The £1 UK Bungalow
Wednesday, July 9, 2008 18:02
The southeast coast line of the UK suffers from something called “chronic coastal erosion”, ie the land gets eroded due to the sea and the rains. People that bought houses at the edge of cliffs, are slowly seeing their property go beneath their feet. This has had an effect on property prices too. None thought expected that these houses would one day cost as little as £1 ($1.97). This was discovered by Jane Archer Chris Cutting when they went to the bank to put their house as guarantee for a loan. The bank told them that the three-bedroom bungalow they bought for £20,000 back in 1987 is now worth according to NatWest bank, £1; which is a far cry from the £80,000 price tag they expected.
The coastline has moved towards the house and its only 65 yards away from it. Back in 1987 the distance was 500 yards.
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