As a landlord, whenever you are looking at houses for sale in Isle of Wight, you could find varying prices throughout an area like Isle of Wight. In this article, this data will be simplified so you can find all of the data on one, convenient page.
So, from the rental yield of Isle of Wight to the success you may expect to get when submitting planning permission. Everything you need to know about house for sale in the UK and in Isle of Wight will be revealed. Keep reading.
In Isle of Wight, what do houses for sale tend to sell for?
For the city of Isle of Wight, the average price a house sells for is £295,880. This value usually depends on the exact location of the house within Isle of Wight as well as other factors like the population growth in Isle of Wight which is 3% over a ten-year period.
|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|
The above table puts this figure into perspective as you can see the various average sale prices of a house for the specific type of house you’re most interested in. This comparison is important because the type of house you’re considering to buy may be more or less in demand based on variations in supply and demand in the city of Isle of Wight.
|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|
Generalising the bottom table, the average value per square foot of a house for sale is £2,820. This value averages all of the types of houses for sale in Isle of Wight. So, if you’re not sure what type of house you want specifically, you can still get an idea of the real estate market of Isle of Wight.
What’s the rental yield in general for the city of 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%|
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.
What is the growth in the housing market of Isle of Wight?
Before committing to Isle of Wight to make a housing investment, an investor should always ask the question, what is the growth like in the area?
So take a look below at the growth patterns of the previous years displaying the percentage of new houses being built. This will help you understand how the number of houses for sale will evolve in the future.
|1 year||3 years||5 years|
|Isle of Wight growth rate||4%||33%||39%|
Whether housing growth actually changes the price of a house depends on if the city in question is outstripping demand with the supply of new housing. You’d have to do some more research on what rate Isle of Wight is building housing to find your answer.
Are there any important statistics about the population of Isle of Wight?
What is the social grade score of Isle of Wight?
In the city of Isle of Wight and throughout the UK, the social grade score is assessed by observing what type of jobs people have and then grouping this into a grading system.
In general, the people at the top of the scale (the A category) have the highest paid, most skilled jobs and this is just 4% of the general UK population. On the lower end of the scale, people who are on benefits, state pensions and also manual workers all are grouped into this category that represents the most unskilled.
When trying to determine if the area of Isle of Wight has an abundance of highly skilled workers, the top two categories are grouped together and given a percentage. This percentage is 22%.
Below, you can see how this compares to the National average as the average for the top two categories nationwide is 27% (Adding together the A and B categories)
|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 general, do people commit a lot of crime in Isle of Wight?
For every one thousand people living in Isle of Wight, 70 commits crimes and are prosecuted. Coming to a conclusion as to whether all the other factors of your house purchase like the house price justify this figure when contrasting it with the UK average of 79.52 is something you should do as a homeowner.
It could be that the crime rate is higher than you expected but there it is worth the population growth, appreciation of the house and worth the relative price you are purchasing the house for.
Nonetheless, the crime rate of 70 is not a statistic that should just be ignored as you could have to pay more for things like home insurance and install additional security on your house if the rate is particularly high.
Either way, burglaries are not something you would want to encounter in a house. Whether that be a house you are living in or a house you are renting out to tenants.
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.
What does the population of Isle of Wight look like?
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.
Is there sufficient green space in Isle of Wight?
There are cities in the UK such as Edinburgh and Bristol that have a higher percentages of green space with Edinburgh being the most at 49%. The city of Isle of Wight currently has 12.4 for every 1000 residents.
Green space helps the quality of people’s mental health as well as fight against diseases like obesity. As studies have shown that the proximity of people to green spaces in the UK has a positive impact on the physical health of people in the UK and Isle of Wight in this case.
What salary does the community in Isle of Wight take home?
You may be wondering what the amount people earn has to do with house price. Well, house prices generally go up as people earn more not just because they can afford more valuable properties but also because good areas generally attract more desirable infrastructure. For reference, the average household income is £34,400.
This may be better schools, doctors and areas with lower crime rates. This results in a snowball effect which polarises different areas further, increasing the demand for housing in richer areas by a greater amount. And increasing the proportion of people with high social grade scores. For Isle of Wight this figure is 22%.
For the city of Isle of Wight, what is the education level?
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.
Are the deprivation levels of the UK any different to Isle of Wight?
Deprivation of a city is defined as the number of people who are considered to not be earning enough to sustain their lifestyle. The UK average of deprivation nationwide is 33% so comparing the figure of 23% for Isle of Wight should give you a nice idea of the deprivation in the area.
Asking price in Isle of Wight for a house for sale
When speaking about the city of Isle of Wight, £402,938 is the asking price for a house for sale.
We have compiled a table of data so you can know the asking prices of the specific size of home you’re most interested in. As you can imagine, a family looking to move out with children would be after a larger house than someone living alone in Isle of Wight.
The data is in fact very different compared to the number of rooms you’re interested in having in your home and the asking price also tends to go up in staggering amounts as you add rooms.
Average asking prices for houses for sale in Isle of Wight
|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|
Based on this table, hopefully, you will be able to tell what type of house for sale is the most suitable for your budget. You can also consider the average asking price per square foot (£0) for houses for sale with this table to get a good idea as to whether Isle of Wight is the right area to buy a house in for you.