Property Market Picking Up On Scilly

hugh town from Buzza
Now could be the best time to buy a property on the islands.

That’s the message from both of the islands’ estate agents, Ian Sibley from Sibley’s Property Service’s and Tony Dingley from Island Properties.

Ian and Tony believe prices have hit the bottom of the dip and will slowly rise from now on.

It’s estimated that property prices here have fallen by 30% since 2008 because of the slump in the UK property market.

Tony says he can see the first signs of a revival although he doesn’t feel that will push prices much higher again. He thinks it will merely stabilise them where they are.

Sales of smaller second homes and flats have been worse hit, but both men say business is picking up.

Tony says family-sized properties appear to be selling well. A large home on Bryher and the sale of the Lemon Hall on St Mary’s proves this, he says.

They’re positive about 2014 and believe prices won’t fall further because of increased confidence in the housing market nationally.

Ian doesn’t have many commercial property sales on his books at the moment. But he says the Seven Stones Inn, which he has represented since it closed last summer, is under offer.

And a new lease is being agreed with a Northampton couple who will take on the Old Town Inn this November.

Tony says the number of businesses for sale on the islands can give the impression that there’s something wrong but he says every vendor has a genuine reason to sell.

One of Tony’s clients, Sonia Scott who is selling the Longstone Centre, says she remains hopeful that her business will exchange hands soon.

The price has been dropped from £195,000 to £99,500 for the café, which has a 35-year lease and planning permission for new developments including accommodation units.

A mainland buyer had said he wanted it but his offer fell through this week. Sonia says there’s been significant interest and a number of viewings in the past few days and is confidence of a sale.

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