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 at 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.”