Only two in five people (42%) in the UK rate their local high street as good or very good, according to the latest edition of Legal & General’s Rebuilding Britain Index.
When factoring in the quality of local shops, cafés, eateries, banks, post offices and other amenities, London is the only region across the UK where more than half of residents (58%) were positive about their high street.
L&G is calling for a change in how we create relevant and resilient high streets – prioritising localised innovation, diversification and regeneration – to level up local economies.
Key findings of the research include:
- The region with the most negative perception of the high street is Wales, where only one-third (33%) rate their high street positively. This was followed closely by Scotland (34%) and the South West (37%). Conversely, 58% of households in London rate their local high street positively.
- The data shows that the UK’s left-behind communities are most in need of a revamp for their high street. Almost four-fifths of households (79%) achieving a high RBI score rate their local high street as good or very good. This falls to just 22% for those with a low RBI score.
- Similarly, higher-income households (HHI) (69% of those with an HHI of £100k+) are far more likely than low-income households (36% of those with an HHI of under £20k) to have a better opinion of their local high street.
- UK households still value a thriving high street, with 30% identifying investment into the local high street as a key government spending priority – the highest proportion being from those in the lowest-income households.
- High streets of the future will need to think beyond retail – with households placing greater emphasis on services, food and drink and leisure facilities as “must-haves” rather than retail options.
The Legal & General RBI was established to measure the UK’s progress in levelling up on a quarterly basis, surveying 20,000 people and tracking social and economic progress across 52 measures, including health and social care, education, housing, jobs and economic prosperity, environment, energy, transport and digital.
John Godfrey, director of levelling up at Legal & General, said: “The high street has a crucial role to play in how we level up our towns and cities across the UK. Vibrant, healthy communities are the places where people want to live, work and play over the long term.
“We have long advocated for better and more targeted investment of patient capital in the high street so as to accelerate regeneration, drive productivity and increase real wages. The best way to do this is through partnership; our work with local people, businesses and authorities has reinforced the power of partnerships in levelling up local economies – this is key to ensure relevancy and resiliency over the long term.”
To send feedback, e-mail julia.cahill@eg.co.uk or tweet @EGJuliaC or @EGPropertyNews
Discover which agents have been most active in the UK’s regional retail markets so far this year >>
