Rocketing Isle of Wight home prices 'way above' islander's incomes

People on the Isle Wight are finding it harder to find homes to rent or buy amid soaring prices.

The island has seen an increase in people moving permanently and those buying second holiday homes.

Isle of Wight Council said there are 2,946 second homes on the island and it has 2,480 people in need of a home.

The authority said it was doing its "upmost" to help including buying empty properties and bringing in planning permission for a second home.

Cllr Ian Stephens, Isle of Wight Council said: "We've got a diminishing market due to staycations - we want to expand our portfolio, unfortunately it's contracting.

"We've got 34 families in caravans - we don't want that. The inflation of property prices and rentals has gone way above the regular islander's incomes.

"We're also looking at trying to reduce the amount paid for affordable housing for Isle of Wight people - we want it down to 50% of the purchase price."

Megan Baker who runs an estate agents in Cowes said: "Lots of people have discovered they can move over work from here and commute once or twice a week because the cost of living is that much lower.

"The rents are astronomical - it's really shot up - any tenants moving from one property to the next are finding it really difficult to make the jump up in rent."

Yvette Horton set up Facebook group Homes For Islanders about a year ago to support those who are struggling after she had problems finding a home on the island herself.

She said: "I feel that no one is addressing the problem.

"There needs to be a cap on second home properties. I have thousands and thousands of people contacting me saying they are living in caravans, sofa surfing or living back with their parents.

"Landlords are turfing families out onto the streets and turning their home into holiday lets."

The Department for Digital, Culture, Media and Sport is looking at whether holiday lets should be registered, or even licensed.

It has now launched a call for evidence, promised in its Tourism Recovery Strategy in June 2021, on the impact of short-term lets on England.

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