Housing prices on the Isle of Wight

On the Isle of Wight:

We regularly revise our house prices estimates. UK-level rent estimates for the latest two months, and all house price data, are provisional and subject to revision.

Figures in this article are not seasonally adjusted.

You may also be interested in our recent analysis of which local areas of England and Wales have been most and least exposed to rising mortgage and rent costs during 2023.

Average house price on the Isle of Wight was £284,000 in February 2024

The provisional average house price on the Isle of Wight in February 2024 was £284,000. This was slightly lower than the average of £290,000 in February 2023 (revised), a 2.0% fall.

Across the South East, the average house price in February 2024 was £373,000, which was less than a year earlier (£381,000).

Across Great Britain, a home sold for an average of £283,000 in February 2024, which was in line with the February 2023 average of £284,000.

In the year to February 2024, the average price for semi-detached properties on the Isle of Wight fell by 1.1%, while the average price for flats decreased by 3.6%.

For each property type, average prices as of February 2024 on the Isle of Wight were:

• Detached properties: £427,000
• Semi-detached properties: £296,000
• Terraced properties: £233,000
• Flats and maisonettes: £157,000

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Average private rents rose on the Isle of Wight

The average monthly private rent on the Isle of Wight was £812 in March 2024. This was an increase from £766 in March 2023, a 6.0% rise.

Across the South East, the average monthly rent was £1,279, up from £1,182 a year earlier.

Across Great Britain, the average rent price in March 2024 was £1,246, which was up from £1,142 in March 2023.

On the Isle of Wight, the average rent for semi-detached properties rose by 6.3%, while for terraced properties, it increased by 5.7%.

Average rent for one bed properties rose by 6.3%, while the average for four-or-more bed properties increased by 5.2%.

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First-time buyers on the Isle of Wight paid £228,000 on average in February 2024

The provisional average price paid by first-time buyers was £228,000 in February 2024. This was lower than the revised February 2023 average of £234,000.

In comparison, home-movers on the Isle of Wight paid an average of £320,000 in February 2024. This was slightly lower than £327,000 a year earlier.

In February 2024, the average price was £434,000 in the South East and £326,000 in Great Britain.

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Average house price for mortgage buyers fell slightly on the Isle of Wight

The average price of a home bought with a mortgage on the Isle of Wight was £278,000 in February 2024 (provisional). This was slightly lower than an average of £284,000 in February 2023 (revised).

Across the South East, the average price of a home bought with a mortgage was £382,000, down slightly from £389,000 a year earlier.

Across Great Britain, the average price for buying with a mortage in February 2024 was £292,000, which was in line with an average of £293,000 in February 2023.

For cash buyers on the Isle of Wight, the average was £288,000 in February 2024 (provisional), which was down from a revised figure of £295,000 a year earlier.

In February 2024, the average was £354,000 in the South East and £266,000 in Great Britain.

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More data about the Isle of Wight

Explore more local data for the Isle of Wight.

More data on the housing market

This article is regularly updated with the most recent rents and house prices information. The full time series for rental prices can be found in our associated data releases. The full time series for house prices can be found in the UK House Price Index reports on gov.uk.

You can also read our most recent Private rent and house prices bulletin.

The methods used to produce the rental prices can be found in the Price Index of Private Rents Quality and Methodology Information. The methods used to produce the house prices can be found in the House Price Index Quality and Methodology Information.

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About this article

The content in this article is generated using semi-automated journalism, based on rules pre-programmed by Office for National Statistics (ONS) staff.

This is a new product in Beta release, intended to improve the accessibility of housing market data at local level. Send us feedback about this page or contact the housing analysis team by emailing hpi@ons.gov.uk.

Articles are not available for Isles of Scilly and City of London, as the survey samples of the resident population are too small.