House bought for £8,000 is now worth £8million

A pensioner who paid £8,000 for her seaside home has seen it shoot up in value to a staggering £8million.

Lalage Bailey, 81, and her late husband Frank bought the beachfront property on Sandbanks, Dorset, in 1949 for the four-figure sum.



Since then, the sandy peninsula in Poole harbour has become a magnet for multi-millionaires, turning it into one of the world's hottest property spots.

As a result, Mrs Bailey's detached home is now worth 1,000 times more than she paid for it - an increase of 100,000 per cent.