Why are there so few Residential Lets on the Isle of Wight? Is this a long-term opportunity?

Currently (12/05/21) there are less than 20 properties on the isle of wight available for residential letting. Speaking to estate agents on the island this is because so many properties are being snapped up as holiday lets.

This is almost certainly due to the consequences of the pandemic and the Staycation. This may offer a good return this year but will tell tourist numbers justify these purchases in the longer term?

I recently heard details of a quotation a client had received to let their property as a residential let, the agent informed them that the monthly rental they could expect was now 30% more than they quoted 15 months ago.

If properties remain as holiday lets, demand for residential lets will continue to outstrip supply.