Natwest value bungalow at £1: couple seeking compensation

A couple decided to have their home valued, only to be told by Natwest that it was only worth £1. The reason for this low value was because it is very close to the sea; this is due to costal erosion.

Jane Archer and partner Chris Cutting decided that they needed a bit of extra money to purchase new premises for their car repair business, so the best way to get some cash was to release some collateral from their home.

They got in a valuer from Natwest to value their home which is situated on a cliff edge at Happisburgh, Norfolk, they were once 1,300ft from the sea, but due to erosion they are now just 200ft from the sea, which is why the property has such a low value.

The couple are now seeking compensation from the Government, they say that they are to blame for the erosion as they have cutback on funds to offer better sea defences.

However; the couple are not the only homeowners affected by this, at least 20 other cliff top homes in Happisburgh have already tumbled into the sea. Dozens of villagers have met with environment minister Phil Woolas, they have pleaded with him to try and help them before their homes also falls into the sea.

It is thought that it would cost the Government millions of pounds to replace the village’s 50-year-old wooden groynes; however the Government has refused to part with the cash.

The council have tried to do their bit by placing 5,000 tonnes of rocks on the beach, but that has had little effect.

Jane Archer and partner Chris Cutting had purchased their home in 1987 for £20,000, they now believed that from the sales of other homes in the area, theirs would be worth £80,000.

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