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Shamus

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Isle of Wight prices seem to have lagged the rest of the south until now. They are very comparable however the volumes of properties for sale are startling!

Do a search on Rightmove to have a look.

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I cant see why prices are high there on the Isle Of Wight. Theres 3 prisions, and high unemployment. Most of the economy is based on seasonal tourism.

They send people on benefits seeking housing from all across the country - the north, midlands etc.. There is a huge drug and presumably crime problem too in the smaller towns.

Prices are going to crumble like the Isle of Wight island itself. Nice place to go for the beaches though.

Edited by trev

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Shamus are you on the IW? I feel you are right in saying that asking prices seem to lag those the rest of the SE. I'm on the island and have been watching the market closely for some time now. I would say that that there is a lot of supply now although volumes on Rightmove don't seem to be increasing noticeably - where are you looking?

Trev - the main reason property prices are so high is the huge amount of demand for weekend homes especially in Cowes, Bembridge & Seaview. Plenty of £1/2 million + properties stand empty for most of the year!

Good houses still selling though as far as I can see - my sister just accepted an asking price offer for her place after 1 day :o

Most telling for me right now is the amount of unsold new build stock - mostly 2 bed flats but also houses. Also a lot of individual building plots with planning suddenly available (since mid summer) - small time developers getting out? These plots would not even have made it to the open market a year or two ago but now on with agents for weeks or months and even going to auction (Clive Emson & Sullivan Mitchell)

Also been keeping an eye on the rental market in Cowes and there’s plenty of supply just not shifting after several months on, reductions on asking rent also evident (5-10% typically) but still not let.

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I cant see why prices are high there on the Isle Of Wight. Theres 3 prisions, and high unemployment. Most of the economy is based on seasonal tourism.

They send people on benefits seeking housing from all across the country - the north, midlands etc.. There is a huge drug and presumably crime problem too in the smaller towns.

Prices are going to crumble like the Isle of Wight island itself. Nice place to go for the beaches though.

Sadly, London has discovered the IOW. Second home buyers in particular have found out that within 3 hours from London they can be in their holiday homes rather than in endless weekend traffic jams on the M4 or the 5+ hours to the SW i.e Devon and Cornwall. Hence, astonishing price increases over the past three years. Locals cannot afford to compete with the Londoners and perhaps eventually this will lead to a reduction in prices since only certain homes are attractive to the second homers.

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Hi Looking to purchase some property on the IOW - seems to be gppd rental returns at present. Girlfriend found it very difficult trying to find a 1 bedroom flat and when she did paid £450 per month...Cowes seems like the area with plans to link the East and West..

Any thoughts?

Thks

Spag

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Isle of Wight prices seem to have lagged the rest of the south until now. They are very comparable however the volumes of properties for sale are startling!

Do a search on Rightmove to have a look.

Charles Church development has 2 bedroom flats for sale at £359k, a snip considering the whole place is North East facing over industry, has a nightclub next door every August and queues of traffic blocking the enterance in the summer waiting for the outdated and noisy floating bridge, the pavement outside is a rat run for chavs and drunks.

Seems a wise purchase. :lol::lol::lol::lol::lol::lol:

As it seems the whole of the Island is at a standstill property sales wise, a lot of price reductions but nothing moving.

Only a few mugs still keeping the EA open :lol::lol:

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Charles Church development has 2 bedroom flats for sale at £359k, a snip considering the whole place is North East facing over industry, has a nightclub next door every August and queues of traffic blocking the enterance in the summer waiting for the outdated and noisy floating bridge, the pavement outside is a rat run for chavs and drunks.

Seems a wise purchase. :lol::lol::lol::lol::lol::lol:

As it seems the whole of the Island is at a standstill property sales wise, a lot of price reductions but nothing moving.

Only a few mugs still keeping the EA open :lol::lol:

We are coming back home to the west wight after 25 yrs, is it a good time to buy, or should we wait? :blink:

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We are coming back home to the west wight after 25 yrs, is it a good time to buy, or should we wait? :blink:

Hi I have spent alot of time on the Island lately looking to buy. The rental market is strong as i will be looking to rent out after 6-8 months. There seems to be some good deals at present and not much of a rise since summer 2006. If you are in it for 3-5 years don't think you can go wrong. Numerous developments luxury appartments going up along Queens road with Barratts selling 2 x bed appartments for £600,000 this in my view will only add value to the market in the future.

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Hi I have spent alot of time on the Island lately looking to buy. The rental market is strong as i will be looking to rent out after 6-8 months. There seems to be some good deals at present and not much of a rise since summer 2006. If you are in it for 3-5 years don't think you can go wrong. Numerous developments luxury appartments going up along Queens road with Barratts selling 2 x bed appartments for £600,000 this in my view will only add value to the market in the future.

Are prices likely to drop in the West wight do you think, or rise this summer. We don't want to jump to soon or leave it to long, although time is not the issue for us at the moment. When you say that property sells at a much lower rate than the asking price, by what % could be the case? My sister bought an old victorian semi this year for £160,000, spent 25,000 on it and has marketed it for £245,000. She sold at the asking, although this was a couple of months ago and it fell through. Now she's waiting again. There's lots of intrest and noises of buying, but nothing is moving as yet and each month costs her more. The Estate agents seem to be more enthusiastic than perhaps they should be and appear to be giving out a false impression. Are they putting to much value on Island property near the sea, hopeing the mainland buyer will appear with loads of cash to throw away and do very little if no research?

Your opion would be very much valued,....... rather like my sisters investment.

Edited by spiritulist

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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