2008-07-09

Woman's house now worth US $2

From the department of a taste of what is to come:
The worry of falling house prices has been taken to a whole new level for one resident of small Norfolk village Happisburg this week. As home owner Jane Archer learnt her 3-bedroom bungalow with uninterrupted sea views was valued at just £1 ($2).

Estimated to be worth in excess of £80,000 ($157,000) based on similar local properties, 'chronic costal erosion is to blame' for making the home virtually worthless.

When the Mum of three originally purchased the property for £20,000 ($39,000) in 1987 it sat over 400 metres from the striking coastline. Now just 60 meters of land separates her bungalow from the sea. This leaves her faced with the prospect that after 20 years of mortgage payments her family home is now worth less than a loaf of bread.
I have to say, as sea levels rise, this will be the experience of a multitude.

1 comment:

Ron Lankshear said...

Over the centuries the coast line of UK has continually changed. Inland towns in Kent used to be Coastal Ports. The Norfolk coast has had continual problems - so increased rising sea will put them at risk. Is it good policy to have Planned Retreat.

Some more here with sad pictures

http://pruned.blogspot.com/2006/10/climate-ghettos.html