Erosion reduces seaside bungalow value to £1
Any takers for a seaside bungalow in Norfolk costing just a British pound? One note of caution though: the sea is eating away at the earth under it.
A whole new controversy over coastal erosion and the government's reported indifference to the consequences has erupted after a couple was told that their three-bed home on the cliff on the Norfolk coast was valued at just about a loaf of bread.
The reason: the house's distance from the cliff edge at Happisburgh has rapidly shrunk from 1,300 feet to 200 feet because of erosion. The house many not exist at all in a few years.
The unlucky couple, Jane Archer and partner Chris Cutting, went to Natwest for a valuation of their house as they wanted to use it as collateral for a business loan. Now they do not know what is their priority: Buy a new business or a house. Natwest has refused to give details.
They had paid 20,000 pounds for their three-bedroom home in 1987 and had believed, from the sales of other similar homes nearby, that it would be worth around 80,000 pounds now. After paying mortgage for nearly 20 years, they say they cannot afford to start from scratch once again.