By Bea Patel, TLE Property Editor and Director of Shop for an Agent
In 2001 – in the film Bridget Jones’s Diary – Bridget’s bachelorette pad was above a pub in London’s Borough. If she was to make her big screen debut today, it’s unlikely her flat would be located here.
Ahead of the release of the third film – Bridget Jones’s Baby – later this year, research from property portal OnTheMarket.com found mid-30s single women would struggle to afford to buy or rent a flat similar to Bridget’s one-bedroom property above The Globe Tavern, a pub next to Borough Market.
Property experts believe similar homes could now be worth more than £650,000. This is a rise of more than 240 per cent from £190,000 since the first film in 2001.
In rental value in 2001, experts say the property would have generated between £250 and £275 per week. Today, this has risen to between £350 and £375 per week – an increase of around 40 per cent.
In the film, viewers saw Bridget (Renée Zellweger) dance around the living room and sip wine in the bathtub of the one-bedroom flat. The property also featured in The Edge of Reason, the second film released in 2004.
Helen Whiteley, commercial director at OnTheMarket.com said: “Even in her wildest dreams we don’t think Bridget would have predicted such an impressive increase in the value of her flat. Borough has become a property hotspot and single girls like Bridget would be in a unique position if they were looking to sell now.”
Tom Yeomanson, an associate sales manager at Knight Frank in Tower Bridge explains the combination of rising prices in London, compounded by significant improvements in the local area, have contributed to the impressive growth. He estimates a one bedroom flat like Bridget’s would have increased in value from £190,000 in 2001 to more than £650,000 today.
Knight Frank has one-bedroom flats around Borough Market, ranging from £870,000 to £1,475,000 in the development, One Tower Bridge. Estate agent Jackson-Stops & Staff also has one-bedroom flats starting at £735,000 at Valentine Place, walking distance from Borough Market. Both properties cost more than the current value of Bridget Jones’s flat.
Zoe Mercer, an associate director of Jackson-Stops & Staff believes a one bedroom flat similar to Bridget’s would have cost between £100,000 and £150,000 in 2001. “Now you would be looking to spend between £600,000 and £1m for a one bedroom flat,” she said.
According to Mercer, increases are partly due to the transformation that Borough Market and surrounding areas have seen. She said: “There has been so much investment into Borough Market and London Bridge that it has become a highly coveted micro-location, where the financial market works harmoniously alongside the more urban lifestyle aspect of the food market. Whatever personal dramas Bridget faced over the years, there is no doubt that her flat would have proven to be an extremely sound investment.”
The flat that Bridget lived in is currently not for sale. The building was renovated last year. The flat above the refurbished The Globe Tavern was due to be occupied by its staff.
Tracey Cumming, Head of Lettings at Jackson-Stops & Staff comments: “The London Bridge and Borough area has undergone an incredible transformation over the last decade and this flat now boasts one of London’s most desirable addresses in a thriving area with excellent transport links.”
