Coastal property prices could crash 20%

Wednesday, 2 April 2008 4:17 PM

Government proposals to open the British coast to walkers and nature enthusiasts could prove hugely damaging to property prices.

Plans contained within the government's Marine Bill, which is scheduled to be published tomorrow, are expected to include a proposition to create a 2,800 mile corridor around the country - giving the public free access to the entire English coast.

Scotland and Wales have their own plans to reduce restrictions.

It is hoped to open the entire coast to the public over the next decade, with a sliver of land between a suggested coastal path and the sea all handed over for public consumption.

But this could prove hugely damaging to property prices, argues the Royal Institution of Chartered Surveyors (Rics).

"Unbridled public access could have a detrimental impact on sensitive environmental coastal areas, threatening the biodiversity so valued by the public," said Damian Cleghorn, Rics public policy officer.

"It is also of concern that the government does not appear to have undertaken further research or considered comparable evidence on compensation prior to the publication of this bill.

"Given that security and safety problems are likely to cause property values to fall by as much as 20 per cent, the decision not to compensate landowners is unfair and punitive."

It is thought the scheme will cost £2-5 million annually to implement - a cost unacceptable to Rics.

"The government believes that the value of this policy outweighs the value of the property affected and the rights of property owners.

"The government might find themselves the subject of extensive litigation as property owners seek to overcome this draconian breach of their human rights," concluded Mr Cleghorn.

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