Research shows buyers value thriving high streets, but majority see their condition worsening
The quality of local high streets remains a priority for many UK homebuyers and renters, even as high streets face growing challenges, according to new research from specialist lender Market Financial Solutions (MFS).
An independent survey of 2,000 UK adults, commissioned by MFS, revealed that 51% of respondents consider the condition of the local high street an important factor when choosing a property. Additionally, 28% said they would pay a premium to buy or rent a home near a thriving high street.
However, the study highlighted the difficulties facing UK high streets in recent years. A majority (54%) of respondents believe their local high street is in worse condition now compared to five years ago, reflecting the combined impact of the pandemic, the cost-of-living crisis, and increased competition from online retailers.
Despite these challenges, 32% of those surveyed said they now shop on their local high street more often than they did five years ago. The MFS research also found that most respondents (53%) prefer independent shops and hospitality venues over larger chain brands, while 78% believe the government should do more to support local high streets.
Paresh Raja (pictured), chief executive of Market Financial Solutions, said the findings underscore the enduring importance of high streets for UK residents.
“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,” Raja said. “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.”
Raja emphasised that high streets contribute to a sense of community that cannot be replaced by online shopping, noting that nearly 19 million UK adults are willing to pay a premium to live near a bustling high street. He also called for greater government intervention and highlighted the potential role of property investors, brokers, and lenders in helping to revitalise struggling high streets.
“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, paving the way for a wider, more exciting mix of commercial and semi-commercial spaces to emerge across the country,” Raja added.
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