Andy Groom, one of our residential and commercial valuation surveyor working from our Newport office, gives us an update on the Isle of Wight property market.
Following a prolonged period when the housing market for properties valued above £500,000 had been slow, Daniells Harrison’s Isle of Wight office has seen an increase in the number of instructions for both RICS Homebuyers Reports and Building Surveys for properties at the higher end of the market since the start of the summer.
Talking to estate agents on the Island it does appear that our experience is mirrored in general market activity, with a number of agents also reporting that they have seen an increase in sales in this sector in recent weeks. The lack of supply continues to be a factor, properties that are well priced attract buyers readily and those properties that have been on the market for some while, have been selling following price reductions or due to the general lack of supply.
A large proportion of our instructions in this price sector are from clients on the Mainland as buyers are being attracted to the Island by competitive house prices. The average price of homes on the Island is £219,000 compared to £311,000 in Hampshire and £433,000 in Surrey (HM Land Registry). Homes on the Island therefore appear to be good value for money for buyers moving from more expensive areas on the mainland. Whether this trend continues into the Autumn we will have to wait and see.
Daniells Harrison Chartered Surveyors have been based in Newport, Isle of Wight, since 1996 providing a wide range of property advice on commercial and residential properties. For any property related enquiry, please contact our Isle of Wight office.
Christine Matthews / The Needles and Old Battery, Isle of Wight / CC BY-SA 2.0