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Last Updated: Thursday, 17 May 2007, 16:34 GMT 17:34 UK
Homes worth millions demolished
Two houses worth millions of pounds are to be bulldozed and replaced with flats because of rocketing land values.

The footprints of the homes in Lilliput Road in Poole, Dorset, are now worth more than the properties built on them.

The three-story mansion and a bungalow, which are close to the wealthy area of Sandbanks, are to be replaced with 12 apartments and 10 luxury flats.

Other houses in the area with planning permission for flats have seen their value jump by more than a million.

Million-pound leaps

High demand for homes in Poole has transformed the town into one of the world's most expensive seaside resorts.

A bungalow close to the new developments bought for 2.7m fourteen months ago, was granted planning permission and then went on the market for 4m.

A six-bedroom house in the area bought by a developer for 2.4m was later sold, with planning permission for 11 flats, for 3.5m.

One house in Poole was recently demolished and replaced with four detached homes only seven years after it was first built.


SEE ALSO
Dorset town is least affordable
17 Aug 06 |  England

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