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House prices boosted by thriving local businesses 500 pounds

Written by : News | Tue 09th Dec 2014

 

High streets populated with thriving independent businesses boost the prices of nearby homes, a new study has concluded

According to the American Express High Streets Ahead study houses near town centres full of prospering small traders have climbed by an average of £40,000 over the last decade.

The rise in property values was 17% higher than the growth in comparable areas with proportionally fewer independent traders.

The report goes on to suggest that 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 over the next 10 years.

The study identified five high street hot spots – good examples of areas with thriving independent retailers which looked set to prosper over the next five years: Whitstable in Kent; Marlborough, Wiltshire; Hungerford, Berkshire; Totnes, Devon, and Yarm in North Yorkshire.

It found that consumers living in areas with a higher proportion of small, independent businesses spent an average 21% of their annual retail budget shopping locally, compared with those living near fewer independent traders, who spent 6% locally.

American Express UK managing director Colin Walsh said: "This report identifies what we're calling the 'shop small effect', which is the reciprocal benefit consumers can enjoy simply by supporting their local independent traders."

HENRY CLARK [CC-BY-SA-2.0 (http://creativecommons.org/licenses/by-sa/2.0)], via Wikimedia Commons


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