How shopping locally can increase the value of your home
New research from American Express suggests that local high streets which have thriving small, independent businesses added an average of £40,000 onto nearby house prices over the last 10 years. The rise in property values in these areas was 17% higher than the growth in comparable areas with proportionally fewer independent traders.
Its ‘High Streets Ahead’ Report goes on to say that over the next decade, homeowners living close to a flourishing local high street, could see the value of their property outperform similar homes elsewhere by as much as £70,000.
Television property expert Kirstie Allsopp, who is supporting Small Business Saturday which is being run on December 7, said, “This confirms what we in the property business have believed for some time. Building extensions, new kitchens and bathrooms are not the only ways to add value to your house. By shopping locally and supporting local traders, you are investing in your home as well as your high street.
“Small Business Saturday is all about saying to people, ‘if you value having the butcher and the grocer on your doorstep and the benefits they bring to your neighbourhood, then we all have a part to play on 7 December’.”
The research also reveals that people who live near areas with a strong mix of independent retailers have a greater sense of ‘community’ and their local high streets are places where they spend more time socialising, as well as making purchases.
Colin Walsh, UK Managing Director of American Express said: “This report identifies what we’re calling the “Shop Small Effect”, the reciprocal benefit consumers can enjoy simply by supporting their local independent traders.”
As part of the research Conlumino interviewed more than 4,000 consumers, as well as a panel of 25 experts spanning property, retail, local government and business to get their insights on the high street of the future.
The panel identified five ‘High Street Hot Spots’ which are good examples of areas with thriving independent small businesses which, over the next five years, look set to prosper, potentially adding significant value to surrounding properties. These were:
The property week in numbers
More than half of UK homebuyers didn’t change the locks when they purchased their property (source: Ocean Finance)
One in ten people have fallen out with a friend who’d fixed something in their home – the friend taking too long to come round to help caused half of arguments (AA Home Membership)
Average rents have risen to 41% of monthly earnings (Sequence Group)
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