THERE are few better illustrations of Britain’s obsession with property than the schedules of Channel 4. Kirstie and Phil, a cheerily bickering duo known to viewers by their first names, are presenting their 31st series of “Location, Location, Location”. “A Place in the Sun” and “Building the Dream” offer the tempting prospect of a new start. Now the station’s bosses have grand designs of their own. They have been touring the country since June and are due to pick a new home for the channel by the end of October.

Politicians have long wondered what to do with Channel 4, an odd hybrid that is owned by the state but funded by advertising. The current Conservative government mulled privatising it, before threatening to change the law to force it out of London. David Abraham, its former boss, argued that leaving the capital could “destroy” the channel. But his successor, Alex Mahon, has been more amenable. She will choose a headquarters in Leeds, Greater Manchester or Birmingham and earmark two cities for smaller hubs.

Ministers want the move to pep up regional growth, stimulate the media industry outside the capital and produce more diverse programmes. Even by Britain’s highly centralised standards, the media industry is concentrated. About two-thirds of TV producers are based in London or the south-east of England. A government-commissioned analysis found that Channel 4 would have a greater economic impact elsewhere.

The BBC, a far bigger broadcaster, provides a useful case study. Wonks quibble about the effects of its decision to open a northern base in Salford, close to Manchester, in 2011. Paul Swinney of the Centre for Cities, a think-tank, found that the BBC’s move to what is dubbed MediaCityUK created up to 4,420 jobs in Greater Manchester, equivalent to 0.3% of jobs there in 2016. Moving public institutions creates headlines but, he argues, it is “small fry” and risks distracting politicians from reforms that would encourage private-sector investment with greater payoffs.

Others take a rosier view. Thomas Forth, a data analyst who lives in Manchester, calculated that—excluding BBC employees—the number of TV, radio and film workers in the city rose by 24% in the four years after the move, compared with a national average of 6%. It also contributed to a new buzz about the place. “As I look around me I see dozens of cranes, new coffee shops—a huge amount of growth that’s not present in other cities,” he says. “I don’t think that’s a coincidence.” Phillip Blond of ResPublica, another think-tank, reckons Channel 4 could be a “tipping point” for Salford, making the city a more attractive home for ambitious, skilled workers.

Most analysts favour Salford on the basis that the channel would add to a cluster of creative businesses at MediaCityUK, where some staff from ITV, a rival broadcaster, have already joined their BBC peers. Since Channel 4 is relatively small and does not produce shows in-house, it might struggle to generate a new cluster elsewhere. Staff may also prefer Salford to other cities. Mr Abraham fretted that 60-80% would quit rather than leave London. But in Salford’s media cluster they would at least have opportunities outside Channel 4. Managers, meanwhile, would have a pipeline of skilled recruits.

Upping sticks might also change the channel’s tone. It was launched in 1982 to offer an alternative perspective to its bigger rivals, but now picks commissioners from the same talent pool. Ofcom, the regulator, found that only 44% of viewers thought the channel portrayed their region fairly. Some grumbled that programmes were too London-focused. The channel’s decision to commission half its shows outside the capital ought to help.

Yet the move could be undermined by bosses’ caution. One recent lunchtime, as a nearby market lured staff with halloumi salads and “kick-ass burritos”, workmen repainted the giant “4” sculpture outside the channel’s London offices. It did not look as if removal lorries were expected. Only up to 300 of the 850-odd staff will pack their bags, though more could follow later. Ms Mahon will be based in London, with a second office in the new HQ. “If you were a really ambitious person at Channel 4, where would you go?” asks an adviser to a candidate city. “The one where all the senior people are, and twice as many staff, or the ‘headquarters’?” If the move is to be more than a gesture, bosses should go too. If Ms Mahon needs house-hunting tips, she could always call on Kirstie and Phil.