THE Isle of Wight is becoming one of the most sought-after places to live in the UK following the coronavirus outbreak.

With large numbers of people managing to work from home, many are looking to move into more rural areas for a taste of the 'good life'.

Home buyers seeking a lifestyle change are looking at the in-demand countryside market.

The Isle of Wight is ranked ninth in the list of most desirable places, which has seen prices rising and a 25 per cent increase in sales agreed, compared to the same time period last year.

Analysis from Zoopla found Ryedale was the rural area with the highest boost in sales agreed, followed by Herefordshire, Sevenoaks, High Peak, Cotswold district, North Devon, Breckland, Malvern Hills, and the Isle of Wight, which was in joint ninth place with Horsham.

The average price of a three-bedroom semi-detached house on the Island is now £232,000, compared to £405,000 in Horsham, making the IW a cheaper alternative.

Island prices are also £60,000 cheaper than an equivalent property in nearby Portsmouth.

Mark Rhodes, of Hose Rhodes Dickson, said the trend is seeing people relocating from London — and most are not just buying a second home but actually moving here.

He said: "We were already forecasting that in the next ten years, by 2030, more people would be working from home and moving to areas such as the Island to live.

"But 2020 brought about a year none of us could see happening, and what we thought would happen in ten years has happened in one.

"People living in the commuter belt and paying £8,000 a year for a rail ticket are now finding they only have to go into the office for the odd meeting.

"Or they live in a million pound flat in the concrete jungle in the middle of London.

"They can see a different lifestyle on the Isle of Wight, and they are also attracted by us having a low Covid rate.

"House prices are going up, particularly at the top end of the market, not so much for three bedroom houses on estates.

"What is interesting is how it could change the Island. How many people living on the Island currently earn £100,000 a year? But the people moving here do.

"Will this be noticed by the furniture retailers, the car dealerships, the sales of luxury goods like RIBs and hot tubs? It could be good news for a lot of businesses.

"Perhaps the Island doesn't have to be a low wage economy, if we can get more money into it."

Keith Trigg, of Trigg and Co, agreed that people are re-appraising their lifestyle, location and property requirements in the wake of Covid.

His office has found that those living in the City or a busy environment are becoming attracted to more rural environments with cleaner air and larger gardens.

They have found the top end of the market, and the second home market, are selling well.

One IW property developer agreed.

"Surprisingly, we had no problem selling some very desirable properties since lockdown began.

"We had several viewings but the majority, if not the entirety, of interest came from the mainland.

"Recently the sales have come from mainland purchasers looking for second homes, who are ready to move quickly and have no chain, with cash at the ready."

Halifax, Rightmove and Zoopla have all reported rising house prices.

However, this is likely to dismay those trying to get a foot on the ladder.
MP Bob Seely has raised with government the difficulty of young Islanders being able to afford housing here, and said in parliament earlier this month, ‘housing demand in my patch is driven by the migration of retirees’.

A survey of more than 1,000 Londoners found that 55 per cent of 18 to 34 year olds are more likely to move to the countryside as a result of the pandemic.

The survey, commissioned by the Country Land and Business Association (CLA), showed a growing number of young people considering leaving the capital in favour of a more rural area.

Update 8am: Lancasters Estate Agents said: "84 per cent of our buyers from July to Oct this year were mainland based at the point of offering, an increase from 78 per cent for the same period last year.

"The big difference this year is the number of mainland/London buyers intending to use the properties as their main homes rather than second homes in previous years."