Quality of local high street still a major draw for property hunters despite a noticeable deterioration
A new survey of 2,000 UK adults found:
51% said having a thriving local high street is essential when choosing where to live
28% would pay more for a property if a great local high street was nearby
But 54% said their local high street has deteriorated over the past five years
78% want the government to do more to support local high-street businesses
The quality of local high streets remains important to many UK homebuyers and renters even though there has been a noticeable decline in recent years, new research from Market Financial Solutions has revealed.
The specialist lender commissioned an independent, nationally representative survey of 2,000 UK adults. It found that for over half (51%) of people, the quality of the local high street is a key consideration when looking for a property, with 28% willing to pay a premium when buying or renting if the property was near a thriving high street.
However, following the pandemic and cost-of-living crisis, Market Financial Solutions’ research also found that the majority (54%) of UK adults believe their local high street is in worse condition now than it was five years ago.
Despite this, a third (32%) of UK adults said they shop on their local high street more frequently now than five years ago.
Most (53%) respondents stated they prefer independent shops and hospitality venues over chain brands, while 78% feel the government should be doing more to support local high-street businesses.
Paresh Raja, CEO of Market Financial Solutions, said: “The past five years have posed unprecedented challenges for small businesses, from the pandemic and cost-of-living crisis to fierce online competition and higher overheads. So, it is understandable that many high streets have struggled, but our research clearly shows that the desire to live near a thriving local high street remains strong when people are making decisions about where to live.
“The unique sense of community that can be built by a thriving high street simply cannot be replaced by online shopping, something reflected by the fact that nearly 19 million UK adults are willing to pay a premium to live near one.
“But consumer loyalty is not enough. Government support will be required – something the Labour Party should take note of. Moreover, property investors, brokers, and lenders also have the opportunity to help revitalise declining high streets by getting vacant and derelict venues back on the market, in turn paving the way for a wider, more exciting mix of commercial and semi-commercial spaces to emerge across the country.”
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