The ultimate property crash
Briton buys coastal bungalow for £3,000 before it tumbles — into the sea
London : With two bedrooms, a fully equipped kitchen and some amazing sea views, the bungalow seemed a bargain at £3,000 (Dh17,700).
But there was a reason — it will soon fall off the edge of the cliff it stands on because of coastal erosion.
Yet to Kane Cunningham, it is more an evolving work of art than a condemned property. Cunningham, 48, bought the semi-detached bungalow two weeks ago to film and paint its descent into the sea — the ultimate ‘property crash' as he sees it.
His wife wasn't too happy to discover he had put £3,000 on his credit card just before Christmas, but Cunningham insists paying for the house in this way was symbolic of the economic turmoil of the credit crunch era.
The house, at Knipe Point, near Scarborough, which was worth more than £160,000 two years ago, is just a few feet from the edge of the ongoing landslip and could fall into the sea at any time.
Several neighbouring houses have already gone over the edge, and Cunningham said the empty house next door has developed cracks during the last week.
He said: "It represents to me all sorts of ideas to do with the credit crunch and mortgages and the environment."
