Isle of Wight might be an interesting area to invest in when looking for a house for sale in the UK as it is a unique area in the county of Isle of Wight.
Before looking for a house for sale in the city of Isle of Wight we strongly suggest landlords and real estate investors to research in detail and consider all involved factors. Indeed, house prices can change quite a bit depending on the square foot of the property, the number of rooms, the economic climate, the location of the house and more.
In this data heavy article the reader will be able to find out more on the topic and see the specific data to consider when evaluating different houses for sale in Isle of Wight.
Thinking about other cities with houses for sale?
You can assess the various houses for sale offered in the area by consulting this list of cities in South East, the same UK region as Isle of Wight:
- Bladon in South East
- Fareham in South East
- Crookham in South East
- Ampthill in South East
- Bedhampton in South East
You may also refer to our landing page specific to UK houses for sale, houses for sale in the UK
Get professional help on the houses for sale in Isle of Wight
Who should you talk to while going through the process of making an offer on a house for sale?
Several experts specialise in giving advice to property investors or to first time potential buyers.
Since the process of finding the right house for sale can take months, you have all the time to consult with the experts you might need.
Find here a list of those you should contact to get professional guidance and assistance when purchasing a house for sale:
- Lender – This practitioner can lend you money to finalise a house purchase
- Insurer – Insuring companies will provide you with the insurance policy you need to protect the house for sale you want to buy
- Legal representative – This professional is usually there to handle all the legal tasks associated with purchasing a home for sale.
- Surveyor – Carries out and independent valuation on the house for sale based on its conditions. It is very useful to understand the correct price before making an offer
- Mortgage specialist – Mortgage advisors works on commissions. They will get a cut from the bank and will guide you with offering the best deals given your financial situation
- Energy assessor – We strongly suggest you to invest in a professional assessment of the Energy Performance of the house for sale you want to purchase
In Isle of Wight, what is the asking price in general for a house for sale?
In the city of Isle of Wight, what is the average asking price for the houses for sale?
| Average asking price (1 bed) | no relevant data for this city |
| Average asking price (2 bed) | £226,212 |
| Average asking price (3 bed) | £360,420 |
| Average asking price (4 bed) | £533,073 |
| Average asking price (5 bed) | no relevant data for this city |
After looking at this table about prices of houses for sale in Isle of Wight, someone who is buying a home would have a detailed understanding of what kind of house for sale is available on the market that best suits the amount of money they are looking to invest. Also, using a more general figure like the average asking price per square foot of a property which is £0 will help them to have a more holistic understanding.
As you go ahead and make offers on a house for sale, it is sometimes best to know what other people are offering for the same type of house for sale so you know what to offer yourself to get a good deal. So you should know, the average asking price of Isle of Wight is £402,938.
Even though the asking price is not what the eventual price the house is sold at, making a note of the averages for the city of Isle of Wight is useful when negotiating and knowing what to expect for every type of house for sale.
How are rental yields of the houses for sale different to the rest of the UK in Isle of Wight?
Let’s consider that you’re not looking to buy a house for sale to live in for the long term future such as if you changed location with your family and want to settle down and you want to find somewhere to buy as an investor in Isle of Wight. If this is the case, rental yield is a crucial statistic to consider.
If looking to invest, you should also consider other data about the area. The average rental income, the turnover of the sale of the house and what the net rental yields are like for the area do also have an impact on the final price of houses for sale in Isle of Wight.
It is clear to see from the table below that there is a difference between all of these pieces of information and how they can be compared and contrasted on a county level (Isle of Wight), a regional level (South East) and finally on the level of the city talked about in this article, Isle of Wight.
| Average Yield | Average Asking rent | Turnover (rental) | Turnover (sale) | |
|---|---|---|---|---|
| Isle of Wight | no relevant data for this city | no relevant data for this city | no relevant data for this city | 15.3% |
| Isle of Wight | 3.34% | £898 | 140.00% | 14.33% |
| South East | 3.58% | £1,301 | 127.50% | 16.69% |
You may also find it useful to compare the data above to the number of properties sold per month Isle of Wight experiences. This figure for house sales per month is 25. Looking at all this information holistically is what a smart investor should do when deciding on the right area for investment before looking for houses for sale.
Are there more or fewer houses being built in Isle of Wight?
Growth in the area can be a good signal of a booming house market. However, too much growth could also have negative consequences on the capital appreciation of a house as time goes on.
Take a look at the table below for Isle of Wight that shows the growth in recent years.
| 1 year | 3 years | 5 years | |
|---|---|---|---|
| Isle of Wight growth rate | 4% | 33% | 39% |
High growth rates can signal an appreciating housing market, nonetheless, if there are too many houses being built, this could reduce demand for housing as the supply of houses for sale starts to catch up with the demand. Leading to stagnation or a decline in house pricing so understanding the growth in Isle of Wight is important.
In general, what do houses for sale sell for in Isle of Wight?
In Isle of Wight, houses for sale are sold at an average of £295,880. In general, multiple factors impact this figure because lots of variables impact properties valuation. This can include the quality of the buildings in general, whether the population has grown, if there is demand for housing or if there is a low crime rate which would make the area more desirable.
In the table below, you can see for yourself how the average price of a house for sale looks based on the different sizes of housing in Isle of Wight. The exact amount of variation between the types of housing depends on the local demand for particular types of houses in the area.
| Housing category | Total final sale price |
|---|---|
| Aerage sold price (detached) | £356,874 |
| Aerage sold price (semi-detached) | £265,590 |
| Aerage sold price (terraced) | £246,189 |
| Aerage sold price (flat) | £193,889 |
As you can see above, for Isle of Wight, price varies based on the type of house that is being sold. If these prices shock you it could be due to population change in the last 10 years of 3% where lots of movement may inflate or deflate house prices.
| Housing category | Sale price per square foot |
|---|---|
| Aerage sold price/sqft | £2,820 |
| Aerage sold price/sqft (new build) | £1,553 |
| Aerage sold price/sqft (old stock) | £2,650 |
Looking at the second table about Isle of Wight, you are able to tell which type of housing is most affordable to you as a buyer. However, for a general overview of what house price is, the average price per square foot for a house in Isle of Wight is £2,820.
A house for sale appropriate to your needs
Many criteria impact the price of houses for sale in Isle of Wight.
Here below are the most important ones according to Lofti’s expertise:
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Affordability – (see what house for sale can you afford?)
A guide from the UK government
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House Location – The borough and region of the UK you want to invest in is an important factor to consider when looking for a home for sale.
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Transport – Commuting can be a waste of time. Minimise it by checking how long it will take from the house for sale you’re interested in, to your office before considering buying
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Number of bedrooms – The number of bedrooms goes hand in hand with the house for sale price. If you are buying for the long period try to think if you might need an extra bedroom
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Energy performance of the house for sale – The difference between an EPC rating of A and an EPC rating of G can impact your monthly utility bills, consider this when evaluating houses for sale.
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Internet connection – Being able to take video calls from your home is crucial nowadays, always check the broadband of the area when browsing houses for sale
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Car park – Ask the property seller for parking availability. If it is included in the price of the house for sale, you can justify paying more than you would at first glance
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Conditions of the house for sale – Repair works can be expensive and take a lot of time, assess the conditions of the houses listed for sale before making an official offer.
What are the demographics like in the city of Isle of Wight?
Is the education level of Isle of Wight important when buying a house?
In the city of Isle of Wight, 25% of people have degrees. In general, as the number of people who are highly educated goes up, the more likely they are to have the ability to buy houses as their annual household income goes up too.
So you can see for yourself, the average income for the people of Isle of Wight is £34,400. This generally goes up with the education level of the area. Additionally, looking at the difference between the proportion of people with degrees and the UK average for this statistic (22.6%) should give you an idea of the affluence and education of the city.
A higher education level can therefore tell you if the house prices are likely to be high as the higher income level often results in people buying a bigger, more valuable house.
Having said this, whale education level can be a good factor to go by, there are also things like the rental yields, the population growth and social grades scores that can impact the value of a house and whether it will go up in value as time goes on.
In Isle of Wight, what is the crime rate?
The crime rate of Isle of Wight must be looked at sceptically. The reason for this is that the crime rate can vary within a city greatly and the type of crime committed can also vary too.
For example, the area has a crime rate of 70, but another city may have a higher crime rate but not be deemed as dangerous due to lower level crime or minor offences being committed.
Either way, high crime rates are never a good sign so consider the rate against the UK average of 79.52 for every 1000 people as a benchmark.
Lower rates could mean things like home insurance is cheaper and you have to install fewer security measures throughout your house. Saving you money in the long run. So the statistic of crime rate (70) is both useful and is recommended to be compared to the average.
Located in Isle of Wight is the city of Isle of Wight, in a large part of the UK; South East. Before you look for houses for sale in this area, it is a reasonable question to ask what the people who live there are like.
Below, the population of Isle of Wight has been dissected in terms of if the population is educated, what the crime rates are like and much more. All important factors to consider before making a house purchase among the offer of the houses for sale.
The knowledge below is based on a lot of different variables relevant to the city of Isle of Wight which impacts the profitability of making an investment here or how desirable buying a house to live in is if you want to live on a permanent basis.
How much are those living in Isle of Wight earning?
Typically, as people earn more money, the more they are able to afford and the better house prices in the area because demand goes up. You could also infer that the amenities such as schools, parks and public areas are generally of high quality as a result.
For these reasons, it could be argued that areas where people earn more money are generally nicer arrears to live in which also attracts more people as a result and further drives up house prices in the area.
To see if this phenomenon occurs in Isle of Wight. Compare the area’s average household income of £34,400 to the average household income in the UK at price34,000. Adding to this, compare it with the figure for the highest social grade score too at 22% for more conclusive data on the affluence of the area.
Do the people of Isle of Wight get to enjoy green space?
Whether you view green space in Isle of Wight as important to you as a homeowner is up to your personal preferences. Having said this, there is a clear benefit on the overall health of people who live near green space as the government has stated keeping green space in proximity to people is one of the biggest factors for combating obesity.
In Isle of Wight, the number of acres of green space for every 1000 people currently is 12.4 which can be measured against the UK average of 1.7.
What’s a social grade score and how does it relate to Isle of Wight?
Most of the time, the social grade score of a city is what it takes to determine what the economic levels are like as this score refers to what type of jobs the people of the area generally work as. So, from highly skilled, managerial roles, to the manual labour workers of the UK, how does Isle of Wight compare?
At the highest end of the scale (A) jobs that are managerial administrative or professional are all lumped into this category. On the other hand, there is the lowest grade (E) where workers who are on benefits, state pensions or work casual jobs fall into.
In Isle of Wight, the percentage of people who work in the two highest skilled categories of this scale (A and B) is 22%.
So you can compare this data, here is the estimated grouping of the social grades of the UK for the general population. Adding the two highest categories of A and B and comparing this percentage to the high social grade score which combines A and B should give you a good comparison.
| Social Score | Category | The proportion of the UK population (%) |
|---|---|---|
| A | Professional, managerial or administrative | 4 |
| B | Intermediate managerial or professional jobs | 23 |
| C1 | Supervisory, junior managerial or professional jobs | 29 |
| C2 | Skilled manual workers | 21 |
| D | Semi and unskilled manual workers | 15 |
| E | State pensioners, casual & lowest grade workers | 8 |
In Isle of Wight, how has the population changed?
In total, the number of people in Isle of Wight is 13,743. This figure can be used to estimate the appreciation of the houses but it is also important you look at the population growth figure in order to make this more accurate.
Whether a large population benefits you as a landlord is dependent on what you want from a home. A large population is great if you have children who prefer the bustle of crowds in cities but there are also those who purposely want to buy somewhere rural.
You may also be able to find a balance of both where there are shops, restaurants and entertainment and also rural areas all within a short distance which may be the case ni Isle of Wight, depending on where exactly you are.
How has Isle of Wight changed in the past five years?
Five years provides enough time for a city to grow dramatically. It may be the case that the population grows or shrinks but the city of Isle of Wight has changed by 2%. Read more here
It is also helpful to compare this data to a longer time period like 10 years like in the below subheading. If the population trend of growth or decline has been there for a longer period of time you’ll be able to tell if 2% is a recent change or not.
Click here to know more on the UK population trends.
In the last decade, what is the difference in population in Isle of Wight?
3% has been the population growth change in the past 10 years.
Usually, this is more of a conservative figure compared to the five year change of a city.
Industrial changes can also be the reason for this shift but it could also be due to immigration or emigration. Bringing people in or out of the area.
The recent global pandemic has also shifted the number of people living in cities as people realise they can now work remotely. It may be that the people of a Isle of Wight have seen a more desirable way of working, moving to make themselves more comfortable in their careers.
For example, the population of the South west of England has seen a massive increase in population because workers want to move there to benefit from the slightly better weather, lower house prices and also the rural area. Nonetheless, they can also benefit from travelling to the capital city of the UK, London.
Are the deprivation levels of the UK any different to Isle of Wight?
Deprivation levels refer to the ability of the population of the city to earn enough to keep their lifestyle going. Nationwide, it is thought that the number of people at this level or not being able to meet the costs of living is around 33%. In comparison, the deprivation level of Isle of Wight is 23%.
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