ISLE of Wight housing prices have seen a big jump in recent months — more than the average for the south east — as low availability meets high demand.
The average Isle of Wight house price in January was £277,037 — a two per cent increase on December, according to Land Registry figures.
The hike contributes to a longer-term trend, which has seen property prices in the area achieve 12.5 per cent annual growth.
Are houses selling quickly on the Isle of Wight?
Alan Gearing, of Trigg & Co Estate Agents, based in Newport, said: “The Island market is busy, and properties of all types are still selling quickly — provided they are correctly priced.
“It’s important to choose the right agent and look at the evidence of other recent sales in the area.”
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Over the last year, the average sale price of property on the Isle of Wight rose by £31,000.
Owners of flats saw the biggest improvement in property prices — an increase of 8.4 per cent over last year.
First-time buyers on the Island spent an average of £222,000 on their property; £23,000 more than a year ago, and £59,000 more than in January, 2017.
What is the state of the Isle of Wight market?
“It’s a seller’s market right now,” said Alan.
“But there are signs of the stock shortage — which pushed up prices last year — beginning to ease, and we anticipate a stable and sustainable market as the year progresses.”
Jamie Busby, of Hose Rhodes Dickson, said: “The Isle of Wight property market is still quite strong, with very low availability and high demand. We are still seeing prices rise.
“We are seeing strong demand from Island residents and from people coming from the mainland who already have links to the Island.
“There has always been a strong demand from people moving from the mainland, but conversely, there are people moving to the mainland.”
Have you known it like this before?
“Yes,” said Jamie.
“I was very much younger, of course, but the latter part of the 1980s had a similar feel when MIRAS was coming to an end.
“It was also very busy in 2006, and there has been various peaks and troughs over the years.”
What sort of houses are in high demand?
“As ever, family homes and bungalows are in especially high demand,” said Alan.
“With local families upsizing, and strong interest from mainland buyers looking to relocate or purchase a second home.
“Properties at the top end of the market, which were in such high demand in 2021, have seen a return to more normal market conditions as the pandemic effect eases off.
“The main market activity is once again in the £200k to £500k range.”
Jamie said: “There is a great demand across all ranges of property, from first time buyers right the way through to your country mansions.”
What advice would you give to would-be buyers?
“We are registering plenty of motivated buyers who are ready to move quickly when the right property comes to market.
“The canny buyers make sure they are talking to the local Island agents to explain what they are looking for, and don’t just look on the internet.
“The best new listings are often quickly sold to pre-registered buyers who are ready to view, before going online.
“As ever, our advice is to get your own property on the market before finding your onward purchase.
“That way, you are ready to proceed and will be an attractive, motivated buyer, able to secure your next home.”
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