HOUSE prices on the Isle of Wight increased by 1.4 per cent in September, contributing to a 3.6 per cent rise over the last 12 months.

The latest data from the Office of National Statistics shows the average Island property sold for £215,048 — below the UK average of £232,554.

Across the South East, property prices have risen by 1.7 per cent in the last year, to £328,059.

The region underperformed compared to the UK as whole, which saw the average property value increase by 3.5 per cent.

The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry.

The Isle of Wight figures also showed buyers who made their first step onto the property ladder in September spent an average of £174,641 — around £31,000 more than it would have cost them five years ago.

Frances Clacy, research analyst at estate agents Savills, said a slowdown in growth compared to the previous year was caused by more stringent lending criteria.

She said: "Economic and political uncertainty, particularly surrounding the outcome of Brexit, also means buyers have become more cautious."

Between August last year and July this year, the most recent 12 months for which sales volume data is available, 2,986 homes were sold on the Isle of Wight, similar to the number in the previous year.