By Isle of Wight Observer
A two-bedroom holiday home in Freshwater is heading to auction with a tempting guide price of just £5,000. However prospective buyers would do well to look closely at the closely at the “unbeatable” scenery before making a bid – specifically, how quickly that scenery is moving toward the front door.
The park home at Monks Lane, marketed by Pittis as a “seaside steal”, offers sweeping views across the Solent to Hurst Castle. However, recent drone footage shared by local drone pilot Steve Mew shows just how close the chalet now sits to the rapidly eroding cliff edge.
Heritage group Restore the Story CIC says the site has suffered significant slippage in recent years. Two neighbouring chalets were demolished after the ground beneath them became unstable, and the group warns the remaining unit could be at risk before the end of the year.
The low guide price is attracting attention, but the financial commitments are higher than they seem. The property is being sold via the Modern Method of Auction, requiring the successful bidder to sign a reservation agreement and pay a non refundable fee of 4.5 per cent of the purchase price, with a minimum charge of £6,000. This is paid on top of the hammer price and counts towards stamp duty calculations.
Annual site fees also apply, and local residents say obtaining building insurance for a property this close to an eroding cliff is virtually impossible. However, the biggest risk may come later. If the Isle of Wight Council issues a demolition notice – as it did for the neighbouring units – the full cost of demolition and debris removal falls to the owner, as do clean-up costs if the property falls victim to landslip.
Time will tell whether the chalet becomes a bargain retreat or a costly landslip statistic.
