ISLE of Wight house prices have soared in recent months, PA figures show — more than the average for the South East. 

A 4.2 per cent rise in May contributes to a longer-term trend, which has seen property prices in the area grow by 18.1 per cent over the last year.

This is the highest in the South East.

The average price of a house on the Isle of Wight back in May was £291,878, Land Registry figures reveal — a 4.2 per cent increase on April.

Over the last year, the average sale price of property on the Isle of Wight rose by £45,000.

This puts the Island top among the South East’s 64 local authorities with price data for annual growth.

At the other end of the scale, properties in Oxford gained 4.8 per cent in value, giving an average price of £466,000.

According to PA, an imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the Isle of Wight property ladder

First-time buyers on the Isle of Wight spent an average of £234,000 on their property — £35,000 more than a year ago, and £67,000 more than in May, 2017.

By comparison, former owner-occupiers paid £331,000 on average in May – 41.2 per cent more than first-time buyers.

Property types on the Isle of Wight

Owners of terraced houses saw the biggest rise in property prices on the Isle of Wight in May.

They increased 4.6 per cent, to £239,769 on average. 

Over the last year, prices rose by 18.5 per cent.

How do property prices on the Isle of Wight compare?

Buyers paid 24.9 per cent less than the average price in the South East (£389,000) in May, for a property on the Isle of Wight. 

Across the South East, property prices are low compared to those across the UK, where the average cost is £283,000.

The most expensive properties in the South East were in Elmbridge — £719,000 on average, and 2.5 times as more than on the Isle of Wight.