London study: walkable streets create place value

Research from Transport for London (TfL) claims that people walking, cycling and using public transport spend more than motorists in local shops. Earlier studies reveal that those not in cars spend 40% more than motorists. 

Create value

New research by the University College London’s Bartlett School shows that improvements to the quality of the publically owned and managed street fabric return substantial benefits to the everyday users of streets, and to the occupiers of and investors in neighboring property in multiple ways. Consequently, they return significant value to London as a whole. The study takes its place within a growing body of evidence focusing on how better place quality adds value to health, social, economic and environmental outcomes. The research was conducted in areas of London which have benefitted from Dutch-style streetscape improvements.

Forbes also reports about the results. TfL’s Director of Transport Strategy Lilli Matson said to Forbes: “This research from our new online hub shows the link between creating enjoyable spaces, where people want to spend time and the results for a better business. In those areas improved the number of people walking in the streets increased by 93%. People also spent more time in the street, with a 216% increase in activity such as going into shops and cafés”.

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Welcoming streets

The London research proves (again) that adapting our streets to enable more people to walk and cycle makes them cleaner, healthier and more welcoming. It encourages more people to shop locally. And, it’s good for business and property values.

For more information about place value, click here.

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