A survey by Market Financial Solutions (MFS) found that 51% of UK adults see a vibrant local high street as essential when choosing where to live.
With 28% willing to pay more for a property nearby, 54% said their local high street had deteriorated over the last five years.
32% of respondents reported shopping on their local high street more often now than five years ago.
Additionally, 53% prefer independent shops and hospitality venues over chain brands.
78% said the Government should do more to support local high street businesses.
Paresh Raja, chief executive officer of MFS, said: “The past five years have posed unprecedented challenges for small businesses, from the pandemic and cost-of-living crisis to fierce online competition and higher overheads.
“So, it is understandable that many high streets have struggled, but our research clearly shows that the desire to live near a thriving local high street remains strong when people are making decisions about where to live.
Raja added: “The unique sense of community that can be built by a thriving high street simply cannot be replaced by online shopping, something reflected by the fact that nearly 19 million UK adults are willing to pay a premium to live near one.
“But consumer loyalty is not enough. Government support will be required – something the Labour Party should take note of.
“Moreover, property investors, brokers, and lenders also have the opportunity to help revitalise declining high streets by getting vacant and derelict venues back on the market, in turn paving the way for a wider, more exciting mix of commercial and semi-commercial spaces to emerge across the country.”