Episode 15 Homes Under the Hammer


Episode 15

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Transcript


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Hello, and welcome to Homes Under The Hammer.

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Now, one thing we constantly see while travelling round the country

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is that every property has a story to tell.

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Yeah, and if you know what that story is in your area,

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it might just give you a head start.

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So, why not gather some local knowledge

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and then head down to your local property auction?

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Once you've decided to buy a property at auction, go and see it.

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-Then do your research, then read the legal pack.

-Yeah.

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I hope that's what today's buyers did.

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Shall we find out? Let's.

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There's not much space on offer in this one-bed flat in South London.

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This is the one bedroom of the one-bedroom flat,

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and it's tiny!

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And in Cheshire, there's plenty of room, but plenty of cracks.

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If you can do this,

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there's definitely, definitely structural work.

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And can you spot the problem with this two-bed semi in Derby?

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Exciting news - I think there's a problem with the floor.

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All these properties were bought at auction.

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We'll find out who got them and how much they paid

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when they went under the hammer.

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It's yours, sir. Thank you.

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Eight miles southeast of Central London is Catford.

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Word has it that the name came from a ford

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over the River Ravensbourne where wildcats once lived.

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Today, the cat theme continues with the famous giant fibreglass cat

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that sits above the entrance to the shopping centre.

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# And everybody tells me that it's cool to be a cat

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-# Cool for cats

-Cool for cats... #

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Now, I'm on the prowl for a one-bedroom flat

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along this really nice road.

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It had a guide price of £100,000 plus,

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which sounds like good value for this area,

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although being an auction property,

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I'm fairly sure it won't be purr-fect inside.

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All right, enough with the cat puns. I'm going in.

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SHE GIGGLES

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The flat I'm here to see is on the top floor,

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so there better be some good views.

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It's leasehold with 99 years left to run

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and is obviously a modern build

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that's been designed to blend in with its older neighbours.

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And on the inside... Ooh!

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On the inside, it's quite compact.

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So, we'll come back to this room, but in here,

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well, this is the one bedroom of the one-bedroom flat,

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and it's tiny! I mean, it really is small.

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If you were to stick a double bed down there,

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well, it'd be touching three of the walls in here.

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You could also think about getting rid of this door

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to just create a bit more space,

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but do you really not want to have a door on your bedroom?

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Probably not. So, very disappointing in there.

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And through here? Well, this is not such a bad space.

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Although that?

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-That's the kitchen area!

-SHE LAUGHS

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Look at the little designated area of lino

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in case there are any spillages, but there's no oven here.

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You have got a little hob,

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but I think you need to scrap that whole idea

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and think about creating maybe an L-shaped kitchen area

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and just put a little bit more in.

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But what I do like is the size of this room and the ceiling height.

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So, there's not a lot of storage in this flat,

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and one thing I have seen done in the past -

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and it does look fantastic -

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is lots of boxes and storage up above,

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so that is something worth thinking about.

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Bathroom, I think, is in here.

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Now, funnily, the bathroom is so much bigger than the bedroom.

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And it's got a really bad smell in there,

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I think due to some sort of sewage pipe,

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so that definitely needs to be looked at.

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Rather unusual, but that bathroom's a whole lot bigger

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than that bedroom.

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So, this flat pretty much does what it says on the tin,

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but for a one-bedder, it's fairly small.

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# Got my nose open, baby

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# Got my nose open, baby... #

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Unfortunately, in a small flat like this,

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there's no escaping the smell,

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so until it's fixed, best keep that door shut.

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Now, another downside is the lack of central heating.

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These electric wall heaters will have to suffice,

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unless the new owner wants the upheaval

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of having a boiler system installed.

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But there is one thing that I do love,

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and it's a real bonus about being on the top floor in a flat -

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it's the view outside.

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You can see right across London, which is fantastic.

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Yup, I could sit here all day and just watch the world go by,

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but I need to head down to ground level

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and check out the back of the property.

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# I've got a room

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# I've got a room with a view... #

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Now, the good news is that out the back here,

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well, you've got access to a communal garden.

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But the bad news is, well,

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-it looks like that.

-SHE CHUCKLES

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Outside space in London, now, it usually adds value,

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but right now, I don't think you'll be paying much

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for the privilege of sitting out here, do you?

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He's not exactly running,

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but here comes the local property expert

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who we've invited along to take a look around the flat.

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# Be running up that road

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# Be running up that hill

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# Be running up that building... #

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There's been a lot of changes in the area.

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I mean, Lewisham's had a lot of regeneration,

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and that seems to be coming down to Catford now

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and regenerating the area.

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They've redone the high street and the paving and stuff like that,

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so the area's coming up.

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They've got new coffee shops and stuff like that,

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we've got some of the bigger brands,

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which is always a good sign that an area's on the up.

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Catford sounds like a good place to buy at the moment,

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but what are his thoughts on this flat?

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It's a small, compact flat. Probably the size of a studio flat.

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However, whoever buys this, with some very good planning,

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they could get a double bed in, sofa, a decent-sized kitchen in.

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Just for one person, it's fine.

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For two people, well, you've got to really like each other.

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And for a guide price of £100,000 plus,

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what could this flat potentially be worth?

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Once renovated, I believe the flat would sell for

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between £200,000 and £210,000,

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and rental-wise, depending on the seasons,

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it would be between £900 and £995 per calendar month.

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Well, there's only so much you can do to a small flat like this,

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but it does mean that it shouldn't take too much money

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to turn it around.

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So, who was ready to pounce on this in the auction room?

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Let's find out when it went under the hammer.

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Top-floor flat in need of modernisation.

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Offered with vacant possession.

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Who'd like to give me a start on this?

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120 anywhere?

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Yeah? You having a crack? Thank you. 120, I've got.

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122, thank you. 124. 126.

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This proved to be a popular lot.

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We rejoin the auction with the price at £150,000.

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150. 152. 154.

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No? It's with you, sir, in the grey jumper here on my left.

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It's £152,000 against the gentleman here.

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Bid's £152,000. Anybody else?

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If not, 152 for the first. 152 for the second.

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152 for the third and final time. All done?

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Sold, 152.

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And it was Steve who made that successful bid.

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He was bidding on behalf of his partner's daughter, Jackie.

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Jackie is a 19-year-old drama graduate,

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and this top-floor flat

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represents her first leap onto the property ladder,

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and a cat from Catford even turned up to welcome her.

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-CAT MIAOWS

-# Black and orange stray cat

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# Sitting on a fence... #

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Jackie, congratulations. Well done. You got a London flat for £152,000.

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-That's brilliant!

-Thank you.

-Tell me the story.

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How did you find it? Why did you want to buy it?

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Well, I had a bit of a problem with...

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I was going to buy a studio on the market in Crystal Palace,

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but that failed, so we thought we would go to the auction market,

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and, luckily, this was the best-suited studio/one-bedroom.

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So, it's not too small for you? You're happy with the space?

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Well, I think it's perfect for one person.

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I've been kind of struggling with places to live for five months,

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and this is perfect.

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So, where have you been living for the last five months?

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I've been kind of bouncing in and out with my friends

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and my boyfriend, so it's nice to have your own space,

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and soon, this will be my own space.

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So, are they quite relieved, as well?

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-They're like, "Yes! She's got a place now!"

-Yeah.

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So, when the hammer went down on auction day, how did you feel?

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Um, it was kind of exciting.

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It's a bit like gambling. SHE LAUGHS

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Like, it's crazy at auction

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because you look at other properties going up and up and up,

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and you're a bit scared about your property

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kind of reaching that high level.

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-But it did stop, and it stopped at 152...

-Yeah.

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..which I think's not a bad price.

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-I mean, it's a very respectable road, this.

-Yeah.

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So, tell me, how well do you know Catford

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and why have you chosen to live here?

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Um, I've chosen to live here because my friends -

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most of my friends - live around here.

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And also because I went to the BRIT School.

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That's kind of how I met my friends,

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and they all kind of live round Croydon,

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East Dulwich, Crystal Palace.

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So, hold on. The BRIT School.

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Now, that's for talented actor, singer,

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-dancer-like theatricals.

-Yes.

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So, tell me what you were studying at the BRIT School.

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This is my first TV break, as I am an actor.

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So, this is your first telly break,

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-being on Homes Under The Hammer?

-Yeah, yeah.

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And is it an actress that you aspire to be in the future?

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I want to be a theatre maker and make my own company

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and travel round and inspire different communities.

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So, I mean, that's really exciting for you

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and I'm sure you've got a lot of hard work ahead of you.

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And it's great that now you've got your base

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from which you can work, live and play.

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Yeah, yeah. This will, yeah, be my hub.

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# I got cat class and I got cat style... #

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Jackie's got her hub, but how does she plan to turn it into her home?

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Well, obviously, I would love a new kitchen.

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SHE CHUCKLES

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The floor needs to be redone. I'll be putting wood.

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A paint job, but I think that I could bring some friends around

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and do it myself to save money.

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Also, a lot of the plumbing needs to be done and fixed and figured out.

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So, tell me about that pipe

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because it's in that large bathroom in there,

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-and it is causing a bit of a stir.

-Yeah.

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You get used to the smell, but it's not a very nice smell.

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-Drains.

-Yeah. We had a builder who came round

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and said that my bedroom was a bathroom

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and this bathroom was a bedroom.

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-So, it has been swapped over?

-Yeah.

-OK.

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And I wonder what the reasons for that are.

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I'm not too sure, but downstairs, the neighbours,

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all their toilet is on this hand side...

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-OK.

-..where my bedroom is.

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Mystery solved, although why someone would choose to make

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the smaller room a bedroom is anyone's guess.

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With space in the flat at a premium,

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does Jackie plan to venture outdoors?

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I will be using the outside area.

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What I would like, and would be a dream,

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is to maybe even plant some vegetables outside there,

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and even have, like, the neighbours kind of join in on that

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and kind of help out.

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We could have our own kind of food system going.

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That would be amazing!

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I would love to come back and see all that up and running.

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Jackie hopes she won't have to spend

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more than four grand renovating the flat,

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and she's equally hopeful with her timescale.

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Well, my timescale would be completed in two weeks...

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-Two weeks?!

-..but obviously, I think that's a dream,

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and it'll properly take much longer -

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maybe up to a month - but because I am moving in,

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I do want it to be done as quick as possible.

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Jackie, congratulations.

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I'm really excited for you and I hope you meet that timescale.

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-Thank you so much.

-Good luck. Congratulations.

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Thank you, thank you.

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Only 19 years old and already,

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well, taking her first step onto the property ladder.

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Jackie certainly gets a thumbs up from me.

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But after only four weeks,

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will this flat really be at the stage

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for her to make her grand entrance?

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We all know there's often drama in the world of property developing.

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Join me later on in the programme

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and you can find out how Jackie gets on.

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This is Sale in Cheshire,

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which sits five miles southwest of Manchester.

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This desirable area isn't far

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from where some of the wealthiest footballers in the country live.

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Just for the record, I live nowhere near here.

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I'm here in northeast Sale, Ashton upon Mersey.

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What a lovely place this looks, by the way.

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Lovely residential area, lovely gardens,

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some old houses, some new houses,

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but I'm here to see a three-bed detached

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with a guide price of £130,000.

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It's not the prettiest property, but looks can be deceiving.

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Let's have a look.

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# This old house once knew my children

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# This old house once knew my wife

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# This old house was home and comfort

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# As we fought the storms of life Whoo! #

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This certainly doesn't look as cared for

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as the surrounding properties.

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Well, they do say it's better to have the worst house

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on the best street.

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Let's see what's shaking inside.

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That's the first thing you get -

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that the floor is sloping back towards the back of the house.

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And the smell, it's so pungent in here.

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This has been like this for some time, I would imagine.

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High ceilings, which everybody loves.

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Nice bit of floor space.

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Lounge, living area maybe here, same height.

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Another living area here with a huge crack in the wall,

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which is not a good sign. Into the back here, another room.

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What they'd use it for, I don't know, but it's a good space.

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Two big windows, which is nice.

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More cracks. Sloping floor.

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Ceiling work over there,

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which is going to need a full repair.

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And I've just caught, out of the corner of my eye,

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the kitchen, which looks like a 1980s kitchen.

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Sloping floors, cracks in walls - it's looking like subsidence.

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There's a lot of work that needs to be done to this property.

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# Crawling, crawling, crawling from the wreckage

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# Crawling, crawling, crawling from the wreckage... #

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So, the early signs aren't great.

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The ceilings may be high,

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but they're barely holding on at all.

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And there's signs of damp everywhere.

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On the positive side,

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there are three large reception rooms on the ground floor

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and the kitchen is in a side extension.

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And if you nip down one floor,

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there's a huge basement, so plenty of space.

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My concern is that the space that is here

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is trying to move elsewhere.

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OK, is this going to get any better or any worse upstairs?

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First thing, which is a bit of a surprise to me,

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is a sturdy banister. I wasn't expecting that at all.

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But everywhere in this property, there's cracks.

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Cracks there. The ceilings are falling in.

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In my experience, if you can do this

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and get your fingers within a space that big in a wall,

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there's definitely, definitely structural work.

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# Cracking up

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# I'm getting ready to go Had enough

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# I can't take any more... #

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So, there's no denying it any longer -

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this looks like a bit of a structural nightmare.

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In a period property,

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a few cracks shouldn't necessarily be cause for alarm,

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but this property is something else.

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On the outside, there are further signs of movement.

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The kitchen extension has definitely had enough of the rest of the house

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and is trying to make a break for it into next door's garden.

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-# I don't think it's funny no more

-Cracking up... #

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I do love an old property, and it pains me to say it,

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but I think the damage to this one might be so severe

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that the costs to save it don't add up.

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But all is not completely lost.

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Thinking about that guide price and taking a look outside,

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there could be a glimmer of hope.

0:16:580:17:00

OK, this property is absolutely huge,

0:17:030:17:06

towering over me.

0:17:060:17:08

They've got a boundary that spreads all the way to the trees.

0:17:080:17:12

In the front of the house, they've got space as well to build.

0:17:120:17:14

There's even a few metres at the back of this property as well,

0:17:140:17:17

so whoever has been brave enough to put their hand up at auction

0:17:170:17:21

to buy this property will have a nice, big plot to work from.

0:17:210:17:25

But there's something you haven't seen. Follow me.

0:17:250:17:27

# Oh, tiptoe by the garden

0:17:270:17:32

# By the garden of a willow tree

0:17:320:17:36

# And tiptoe through the tulips with me... #

0:17:360:17:42

Now, I know you weren't expecting that.

0:17:420:17:44

I wasn't expecting it either. The house is just there,

0:17:440:17:48

the boundary to the property is somewhere along that line there.

0:17:480:17:51

If you can imagine, on a Sunday afternoon,

0:17:510:17:53

nice cup of tea and biscuits -

0:17:530:17:55

in my case, it'd be a nice pint of ale -

0:17:550:17:57

but the views you could get over that.

0:17:570:18:00

Of course, recent events with flooding

0:18:040:18:06

have made us all a bit more wary about living near water,

0:18:060:18:09

and potentially, this lovely view of the River Mersey

0:18:090:18:12

could have some bearing on the subsidence issues here,

0:18:120:18:15

but there's no denying this is a great plot in a nice spot.

0:18:150:18:19

Does a local estate agent agree with me?

0:18:200:18:23

Well, the property's obviously suffered from an awful lot

0:18:230:18:26

of structural movement - historical and current as well -

0:18:260:18:29

but it's a big, substantial family house with a great location.

0:18:290:18:33

There are advantages and disadvantages

0:18:330:18:36

being next to the river, one of which is

0:18:360:18:38

that it offers great opportunity for views.

0:18:380:18:40

Some of the disadvantages -

0:18:400:18:42

it can cause problems when it comes to house insurance.

0:18:420:18:46

So, what does he think would be a sensible way forward?

0:18:460:18:50

It's one of those properties that

0:18:500:18:52

either you're looking at substantial redevelopment,

0:18:520:18:55

which is likely to cost in excess of £100,000

0:18:550:18:58

to deal with the structural problems,

0:18:580:19:00

as well as the modernisation.

0:19:000:19:02

But because of the size of plot and its location,

0:19:020:19:05

it's probably better dealt with by redeveloping the site altogether,

0:19:050:19:09

removing the property and actually building a new one.

0:19:090:19:13

We'd probably recommend to look at family housing -

0:19:130:19:15

four bedrooms, two bathrooms

0:19:150:19:18

with the car parking that's needed for it -

0:19:180:19:22

and we'd expect those to sell in the region of £450,000.

0:19:220:19:26

There's plenty of issues with this property - we know that -

0:19:280:19:30

but the potential is huge.

0:19:300:19:33

But let's see who had the vision to take it on

0:19:330:19:35

when it went under the hammer.

0:19:350:19:38

Very significant building, this, in Sale.

0:19:380:19:40

Will you start me at 120?

0:19:400:19:42

You will. Thank you, sir.

0:19:420:19:44

120, I'm bid. 121? Do I see somebody on my left?

0:19:440:19:48

You were first. 121. 122. 123. 124.

0:19:480:19:52

125. 26. 27. 28.

0:19:520:19:56

The bidding for the property was frantic.

0:19:560:19:58

We rejoin the action at £140,000.

0:19:580:20:02

At 140, then, once.

0:20:020:20:04

140, twice.

0:20:040:20:06

Third and final time at £140,000.

0:20:060:20:09

141, new bid. 142. 43. 44. 45.

0:20:090:20:14

46. 147. 148. 149.

0:20:140:20:18

150. 51. 52. 53.

0:20:180:20:21

152 is stood at the back, is buying it at the moment.

0:20:210:20:24

For the first.

0:20:240:20:26

152 for the second.

0:20:260:20:29

Third and final time.

0:20:290:20:31

Yours at £152,000.

0:20:310:20:34

That successful bid of £152,000 was made by Nick, here on the left.

0:20:340:20:40

Nick owns a Cheshire property development company,

0:20:400:20:43

and I met up with him and his project director, Colin,

0:20:430:20:46

back at the house,

0:20:460:20:47

and it turns out Colin and I have a bit of shared history.

0:20:470:20:51

# The boys are back in town The boys are back in town... #

0:20:510:20:55

Nick, Colin, before we start, I'm sure -

0:20:550:20:57

I know - that we've crossed paths before.

0:20:570:20:59

Yes, yes, I was security at Man United

0:20:590:21:02

whilst you were a player there.

0:21:020:21:04

-For the very short time that I was.

-When you weren't injured, yeah.

0:21:040:21:07

Exactly. Thank you very much for that.

0:21:070:21:09

Why the big change?

0:21:090:21:10

Just for the fact that, when I left school,

0:21:100:21:14

I did a plastering apprenticeship,

0:21:140:21:16

got a job part-time at United doing the steward and security

0:21:160:21:20

and ended up with a full-time job there doing the recruiting.

0:21:200:21:23

Spent ten years there and then went back to plastering,

0:21:230:21:27

started working with Nick on some other projects,

0:21:270:21:30

and then got together doing the property development

0:21:300:21:33

with him full-time about 18 months ago.

0:21:330:21:35

Good on you. Good on you.

0:21:350:21:37

Nick, what have you brought to Colin's expertise?

0:21:370:21:39

Why did he need you to help him out?

0:21:390:21:41

-The money.

-THEY LAUGH

0:21:410:21:43

Always a good start.

0:21:430:21:45

Yeah, basically, I've always loved property.

0:21:450:21:47

I've done property for many years, but I sold my previous company.

0:21:470:21:51

With my business partner, we had an event agency.

0:21:510:21:53

Sold that, and wanted to go into this a bit bigger than we were.

0:21:530:21:58

So, going from a company with about 100 people

0:21:580:22:00

to Colin and I is interesting.

0:22:000:22:03

-So, you've come from events.

-Yeah.

-You've come from the security world.

0:22:030:22:06

You know, what do you bring together as a team?

0:22:060:22:10

I mean, the reason we work so well together

0:22:100:22:12

is we have completely different skills.

0:22:120:22:13

We find the properties together, but I do the interiors

0:22:130:22:16

and Col looks at everything that needs doing within the property

0:22:160:22:19

and manages that throughout to completion.

0:22:190:22:21

Colin does all the work...

0:22:210:22:23

-No.

-..and you watch Colin do the work.

-Absolutely.

0:22:230:22:25

-HE LAUGHS

-Yeah, 100%.

0:22:250:22:27

OK, so, why? Why did you take it on?

0:22:270:22:30

It's a fantastic location.

0:22:300:22:32

The price we paid for it at auction was far under

0:22:320:22:35

what we would have paid for it.

0:22:350:22:36

Even if we were going to do this property up,

0:22:360:22:38

there's still a lot of profit in it. But the plot is so good.

0:22:380:22:42

Out the back, you directly overlook the Mersey,

0:22:420:22:45

you've got a really nice village just up the road,

0:22:450:22:47

so it ticked all the boxes.

0:22:470:22:49

And once you'd seen the property,

0:22:490:22:51

did one say one thing and one say the other?

0:22:510:22:53

Straightaway, I thought, "Flatten the house and build."

0:22:530:22:56

-What, before you'd even...?

-Before I'd even got through the gate.

0:22:560:22:59

And then I text Nick, and as I'm replying to Nick's text,

0:22:590:23:03

then the text came through from Nick saying,

0:23:030:23:05

"Two or three properties"

0:23:050:23:07

and I was actually writing the same text.

0:23:070:23:09

-To...?

-To Nick, yeah.

-THEY LAUGH

0:23:090:23:12

So, tell us what you're going to do with this.

0:23:120:23:14

We sat down with the architect, which is the first thing that we do.

0:23:140:23:17

We can save the property, but it's financially not worth it.

0:23:170:23:20

It's hard to resurrect something that has so many problems.

0:23:200:23:23

-This house needs to be dropped.

-Yeah.

0:23:230:23:25

We've had a word with the planners, we've had, you know, discussions,

0:23:250:23:29

and we're now drawing up the plans

0:23:290:23:31

to put two four-bed, three-bath properties on the plot.

0:23:310:23:35

# The boys are back in town The boys are back in town

0:23:350:23:38

# The boys are back The boys are back... #

0:23:380:23:41

Based on the estate agent valuation, building two houses on the plot

0:23:410:23:45

could mean a resale value of 900 grand.

0:23:450:23:48

But, of course, you need to factor in planning,

0:23:480:23:50

demolition and building costs,

0:23:500:23:52

which Nick has budgeted for up to £500,000.

0:23:520:23:56

How long does Nick think this will all take?

0:23:570:24:00

It's not a quick project,

0:24:000:24:01

but the only thing that will really hold us up is the planners,

0:24:010:24:04

so we're going into planning within the next sort of two to three weeks.

0:24:040:24:07

-OK.

-We've got the initial designs.

0:24:070:24:09

So, as soon as we get the go-ahead from there,

0:24:090:24:11

we imagine that'll be about three months...

0:24:110:24:13

-OK.

-..and then we want to kick straight in.

0:24:130:24:15

It's going to take us probably six to eight months then

0:24:150:24:18

to actually build houses and have them finished.

0:24:180:24:20

So, we're working on a timescale of about 12 months.

0:24:200:24:22

-I wish you all the best.

-Cheers, Dion.

0:24:220:24:24

-Good luck to you.

-Thank you.

-Good luck to you, Colin.

-Thank you.

0:24:240:24:27

Colin and Nick, they've got the expertise.

0:24:270:24:30

Can they stay within their budget

0:24:300:24:32

and can they get the planning permission?

0:24:320:24:34

That's the big question. Find out later on in the show.

0:24:340:24:37

Still to come, persistence pays off for this Derby couple.

0:24:380:24:42

We bid on the first two or three, didn't get them, and this was

0:24:420:24:46

-the first one that we did get.

-HE CHUCKLES

0:24:460:24:48

And we return to Cheshire

0:24:500:24:51

to see if Nick and Colin have managed to turn this...

0:24:510:24:54

..into this.

0:24:550:24:57

Back to South East London now,

0:25:060:25:08

where earlier, I took a tour of this top-floor flat in Catford

0:25:080:25:11

with a guide price of 100 grand plus.

0:25:110:25:14

The tour didn't take very long.

0:25:140:25:16

Ooh! On the inside, it's quite compact.

0:25:180:25:22

This is the one bedroom of the one-bedroom flat,

0:25:220:25:25

and it's tiny!

0:25:250:25:26

-That? That's the kitchen area!

-SHE LAUGHS

0:25:280:25:31

For a one-bedder, it's fairly small.

0:25:310:25:33

So, if you were looking to swing a cat in Catford,

0:25:340:25:38

this wouldn't be the place for you.

0:25:380:25:40

Lack of space didn't bother drama graduate Jackie one bit.

0:25:400:25:44

She used an inheritance to buy the flat for 152,000.

0:25:440:25:49

So, it's not too small for you? You're happy with the space?

0:25:490:25:52

Well, I think it's perfect for one person.

0:25:520:25:54

This flat had a room with a view, but also a room with a phew.

0:25:540:26:00

-So, tell me about that pipe.

-You get used to the smell,

0:26:000:26:03

-but it's not a very nice smile.

-Drains?

-Yeah.

0:26:030:26:06

Plenty of things for Jackie to be getting on with,

0:26:060:26:09

and she couldn't wait to get started.

0:26:090:26:12

With a budget of 4,000 and a very wishful target of two weeks,

0:26:130:26:19

we left her to get creative.

0:26:190:26:21

Three months on, will this budding thespian's work

0:26:210:26:24

be getting five-star reviews?

0:26:240:26:26

# Can't beat the feeling that I get

0:26:260:26:30

# When I'm with you... #

0:26:300:26:34

Well, the changes in the bathroom look pretty smart.

0:26:350:26:38

It's been completely rearranged to create more space.

0:26:380:26:42

No more smelly pipes either.

0:26:420:26:44

And in the living area,

0:26:470:26:48

Jackie's wish for a new kitchen has been fulfilled.

0:26:480:26:52

It's even got an oven.

0:26:520:26:54

Um, so, basically, obviously,

0:26:560:26:59

it's been a really big refurbishment to how it used to look.

0:26:590:27:03

But over here, as you can see, a new, little bit bigger kitchen.

0:27:040:27:09

My floors are done.

0:27:090:27:11

Nice coloured grey, which fits nice with the decor.

0:27:110:27:17

A lot of nice furniture.

0:27:170:27:20

I tried to keep it as minimalistic as possible,

0:27:200:27:23

so there is just enough space.

0:27:230:27:25

I'm very pleased and proud of how it's all looking and worked out.

0:27:250:27:30

The bedroom is still on the cosy side,

0:27:330:27:36

but with clever storage,

0:27:360:27:37

Jackie has made the best of the available space.

0:27:370:27:40

But there are a few very important touches still to add.

0:27:400:27:44

There needs to be a lot of art put on the wall.

0:27:440:27:47

I feel like it's a little bit bland.

0:27:470:27:51

It still doesn't really shine through who I am

0:27:510:27:55

because it would be nice to have someone walk into the space

0:27:550:27:57

and really have a good feel of who I am without even meeting me.

0:27:570:28:02

So, the styling is still a work in progress,

0:28:040:28:07

but at least the hard work has been completed,

0:28:070:28:10

but not without complications.

0:28:100:28:11

We thought we found some builders with a nice rate,

0:28:130:28:17

but the work was looking very sloppy,

0:28:170:28:21

as well as they started overcharging us.

0:28:210:28:24

# This is where the cowboy rides away... #

0:28:250:28:31

Thankfully, rogue builders are in the minority

0:28:330:28:36

and help was at hand to put things right.

0:28:360:28:39

We have had one brilliant builder who has been finishing up the jobs

0:28:390:28:45

the cowboy builders have left,

0:28:450:28:48

which have been cleaned up and made to look very nice.

0:28:480:28:52

Jackie hasn't had to do all this on her own.

0:28:530:28:56

She's had a few shoulders to lean on.

0:28:560:28:58

My mum and her boyfriend have put a lot of energy and input

0:28:580:29:02

into really helping me and making me move in to this amazing place.

0:29:020:29:07

My mum has styled my apartment,

0:29:070:29:10

and you can't really argue with your mum.

0:29:100:29:12

SHE LAUGHS

0:29:120:29:14

It's taken two and a half months, which isn't bad,

0:29:140:29:17

considering her problems with her first builder.

0:29:170:29:20

But how realistic was her four-grand budget?

0:29:200:29:23

It actually cost £10,000,

0:29:240:29:27

but that's including all the furniture...

0:29:270:29:30

..everything that's within the space.

0:29:310:29:34

Well, a bit of an overspend there, but as well as moral support,

0:29:360:29:39

Jackie's mum, Maria, and boyfriend, Steve,

0:29:390:29:42

were also able to chip in financially.

0:29:420:29:44

And once Jackie gets the chance to cultivate this back garden,

0:29:440:29:48

well, she can pay them back with her vegetables.

0:29:480:29:51

I haven't really thought about the garden yet

0:29:510:29:53

because I've had this big project on my hands,

0:29:530:29:58

but soon to be...

0:29:580:29:59

I really want to grow some vegetables outside in the garden.

0:29:590:30:03

But I feel that I'm very lucky, as I'm only 19 years old,

0:30:030:30:07

to have an apartment like this...

0:30:070:30:09

..and I think many great things and experiences,

0:30:100:30:14

I am bound to have here soon.

0:30:140:30:17

# I can't beat the feeling that I get

0:30:170:30:21

# When I'm with you... #

0:30:210:30:25

It may just be a top-floor flat in Catford,

0:30:260:30:28

but for now, Jackie's on top of the world.

0:30:280:30:31

To see if we can keep Jackie flying high,

0:30:340:30:36

we've asked two estate agents along

0:30:360:30:38

to tell us what they think of this bijou pad.

0:30:380:30:41

My first impressions of this flat

0:30:420:30:44

is that they've done a fantastic refurbishment job.

0:30:440:30:46

It's very light, very airy,

0:30:460:30:48

and they've utilised the space fantastically well.

0:30:480:30:50

The bathroom was quite horrible before,

0:30:500:30:52

and they had numerous problems with the sewer pipe.

0:30:520:30:54

It looks like they've rectified all those

0:30:540:30:56

and they've redone the bathroom.

0:30:560:30:58

I like the way they've used textured tiles to give it a bit more depth.

0:30:580:31:01

Really good. Really nice.

0:31:010:31:02

The washing machine's in there too, which is fantastic.

0:31:020:31:05

Best place for it.

0:31:050:31:06

And what's the demand for flats like this in the local market?

0:31:070:31:11

The demand for flats like this in the Catford area is very high.

0:31:110:31:15

We have a lot of first-time buyers coming in from Central London

0:31:150:31:18

and also buy-to-let investors

0:31:180:31:20

that are looking for something exactly like this.

0:31:200:31:23

So, we must assume there'll be good news on the valuation front.

0:31:230:31:27

Having looked at the current market, this flat would sell for £225,000.

0:31:270:31:31

I believe that this flat, on the current market,

0:31:310:31:34

would achieve between £205,000 to £215,000.

0:31:340:31:38

Given Jackie has spent a total of 162,000,

0:31:380:31:43

a sale at that top figure of £225,000

0:31:430:31:47

would leave her with a pre-tax and fees profit of £63,000,

0:31:470:31:52

and all in the space of three months -

0:31:520:31:54

a sobering fact for this 19-year-old.

0:31:540:31:57

Obviously, I feel very lucky, because of my given circumstances,

0:31:570:32:01

that I have a property,

0:32:010:32:03

but it does make me wonder how my friends

0:32:030:32:06

are going to actually afford to live in London.

0:32:060:32:09

We're heading to Derby now,

0:32:130:32:14

and its central position in the country

0:32:140:32:16

means the city has long been a stop off on journeys

0:32:160:32:19

between North and South, but none more dramatic

0:32:190:32:22

than the stopover taken by Bonnie Prince Charlie

0:32:220:32:25

and his army in 1745.

0:32:250:32:28

They were marching on London to seize the Crown,

0:32:280:32:31

but Derby was as far south as they managed

0:32:310:32:34

before abandoning their quest.

0:32:340:32:36

# We're on a road to nowhere. #

0:32:370:32:41

I'm in Alvaston, three miles southeast of Derby,

0:32:420:32:46

here to see this.

0:32:460:32:48

It's a two-bedroom semidetached. Had a guide price of £72,000 plus.

0:32:480:32:52

Let's have a look.

0:32:520:32:54

Ooh, ah. Sorry about that.

0:32:570:33:00

That's not a very...

0:33:010:33:02

Oh, for goodness' sake. Erm...I already hate the place.

0:33:030:33:08

No, I'm joking, I'm joking. It just needs a bit of door work.

0:33:080:33:11

It's definitely not working for me.

0:33:110:33:13

In fact, the moment you come in here, it's just so cramped.

0:33:130:33:16

You've got a door there, you've got a door here, living room here.

0:33:160:33:19

Hmm.

0:33:190:33:20

That's interesting. We'll come back to that in a second.

0:33:200:33:23

Let's try and fathom the layout out.

0:33:230:33:26

Now, this is actually quite nice.

0:33:260:33:28

This is a sort of kitchen/dining area thing,

0:33:280:33:34

but there's all this woodwork, and it's dark.

0:33:340:33:36

And it's begging to have lots of walls knocked down, isn't it?

0:33:360:33:39

There's certainly space for it.

0:33:390:33:41

Out here towards the back of the property,

0:33:410:33:43

you've got a downstairs loo,

0:33:430:33:44

and then out into a little conservatory,

0:33:440:33:47

so lots of space.

0:33:470:33:48

I just don't like the way it's all fitted together,

0:33:480:33:51

and clearly, this place is door-tastic.

0:33:510:33:55

Opening and closing all those doors

0:33:560:33:59

certainly keeps you on your toes in this place,

0:33:590:34:01

but there's plenty of other exercise to be had in here.

0:34:010:34:04

# Let's get physical, physical

0:34:060:34:09

# I wanna get physical... #

0:34:090:34:12

Hmm.

0:34:120:34:13

Well, I'm back in that front room with exciting news -

0:34:130:34:17

I think there's a problem with the floor.

0:34:170:34:19

It should not be that bouncy. Now, that is a bit of an issue.

0:34:190:34:23

Maybe it's caused by damp penetration

0:34:230:34:26

causing the floor joists to rot. Who knows?

0:34:260:34:29

You need to take the carpet up and do some investigation.

0:34:290:34:32

I might stay here for a bit. It's quite fun.

0:34:320:34:34

MUSIC: Bounce by Calvin Harris

0:34:340:34:38

The living room has certainly given me some bounce,

0:34:380:34:41

but it's time for my step class. I'm off upstairs.

0:34:410:34:45

# Bounce. #

0:34:450:34:46

Well, upstairs, the slightly claustrophobic feel

0:34:470:34:51

sort of continues. Again, too many doors.

0:34:510:34:53

You've got two bedrooms -

0:34:530:34:55

a reasonable sized one at the front, a small one towards the back there.

0:34:550:34:58

One good bit of news - at least the bathroom is upstairs.

0:34:580:35:01

There's no bath in it, but at least you've got all the plumbing,

0:35:010:35:04

so you could actually improve that.

0:35:040:35:06

And then here into your small second bedroom.

0:35:060:35:11

Now, up here, though, there's something I need to tell you about,

0:35:110:35:13

which I noticed on the way in.

0:35:130:35:15

I'm definitely getting my suspicions confirmed.

0:35:150:35:19

This house was built in an era

0:35:190:35:23

when they used a construction called hard-to...

0:35:230:35:26

Well, it's been now given the name

0:35:260:35:28

hard-to-treat cavity wall construction.

0:35:280:35:31

You know what a cavity wall is, right?

0:35:310:35:32

You have a set of bricks there, a set of bricks there

0:35:320:35:34

and a gap in the middle.

0:35:340:35:36

Well, the gap's good because it provides insulation.

0:35:360:35:39

You can also fill it with things to provide even more insulation.

0:35:390:35:42

And it also provides a natural damp-proof, if you like, barrier.

0:35:420:35:46

Well, during a period of construction,

0:35:460:35:48

some houses were built with those two sets of walls

0:35:480:35:51

very close together, so virtually no cavity wall.

0:35:510:35:54

Now, that isn't necessarily an issue,

0:35:540:35:56

and there doesn't seem to be too many signs of damp.

0:35:560:35:58

The problem is, when it comes to insulating this house,

0:35:580:36:01

and as you will be aware, nowadays, insulation,

0:36:010:36:03

thermal efficiency is really, really important.

0:36:030:36:06

There's an EPC - an Energy Performance Certificate -

0:36:060:36:08

which is produced when you sell the house.

0:36:080:36:10

Also, there's running costs while you live in it.

0:36:100:36:12

So, if you can't treat that cavity - if you can't fill it with something

0:36:120:36:16

which is going to improve your energy efficiency -

0:36:160:36:18

the only option is to basically stick insulation on the outside.

0:36:180:36:21

That's expensive.

0:36:210:36:22

And so it is, intrinsically, not -

0:36:220:36:26

but actually is - a bit of a problem.

0:36:260:36:29

I hope that's filled a gap in your knowledge about cavity walls,

0:36:310:36:35

but now it's time for me to head outside.

0:36:350:36:38

Well, at the back of the property,

0:36:400:36:42

you get to see this rather questionable lean-to

0:36:420:36:47

that probably wants to go.

0:36:470:36:49

Should you put an extension in its place?

0:36:490:36:51

Well, that's definitely something to consider.

0:36:510:36:53

Out here, then, quite a large sort of concreted area.

0:36:530:36:57

You've got a garage. The only hiccup on that one is

0:36:570:36:59

you can't actually get a car to the garage,

0:36:590:37:01

so it'll actually be, like most people's garages,

0:37:010:37:03

somewhere to store stuff.

0:37:030:37:05

In fact, store stuff that you'll probably never ever use again.

0:37:050:37:08

-HE CHUCKLES

-So, that's it.

0:37:080:37:11

Or so you would have thought. But no.

0:37:110:37:15

Through this gate, there is...

0:37:150:37:18

..a secret garden.

0:37:210:37:22

How about that?

0:37:240:37:25

An unexpected gem to round off my tour of this house.

0:37:270:37:31

But we've asked

0:37:310:37:32

the auctioneer who sold it to take a wander round too.

0:37:320:37:36

I wonder what he thinks of this place.

0:37:360:37:38

My first impressions of the property -

0:37:380:37:40

you walk in the front door, you walk into the front room

0:37:400:37:43

and you smell damp, which is fairly evident,

0:37:430:37:46

particularly because I think the floor joists have probably rotted.

0:37:460:37:50

In terms of a renovation schedule,

0:37:500:37:52

you've really got almost everything here to do,

0:37:520:37:54

maybe apart from the windows.

0:37:540:37:56

I would be rather surprised if there's much change out of £20,000.

0:37:560:38:00

How does he assess the problems facing a potential developer?

0:38:020:38:06

To me, the most difficult feature about renovating this property

0:38:070:38:11

is that timber lean-to.

0:38:110:38:13

You can't leave it as it is - it's substandard -

0:38:130:38:15

but I think you need to be careful what you spend.

0:38:150:38:18

If you take that lean-to off at the back

0:38:180:38:19

and you make a far better dining/kitchen arrangement,

0:38:190:38:22

retaining your ground-floor toilet, I think that's going to cost you

0:38:220:38:26

somewhere between £18,000, £20,000 to do it,

0:38:260:38:30

depending where you take it.

0:38:300:38:32

What's it going to add to the house? Maybe £10,000 or £12,000.

0:38:320:38:36

So, you're not going to do it if your intention is to buy the house,

0:38:360:38:39

spend money on it and try and resell it.

0:38:390:38:42

Finally, what could this house be worth on the sales market?

0:38:420:38:47

If you'd renovate the house as it is now,

0:38:470:38:48

it will have an ultimate value, on today's market,

0:38:480:38:52

I would say, of about £105,000 to £110,000.

0:38:520:38:55

And if you were to take down that lean-to

0:38:550:38:58

and then replace that area with a proper brick-built extension,

0:38:580:39:01

it would have a value of between £115,000 and £120,000.

0:39:010:39:06

Well, a few years ago,

0:39:090:39:11

the whole issue of that cavity wouldn't have been a problem,

0:39:110:39:13

but, of course, with everyone's concern about energy efficiency,

0:39:130:39:18

these days, it is a problem.

0:39:180:39:20

Will it put off a buyer? Who knows?

0:39:200:39:22

Let's find out when it went under the hammer.

0:39:220:39:24

Two-bedroomed semidetached property.

0:39:260:39:28

Double-glazed, but otherwise needing some improvement.

0:39:280:39:31

Start me on this where you will, ladies and gentlemen. 72,000?

0:39:310:39:34

Who's got 70 to start me? £70,000? It's got to be worth that, surely.

0:39:340:39:39

68? 68, I'll take, thank you. At £68,000.

0:39:390:39:43

At 68,000. 69 there. At 69. At 70.

0:39:430:39:48

71 is bid. 71,000. And two.

0:39:480:39:51

72. 73. 73. 74. 75.

0:39:510:39:57

At 75. 76. At £76,000.

0:39:570:40:02

77 somewhere else?

0:40:020:40:04

At... 77, thank you.

0:40:040:40:06

At 77. 78. At 78.

0:40:060:40:10

78,500. 78,500. 79. 79,500.

0:40:100:40:17

80,000.

0:40:170:40:18

Shakes his head at 79 and a half here.

0:40:190:40:22

80,000 somewhere else? It's going to go.

0:40:220:40:24

At £79,500 for the first time.

0:40:240:40:28

Second time. Third opportunity.

0:40:280:40:30

It's yours, sir. Thank you. 79 and a half.

0:40:310:40:34

Making that final bid of £79,500 was Ian,

0:40:360:40:40

seen here with his son Neil.

0:40:400:40:43

Ian bought the house as a family project,

0:40:430:40:45

and I met him and his wife, Anne, back at the property for a chat.

0:40:450:40:49

-Anne, Ian, great to meet you both.

-Nice to meet you too.

-And you too.

0:40:500:40:54

Congratulations. Tell me why you wanted to buy this house.

0:40:540:40:58

We looked through the auction catalogue

0:40:580:41:00

and identified a number of properties

0:41:000:41:03

that we thought were suitable for what we wanted to do,

0:41:030:41:06

and we went to the auction.

0:41:060:41:08

I went to the auction with Neil, our middle lad,

0:41:080:41:12

and we bid on the first two or three,

0:41:120:41:16

didn't get them,

0:41:160:41:18

and this was the first one that we did get, so...

0:41:180:41:21

-So, it's fourth choice, then?

-Well, I wouldn't say that

0:41:210:41:24

because we were prepared to go for any one of them

0:41:240:41:27

-that we'd looked at.

-Oh, OK.

0:41:270:41:29

What was it about this one that made it into the shortlist?

0:41:290:41:32

I think it's the size.

0:41:320:41:34

It's a family-sized house, although it's only two bedrooms,

0:41:340:41:38

but the rooms are quite generous.

0:41:380:41:40

The kitchen is very generous,

0:41:400:41:42

and I think it's got a lot of potential.

0:41:420:41:44

-Mm-hm.

-Yeah, yeah.

0:41:440:41:46

It wasn't sort of a tear down and rebuild

0:41:460:41:50

sort of extensive project, but it was one which we felt

0:41:500:41:54

was well within our capabilities and means.

0:41:540:41:56

So, just run me through exactly what you're going to do to the place.

0:41:560:41:59

Essentially, it's going to be decoration.

0:41:590:42:02

This sort of room is basically painting and decorating.

0:42:020:42:06

The floor, we'll have to deal with as to what we find.

0:42:060:42:09

-Central heating.

-Central heating, we need to put in.

0:42:090:42:12

We need to put new electrics in

0:42:120:42:15

because the box in the hall there is just the old-fashioned fuse box,

0:42:150:42:19

and that needs a new consumer unit.

0:42:190:42:21

So, there are things like that that we know we've got to deal with.

0:42:210:42:24

-And a big new kitchen and new bathroom.

-Yeah.

0:42:240:42:27

That goes without saying, really.

0:42:270:42:28

Yes, yes, it's a new kitchen, new bathroom.

0:42:280:42:31

And who's going to carry out all this work?

0:42:330:42:35

Well, being a family project,

0:42:350:42:37

Ian and Anne don't have to stray too far from home.

0:42:370:42:40

Sons Neil and Russell are going to help out with the renovation.

0:42:400:42:44

-One of them is a plumber with a kitchen fitting...

-Oh, right.

0:42:470:42:50

-..and bathroom company.

-So, very relevant.

-Yes.

-Absolutely.

0:42:500:42:53

-And a plasterer.

-And a plasterer as well.

0:42:530:42:55

Blimey. You are well set.

0:42:550:42:56

The other lad is a landscape gardener,

0:42:560:43:00

but they've both done up their own houses,

0:43:000:43:03

and refurbished, renovated,

0:43:030:43:06

-you know, to their own liking in the past, so...

-Right.

0:43:060:43:08

So, they're both experienced in dealing with this sort of thing.

0:43:080:43:12

-We help as well.

-Yes.

0:43:120:43:13

I mean, Anne's excellent at doing all the painting and decorating.

0:43:130:43:16

-Right.

-And I'm just sort of odd jobs with woodwork

0:43:160:43:20

-and some electrics, but not much.

-Right.

0:43:200:43:23

So, what about the lean-to?

0:43:230:43:25

-Lean-to, we're...

-Well, we're not sure...

0:43:250:43:27

-No.

-..whether to keep it, open it up a little bit.

-Yeah.

0:43:270:43:32

We'll have a consultation with the boys

0:43:320:43:34

and see what their opinion is of it.

0:43:340:43:37

It needs something doing to it.

0:43:370:43:39

So, what's the budget for the work?

0:43:390:43:42

-We reckon on about 15,000.

-OK.

0:43:420:43:45

But we recognise that estimates tend to go over rather than under,

0:43:450:43:50

-and we wouldn't want to go more than about 20.

-OK.

0:43:500:43:53

-And what about timescale?

-Sort of two to three months.

-Yeah.

0:43:530:43:57

So, if this is successful, then,

0:43:570:43:58

will it be same time next year, another property?

0:43:580:44:01

-With a bit of luck, yes.

-That's the general plan.

0:44:010:44:03

Well, listen, congratulations, and good luck with it.

0:44:030:44:06

-Thank you.

-Thank you.

-I look forward to seeing how you get on.

0:44:060:44:08

-Thank you.

-It was nice to meet you both.

-And you.

0:44:080:44:11

So, Anne and Ian have got a ready-made team

0:44:120:44:15

in the shape of sons Russell, a landscape gardener,

0:44:150:44:18

and Neil, a bathroom fitter.

0:44:180:44:20

Handy when there is so much to do here.

0:44:200:44:22

They don't seem too fazed by the potential issues.

0:44:220:44:25

How will they get on? You can find out later in the show.

0:44:250:44:28

Well, we've seen what happened to one of our properties.

0:44:310:44:34

-What about the other two?

-Yes, did everything go to plan or not?

0:44:340:44:37

Let's find out.

0:44:370:44:38

We're now heading back to beautiful Ashton upon Mersey in Cheshire,

0:44:400:44:44

where I visited this three-bedroom detached property

0:44:440:44:46

with a guide price of £130,000.

0:44:460:44:49

From the outside, the house had clearly seen better days,

0:44:500:44:54

but it was a beautiful plot of land overlooking the River Mersey.

0:44:540:44:58

But inside, the reason for that low guide price

0:44:580:45:01

started to become very clear.

0:45:010:45:03

# Swallowed by the cracks

0:45:030:45:07

# Swallowed by the cracks

0:45:070:45:10

# Never been swallowed by the cracks... #

0:45:100:45:13

In my experience, if you can do this

0:45:130:45:16

and get your fingers within a space that big in a wall,

0:45:160:45:19

there's definitely, definitely structural work.

0:45:190:45:22

This was one of the worst cases of subsidence you could imagine.

0:45:220:45:27

In my opinion, knocking it down and starting again seemed the best,

0:45:270:45:30

indeed, the only sensible option.

0:45:300:45:33

Property developer Nick and his project manager, Colin,

0:45:330:45:36

figured the same.

0:45:360:45:38

And ain't it a small world? Colin was a familiar face.

0:45:380:45:41

I was security at Man United while you were a player there.

0:45:420:45:46

-For the very short time that I was.

-When you weren't injured, yeah.

0:45:460:45:49

Exactly. Thank you very much for that.

0:45:490:45:51

Yeah, thanks, Colin.

0:45:510:45:52

But we're here to talk about the property's injury problems,

0:45:520:45:55

not mine.

0:45:550:45:56

We can save the property, but it's financially not worth it.

0:45:560:45:59

We've had a word with the planners,

0:45:590:46:01

we've had, you know, discussions, and we're now drawing up the plans

0:46:010:46:05

to put two four-bed, three-bath properties on the plot.

0:46:050:46:08

After speaking with an agent,

0:46:090:46:11

we found out the boys could be onto a resale value

0:46:110:46:14

of £900,000 for the pair.

0:46:140:46:16

Of course, planning would be the key

0:46:160:46:18

and would definitely take up most of the time for this build,

0:46:180:46:21

so the guys factored in a timescale of around a year

0:46:210:46:24

and a budget of £425,000 to £500,000.

0:46:240:46:29

So, how would they get on?

0:46:290:46:32

We returned 17 months later to find out.

0:46:320:46:35

MUSIC: Feel Right by Mark Ronson

0:46:350:46:38

MUSIC STOPS

0:46:380:46:42

Hmm. Let's try that again.

0:46:420:46:44

MUSIC STARTS UP AGAIN

0:46:440:46:47

Yes, it looks like, well, nothing has happened.

0:46:490:46:52

I think we better get some answers from Nick and Colin.

0:46:540:46:56

We went in for planning with the first planning application.

0:46:570:47:00

Basically, it was two four-bed, three-bathroom,

0:47:000:47:04

three-storey properties. Erm, very nice-looking.

0:47:040:47:07

Looked similar to the development we've got to our right-hand side.

0:47:070:47:11

And the planner just felt it was just too much

0:47:110:47:14

for the size of the plot.

0:47:140:47:15

Hmm. As I said, planning would be key here.

0:47:150:47:19

So, after the two-house plan went out the window,

0:47:190:47:22

-what happened next?

-We went back to the drawing board,

0:47:220:47:25

had a conversation with our architect,

0:47:250:47:27

sat down with the planners

0:47:270:47:29

and just got more detail of what they wanted to see here,

0:47:290:47:31

which was a single dwelling -

0:47:310:47:32

a five-bedroom, three-bathroom property.

0:47:320:47:34

The second planning application

0:47:340:47:36

went in about four months after the first one.

0:47:360:47:39

Took a couple of months extra, really got things right,

0:47:390:47:41

but when it went in, the planners, again, wanting some alterations,

0:47:410:47:45

so we stuck with that planning application,

0:47:450:47:47

just made the alterations and, last week, we got planning approval.

0:47:470:47:50

So, now the decision's been made to sell it on,

0:47:500:47:53

maximise our profit, which, in turn, allows us to put that money

0:47:530:47:57

into the other sort of nine, ten properties

0:47:570:48:00

we've got on the go at the moment.

0:48:000:48:02

So, now the plans are in place,

0:48:030:48:05

they are hoping to sell it for a higher price

0:48:050:48:07

and reinvest the profit into their other projects.

0:48:070:48:11

Over the past 17 months,

0:48:110:48:13

the guys have been using the site to house their building supplies.

0:48:130:48:16

This is the first storage facility I've ever seen with a chandelier.

0:48:160:48:21

With all that time and money spent on planning,

0:48:210:48:23

how much have they invested in the house so far?

0:48:230:48:26

With everything, including the planning,

0:48:260:48:28

the applications and the fees, spent just under 10,000,

0:48:280:48:31

so the plot stands at 162,000.

0:48:310:48:35

And what would it have cost to build the house?

0:48:350:48:37

To build a single house,

0:48:370:48:38

we're looking between £200,000 and £225,000.

0:48:380:48:41

Let's not forget demolition costs.

0:48:430:48:45

That could add another £30,000 to the expenditure,

0:48:450:48:48

bringing their total investment to 417 grand.

0:48:480:48:52

So, what could they have made if they'd saw it through to the end?

0:48:560:49:00

We invited along two local estate agents

0:49:000:49:02

to get their values on the five-bed,

0:49:020:49:04

three-bathroom property on this site.

0:49:040:49:06

Having seen the designs

0:49:070:49:09

for the proposed property here,

0:49:090:49:11

I think that a five-bedroom property in this location in today's market

0:49:110:49:14

would be worth in the region of £730,000.

0:49:140:49:17

Completed, I think a property like that -

0:49:170:49:19

a five-bed detached -

0:49:190:49:21

would be worth in the region of 700,000.

0:49:210:49:23

So, seeing the project through and selling for that top figure

0:49:230:49:27

could mean a potential profit of around 313 grand.

0:49:270:49:31

But the guys have decided to move on

0:49:310:49:33

after spending 162 grand on the purchase and fees.

0:49:330:49:37

So, how much can it sell for

0:49:370:49:39

with the planning permission now in place?

0:49:390:49:42

So, this plot, I would expect to achieve,

0:49:420:49:44

with planning permission for a five-bed detached house,

0:49:440:49:47

something in the region of 325,000.

0:49:470:49:50

The value would be around £325,000.

0:49:500:49:54

So, if the guys were to hit £325,000,

0:49:540:49:58

that would give them a profit of 163 grand.

0:49:580:50:01

But with the biggest profit in the build itself,

0:50:010:50:04

I wonder if the lads could be tempted to hold on

0:50:040:50:06

and do it themselves.

0:50:060:50:08

We thought about doing the build, but as we say,

0:50:090:50:11

we've got two other plots at the moment,

0:50:110:50:13

both with planning permission. One's four barn conversions,

0:50:130:50:17

which are going to give us, you know, £1 million net profit.

0:50:170:50:20

If we did this, carried on, we'd have another 200,000,

0:50:200:50:22

so commercial decision is sell this, use the 325 with the other plot

0:50:220:50:27

and, you know, triple the money on it

0:50:270:50:29

rather than adding another 50% to it on the side.

0:50:290:50:31

Can't argue with those figures.

0:50:340:50:35

It's time to return to Derby now, and the southern suburb of Alvaston.

0:50:420:50:46

If you were on the lookout for a bit of a project,

0:50:460:50:49

this two-bed semi ticked all the boxes -

0:50:490:50:52

new kitchen, new bathroom, new electrics, central heating.

0:50:520:50:57

Yes, a total revamp was required.

0:50:570:51:00

Out in the back, things weren't much better.

0:51:000:51:03

Well, at the back of the property,

0:51:030:51:05

you get to see this rather questionable lean-to

0:51:050:51:10

that probably wants to go.

0:51:100:51:11

All in all, not too promising,

0:51:130:51:15

and when you have trampoline floors, you know there's trouble.

0:51:150:51:19

MUSIC: Riverdance by Bill Whelan

0:51:190:51:24

Hmm. It should not be that bouncy.

0:51:240:51:28

Now, that is a bit of an issue.

0:51:280:51:30

Question is how far would the rot extend?

0:51:310:51:34

The couple that would find out were Ian and Anne,

0:51:340:51:37

who bought the house for £79,500

0:51:370:51:40

as a project for them and their sons to get their teeth into

0:51:400:51:44

and hopefully make a little profit on the way.

0:51:440:51:47

But they were undaunted.

0:51:470:51:49

It wasn't sort of a tear down and rebuild,

0:51:490:51:53

but it was one which we felt

0:51:530:51:54

was well within our capabilities and means.

0:51:540:51:58

With sons Neil and Russell's experience in the trades,

0:51:580:52:01

they'd be tackling the big jobs,

0:52:010:52:03

which would leave Ian and Anne with the finishing touches.

0:52:030:52:06

Aiming for a spend of between £15,000 and £20,000,

0:52:100:52:14

the couple hoped to have everything complete in two to three months.

0:52:140:52:17

How did they get on? We're back four months later to find out.

0:52:170:52:21

It's clear the family enterprise

0:52:390:52:41

has been fully occupied for the past few months.

0:52:410:52:44

There's quite a difference from the last time we were here.

0:52:440:52:47

Anne and Ian are very pleased with how the kitchen has turned out,

0:52:490:52:52

and considering what was here before, I'm not surprised.

0:52:520:52:56

He cleared the kitchen completely so that we had a blank canvas,

0:52:560:53:01

and moved the kitchen door to where it is now

0:53:010:53:04

to give a bit more room to allow a table and chairs.

0:53:040:53:08

-Well, actually, it gives a lot more room...

-It does.

0:53:080:53:11

..because the door opened into that space originally,

0:53:110:53:13

-which meant that you couldn't really have a...

-It was wasted space.

0:53:130:53:17

Nice, new kitchen. What more could a lady want?

0:53:170:53:20

Or a gent? SHE LAUGHS

0:53:200:53:23

Upstairs has been completely revamped.

0:53:230:53:26

A new bathroom was an essential,

0:53:260:53:28

and they've even managed to reinstate a bath too.

0:53:280:53:31

The bedrooms have been redecorated and carpeted,

0:53:310:53:34

but much of the work has been carried out behind the walls

0:53:340:53:38

and under the floorboards.

0:53:380:53:40

-The other thing was, of course, the rewiring.

-Yes.

0:53:400:53:43

-That was done by a separate contractor.

-Yes.

0:53:430:53:47

But it was certainly an essential part

0:53:470:53:50

of the work that had to be done

0:53:500:53:52

because when the electrician came in,

0:53:520:53:55

he said it was actually dangerous and...

0:53:550:53:59

-He switched it off, didn't he?

-He switched it off,

0:53:590:54:01

so we were without power for the...

0:54:010:54:03

-Starting.

-..tools and things, all sorts.

-Yes.

-So...

0:54:030:54:06

So, that had to be done pretty well straightaway.

0:54:060:54:08

That was the major thing to do first.

0:54:080:54:10

A central heating system has been installed,

0:54:120:54:14

and I guess, while the floorboards were up,

0:54:140:54:16

they would have sorted out the living room floor.

0:54:160:54:19

When our middle son sort of stripped the carpet back,

0:54:200:54:24

it was absolutely rotten, and I think,

0:54:240:54:26

if we did a little dance on it, we'd have gone right through.

0:54:260:54:29

Ah. Something like this, you mean?

0:54:300:54:33

-Well, this room's looking nice now, isn't it?

-Yeah.

0:54:350:54:38

-And the fireplace sets it off all right.

-Yes.

0:54:380:54:41

-Nice gas fire and the floor.

-The floor's now sound and...

0:54:410:54:45

-Whoo! Whoo!

-Yeah, yeah.

-I don't sink in.

0:54:450:54:49

We'd have gone through it, wouldn't we?

0:54:490:54:50

-We would have, yes.

-We would. Could practice our dancing on it.

0:54:500:54:54

MUSIC: Riverdance by Bill Whelan

0:54:540:54:58

-I don't think so. Not here.

-SHE CHUCKLES

0:54:580:55:00

It's taken eight weeks to complete the work,

0:55:020:55:04

and Ian and Anne have carefully supervised

0:55:040:55:07

every stage of this project.

0:55:070:55:09

Well, apart from the first five weeks.

0:55:090:55:12

We went on holiday for five weeks and left the boys to do the house.

0:55:120:55:18

-SHE LAUGHS

-They made all the decisions, really.

0:55:180:55:21

They made all the decisions,

0:55:210:55:23

so we came back and we'd just the painting to do, basically.

0:55:230:55:28

And painting is really all that's happened to the lean-to.

0:55:300:55:33

Ian felt that it wasn't economic

0:55:330:55:35

to replace it with a brick-built extension.

0:55:350:55:38

With a landscape gardener on the team,

0:55:380:55:40

you might be expecting some wow factor in the back garden.

0:55:400:55:44

Well...wow!

0:55:440:55:46

Russell has...obviously been a bit busy

0:55:460:55:49

with the inside of the house to worry too much about the back yard.

0:55:490:55:52

But have there been any worries with their £15,000 to £20,000 budget?

0:55:520:55:58

-We are over the 15,000 that we hoped to keep it down to...

-Mm.

0:55:580:56:04

..but not really by very much.

0:56:040:56:06

It's probably about 16 and a half, 17. Something like that.

0:56:060:56:10

On budget and on schedule,

0:56:120:56:14

but can Ian and Anne make a profit on this project?

0:56:140:56:18

We've asked two local property experts along

0:56:180:56:20

to see if the improvements made here

0:56:200:56:22

have added enough value to this house.

0:56:220:56:25

I think the standard of finish is absolutely perfect

0:56:250:56:27

for this type of property.

0:56:270:56:28

In this location, it's just what you would expect to find. It's perfect.

0:56:280:56:32

For me, there's a lot of positives with this property.

0:56:320:56:35

The garden's bigger than you'd expect,

0:56:350:56:37

but internally, I think the kitchen

0:56:370:56:38

and the bathroom being brand-new, and the heating system,

0:56:380:56:41

are going to be real positives.

0:56:410:56:42

Having bought the house for 79,500

0:56:420:56:45

and spent a further £17,000 on its renovation,

0:56:450:56:49

how much could Ian and Anne

0:56:490:56:50

expect to sell it for on the current market?

0:56:500:56:54

I would anticipate a sale being achieved

0:56:540:56:56

somewhere in the region of £105,000 to £110,000.

0:56:560:56:59

In the current sales market,

0:56:590:57:00

I would expect this property to sell between £110,000 to £115,000.

0:57:000:57:05

A sale at 110,000 would mean a profit of £13,500

0:57:050:57:10

before fees and tax.

0:57:100:57:11

We would want to put it on the market at 115,

0:57:130:57:17

and ideally, if we got 110, that would be...

0:57:170:57:20

-Maybe.

-That would be fine.

0:57:200:57:22

It would mean that we'd make a bit of profit

0:57:220:57:23

-and cover expenses as well.

-Yes.

0:57:230:57:25

This renovation project has kept the family busy for a few months,

0:57:250:57:29

but what are their overall feelings?

0:57:290:57:31

Well, it's very satisfying doing a house up

0:57:330:57:35

and making it habitable and clean and nice.

0:57:350:57:39

Erm, and, actually, with going away on holiday

0:57:390:57:44

-and leaving it for the boys to do...

-It forced the situation.

0:57:440:57:47

..it was very satisfying. SHE LAUGHS

0:57:470:57:49

There are lots of people buying all kinds of property

0:57:520:57:55

-at auction every day.

-Yeah, and we follow many of their stories.

0:57:550:57:58

-They have so much to tell.

-Yes.

0:57:580:58:00

So, join us here on Homes Under The Hammer next time

0:58:000:58:04

for more stories from the world of property.

0:58:040:58:07

-See you.

-Bye-bye.

-Goodbye.

0:58:070:58:09

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