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In less enlightened times, we might have referred to it as graffiti. But street art – from gable-end murals to foot-high slogans and forest sculptures – is fast becoming one of the best ways to add value to both property and communities.
Popularised by Banksy, the anonymous artist whose work now fetches six figures, street art has grown from spray painting on subway trains to a multi-million pound industry that appeals to critics and consumers alike.
A research team from Warwick Business School found a link between art and house prices in 2016, using Flickr images to discover higher property prices were tied to more arty images. They identified London boroughs such as Shoreditch and Hackney as particularly enjoying the positive effects of art-led economic development.
Now further research, carried out for the Affordable Art Fair, confirms that property hunters in the UK are influenced in where they want to buy and how much they’re willing to pay by the street art on display.
The survey – carried out by flyresearch.com – quizzed more than 1,000 adults across the UK on their attitudes towards street art. The findings show that up to 32 percent of those who participated would be willing to pay up to £50,000 more for a home in an area with colourful street art; that 42 percent of us would rather have a bright mural or interesting sculpture to look at than a local coffee shop; and that almost a third of Brits would happily commission an artist to paint a mural on the outside of their own home.
The latest Affordable Art Fair takes place from September 8-10 in Bristol, acknowledged as the UK’s birthplace of not only Banksy but street art itself.
The artist-in-residence for the fair is mural artist Alex Lucas, who said: “I’ve been creating murals across Bristol for 10 years now, starting with my own house, and I always love seeing the reactions of homeowners and the local community when they see the finished pieces.
“Many of my works start out as small projects and grow organically with the owner of the space, and even little pieces can make an impact.”
While Banksy is now famous across the globe for his extravagant murals and pavement pieces, he didn’t top the top 10 list of artists Brits would like to wield a paintbrush on their homes.
The honour of the No. 1 spot went to French impressionist master Claude Monet, followed by Salvador Dali, Pablo Picasso and Andy Warhol, with contemporary artists Grayson Perry and Tracey Emin further down the list.For details of galleries exhibiting at the Affordable Art Fair in Bristol, visit www.affordableartfair.com/fairs/bristol
Fran is the content writer for Capital Conveyancing, producing articles on all aspects of the conveyancing process and around the UK property market in general. If there is a topic you'd like to see covered on these pages, please drop Fran a line on [email protected]