Two appliances from Newport and East Cowes fire stations are currently at the scene opposite Waitrose, with fire crews wearing breathing apparatus having entered the terraced property.
Local residents are reporting a strong burning smell in the surrounding area.
UPDATE @ 18:36 – Island Echo understands the alert was caused by a kitchen fire, which has now been successfully extinguished by firefighters using a hose reel.
An electrical fault inside an oven is believed to be the cause of the fire.
The occupying family escaped without injury.