The Central South of England provides the bedrock for the future of the UK in a redefined international geography post-EU withdrawal, writes Gavin Hall, head of Savills’ Southampton office.
The area, centred around the conurbations of Southampton, Portsmouth, Winchester, Bournemouth, Christchurch and Poole, is the home of the UK’s global gateway. Southampton is the UK’s premier export port, and with 90% of exports going outside of Europe, it is well-placed to redistribute goods from South East Asia to Europe.
But it is not all about exporting. Significant global and national employers are also based here, from public sector organisations including the Royal Navy to private sector organisations such as IBM, Lloyd’s Register and Cooper Vision as well as international household names originating from the region, with Lush Cosmetics just one example.
World-renowned education establishments, including the University of Southampton Science Park and the National Oceanography Centre, provide the region with experience, talent and knowledge. The local universities’ strengths are well-matched to the growth sectors of the economy and this enables the region to be future ready.
With more than 110,000 students in education within the Central South’s 11 universities, some 25,000 graduates will enter the workforce locally each year, and with 28% of the population being under 25 years old, the region has a talented, emerging workforce
However, median house prices in the region are above the national average – £358,000 in the Central South compared with the UK average of £255,000.
Land is constrained by the sea and national parks and, as a consequence, housing delivery remains undersupplied.
Providing the right kind of homes for the emerging workforce will be key to making sure they stay living and working within the region. Failure to provide the right kind of housing could affect business growth, as aspiring homemakers – those younger households settling down in housing priced within their means – could be driven to look outside the region.
The opportunity to deliver the right kind of housing for the workforce to support the growing economy of the Central South needs to be grasped to ensure the region delivers on its potential.
