Street art boosts house prices says new research as city is crowned street art capital of the UK
Portsmouth has been crowned the street art capital of the UK in new research which showed the city has more street art murals per mile than anywhere else in the country.
The research by Bromleys Art Supplies found the city had almost eight street art murals per square mile, with ‘Phone Your Mum’ by MyDogSighs in Henley Road near its corner with Albert Road in Southsea named as the researchers’ favourite.
Researchers have also said that street art is having an impact on local property value. By comparing their number of street art murals against average property prices around the UK, they found a moderate positive correlation (0.35) between higher numbers of street art murals and higher property prices. Portsmouth emerged as one of the cities closest to this overall trend.
Laureen Pattison, Marketing Director at Bromleys Art Supplies said: “While it might surprise some, these findings make perfect sense to us when we think about the broader impact that art can have on a community. Street art resonates with people because it’s accessible, unpretentious, and profoundly connected to its community, and murals can transform neglected spaces into something much more vibrant and lively that fosters a sense of pride. It’s no wonder that places adorned with street art draw people in and make them desirable to live in.”
While other factors—not limited to healthcare facilities, employment opportunities and transport options—play significant roles in influencing house prices, the research underscores how important the local culture and arts scene is to prospective buyers.
Bromleys Art Supplies also consulted property experts about the findings who said that street art increased interest from buyers.
Michael Burt, Head of Sales at City & Country, told them: “Many cities in the UK have a significant arts background, and with this comes significant interest from buyers looking for a home which offers a thriving community they can be a part of. Imagine having a derelict factory at the end of your street – it would significantly affect house prices.
“Now imagine that same factory has been carefully restored into new housing, coupled with street art and close proximity to a thriving economy. Suddenly, your street is a much more attractive place to live – people are moving in, investing in the area, bringing shops and services with them. All of which tends to have a positive effect on house prices.”
Glenn Jacobs,director at Next Home Ltd, added: “I’ve observed first hand how neighbourhoods surge in popularity thanks to their rich history, vibrant culture and thriving art scene. Artistic enhancements, I believe, play a crucial role in sustaining a town’s appeal. Although its impact might be smaller in comparison to other factors, the presence of vibrant street art can contribute to an area’s overall desirability, making it a unique selling point in a competitive market.”