London, July 8 (ANI): A couple hoping to cash their seaside bungalow for at least 80,000 pounds were left shattered on learning that its true worth is just 1 pound.

Jane Archer, 49, and partner Chris Cutting, 45, were told that their bungalow was worthless because the house, perched on an eroding cliff, will soon tumble into the sea.

When the couple paid 20,000 pounds for the bungalow in 1987, it stood 400m from the water, but now it stands just 60 metres away after much of the 25m cliff has been washed away due to cutbacks on sea-defence spending.

The couple said that NatWest told them it was worthless due to chronic erosion, though a nearby home sold for 89,000 pounds.

“It is shocking that our home is worth less than a loaf. It shows how desperate the situation has become,” the Mirror quoted Archer, as saying.

She called on the Government to compensate people losing homes due to sea defences being abandoned.

“Our lives are being destroyed,” she said.

The village, Happisburgh, in Norfolk. has seen more than 20 homes crumble after the Government decided on a policy of managed retreat - surrendering some buildings to the sea.

Phil Woolas, Environment minister, visited Norfolk and Archer said he seemed sympathetic.

“He claimed there might be money available under a 30 million pounds changing coastline budget,” she said.

Woolas said that spending on coastal erosion will reach 800 million pounds by 2011.

“It’’s not financially possible to defend the whole coastline,” he added. (ANI)