The value of housing can be boosted through good ‘placemaking’, according to RICS research.

Placemaking is the various factors that help create a good place in which to live or work, including the concept of ‘neighbourhood’ and how close properties are to facilities and shops.

The new research found that creating areas with these characteristics adds value to the properties.

Vanessa Hale, Partner in the Research team at Strutt & Parker, said: “Strutt & Parker’s Housing Futures report identified key elements that people also seek in neighbourhoods, such as wanting to be within walking distance shops (49%), public transport (46%) and medical facilities (32%). They also highlighted how critical broadband connectivity was to the location of their home with 36% of their survey respondents indication it was a major factor to consider when moving.”

Strutt & Parker’s next edition of Housing Futures is due out later this spring and it will looks into these desires in more detail.

Home values rise by 5%

On average, good placemaking led to an increase in property values of 5%, with one area noting a 56% rise.

This is often a long-term increase and affects areas that were previously classed as both high and low value.

Uplifts in values were also noted for small homes, which suggest that people are willing to sacrifice space for better neighbourhoods.

How to achieve good placemaking

Among the report’s recommendations on placemaking are for a level of flexibility in the masterplan to allow schemes to evolve.

Strong leadership in development teams that have a clear vision is also a priority, says Tony Mulhall, RICS Associate Director.

Simply put, if developers create well-planned, well-designed and well-built places, people will pay more for them, he adds.

Community facilities need to be provided as early as possible in the development, but the report did recognise that a certain amount of housing was needed before these could be built.

Other priorities include the mitigation of flood risk in neighbourhoods.