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.”

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website.

You May Also Enjoy

Breaking News

Majority of Tenants Unsure How Changes Will Affect Them, Says LRG

With major changes to the private rental sector on the horizon, 62% of tenants say they don’t know whether the government’s Renters’ Rights Bill will address their concerns – highlighting a growing need for clearer communication around what the reforms will mean in practice. LRG’s latest Lettings Report shows that while landlords are widely aware…
Read More
Home and Living

Perfume Storage Tips: How to Keep Your Fragrances Fresh

Perfumes are sensitive compositions that can be significantly affected by how they are stored. Proper storage ensures that your favorite fragrances stay fresh and maintain their intended scent profile. In this article, we’ll explore practical, fun, and effective tips to help you preserve your perfumes in perfect condition. Understanding the Sensitivity of Perfumes Perfumes are…
Read More
Breaking News

Renters’ Rights Bill Delay Causing Uncertainty for Tenants and Landlords

Ministers need to tell landlords and tenants when measures in the Renters’ Rights Bill will take effect the National Residential Landlords Association (NRLA) is today warning. The Government pledged last year to abolish Section 21 ‘no explanation’ repossessions and to make other changes to the rental market this summer. With the Bill not scheduled to…
Read More
Breaking News

Breaking Property News 02/04/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   Made Snappy 360 appoints new CEO and Sales Director to accelerate growth in the property technology space Made Snappy 360, the fast-growing proptech company known for its virtual tours and floor plan technology, has appointed industry veteran Mark Beresford-Ward as its new Chief Executive…
Read More
Home and Living

Expert reveals the exact date parents must start renovating in time for summer

Loft and attic renovations are gaining popularity this spring, with nearly 11,000 monthly Google searches, highlighting them as one of the top home renovation projects Brits are planning in the coming weeks. Loft conversion specialist Sally McClean, loft conversion specialist from Enfields loft conversions Rooftop Rooms, shares the exact dates homeowners should start their renovations…
Read More
Breaking News

Nationwide HPI – Annual house price growth steady in March

Annual rate of house price growth remained stable in March at 3.9%, unchanged from February Northern Ireland remained the top performing area, with annual price growth accelerating to 13.5% London weakest performing region, with 1.9% year-on-year rise Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said: “UK house price growth remained stable in March…
Read More