dales) have stabilised however gaining £572 on average over the last 3 months after a steep decline at the end of last year.

The combined property value of the four leading soap streets now comes in at close to £13 million, down £317,355 from November last year. EastEnders' Albert Square is still home to Soap's wealthiest residents by far with an average home value of £439,785, followed by Emmerdale at £229,207 and Hollyoaks village at £193,698. At the other end of the property ladder, average values on Coronation Street come in at only £96,341.

The recent housing market woes are, however, overshadowing the significant gains made over the past few years. Zoopla.co.uk figures show that average values on Coronation Street have risen by 25.98 per cent in the last 3 years, and in Albert Square by £23.58 per cent over the same period. Emmerdale village has seen a 3 year increase of 14.13 per cent, whilst Hollyoaks village has seen the lowest gains of just 13.23 per cent. Cumulatively, over the last five years, the total value of homes in the four leading Soap's has risen by just under £4.5 million (£4,489,381).

Alex Chesterman, Founder & amp;CEO of Zoopla.co.uk said:

"Whilst the recent dip in the market may be tough on the residents in Albert Square (who have seen average house values drop by £148 per day in the past 3 months), like most UK homeowners, they can take comfort in knowing that their homes have actually made a tidy profit over the past 3 years. Charlie Slater and his neighbours on the Square have seen average value increases of £83,914 over the last 3 years."

"Some of our favourite Soap characters also happen to be amongst Britain's nosiest neighbours. Zoopla.co.uk is the ultimate tool for anyone interested in the property market, providing free access to house prices paid, current value estimates, local trends and much more for ANY UK home. I imagine everyone from the Hutchinsons of Hollyoaks to the Beales in EastEnders would likely be checking our website daily to keep track of their properties as well as keeping an eye on those of their neighbours."

  Hollyoaks Emmerdale Coronation St Eastenders
Total values £1,743,280 £4,813,354 £1,445,113 £4,837,630
6 month value change (%) -5.53% -1.05% -4.40% -1.98%
1 year value change (%) 2.48% -3.50% 2.15% 3.65%
3 year value change (%) 30.95% 19.18% 28.25% 11.63%
5 year value change (%) 59.00% 79.15% 53.98% 33.33%
6 month change (£) -£102,047 -£51,077 -£66,511 -£97,720
1 year change (£) £42,187 -£174,578 £30,416 £170,356
3 year change (£) £412,024 £774,628 £318,319 £504,001
5 year change (£) £646,877 £2,126,581 £506,606 £1,209,317
Avg values £193,698 £229,207 £96,341 £439,785

Source: Zoopla.co.uk, May 08

- Ends -

For further information, please contact Tim Vooght at pr@zoopla.co.uk or on 020 3872 5615.

Notes to editor

EastEnders

  • Average property value - £439,785
  • Highest value property - Beale family - £597,223
  • Lowest value property - Gus Smith - £247,687

Coronation Street

  • Average property value - £96,341
  • Highest value property - Barlow family - £114,811
  • Lowest value property - MacDonald family - £68,071

Emmerdale

  • Average property value - £229,207
  • Highest value property - King family - £465,555
  • Lowest value property - Betty Eagleton - £120,173

Hollyoaks

  • Average property value - £193,698
  • Highest value property - Ashworth family - £288,487
  • Lowest value property - Tony Hutchinson - £146,463

What is Zoopla?

Zoopla is a revolutionary online publishing service and community website providing information and tools to give users an advantage in the UK residential property market. Our aim is to create a transparent marketplace and we believe that information should be free and easily accessible to everyone.

How did it start? In early 2007, following the success of bringing DVD rental to the internet with LOVEFiLM.com, Zoopla founders Alex Chesterman and Simon Kain realised that the internet had yet to deliver meaningful change to the UK property market. It became clear that consumers lacked essential tools and information to help them understand home values, view similar properties, learn about past transactions...

...and then we thought:

  • Why not offer users a tool to get access to FREE, instant value estimates on their homes or anyone else's?
  • Why not let buyers make offers on ANY home, instead of just the 4 per cent of homes currently on the market 'for sale'?
  • Why not let owners find out if there is any market interest in their homes without having to list them 'for sale'?
  • Why not let agents and sellers market their 'for sale' listings FREE by providing them with easy-to-use tools?
  • Why not let anyone ask/answer questions and share their knowledge about any homes or neighbourhoods?
  • Why not put current value estimates, sold prices, homes for sale and local information all together in one place?

So, we have started by providing FREE value estimates and sold prices on homes, allowing sellers and agents to list homes for sale FREE, and letting all users edit information and upload photos. We have also launched some unique features, like TemptMe™ and AskMe™, which allow users to gain an insight into the market and discover information they won't find anywhere else.

By making TemptMe™ offers, buyers can try to entice owners to consider selling. Owners also benefit from this unique feature by being able to see what level of interest there is on their home without actually having to list it for sale.

The AskMe™ community feature allows anyone to find out more about any home or neighbourhood that they are interested in by posting questions for those in the know to answer.

Zoopla value estimates are calculated using a proprietary algorithm (secret formula) that we have developed by analysing millions of data points relating to property sales and home characteristics throughout the UK. The algorithm works by comparing relationships between home prices, economic trends and property characteristics in given geographic areas. Our estimates are constantly refined by our team of analysts, using the most recent data available and a variety of statistical methodologies, in order to provide the most current information on any home.

Zoopla Limited is a privately held company, backed by leading international venture capital firm Atlas Venture.

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