Almost £400million worth of property was sold on the Isle of Wight last year, new figures have revealed. Land Registry data has shown that in 2023, the total value of property sold on the Island was £383,300,000. With 1,717 properties sold between January and December, it makes the average property price £223,238. It means that the Isle of Wight is one of the lowest-ranking counties when it comes to the value of properties sold, sitting just ahead of the City of London and Rutland – but behind Herefordshire and Northumberland. The most expensive property to be sold last year was an address on Thorness Lane, Cowes – thought to be connected with Thorness Bay Holiday Park – which fetched a whopping £8.4million. This was followed by the old Post Office on Terminus Road, Cowes at £3.5million, Egypt House in Cowes at £3.4million and the Albion Hotel, Freshwater at £2.45million. Other multi-million pound properties sold include The Bunker in St Lawrence at £2.25million and Larus on Swains Lane, Bembridge at £2million. The most expensive property/land to be sold on the Island in the past 10 years – according to Land Registry – is Headon Reach on Alum Bay New Road, Totland at £109.7million. Nationally, England saw £154.7billion of property sold last year – down a staggering 48% on 2022. Adam Day, Head of eXp UK, who carried out the research, has said:
“2023 was a challenging year for the property market and higher interest rates coupled with wider market uncertainty caused many buyers to remain sat on the fence, while those who did take the plunge did so tentatively. “While this did result in an annual reduction in the average house price, the decline seen was far more marginal than many had anticipated and, all things considered, the property market has stood very firm. “However, when viewing the market based on the total value of homes sold, these marginal reductions soon add up.” “The good news is that, with interest rates frozen, inflation falling and a base rate reduction on the horizon, the market is already seeing a return to form as buyers return to the fold. As a result, we expect the total value of homes sold in 2024 to rebound from the annual decline seen last year.”
So the estate agents and solicitors made a good income, as they work on commision, higher the price more they get. Also there was no post office in terminus road on Cowes as farI know.
Who needs an estate agent when selling a property!
they are obsolete in 2024
What turns people off moving to the Island is the crap
Ferry Services also the Island charges one of the highest
Council taxes in England and the Green waste bin charges are the
most expensive in England.
Don’t forget 50p for a piss in Sandown!
Up the wall is cheaper and environmentally friendly
free if you piss up against the wall..
That’s the one good thing about them if it puts off old moaners from moving here, bleating about real Islanders having fun and voting Tory.
“Adam Day, Head of eXp UK, who carried out the research”
This “research” involved adding up all sales on the property register for the year. Gee whizz!