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January things to do on the Isle of Wight 2024 Guide
Here is your top guide on things to do this winter/spring on the Isle of wight. Beat the Christmas blues by taking advantage of the island’s stunning nature, beaches and heritage. This time of year there is also plenty to do for great value perfect for families!
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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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UK Half year report 2023
Overview
- House price inflation to 1.2% increase as quarterly demand has increased
- 42% of sellers are accepting offers 5% or more under asking price
- UK house prices still on track to drop by 5% in total during 2023
- Anyone serious about selling in 2023 needs to be realistic on pricing “Falling mortgage
- 11% Hit to buying power with higher mortgage rates
- 14% Fewer buyers in the market in last 4 weeks, compared to 5-year average
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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.
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Have you ever considered why can you rent at a higher price of a mortgage?
However, you have not been able to borrow a lesser mortgage amount! Well Skipton Building Society have released a product exactly for those renters, 100% mortgage. This is the first non-deposit mortgage option since the crash in 2008.
We think this could be a fantastic opportunity for renters who later on want to buy, however it’s important to understand the potential risks when taking 100% mortgages out. There is a reason they were stopped! Let’s go through it…
- This product is only available those first-time buyers who have paid their rent in full and on time for at least 12 months
- It’s a five-year fixed mortgage and works just as other mortgage deals on fixed term basis, the only difference is you don’t need a deposit for Skipton’s
- It is portable, should you wish to move home during the fixed period
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Key points to mention…
- Annual house price inflation is 5.3% down from 8.6% last year.
- Buyer demand and sales volumes are 20-50% lower than a year ago but slightly ahead of the pre-pandemic years.
- Sellers are having to accept an average 4.5% discount to the asking price to achieve a sale which is the highest its been in 5 years.
- Average discount to asking price is just above £14,000 meaning sellers are having to loose a third of their pandemic house price gains.
- UK house price inflation likely to move into low negative by summer.
- Market is still on track for a soft landing with modest price falls of up to 5% and 1m sales in 2023. This is better than predicted last year.
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On Friday 10th of March saw the return of Isle of Wight Radio's 'Best In Business' awards of 2022, of which we were extremely proud to be the main sponsor of!
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Our outlook from Managing Director, Charlie Panayi
For the Isle of Wight specifically, I see the market performing well still throughout the year. With a far lower expected drop in prices due to the lifestyle factor with the flexible approach to working environments continuing, along with homeowners considering where and who they live with.
We have seen already in January a huge increase in demand here on the island, along with an influx of new properties coming to market. Re-generating and giving confidence of the market moving forward.
It’s realistic to take the viewpoint that the property prices will marginally fall throughout the year, however this will still be significantly higher than pre 2019.
It’s too early to say what will happen for sure during 2023. However, it’s clear to see that the economic outlook has improved in recent weeks, however the rising costs of living will continue to squeeze affordability. The economic outlook has improved slightly in recent weeks but the squeeze on household disposable incomes is very real with a direct impact on sales activity.
That said, the pressure on incomes combined with the costs of running homes is likely to drive a certain amount of movement in the market in 2023. People have huge amounts of equity in their homes over the last decade of property price increases (71% as per previous blog), therefore this will still encourage people to move home by releasing equity, and moving to more affordable housing. In turn continuing to move the property market along in a positive trend.
Hometrack's latest Value of Housing report found that the total value of homes in the UK is over £10.5 trillion. With circa £1.6 trillion of mortgage value, there is almost £8 trillion in housing equity in the UK.
I point this out as it's important for people to remember, the longest it has taken equity value to double in UK property is 14 years. The thought process of waiting to see what happens make's no sense. If you are in a position to proceed, you should! If the rates drop, you refinance.
