Spotlight: The Future of the M27 Corridor – 2017

Delivering homes and workplaces in and around Portsmouth and Southampton

■ The economy of the M27 corridor and surrounds is growing faster than the national average, putting further strain on an already undersupplied commercial market, and exacerbating the housing shortfall.

■ Demand for housing pushed up house prices between 8.0% and 10.7% over the year to September across the M27 corridor, above the national average of 7.1%. However, they still remain more affordable than neighbouring markets Winchester, Chichester and East Hampshire.

■ The M27 corridor needs at least 4,000 additional homes per year, but the current delivery rate is leaving the area short of need by 940 homes a year. Office conversions have provided 10% of all new homes in the last year.

■ There is very limited office supply available and no new developments under construction. Failure to meet demand may inhibit growth prospects of local businesses and make it harder to attract new companies. Lack of commercial development has resulted in an increase in refurbishments.

■ With residential sales values outperforming commercial values, new development is dominated by housing schemes. There is, however, potential to bring forward more commercial space through residential-led mixed use schemes.

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