Vast majority also think the government should support local high street businesses better
The quality of local high streets is still an important factor in people’s decisions about where to live, new research from specialist lender Market Financial Solutions (MFS) has found.
Having a vibrant local high street was important to almost half (46%) of the 2,000 UK adults surveyed by MFS, with over a quarter (27%) of respondents saying they would pay a premium when buying or renting a property if there was a great local high street nearby. Also, 19% said the decline of their local high street had prompted them to move property or start looking for a new home.
The research found that nearly half (46%) think that their local high street had changed notably since the start of 2020. However, only 20% thought their local high street had improved since the onset of the pandemic.
More than seven in 10 (71%) believe Liz Truss and the new government should do more to support local high street businesses.
“With lockdowns, travel restrictions, social distancing regulations and now a cost-of-living crisis, local high streets have had a very difficult two-and-a-half years,” Paresh Raja, chief executive at Market Financial Solutions, said. “Indeed, many thought these challenges would be the death of the local high street – but our research shows that there is plenty of life in them yet.
Read more: Thousands of Brits want more from their home following the pandemic.
“Even with the rise of online shopping and so many delivery services, it’s clear that a vibrant local high street is really important in many people’s decisions about where to live. A sense of community and greater convenience remain of great value – over 14 million Britons will pay more to live near to a vibrant local high street.”
Raja, however, stressed that ensuring the long-term prosperity of the UK’s high streets will take more than consumer support, as revealed by the survey results.
“People want to see the government up its support of local businesses, while there is an opportunity for investors to help fuel the regeneration of derelict venues, helping create new commercial, and semi-commercial premises on local high streets nationwide,” he said.
