Banksy's visual comment on the abundance of high-end holiday homes in north Norfolk is staying put until the tide wears it away, an authority has said.

North Norfolk District Council (NNDC) said the Bristolian street artist's work stencilled on a sea wall on Cromer's east beach will stay right where it is, as it would be too difficult to move it elsewhere.

It comes as a report that another Banksy done on a wall next to Lowestoft's former Tesco has been removed and will be auctioned off, potentially netting the owner of the building millions of pounds.

An NNDC spokesman said: "The artwork is situated on an essential part of the concrete sea defences at that section of Cromer beach and the cost and practical challenges of removing it and reinstating the defences to the required standard would be significant, such that the council has no plans to remove the artwork from its current location."

The Cromer Banksy shows three crabs with shells on their backs - one holding a sign saying 'Luxury rentals only' facing three other crabs without shells.

The artwork, the Lowestoft piece and several other pieces of work were done by Banksy in August, as part of a project he called the Great British Spraycation.

Liz Withington, chairman of the North Norfolk Town and Parish Forum, and Julie Chance, town council clerk, thanked the mysterious artist for drawing attention to the issue of second homes and holiday lets, which have driven up property prices in recent years, making it difficult if not impossible to get on the housing ladder.

Ms Chance said in August: "Councils need to be able to mitigate the impact of this and have funding to be able to ensure our communities are sustainable. This is what the forum is trying to raise rather than just set limits on the number of second homes in the area."

The district council spokesman added that the Banksy had proven "immensely popular with residents and visitors alike".

He said: "In recognition of its significant cultural value and the extra visitors it brings to the town, the council agreed to take steps to protect the work from potential vandalism and extend its life through adding a varnish coating to protect the painted artwork.

"It will remain there until nature removes it through normal tide activity and weathering."