Tulloch Homes £20m investment for North as Market Confidence Grows
7th July 2009
Tulloch Homes have shown their confidence in a forward upturn in the Highland housing market by tabling a proposal to build 200 new homes in Conon Bridge.
A planning application has been lodged with Highland Council for the £20 million development at Braes of Conon, which will include 50 much needed low-cost homes.
And it comes on the back of an encouraging survey which shows an upward trend in Tulloch Homes sales.
Chairman David Sutherland said:"The large scale Conon application may surprise some in this challenging financial environment and at a time when other housebuilders are packing their bags and leaving the Highlands.
"But it underlines our forward confidence and is a positive action to take advantage when market conditions return.
"It is a major investment because of our strong belief that there remains an underlying very robust North homes sales market.
"This is confirmed by our own internal research. We have checked our sales in the past 18 weeks against those in the previous 18 weeks, and the more recent period shows a 40 per cent increase.
"Sales remain significantly down on last year, which required us to adjust our cost curve, but we are in a stronger position to move ahead within our core Highland market.
"Our research also shows that footfall through our sales show homes remain as high as last year. People are still looking -- but they are unable to close the deal financially because they can’t sell their existing house or raise a mortgage.
"We have helped our clients overcome this via a part exchange scheme, our shared equity and having a mortgage lender on 24 hr call to assist with mortgage packages. Our shared equity scheme means that on a £170k house you only pay £127k and we take the risk on the difference – that’s a good idea in anyone’s book.