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ߏ᠕K & Isle of Wight Property Market Update – May 2025
From the team at Red Squirrel Property Shop
If you’re active in the Isle of Wight property market—or just watching closely—you’ve probably noticed: the market is shifting again. But this isn’t the chaos some headlines would have you believe.
Right now, it’s not about panic. It’s about preparation.
Here’s a no-nonsense look at what’s really happening in the UK and local property market, what it means for buyers, sellers and investors on the Island, and where we see the opportunities in 2025.
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Breaking Into the Housing Market: A Guide for First-Time Buyers
Buying your first home is one of the most exciting however scary things you will ever do In your life.
It comes with a lot of decision making and financial decisions however with the right information and mindset, you can navigate the process confidently and find a place you’ll be proud to call home.
Whether you're just starting to browse listings or seriously considering a down payment, this guide will walk you through the key steps of the home-buying journey.
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Discover Spring on the Isle of Wight
The Isle of Wight, just a short ferry ride from the mainland, is a treasure trove of natural beauty, historic landmarks, and charming villages.
While it’s an incredible place to visit year-round, there’s something truly magical about spring on the island.
As the days are getting lighter Spring is the best time to explore the islands beautiful landmarks and attractions. It is also a great time to view properties if you are on the hunt for a property on the Isle of wight.
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Summary
- UK rental inflation slows to +6.6%
- London leads the slowdown with rents up 3.7% over last 12 months
- Rental still +2x pre-pandemic
- Supply of homes for rent up 18% but still 1/3 below pre-pandemic
- Rents have fallen in some major cities over last quarter
- Rental growth in most affordable areas of the UK
- Rents continue to outperform wage increases
- Supply/demand imbalance will continue
- Will politics affect the rental market?
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Moving to the Isle of Wight? Here your top tips on discovering its beauty & what to consider
Discover on the south coast of England, the Isle of Wight boasts stunning natural beauty, rich history, and a relaxed island lifestyle that attracts visitors and residents alike. If you're considering a move to the Isle of Wight, we have the best tips and information for you.
In this blog, we’ll explore the reasons why you might want to make the move and offer insights into things to consider when relocating to this beautiful island.
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Summary
- House price inflation down -1.1%, compared to +7.2% a year ago
- New house sales agreed up 17% year-on-year
- House price falls levelled out as sales improve
- Mortgage regulations a key element to support modest price falls in 2023
- First-time buyers are largest group of would-be movers in next 2 years (40%) followed by people up-sizing (34%)
- Almost half of buyers living in southern England (24% of total buyers) looking to move to find better value for money
- Property prices to fall around 2% during 2024
- On track of 1m completed sales in 2024
- 8.8% average mortgage stress test for new borrowers
- Still 10%+ overvalued market
Q4 2023 sales performed well, including prices falling
The final weeks of 2023 recorded 17% higher sales than a year ago, also ahead of 2019 levels. Due to rising incomes and lower mortgage rates, along with an increase in supply boosting choice and supporting sales. It’s clear that buyers and sellers are more aligned on pricing now, which has reduced the downward pressure on values. As of December 2023 the price decline was -1.1%, which is down from +7.2% a year ago.
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Due to the cost-of-living crisis people this winter are struggling to spend large amounts on electricity and gas bills in their own homes, especially with the drop in temperature in the last month! Here are some simple tips which could help you save money and trim your bills.
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Red Squirrel Property Shop have been listed in the top 20% of ALL letting agents in the Uk
The best estate agent guide compares letting agents based on their performance on the things that matter most. It provides an independent and trustworthy source of information to help sellers and landlords find the best agents in their area.
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Summary
- House price inflates +0.1% annually in UK
- 21% down on completed house sales compared to 2022
- House price growth at -1% in London
- Regional house price inflation linked to first-time-buyers affordability
- Completed transactions still on track for 1 million, although as we write 21% lower over 2023, lowest since 2012
- Cash buyer sales expected to hold in line with 2022
- Mortgage-backed sales likely to be 28% lower as higher rates impact demand
- Lower mortgage rates key to improved demand and sales in 2024
- Affordability improving
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Overview
- Annual UK house price inflation at +0.6%
- 60% with over £300k price cutting asking prices by 5% to attract demand
- Annual price falls of up to -2.2% concentrated in southern England on markets with an average price over £300,000
- Other areas of England registering annual house price inflation of over 3.5%
- Buyer demand down 18% in last two months due to mortgage rates
- Rates peaking and already signs of dropping back closer to the 4% region
- Likely to be the southern areas seeing price reductions throughout second half of the year with northern areas performing well
- UK markets till on track to be down by 5% end of year
- Mortgage decreased down to 4.99%
- 80% of markets with an average price over £300k registering modest price falls
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The isle of wight offers stunning beaches, History and events for all ages all year round. If you live on the island or are planning a trip to the island you need these dates in your diary!
This summer the island offers so many events from music festivals, family fun days and sailing races.
Dates for your diary this summer! The ultimate guide:
June
Isle of Wight Festival
15th-18th June 2023
For the festival and music lovers. One of the largest music festivals originated since 1970 and still to this day one of the most popular music festivals. Held in Newport, Sea close park.
