Sandbanks dreams washed away by tide of debt

One of the country’s most exclusive areas has been hit by the credit crunch. It has emerged that two houses in Sandbanks, Poole, Dorset have been repossessed – the first repossessions in the area in 14 years.

The owners of a five-bedroom home got into trouble after their property investment business was hit.

Local reports suggested they could no longer afford the £6,000-a-month repayments and their home was reclaimed by Clydesdale Bank.
Tailor Made estate agents are selling the property with a £1.1 price tag, compared to the £1.6 million paid less than two years ago.

Robert Dunford, a partner at the Sandbanks-based property agents, said: "They are the first two repossessions in 14 or 15 years in Sandbanks."

Neighbouring Panorama Road, is known as millionaires' row. It boasts the fourth highest land value, by area, in the world with residents including Tottenham Hotspur manager, Harry Redknapp.