During the month of August the average price of a house on the Isle of Wight dropped by 0.4%, despite an increase of 5.3% witnessed over the past 12 months.
The ongoing Brexit negotiations and the looming exit date of March 2019 are no doubt having an affect on the housing market, with buyers and sellers waiting to see what comes of Theresa May’s plans.
During the month of July house prices spiked by 1.4%, which was then counteracted by a drop of 0.4% in August.
The Office for National Statistics’ latest data shows the average price of property sold on the Island is £210,428, some £20,000 less than the UK average. However, that said, over the past 5 years the price of an average home on the Island has increased by a staggering £40,000.
First time buyers are now, on average, forking out £171,206.
