The Herald - The Herald Magazine
THE VOICE OF PROPERTY
WITH a population of just 125 and 40 per cent of its housing stock now lost to holiday/second homes – leaving fewer homes for residents and transport services under threat – the Inner Hebridean island of Colonsay has responded with an initiative that will see the first affordable homes on the island in 20 years.
Supported by the Communities Housing Trust, the Colonsay Community Development
Company (CCDC) is leading the much-needed community-led project to provide homes and new business opportunities. The initial development of nine new affordable homes just outside Scalasaig and close to the ferry terminal is expected to be complete in autumn 2023.
The properties will be allocated according to island priorities and are a mix of affordable rent and discounted sale, as well as discounted self-build plots. A second phase of further affordable housing is planned by CCDC. Applications are now open for all properties, with a deadline of Sunday 19 March for the self-build plots and houses for sale, and a deadline of Sunday 2 July for the rental properties.
Primarily for existing island residents who are homeless or in unsuitable accommodation, applications can also be made by people with local connections to the area through work or family and these will be prioritised to promote the ongoing sustainability of island communities. Non-residents with desirable skillsets and who wish to live and work in Colonsay are similarly invited to apply. Families with children would also be an asset, as the primary school roll is now down to just one pupil. For more details, visit www.chtust.co. uk/current-opportunities.html
THE Scottish Borders property market has made a surprisingly strong start to 2023, with one estate agents in the region recording the second highest number and value of offers accepted in a January for the last five years.
Ron Hastings, head of property at Hastings Legal, which has branches in Kelso, Selkirk, and Duns, comments: “Sales agreed and the number of new prospective buyers and sellers registering in January was higher than in 2020, during the so-called Boris Bounce which followed the December 2019 general election. In fact, the only time more new sales were agreed in the first month over the last five years was in 2022 at the height of the Covid-induced rush to the coast and country market, which pushed sales to double the normal levels. Meanwhile, the number of new sales instructions and sales agreed in the traditionally quieter winter months has put to bed concerns over a price fall in the aftermath of the economic disruption caused by the political shenanigans in the autumn.”
Commenting on the prospects for 2023, he adds: “While it is early days, buyers and sellers appear to have accepted that higher mortgage rates are back to more normal levels and are here to stay. As prices are still exceeding valuations there is no firm evidence buyer budgets are adjusting downwards.”
He concludes: “It would be surprising if prices fell, and we expect little change in the current forecast. If they were flat or rose slightly, it would be less than five per cent either way, providing buyers and sellers with greater certainty and ability to plan in calmer markets than we have seen in the past few years.”