By Isle of Wight Observer
The property market on the Isle of Wight in November last year saw 131 residential transactions worth over £38.85 million, making the average property price nearly £296,600. This included a broad range of prices – from homes costing more than a million pounds to more modest investments. Across all transactions, 47 homes achieved above the average price, while 84 properties sold below the figure.
At the top end of the market, the highest value transaction took place in Cowes, where a stunning property on Castle Road sold for a sum in excess of £1.2 million. The prestigious, three-floor house, marketed by the Cowes branch of Spence Willard, boasted desirable features including five double bedrooms, all with en-suite facilities, and amazing views of the Solent over the exclusive Royal Yacht Squadron.
At the other end of the spectrum, the most affordable property sale was a terraced leasehold home in Ryde, which changed. hands for just £100,000.
Freehold properties dominated the market, accounting for 101 transactions, with the remaining 30 being leasehold.
Semi-detached houses were the most popular choice among buyers, with 44 sales, followed by 36 detached homes, 25 terraced houses, and 26 flats.
Newport was the busiest property hub, with 34 sales ranging from £101,000 to £330,000. Freshwater, in contrast, saw only three homes change hands, with prices ranging from £225,000 to £487,000.
Emma Bradley from Spence Willard said: “Despite it being early in the year, the market is showing positive signs with interest from a variety of buyers. Whilst undoubtedly the economic landscape in recent months has caused some potential purchasers to reassess their options, many remain keen to pursue their plans of moving home or purchasing an additional property here on the Island. As a testament to this, our viewing rates have increased by 27 per cent compared to the same period last year.”
Land Registry data takes up to three months to update, so these figures provide the latest snapshot of the Island’s property market as everybody’s thoughts turned to Christmas.