David Breach, Sales Manager at Biles & Co Estate Agents, gives us a whistle-stop tour around the property market in the Isle of Wight.
The Isle of Wight, situated off the south coast of England, is a popular location for permanent and second homeowners. Made fashionable by Queen Victoria, who had her maritime residence at Osborne House, the island is famous for a number of attractions, including Cowes Week (one of the longest running regattas in the world), beautiful sandy beaches and the Needles, (one of the most photographed groups of rocks in the world). In addition there are longer days, spectacular countryside and pop festivals.
Excellent transport links make travelling to and from the mainland easy and onward connections to London mean that the island is proving very popular with buyers wishing to relocate for a quieter and better quality of life.
Since the fall of national property prices in 2008/2009, the island’s market has stabilised to an extent, although activity can be quite patchy and in certain market sectors interest is limited. Over the last 12 months this has particularly been the case at the top end of the island’s market due to stamp duty changes, which have been one of the biggest factors reducing the number of buyers. The strong performance of the London and home counties markets definitely has an effect. Many buyers, particularly second home owners, come from these areas.
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The market in the areas such as Cowes and Gurnard remain popular for those seeking to be on the Solent and villages such as Bembridge and Seaview are very popular for keen sailors. There are numerous small villages that retain old world charm and a community feel with some spectacular countryside views. To the west of the island you have the world famous Needles jutting out into the English Channel and the towns of Freshwater, Totland and the harbour town of Yarmouth. On the south coast, the sea views are more dramatic, with towns and villages nestled into the coastline. Ventnor and Bonchurch were made fashionable during Victorian times and remain very popular areas today, with both local buyers and second home owners. The world famous Botanic Gardens is evidence of how the area benefits from a frost-free microclimate.
Property prices vary a considerable amount, as expected. Our most recent statistics (August 2015) indicate that the average price of a detached property is £269,857. Having said this, there are properties that have sold in recent years for over £2million and we currently have a number of properties that we are marketing in excess of £1million.
See www.onthemarket.com/newandexclusive. Agents specify exclusivity and are committed to accuracy under terms of use.
