Isle of Wight Property Market and Real Estate Guide
(Isle of Wight, England, UK)
The Isle of Wight, well-known for its natural beauty and maritime activities, lies in the Solent, just off the coast of the English Channel and opposite Southampton. The island has 15 towns including the seaside resorts of Shanklin and Sandown, Cowes - famous for its annual week-long regatta, and Victorian Ryde - its largest town. The county town of Newport is located in the centre of the island.
A choice of property is available to rent or buy on the island, with waterside and sea view properties attracting premium prices, as with larger properties with land in the island's designated 'Area of Outstanding Natural Beauty', west of Newport.
New developments target first-time buyers, with prices at reasonable levels for larger homes. At present, the supply of established island properties for sale is below demand. However, with mortgages difficult to obtain, investment buyers with cash may be able to negotiate a price reduction.
Regular car and passenger ferries leave for Southampton
and Lymington from the island ports at Cowes, Ryde, Fishbourne and Yarmouth. Island roads are good, with a bus network based in Newport covering all areas. Main industries are tourism, boat building, agriculture and light aircraft manufacture.
Renting Serviced Apartments
Self-catering rental apartments on the island are aimed at short-term holidays and Cowes Week lets, and rarely include service. Resort developments with good facilities may allow longer-term lets.
Several letting agents have apartments to rent at reasonable prices and should be able to assist in finding housekeeping services. The Sandringham Hotel in Sandown, the only four-star hotel on the island, offers one serviced apartment.
Buying Apartments and Houses
The choice of homes on the island includes newly built houses and apartments, stone-built period country cottages, farmhouses and mansions, as well as town homes close to all conveniences. Prices tend to rise the closer to the island's amenities and tourist centres you are placed.
Prices are similar to the rest of the UK, ranging from affordable modern or pre-war terraces and apartment conversions, to stunning multi-bedroom homes with swimming pools set in landscaped grounds close to Cowes or the sea, out of reach for the majority of buyers.
Foreigners are allowed to purchase Isle of Wight property, but securing finance can be tricky for non-EU nationals. Expect to pay stamp duty on almost all homes in the Isle of Wight, at a rate of between one and four percent, dependent on price. Required local searches are inexpensive, although it may be necessary to register the land on which the property stands with the Land Registry Office, for which there will be a charge. An Energy Performance Certificate may be required.
Real Estate Agents
A number of local agents provide an online search service at www.wightagents.co.uk, which accesses some 80 percent of all homes for sale on the island. Most estate agents have offices in all the main towns, with several specialising in prestige properties.
Check out the following Isle of Wight real estate agents:
Creasey, Biles and King
Address: The Estate Office, 140 High Street, Newport, Isle of Wight, PO30 1TY, England, UK
Tel: +44 01983 527 744
This agency specialises in upmarket, prestige properties.
Hose Rhodes Dickson
Address: 138 High Street, Newport, Isle of Wight, PO30 1TY, England, UK
Tel: +44 01983 521 144
Estate agents with a large online portfolio of properties at all price levels.
Bob Lancaster Estate Agency
Address: 65 High Street, Cowes, Isle of Wight, PO31 7RL, England, UK
Tel: +44 01983 209 020
The owner of this local, single-branch agency advertises himself as 'the estate agent who cares'.