This is according to property professionals, who have warned that a lack of new housing, workspace and suitable infrastructure threatens to “stifle” growth in the region by pricing out talent and businesses.
They highlighted that houses prices in Cambridge have increased by 73.4 per cent in the past decade, while in Oxford, prices have risen by 66.8 per cent. In addition, the success of the arc’s knowledge-based economy, which has an annual GVA of £100 billion, has caused office rents to jump by 11.9 per cent in the past year alone as companies vie for limited space.
The 25 investors and developers, including Barratt Developments, Grosvenor and Legal & General, have called on politicians to create a single body that would be responsible for delivering housing and infrastructure within the arc in the same way autonomous bodies delivered the 2012 Olympics and the London Docklands development.
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