diff --git a/packages/client/src/components/Component.svelte b/packages/client/src/components/Component.svelte
index f43c2b30ec..71e08f1215 100644
--- a/packages/client/src/components/Component.svelte
+++ b/packages/client/src/components/Component.svelte
@@ -33,9 +33,12 @@
   // need to be enriched at this level.
   // Nested settings are the un-enriched block settings that are to be passed on
   // and enriched at a deeper level.
-  let componentSettings
+  let dynamicSettings
+  let staticSettings
   let nestedSettings
 
+  // The context keys that
+
   // The enriched component settings
   let enrichedSettings
 
@@ -108,15 +111,23 @@
   $: rawSettings = getRawSettings(instance)
   $: instanceKey = Helpers.hashString(JSON.stringify(rawSettings))
 
-  // Update and enrich component settings
-  $: updateSettings(rawSettings, instanceKey, settingsDefinition, $context)
+  // Parse and split component settings into categories
+  $: updateSettings(rawSettings, instanceKey, settingsDefinition)
+
+  // Enrich component settings
+  $: enrichComponentSettings(dynamicSettings, $context)
 
   // Evaluate conditional UI settings and store any component setting changes
   // which need to be made
   $: evaluateConditions(enrichedSettings?._conditions)
 
   // Build up the final settings object to be passed to the component
-  $: cacheSettings(enrichedSettings, nestedSettings, conditionalSettings)
+  $: cacheSettings(
+    staticSettings,
+    enrichedSettings,
+    nestedSettings,
+    conditionalSettings
+  )
 
   // Update component context
   $: componentStore.set({
@@ -185,48 +196,55 @@
   }
 
   // Updates and enriches component settings when raw settings change
-  const updateSettings = (settings, key, settingsDefinition, context) => {
+  const updateSettings = (settings, key, settingsDefinition) => {
     const instanceChanged = key !== lastInstanceKey
-
-    // Derive component and nested settings if the instance changed
-    if (instanceChanged) {
-      splitRawSettings(settings, settingsDefinition)
-    }
-
-    // Enrich component settings
-    enrichComponentSettings(componentSettings, context, instanceChanged)
-
-    // Update instance key
-    if (instanceChanged) {
+    if (!instanceChanged) {
+      return
+    } else {
       lastInstanceKey = key
     }
-  }
 
-  // Splits the raw settings into those destined for the component itself
-  // and nexted settings for child components inside blocks
-  const splitRawSettings = (rawSettings, settingsDefinition) => {
-    let newComponentSettings = { ...rawSettings }
-    let newNestedSettings = { ...rawSettings }
+    // Derive static, dynamic and nested settings if the instance changed
+    let newStaticSettings = { ...settings }
+    let newDynamicSettings = { ...settings }
+    let newNestedSettings = { ...settings }
     settingsDefinition?.forEach(setting => {
       if (setting.nested) {
-        delete newComponentSettings[setting.key]
+        delete newStaticSettings[setting.key]
+        delete newDynamicSettings[setting.key]
       } else {
         delete newNestedSettings[setting.key]
+
+        // This is a non-nested setting, but we need to find out if it is
+        // static or dynamic
+        const value = rawSettings[setting.key]
+        if (value == null) {
+          delete newDynamicSettings[setting.key]
+        } else if (typeof value === "string" && value.includes("{{")) {
+          delete newStaticSettings[setting.key]
+        } else if (typeof value === "object") {
+          const stringified = JSON.stringify(value)
+          if (stringified.includes("{{")) {
+            delete newStaticSettings[setting.key]
+          } else {
+            delete newDynamicSettings[setting.key]
+          }
+        } else {
+          delete newDynamicSettings[setting.key]
+        }
       }
     })
-    componentSettings = newComponentSettings
+
+    staticSettings = newStaticSettings
+    dynamicSettings = newDynamicSettings
     nestedSettings = newNestedSettings
   }
 
   // Enriches any string component props using handlebars
-  const enrichComponentSettings = (rawSettings, context, instanceChanged) => {
+  const enrichComponentSettings = (settings, context) => {
     const contextChanged = context.key !== lastContextKey
-
-    // Skip enrichment if the context and instance are unchanged
     if (!contextChanged) {
-      if (!instanceChanged) {
-        return
-      }
+      return
     } else {
       lastContextKey = context.key
     }
@@ -236,7 +254,7 @@
     const enrichmentTime = latestUpdateTime
 
     // Enrich settings with context
-    const newEnrichedSettings = enrichProps(rawSettings, context)
+    const newEnrichedSettings = enrichProps(settings, context)
 
     // Abandon this update if a newer update has started
     if (enrichmentTime !== latestUpdateTime) {
@@ -271,8 +289,13 @@
   // Combines and caches all settings which will be passed to the component
   // instance. Settings are aggressively memoized to avoid triggering svelte
   // reactive statements as much as possible.
-  const cacheSettings = (enriched, nested, conditional) => {
-    const allSettings = { ...enriched, ...nested, ...conditional }
+  const cacheSettings = (staticSettings, enriched, nested, conditional) => {
+    const allSettings = {
+      ...staticSettings,
+      ...enriched,
+      ...nested,
+      ...conditional,
+    }
     if (!cachedSettings) {
       cachedSettings = { ...allSettings }
       initialSettings = cachedSettings
diff --git a/packages/client/src/utils/enrichDataBinding.js b/packages/client/src/utils/enrichDataBinding.js
index 34bfb78539..fd7f9bc576 100644
--- a/packages/client/src/utils/enrichDataBinding.js
+++ b/packages/client/src/utils/enrichDataBinding.js
@@ -24,5 +24,5 @@ export const enrichDataBinding = async (input, context) => {
  * Props are deeply cloned so that no mutation is done to the source object.
  */
 export const enrichDataBindings = (props, context) => {
-  return processObjectSync(cloneDeep(props), context)
+  return processObjectSync(cloneDeep(props), context, { cache: true })
 }
diff --git a/packages/string-templates/src/index.js b/packages/string-templates/src/index.js
index d824d5f1db..000965295a 100644
--- a/packages/string-templates/src/index.js
+++ b/packages/string-templates/src/index.js
@@ -7,10 +7,10 @@ const manifest = require("../manifest.json")
 const hbsInstance = handlebars.create()
 registerAll(hbsInstance)
 const hbsInstanceNoHelpers = handlebars.create()
-const defaultOpts = { noHelpers: false }
+const defaultOpts = { noHelpers: false, cacheTemplates: false }
 
 /**
- * utility function to check if the object is valid
+ * Utility function to check if the object is valid.
  */
 function testObject(object) {
   // JSON stringify will fail if there are any cycles, stops infinite recursion
@@ -21,6 +21,32 @@ function testObject(object) {
   }
 }
 
+/**
+ * Creates a HBS template function for a given string, and optionally caches it.
+ */
+let templateCache = {}
+function createTemplate(string, noHelpers, cache) {
+  // Finalising adds a helper, can't do this with no helpers
+  const shouldFinalise = !noHelpers
+  const key = `${string}${shouldFinalise}`
+
+  // Reuse the cached template is possible
+  if (cache && templateCache[key]) {
+    return templateCache[key]
+  }
+
+  string = processors.preprocess(string, shouldFinalise)
+
+  // This does not throw an error when template can't be fulfilled,
+  // have to try correct beforehand
+  const instance = noHelpers ? hbsInstanceNoHelpers : hbsInstance
+  const template = instance.compile(string, {
+    strict: false,
+  })
+  templateCache[key] = template
+  return template
+}
+
 /**
  * Given an input object this will recurse through all props to try and update any handlebars statements within.
  * @param {object|array} object The input structure which is to be recursed, it is important to note that
@@ -104,14 +130,7 @@ module.exports.processStringSync = (string, context, opts) => {
     throw "Cannot process non-string types."
   }
   try {
-    // finalising adds a helper, can't do this with no helpers
-    const shouldFinalise = !opts.noHelpers
-    string = processors.preprocess(string, shouldFinalise)
-    // this does not throw an error when template can't be fulfilled, have to try correct beforehand
-    const instance = opts.noHelpers ? hbsInstanceNoHelpers : hbsInstance
-    const template = instance.compile(string, {
-      strict: false,
-    })
+    const template = createTemplate(string, opts.noHelpers, opts.cacheTemplates)
     const now = Math.floor(Date.now() / 1000) * 1000
     return processors.postprocess(
       template({
@@ -154,8 +173,8 @@ module.exports.isValid = (string, opts) => {
   // don't really need a real context to check if its valid
   const context = {}
   try {
-    const instance = opts.noHelpers ? hbsInstanceNoHelpers : hbsInstance
-    instance.compile(processors.preprocess(string, false))(context)
+    const template = createTemplate(string, opts.noHelpers, opts.cache)
+    template(context)
     return true
   } catch (err) {
     const msg = err && err.message ? err.message : err