Real estate, social impact, and rethinking health and wellbeing

By Michael Blake, Associate Director, Social Value at Savills

At the recent Quality of Life Symposium, I was asked what needs to change in industry if we are to see homes created that truly deliver for health and wellbeing. It’s an important question and one that matters to me. While I work in the real estate industry, my focus has always been on social impact and social value. It often benefits me to step back from the real estate perspective and look at things more holistically.

Changing perceptions

So, what change do we need to see? I believe one of the significant changes required in the real estate industry is how we perceive the connection between housing and health and wellbeing. Housing is often seen as the sole, full time solution to health and wellbeing, particularly when dealing with homelessness or rough sleeping. The assumption is that if you provide someone with a place to live, the problem is solved. 

However, the reality is more complex. When I talk about the quality of housing, I’m not simply referring to its design and the quality of the bricks and mortar. Rather, it’s about whether people have opportunities within their local community, whether they interact with their neighbours, whether there’s community cohesion, and whether they are situated in an environment that positively impacts their health and wellbeing.

A shift in language is needed. As is a focus on processes like co-design and co-production. There is more work to be done in the sector on the  long-term implications and legacy of real estate.  While this approach may be challenging for an industry sometimes associated with short and medium-term development projects, the planning process can be quite the opposite. 

The four pillars of people

In our social value team, we often discuss the four pillars of people: those who live in an area, those who work there, those who visit, and those who may never otherwise interact with it. The latter group is particularly relevant when considering health and wellbeing. 

As an industry, we should strive to bring these individuals into a community to foster cohesion and connectivity. This, in turn, can have significant effects on intergenerational mental and physical health. It’s about broadening the conversation to encompass what we define as health and wellbeing and the long-term legacy of our actions.

Measuring success

Furthermore, it’s about a shift in how we measure success. The core concept of social value, I believe, is fundamentally about how we’ve recently helped residents. It’s not just about the financial figures or the tangible outcomes; it’s a broader conversation. Different organisations employ various metrics and tools, and there’s much we can do, starting from pre-construction phases. It’s about engaging with communities and finding solutions to the challenges they face.

Long-term legacy

The real estate industry has the power to influence and enhance the health and wellbeing of communities. This goes beyond the quality of housing and design; it’s about creating environments that facilitate connection, belonging, and the ability to positively impact people’s health and wellbeing. By broadening our perspective and considering the long-term legacy of our actions, we can play an important role in positive social change within our communities.