A new Strategic Mayoral Authority (SMA) is set to "unlock" Southampton, Portsmouth, Hampshire, and the Isle of Wight's housing market.

According to CBRE, the SMA will provide growth opportunities in the region.

The SMA, a part of the devolution fast-track initiative announced earlier this year, could drive significant focus on housing development, particularly in the affordable and build-to-rent sectors.

Alistair Chapman, CBRE's executive director, said: "An SMA will become responsible for a public transport plan, which will help to unlock the delivery of more homes.

"This will afford enhanced planning powers, allowing them to shape the development of their regions more effectively."

At CBRE Southampton's South Coast real estate market outlook briefing, the 2025 forecast was discussed.

CBRE predicts a 15 per cent increase in UK investment volumes this year.

Tej Singh, head of CBRE Southampton, said: "The lack of supply and high competition for the best space will push up occupational costs."