February 1, 2017

Could Bridget Jones still afford her flat in Borough Market?

Tiger Financial takes a look at Bridget Jones and the property market today Even though a collection of mistakes and […]

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Tiger Financial takes a look at Bridget Jones and the property market today

Even though a collection of mistakes and mishaps, Bridget Jones got one thing categorically right; the flat she was in during the first film!

The famous flat sits above the Globe Tavern and has increased in value by more than 240% since the film debuted in 2001. This is due to both London’s overheated property market as well as the location of the flat being right next to the reinvigorated Borough Market.

According to ‘onthemarket.com’, Jones would have had to pay somewhere in the region of £190,000 for the property. If she were to sell it today though, she could expect a sum more along the lines of £650,000, even with the noise of the two nearby railway lines.

In the first film, Bridget Jones was a publisher, a career path in which she could have expected to earn a wage of around £23,000 back then. This would be literally just about enough to afford the flat above the pub.

In modern times, however, that salary would likely mean Jones could have gotten a £90,000 mortgage. Unfortunately in today’s property market, that would mean that she wouldn’t have been able to buy in London, but maybe afford to rent in most places outside of Zone 1.

Her career path today would net her around £35,000 taking inflation into account. This is still unlikely to be enough to enable a purchase of a property in London. She could, however, use the money to rent a very modest flat in the Borough station area.

As all Bridget Jones fans will be aware, she jumped ship to become a TV news producer, a much more lucrative career. In the new film “Bridget Jones’ Baby”, it’s strongly suggested that she’s a bit of a high-flyer.

That said, Jones would still have had to have been a very high flying individual in order to afford a smarter flat in Borough. Jones could buy a smart one-bed flat for £764,995 that’s within a couple minutes’ walk from the station. This particular property is equipped with stunning modern furnished as well as underfloor heating!

Given the fact that £60,000 a year is a high-end estimate of her wage, she would still be very unlikely to be able to comfortably afford such a place. This shows just how unforgiving the market is today, and just how improved and sought after the Borough area has become.

With the information we have about the aforementioned similar flat, if Jones is earning £60,000 a year, she could still afford to buy, but just not in as central a location as Borough Market. Theorising she has no savings and could get a mortgage of roughly 4 x her annual salary, we could expect Jones to be living somewhere such as South-East London’s Forest Hill.

To put in perspective, this flat in question is a mile walk, and then a 15-minute train ride to Jones’ original flat in the film. For anyone that is still wondering, the flat used in the film isn’t actually for sale. It’s still used today by the pub below.

For more information, or to apply for a bridging loan, contact us.

This article was written by Matthew Dailly, Managing Director of Tiger Financial.

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