To rent: £220k house for £58 a week (but it is a little remote)

Just 60 people live on North Ronaldsay, the most northerly of Orkney's islands.

With only two pupils at the island school, new, young families are seen as the key to safeguarding the future of the windswept island, which comprises only 2.7sq miles.

A groundbreaking collaboration between the North Ronaldsay Trust, Orkney Housing Association and Orkney Islands Council (OIC) to revitalise the area has seen the island's first properties built to be offered for rent.

It has taken 20 years for the islanders' dream of building new homes to be realised, but they believe the move will spark a revival that will last for generations.

Former lighthousekeeper Billy Muir, who was born on North Ronaldsay and has lived and worked there all his life, said: "This is going to be the saviour of the island – our whole future hinges on it."

The island's population has fallen from 550 people to fewer than 70 over 150 years. The new homes – and the island's sheep – are seen as two of the main elements in rebuilding the island economy.

A two-bedroom longhouse-style bungalow and a three-bedroom farmhouse-style home have been constructed on land provided by the OIC, next to the island school. Since August last year, builders have flown in on a daily 15-minute scheduled flight from Kirkwall, while materials and equipment were shipped out on a once-a-week ferry from the same location.

Stormy waters around North Ronaldsay combined with severe winter weather to cause havoc to work and delivery schedules.

The two timber-framed properties conform to the latest heating and insulation standards and cost a total of 434,000 to build.

A total of 150,000 came from Orkney Island Council's second homes council tax fund, along with a housing association grant of 179,500, while Royal Bank of Scotland provided a loan of 95,000.

Prospective new tenants will pay a weekly rent ranging from 58 to 62 and will also require to have school-age children and essential skills to help the island's economic development. The successful tenants are expected to be in place in May.

The adults must also be willing to take up employment opportunities being created by the local trust. These include a 1 million project centred on the island lighthouse buildings, which have been bought from the Northern Lighthouse Board.

These are being converted into two self-catering holiday cottages, a shop, a tearoom, an interpretation centre and a mini woollen mill, which will process fleeces from the island's sheep.

Trust chairman Mr Muir said: "We are doing everything we can to regenerate the island economy, but new blood is essential to the plan."