In a new regular feature on Island Echo, Charlie Panayi, CEO of Red Squirrel Property Shop, gives a monthly update on the Isle of Wight’s property market…
The Isle of Wight property market has stayed active through the start of 2025, despite a few changes on the horizon. Demand for both rentals and sales are still strong, and there are opportunities for both buyers and investors to take advantage of.
Here’s a quick look at where things stand:
Rental Market – Average Monthly Rents:
- 1 Bedroom: £745
- 2 Bedroom: £941
- 3 Bedroom: £1,468
- 4 Bedroom: £1,568
- Overall Average Rent: £1,052 (based on the last 161 properties let)
Sales Market – Average Property Prices:
- Detached: £431,984
- Semi-Detached: £279,057
- Terraced: £235,157
- Apartments: £166,685
- Overall Average Price: £300,354
Rental demand has remained steady, with a steep imbalance issue here on the island, especially for family-sized homes, where rents are holding strong.
On the sales side, property values are in a good place, with detached homes still leading the way in terms of price. Apartments and terraced homes continue to offer good value for first-time buyers and those looking to invest.
Selling Times
At the moment, the average time it’s taking for a property to sell on the Island is around 19 weeks. This is slightly longer than the national average of about 12 weeks, but it reflects the Island’s unique pace… buyers tend to take a little more time making decisions here. Well-priced homes that are well presented are still moving through at a good rate.
What’s Changing
It’s worth mentioning the introduction of the 100% council tax premium on second homes. This could have a real impact, with some second-home owners possibly deciding to sell up or rent out their homes full-time to avoid the extra cost (we have already seen this start). If this happens, it could bring more properties onto the market and create fresh opportunities for local buyers and investors, however, it could also impact the supply and demand element of the market, potentially increasing selling times.
The Isle of Wight remains a strong and attractive market to invest in. With good rental returns, stable property values, and changes on the way that could free up more choice, now could be a very good time to start thinking seriously about your next move.
If you’re considering selling, renting or investing, or want to explore where the opportunities might be, feel free to get in touch. I’m always happy to help you make the most of the market.
You can find me through www.redsquirrelpropertyshop.co.uk or @charlie_panayi on socials.
There are loads of properties not sold and been on the market some for a year!!!
That is true. I have seen some on the market over
a year, in the end some sellers have taken them
off the market.
Some properties are way overpriced and some are
dated and in poor condition.
Probably because the prices wanted to be able to move on are not what people can afford to buy them for, especially if renovation costs need after surveyors reports are factored in.
Houses are selling slowly on the island but are then held up with completions because of slow conveyancing companies who wait for searches which are taking approx 28days due to the council’s incompetence, before entering the questionnaire procedures. The estate agents try to get sellers to use their conveyancing companies which are usually based in the midlands to the customers claiming they are quicker and cheaper than conventional solicitors who do conveyancing on the island. These conveyancing company’s pay the estate agents around £400 for their business. This all adds up to delays until eventually mortgage in principle run out due to delays resulting in new mortgage applications being rejected. Thus the chain collapses. The other problems on the island is that the chains are too long making the odds of completing even less likely. Houses that seem to not sell are usually because of chains collapsing. Plus of course islanders always seem to want something for nothing.