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5.3% INCREASE IN HOUSE PRICES ON THE ISLE OF WIGHT

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%.

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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.

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