Does Reality TV affect property prices?

by Readers Question

20:18 PM, 14th December 2012
About 6 years ago

Does Reality TV affect property prices?

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Does Reality TV affect property prices?

Does Reality TV affect Property PricesExtracts from an intriguing Readers Letter from PR agent Ally Whicher of Woodthorpe Comms asking; “does reality TV affect property prices?”

According to Ally, Rightmove UK recently commented; “The locations of reality TV series’ such as Made In Chelsea and The Only Way Is Essex are becoming ‘reality chequered’ by their respective shows, as the British public’s perception of places like Chelsea and Brentwood is being dented by what they are seeing on-screen. Rightmove has identified a ‘TOWIE Effect’ on places where reality shows are based, so-called as The Only Way Is Essex has tarnished its filming location the most.

Around half (48%) of the UK population state they now view Brentwood in Essex as being ‘less desirable’ as a direct result of seeing Mark, Arg, Amy, Joey and co. on the hit ITV show. Only 11% of those surveyed felt TOWIE had made Brentwood more desirable, with 15% claiming it had no effect and 24% stating they didn’t know about the show.”

Ally works for Woodthorpe Comms a PR firm which looks after the PR for London-based property repairs and maintenance company Homefix Direct. Ally told us that Declan Curran, a Director of Homefix Direct had the following to say in response to Rightmove:

“I’m pretty sceptical about the alleged negative effect of reality shows on local property prices. Certainly we’ve never heard of this phenomenon from any of the estate agents we deal with in Chelsea or Essex on a daily basis! In fact, I doubt that shows like this would have much of an effect, except perhaps to make younger viewers aspire more to living in Chelsea later in life.

Obviously in some cases very negative associations will have an impact on property values – I wouldn’t fancy trying to sell Jimmy Savile’s old penthouse for example. But to be honest, I suspect that the viewers of these shows are more concerned with the price of kebabs and alcopops than the value of apartments in Brentwood or SW3, and the people who are concerned with property values are probably barely aware of who’s cheating on whom on the King’s Rd.

Put it this way – I happen to own a rental flat in Chelsea and I don’t sit thinking “oh no, that’s another £10k off the value” every time Millie starts whining about nothing in particular…” 

What do you think – does reality TV affect property prices?



Comments

Mary Latham

13:00 PM, 16th December 2012
About 6 years ago

I think that this is very intersting. Not particularly from the aspect of property values but more about lifestyles. I have always believed that the generation of young people who began watching Home and Away and Neighbours in their early years (my own daughters were two of them) were very influeced by what they saw and that contibuted the the high number who grew up wanting at the very least to "travel" around Oz and in many cases (ike my daughter) to settle there.
In my opinion we need British shows on the lines of Friends and New Girl to show young people in the UK that home sharing can be a good life. There are so many young people who cannot afford to leave home because they aspire to having their own flat but if they chose to share with other young people the cost would be very affordable. TV's shows do influence people, particularly the young, and if we are going to change aspirations we need them to lead the way.
I've got some three bedroomed flats, that I bought ten years ago thinking that they would make great homes shares because they were built in the 60's with enormous rooms and lots of storage. I renovated them to a very high standard but I have only once had a group of young professional sharers and they are mostly let to families. The rental yield is ok but I could increase the rent by 20% and they would still be very affordable at a similar cost of lodgings in someones home. The bills would be minimal if shared between three and the locations are perfect. The problem is that in the Midlands it is not the norm to share with more than one other person and we need to change that norm.
Bring back the Liverbirds that what I say but not, for goodness sake, Rising Damp.
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Mark Alexander

14:23 PM, 16th December 2012
About 6 years ago

Great post Mary

OMG though, as a teenager my favourite TV show was The Young Ones LOL

Mary Latham

20:13 PM, 16th December 2012
About 6 years ago

Mark I have just Googled the Young Ones and came up with this video, if this is what influenced you I do not want you for a tenant. But it does answer some of the questions I had about you hahahahahaha

http://www.youtube.com/watch?g...

Follow me on Twitter@landlordtweets

Mark Alexander

23:15 PM, 16th December 2012
About 6 years ago

Hi Mary

That link just takes me to YouTube, not The Young Ones video???


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