There is good news for homeowners on the Isle of Wight as official figures have revealed that house prices have increased by 5.3% over the past 12 months.
Over the past 5 years the price of an average home on the Island has increased by a staggering £40,000, that’s according to figures released by the Office of National Statistics.
During the month of July alone house prices spiked by 1.4%.
The average local property now sells for £216,171, which is still some £15,251 below the UK average.
It’s not such good news for buyers though. Those making the first step onto the property ladder are now spending an average of £175,758, which is £30,000 more than in 2013.
It’s said that people are waiting to see the outcome of Brexit in March 2019 before making such big financial decisions such as buying a house.