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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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Deciding where to live is a massive life decision and can be one of the biggest decisions some people will make in their lives. This guide will help your decision on moving to the Isle of wight a little bit easier.

 

Why should you move to the island?

The Isle of wight is known for its stunning coasts, natural beauty and history. Not only does is boast nature not to forget to mention (the Red Squirrel's) it is also is well known for its hospitality, events & attractions.

The island not only offers a peaceful lifestyle away from the hustle and bustle of busy cities, but it’s also house prices are astronomically cheaper and affordable. The average house price in 2023 on the island was £306,000 compared to £389,000 for Hampshire. However, there are more expensive areas on the Isle of wight than other areas.

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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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On the 14th of September 2024 Red Squirrel are hosting another black-tie event at Yarmouth’s Royal Solent yacht club in memory of Zoe Panayi.

This is raising awareness of what happened to late Zoe Panayi and to make everyone aware of Zoe’s Law. Zoe lost her life to Melanoma at the young age of 26,

leaving behind two young boys and a loving family. Unfortunately, Zoe experienced negligence, this is why we are working hard to help save other lives.

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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.

  1. January things to do on the Isle of Wight 2024 Guide
  2. 10 Top tips on how to conserve energy costs in your home this winter
  3. Top 20% Lettings Agent in the UK
  4. November Uk & Isle of wight property market update

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