The future of BBC soap EastEnders hangs in the balance as the broadcaster confirmed they would be selling the set.

Elstree Studios in Hertfordshire is being sold by the BBC in a bid to raise funds as the broadcaster looks to find £500m in annual savings.

Although Elstree is being sold, the BBC has shared that EastEnders will continue to be filmed on the site as they've agreed on a lease with the new owners, insurance brand Axa.

The confirmed price Axa will pay for the 16-acre land is now yet official, but according to BBC News, the broadcaster is looking for £70m.

EastEnders Elstree Studios up for sale by BBC

Discussing the future of Elstree and EastEnders, chief financial officer Alan Dickson said: "The sale of the Elstree Centre site is part of an ongoing review of the BBC's property portfolio in order to provide the best value for licence fee payers."

Adding: "As part of the sale, the EastEnders site has been secured on a long-term lease and Elstree will continue to be the home of Albert Square."

BBC put Elstree on the market just two years after they finished rebuilding the EastEnders set which cost a total of £87m and was four years and £27m over the initial budget.

Axa shared that they plan to redevelop the Elstree estate, as John O'Driscoll, global co-head of real estate for AXA IM Alts, said: "The structure of the transaction allows the BBC to continue its production on the site for at least another 25 years, while providing us with the opportunity to invest in the site to create new world-class studios.

"The whole area has a long and illustrious history of producing some of the world's most celebrated films and television series and, under our stewardship, we aim to continue that legacy."

Elstree Studios is not just the home of EastEnders, with the likes of Casualty, Holby City, Top of the Pops and more filmed on the site.

Recently the broadcasters sold its Maida Vale studios and have shared plans to leave Wogan House, the home to BBC Radio 2.