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 first half of the year has been all over on the sales front, with lettings staying consistent as ever. June has been a strong and interesting month across both the rental and sales markets on the Island.
As ever, my goal is to cut through the fluff and give you the real picture of what’s actually moving locally. Let’s get into it…
Lettings Market: Demand Stays Strong, but Affordability in Focus
June saw an average rent across the Island of £1,038 PCM, with 141 lets agreed. Demand remains strong, especially for 3-bed family homes, which are now commanding around £1,466 PCM.
That said, we’re also seeing the impact of affordability; 1 and 2-bed rents are softening slightly, and rightly so, as many tenants are feeling the squeeze.
At Red Squirrel, we’re passionate about keeping tenants informed and supported, and we continue to work with both landlords and renters to ensure quality, fair-priced homes that reflect the local market.
Sales Market: Steady Gains & Slight Recovery
The average sale price on the Isle of Wight now sits at £304,058, showing a +2.7% increase since the start of the year, and more importantly, only -3% below the 2022 peak, which is closer than many expected.
What’s particularly encouraging:
- Flats are seeing strong three-monthly growth at +3.9%
- Terraced homes are up +3% over the last three months and +4% YOY
- Detached and semi-detached properties are holding stable, though still a bit off peak pricing
Buyers are back, and while confidence still varies depending on price point and area, the activity on the ground is telling us the market’s adjusting well, and sellers pricing right are still selling.
Charlie’s Take: Confidence Is Creeping Back
After a couple of years of economic noise and hesitation, we’re seeing confidence slowly returning, particularly from first-time buyers, downsizers, and serious investors.
At Red Squirrel, we’re continuing to secure excellent deals for our clients on both sides. What I always tell people: there is no “perfect” time to buy or sell. There’s only the right time for you, and the right advice to back your decision.
As always, I’m here if you want a clear, no-BS conversation about your next move, whether it’s buying, selling, letting, or investing.
Stay tuned — and as always, follow me @charliepanayi or visit www.redsquirrelpropertyshop.co.uk for updates, advice and honest insight.
Information collated through Zoopla, Rightmove, Hometrack and Red Squirrel internal statistics
Charlie and his company are part of the rental problem. No standard 3 bedroom house is worth nearly £1500 a month. Its the estate agents that inflate the prices. The sooner the country has a housing crash the better.
With many people still working from home since the Pandemic
many people are willing to pay such ridiculous rents.
With many studio flats / bedroom apartments in the Big smoke
charging £1,800.00+ a month
£1,500.00 is a bargain
It is happening all round the country.
Take a look down many seafronts, everyday is like school
6 week holiday since the pandemic.
People are everywhere, business is booming.
No wonder the majority of food businesses are charging £4.00+
for a coffee.
The pandemic made everyone greedy!
No, they are not willing to pay extortionate rents -they simply have no choice. £1500.00 is NOT a bargain. And two wrongs do not make a right. And don’t lump me in with any of your ridiculous conjectures.
The problem on the island regarding buying a property is the fact that buyers are using the estate agents conveyancing companies instead of solicitors. These online conveyancing companies pay the agents approx £400 for their custom, then take their time in progressing in order to keep adding items to the buyers end bill. I have heard of simple chains still not exchanging contracts even after 6 months. One couple I know were told that they needed to reapply for searchers because their original search had expired, yet buyers are not legally bound to even apply for a search in the first place, although if you don’t know the area, that is foolish. However the only real thing that may change after a period of time is planning within the area. Simply going to the council planning application site will give any additional information that you can do free of charge. The other problem is of course the fact that the Estate Agents don’t communicate with their clients when a problem in the lower chain occurs, they would rather keep quiet in the hope that new buyers will come forward without those above in the chain knowing there is a problem.