Episode 57 Homes Under the Hammer


Episode 57

Martin Roberts and Lucy Alexander visit a property in Dulwich, south east London, a house in Kent that has taken a drop in price and a property in Cornwall.


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Transcript


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Hello. Today's property market may well be challenging

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but there are still bargains to be had if you know what you're doing.

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We're here with tips on how to find them

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and how you could make the current climate work in your favour.

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So, here are today's plucky purchasers.

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Now, before you buy, we always advise you to do your homework

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otherwise you'll get more than just a telling off from the teacher.

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Now, it's vital to check the condition that the property's in,

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the area and how much it could be worth once renovated.

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So, did today's buyers get top marks?

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My trip to West Dulwich, in London, doesn't start too well.

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Oh no, it gets better.

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The price of this house in Kent has dropped by nearly £100,000.

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That is over a 40% drop on the original sale price.

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And, well, what can I say about this place in Truro, Cornwall?

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All these properties are being sold at auction.

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We'll find out who bought them and what they paid for them

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when they went under the hammer.

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The Thames River divides London, and not just physically.

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Property on the north side of the river is often seen as more desirable,

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hence the higher price tags.

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But if you're prepared to explore the south side, you might find more for your money.

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So, this is one of the nicest streets in West Dulwich, a real mix of properties.

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Anything from individual properties down that end to flats, apartments.

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It's a real pick 'n' mix,

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but I reckon I've found somewhere that's quite sweet.

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Close to the high street, with good rail and road links to the city,

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this three-bedroom flat definitely hits the mark at a guide price of just 150 grand.

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So, a shared access there which is what you might expect.

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But then, not too brilliant an entrance.

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Feels very cramped. I don't know, it gets better.

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Cos the front room here is actually a really good size.

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You've got this huge great bay window. Yeah, we like that.

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Nice feel but, hang on a minute...

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what's going on here?

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Looks like somebody's done a bit of remedial work, I guess...

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signs of damp. Ooh, blimey.

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The wood's started to rot. I guess that's rising damp.

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My concern would be what damage that's done to the joists under the floor so that needs checking out...

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but all in all, doesn't feel too bad.

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I don't think that's too much of an issue.

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However, I may have spoken too soon,

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as here in the next bedroom there's more evidence of damp,

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so I'm already thinking about getting some professional advice.

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Down this narrow corridor are the bathroom and kitchen,

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which for a three-bedroom flat, really doesn't work for me.

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So, small bathroom and kitchen.

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Again, what you'd sort of expect.

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I don't know what you would do with the internal layout here to improve that.

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You'd certainly renovate them, for sure.

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In terms of anything more major? Needs some thinking about.

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What I do like though, this rear room,

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a good size living space and a bit of an added value.

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Well, a real bonus of this flat is that it has a garden

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and as you can see, it's really nice.

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Well, it would be if this was the garden that attached to the flat. Unfortunately, it isn't.

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The garden to this property is actually divided down the middle,

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so this flat, the ground-floor flat, comes with this bit.

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Not as good as we first thought.

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# By my side

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# In the dark of the night

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# By my side. #

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Now, I've heard of shared gardens but this is just weird.

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Perhaps an arrangement with the upstairs neighbours would result in a more practical solution.

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But the shared space raises other issues

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besides where you plant your azaleas,

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as a local estate agent points out.

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With this particular flat, one of the main issues with the garden

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is that it is separated right down the middle.

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You've got an upstairs flat on the left-hand side here

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and this flat's on the right.

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It obviously needs quite a bit of work but the main issue

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is that you will be overlooking your neighbours

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and if you did have the reception room at the back,

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it would mean that you'd be quite often looking at them

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enjoying the sun in the garden at the back.

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So, although my first instinct was to restructure the layout,

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I'd say it will require careful thought

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about exactly how you do that.

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Meanwhile, for that guide price of 150,000,

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what value could it have once renovated?

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Valuation in terms of sales, I think we'd be looking at 250.

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Obviously, you've got the stamp duty break at that level

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and that's always going to be restrictive in the market

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in this area for this kind of flat.

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In terms of a lettings valuation, you'd be looking between 900 and £1,000 per calendar month.

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Well, for that guide price of 150,000 quid,

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I would have expected this place to be in much worse condition.

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It's not going to take a lot to sort this place out

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and with an end value of about 250,000, there's money to be made.

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Let's see who fancied it when it went to the auction.

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Right. Lot 18. Ground floor flat.

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I don't know... 140, then.

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Not going to go below 140.

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Thank you, 140. 150.

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160. Back with you, at 160. 170.

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170. How much?

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180. 181.

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178. Sorry.

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179.

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No. 179. 179, right at the back.

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180.

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180. 181.

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182. 183. 184.

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185, right at the back. 185. 186.

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186, with you.

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187, madam. 187, new spot. 188.

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187, with the lady. 188, with you.

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189. 190, sir.

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190, at the back, right at the back.

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191.

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191. 192, against the wall. 192.

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195. 196. 196. 197. 198.

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198. 199.

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200. 201.

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You'll never know if her last bid was 200. It's those round numbers.

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201.

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201. One more go?

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If not, 200, with the lady. 201.

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202. 203, sir. It's against you.

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202, with the lady. First time.

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Second time. Third and last time.

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If you're all done?

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Sold, 202. Well bid, madam.

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It may have been well bid but that battle pushed the final price way over the guide.

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The successful bidder was Carol, a former nurse and PA.

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She's currently renting a property on the same street

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which may be why she put up such a fight at the auction.

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# I want it so badly. #

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-Carol, nice to meet you.

-Nice to meet you, too.

-That was a bit of a battle, wasn't it?

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It was, very much so. Very busy, as well.

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-I mean, the auction house was absolutely packed out.

-Right.

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People couldn't even get in the room.

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Interesting, the way auctions are going.

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It seems to be a real back on busyness.

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I don't know where the credit crunch was but it wasn't there that day.

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So, you got fairly involved in this purchase, there.

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I did except for I wasn't supposed to be.

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I mean, I only went to the auction house to actually see what it might go for...not actually buy it.

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Right.

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But, you know, I live on the street so I was interested to see what this actually might go for.

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Why did you start bidding if you weren't going to buy it?

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All that good advice that is around

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and it all went out the window when I was there,

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actually and suddenly, a hand goes up and I'm here.

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So you had no idea that you were going to buy it.

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You spent far more than you anticipated spending.

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202, it actually went for.

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Mmm. And you weren't actually anticipating buying this kind

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of property or this kind of legal title, as in freehold or leasehold?

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-Correct.

-But apart from that, it was fine.

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Yes.

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But anyway, I'm here and it's a great street.

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You can't get away with it like that. Carry on a bit.

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Well, I wasn't thinking

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too many things, actually.

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You get carried away. Well, I do. It's the second time I've done this.

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# And it's all just a little bit Of history repeated. #

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The second time?!

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I've heard of accidentally stubbing your toe twice, but buying a house?

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Well, that's something and it gets even better.

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I went to an auction a couple of years ago, as well...

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and then a lot came up that I'd just walked through...

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again, a flat and again, suddenly I'm there.

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All I can remember was I had a red pen and it went in the air and this man was nodding at me

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and I was nodding back at him and I ended up with a flat again.

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And then, after I'd bought it,

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I found out that the roof was splitting

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and the walls were bowing out, so another challenge.

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I wouldn't normally advise this but have you thought about not going to auctions?

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I think that I should be banned. I'm sure I should be banned, actually.

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# Accidents never happen Could've planned it all. #

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That's certainly one solution to her impulsive bidding problem.

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But I have to stress, this isn't something I'd recommend doing, let alone twice.

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As if that wasn't enough, Carol was recently made redundant.

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Although she was looking for somewhere to buy, she hadn't really planned to spend that much.

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-A few sleepless nights and especially the night after the auction, didn't sleep at all.

-Really?

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Well, I suddenly had a flat that I hadn't, in the morning, thought I was going to be bidding for.

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Right. So what was going through your mind in those wee small hours of the morning?

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What have I taken on?

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It wasn't really what I wanted.

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And how can I, you know, make the best of it?

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While I don't necessarily agree with how she spent her money,

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I do think Carol has at least bought a cracking property.

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If she's careful with the renovations, there could be some profit here.

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So what kind of budget have you got?

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I mean, I'd love to be able to do 15,000 and do it up, but I'm not sure...

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but a little bit extra, I'm sure.

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Depends how much building work but that's a good budget you've got, if you're just smartening it up.

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New central heating. All the doors need replacing.

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Plastering. Damp-proof. Quite a bit.

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But the idea is to then live here?

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Oh, yes. Definitely. And therefore, I don't have to pay the rent.

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Right. And timescales for that?

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I mean, are you going to live here for a while?

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I mean, what's the plan for you moving forward?

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The thing is, if I plan anything, I tend not to go with it anyway.

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So I might as well just move in and see what happens next.

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You never know. Six months down the line, another auction.

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How would you categorise your life, do you think? Is it a word..?

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Full and enjoyable. Challenging.

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And never a dull moment, you know.

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Well, there you go. Carol breaking some of the major rules of buying at auction.

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I think she's a bit shell-shocked.

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At the end of the day, I think she'll do fine.

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The big thing is can she stick to that £15,000 budget to turn this place round?

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If she can, I think she might still be OK.

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You can find out how she gets on...

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..later in the show.

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I'm in Sittingbourne, Kent.

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Its name means, literally, hamlet by the bourne, or large stream.

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The town is about eight miles from Gillingham and you can get to London by train in just over an hour.

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Welcome to Eden Village, a relatively new housing development and it's just off Bluebell Drive.

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It sounds and looks idyllic, doesn't it? Well, it is.

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It's a brand new housing development.

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Well, I'm afraid I've got some information that rocks its perfect image.

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The house I'm here to see sold for £227,500 two years ago.

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Today, the guide price is set at just 130,000.

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Now that is over a 40% drop on the original sale price.

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Sobering, isn't it?

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And the rest of the site shows more signs of the times.

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As you can see, this development is work in progress.

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The houses are still being built here.

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Now, sadly, new builds, well, they've been hit hardest by the property downturn.

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Overbuilding in some areas leading to a glut of properties competing for buyers and tenants

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has seen values and rents spiralling downwards.

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Lenders are also less keen to finance them,

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some insisting on a 50% down payment on all properties less than two years old.

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What we're looking at today is not a run of the mill property.

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This place is just 18 months old.

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If it was a car, you'd say it's just about run-in.

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For a house, it's practically new.

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The property I've come to see today is a three-bedroom end of terrace.

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It looks like it's in really good condition.

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Why wouldn't it be? It's new.

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It makes a real change for me on Homes Under The Hammer to look at a house with not much wrong with it.

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It's in really good condition. You've got lovely painted walls.

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A nice little feature window area with new blinds, a fireplace...

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although the carpet is not fantastic.

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It's really dirty. That'll need to be ripped up and all of it, actually, will need to be replaced.

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You've got a great kitchen. Look at this. It's really modern.

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You've got beech units, black worktops, spotlights in there.

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A really good place to cook. But what I like is you can walk straight from the kitchen into the dining area.

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Enough room for a big table here.

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This is perfect family living and I love it that you can go straight out into the garden.

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OK, the garden may not be the biggest, but this is a new build.

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Generally, gardens in these aren't massive, but perfect for low maintenance.

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A bit of time with the mower and a strimmer will soon knock it back into shape.

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With plenty of parking and its own garage, this looks like a great little starter home.

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Well, upstairs, it's as you'd imagine. More magnolia paintwork.

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Lovely white, shiny gloss on the doors. It's in really good working order.

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You've got three bedrooms, one en suite, which is a real added bonus in a property like this.

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Lots of storage in here. Family bathroom through here.

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And the main bedroom, it's not the biggest space I've ever seen.

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One. Two. Three. Four. Five. Six.

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About seven foot. Not huge.

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You can forget the king-size bed.

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It might be a little compact, but it's perfectly formed.

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Put a new carpet down and you could move in tomorrow.

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So, has the market for this type of property really collapsed?

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Or at an auction guide price of 130,000,

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was this house just a one off, or up for auction for a quick sale?

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Let's hear from a local estate agent.

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In the last two years here, the prices have fallen slightly.

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Where they're still building, new properties are being offered,

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perhaps at cheaper prices so it's had a knock-on effect.

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With all this fall in values, is that £130,000 guide price now pretty close to the market price?

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I'd market this house for £180,000.

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On the face of it, that sounds really encouraging.

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If you could get that price,

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for very little work there could be 40 or £50,000 profit.

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How could it fare as a rental?

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I'd rent this property out between £775 per calendar month and £800 per calendar month.

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So, buying a just completed new build at the moment might not be the best idea.

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But get one second-hand and you may just pick up a bargain.

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The average property price of a semi-detached in Sittingbourne stands at £188,000.

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With the guide being set at just 130, there is a margin here.

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Did someone buy well? Well, let's see as we go to auction.

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So, lot 173 then is the next lot for offer.

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39 Bluebell Drive in Sittingbourne, Kent.

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What do you say on this? 130 to get it started on this one.

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Can I see a bid of 130? I can.

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Thank you. £130,000. 135, now.

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135 is with you. 135. 140. 140. 145.

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150. 155.

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155 now.

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No. With you, the original bidder, at 150,000. 155, you're saying.

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Or 151?

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151. I thought so. 152.

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152. 153. 154. 155. 156.

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157. 158. 159. 160.

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160. 161. 162.

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162, new place, seated. 163. 164.

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164. You're back in. 165. 166.

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166.

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166. 167.

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166,500 you're saying. 167.

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One more. Otherwise 166,500 for the first.

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166,500 for the second.

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Third and final time at £166,500.

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Sold.

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At just above the guide price, for £166,500, the new owner is local man, Paul.

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He'd been after this house for quite a while.

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Congratulations, Paul. You must be thrilled.

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-Yeah. I certainly am.

-So, what took you to auction to buy this property?

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In all honesty, I saw the property up for sale cos I live locally.

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Saw it, put a bid in.

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It got accepted, but it didn't complete prior to the auction.

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I was given a call about 45 minutes prior to the house going under the hammer

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to say you can complete now, but we've got to pull it out the auction, but we're not sure we can.

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So, due to that, I did sort of gamble and I thought,

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no, I'll bid it now because a lot of the properties were going for the guide price and this one didn't.

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But I still feel I've done well.

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Third and final time, at £166,500.

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Sold.

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So Paul went ahead, gambled and actually came out pretty even

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with his pre-auction offer of £165,000,

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paying just £1,500 more on the day.

0:20:100:20:13

But as he works nights, just getting to the auction was an achievement.

0:20:130:20:19

-So what's your job then?

-I'm an engineer for South Eastern Trains...

0:20:190:20:22

based in London, in the control room.

0:20:220:20:24

What I do is, basically, to help the drivers

0:20:240:20:29

and any train stopped that's on the live rail that has faults.

0:20:290:20:34

And basically, I get them out of trouble.

0:20:340:20:37

So, basically, a troubleshooter in the control room.

0:20:370:20:39

-So you're the man they call.

-I am the man they call. Yeah. I'm the man they have to rely on.

0:20:390:20:44

So that's a kind of job that's on the edge, in itself, isn't it?

0:20:440:20:46

-It is, actually. Yeah.

-So you must be used to all of that adrenalin pumping.

0:20:460:20:50

I am, but not after I've had a whole night of working, and then going up there during the day.

0:20:500:20:55

So how many hours had you been awake for?

0:20:550:20:59

From the previous day, I suppose you're looking at nearly 48 hours.

0:20:590:21:05

-Woah.

-Yeah.

-And you were about to spend a vast amount of money.

-Yeah.

0:21:050:21:09

That's quite scary, isn't it?

0:21:090:21:11

Very scary. And I could have done with someone with me,

0:21:110:21:13

just for a bit of moral support, because you can be a bit in awe of the whole thing,

0:21:130:21:18

but afterwards I felt pleased.

0:21:180:21:20

I suppose you got a huge adrenalin rush after the auction, didn't you?

0:21:200:21:23

Well, I did, but I had to cos I had to go back to work.

0:21:230:21:26

So you did all that, bought a house and went back to work.

0:21:260:21:30

Straight to work cos I had to start at seven.

0:21:300:21:32

So bearing in mind it was in London, as well, so straight to work, yeah, for another 12-hour shift.

0:21:320:21:36

Makes me feel tired just listening to what Paul went through to get this house. This is one determined man.

0:21:360:21:43

But why did he go those extra miles to get this place?

0:21:430:21:46

I bought this, predominantly, I think for myself, but I'm not sure whether I'll live here or not yet.

0:21:510:21:57

I think I'm going to do it up, and then make a decision from there

0:21:570:22:01

whether I rent it out or live here myself.

0:22:010:22:03

-But I've got no plans to sell it.

-So you're not quite sure if you're going to move in.

0:22:030:22:07

Have you got any great ideas for sort of working on it, painting it, renovating it?

0:22:070:22:11

Yeah. I think it needs a little bit of TLC, basically.

0:22:110:22:15

It needs new carpets,

0:22:150:22:17

a good paint up. It needs sprucing up.

0:22:170:22:21

You need to stamp some personality here because it's a typical boxy new build, at the moment.

0:22:210:22:26

-It needs some mirrors. It needs some furniture, doesn't it?

-Yeah. It does.

0:22:260:22:30

-You need to sort that garden out.

-I'm not sure, but I think I might know a man who might do that.

0:22:300:22:36

You've got to get out there and chop that back. It's going a bit crazy.

0:22:360:22:39

Definitely. Yeah. I'm not looking forward to that, actually.

0:22:390:22:42

Paul's given himself a budget of around £3,000 to spruce the place up which is really all it needs.

0:22:420:22:49

His main challenge is finding time to do the work.

0:22:490:22:52

Paul followed his instincts and this house to auction.

0:22:550:22:58

Luckily, he didn't fall asleep when it came to his lot.

0:22:580:23:01

Will he make this a home or will he rent it out?

0:23:010:23:04

You can find out later on in the show.

0:23:040:23:07

Coming up, Truro may be a desirable place to live, but I don't think the same can be said about this house.

0:23:070:23:13

It's just...it's not good.

0:23:130:23:16

Back in Sittingbourne, surely Paul's almost new house has been a breeze.

0:23:170:23:23

I'd say the hard stuff for me, really, in all honesty, has been finding the time to do it.

0:23:230:23:28

But first, are drastic measures needed to stop Carol's impulsive buying?

0:23:280:23:33

Thought about not going to the auctions, perhaps?

0:23:330:23:35

I think that I should be banned.

0:23:350:23:37

POP MUSIC PLAYS

0:23:390:23:41

When I met retired nurse Carol she'd just spent £202,000 on this three-bedroom

0:23:440:23:51

ground floor flat in a desirable area of West Dulwich, London.

0:23:510:23:55

The only trouble was, she didn't mean to buy it.

0:23:550:23:58

So you had no idea you were going to buy it. You spent far more than you anticipated spending.

0:23:580:24:04

202 it actually went for.

0:24:040:24:06

-And you weren't anticipating buying this kind of property.

-Correct.

0:24:060:24:11

But apart from that, it was fine.

0:24:110:24:13

Yes.

0:24:130:24:14

175.

0:24:150:24:18

Sold, 202. Well bid, madam.

0:24:180:24:21

To make matters worse, this was the second time Carol had bought a property without intending to.

0:24:210:24:28

But the good news was that she did actually need somewhere to live and despite her impulsive start,

0:24:280:24:32

Carol's managed to turn this flat around in just six weeks.

0:24:320:24:37

POP MUSIC PLAYS

0:24:370:24:40

Despite my initial concerns, Carol has left nothing about this renovation to chance.

0:24:580:25:04

Not only has the entire property been rewired and replastered,

0:25:040:25:07

but she's fitted a brand new kitchen and bathroom suite.

0:25:070:25:11

It has been a real rollercoaster from knowing that I was finishing work

0:25:140:25:21

to, in a coffee break,

0:25:210:25:24

going and buying a flat at auction

0:25:240:25:27

to having it on my hands

0:25:270:25:31

and having to do all the work and now moving in.

0:25:310:25:35

It's been a lot in a short time, but, you know, a challenge, I like a challenge so that's good.

0:25:350:25:42

Although Carol is still looking for a job, she's not the sort of person who lets the grass grow under her.

0:25:420:25:49

She's been working here full-time.

0:25:490:25:52

Yeah. I do tend to want to do things quite quickly

0:25:520:25:56

and have them done yesterday instead of in the correct timescale,

0:25:560:26:03

so I do go for it when I have a chance.

0:26:030:26:07

POP MUSIC PLAYS

0:26:070:26:10

While Carol may have been a bit impulsive at the auction

0:26:180:26:21

and impatient about getting the flat finished, she definitely hasn't cut any corners on this renovation.

0:26:210:26:28

In fact, she's come up with some clever solutions to update this old property.

0:26:280:26:33

One of the things I've done in this room is put the boiler in this cupboard here.

0:26:330:26:37

It's so that I don't have to have it in the kitchen.

0:26:370:26:41

And hopefully, I won't have to access it too often.

0:26:410:26:45

That boiler may well be getting a bit of use

0:26:470:26:50

as about the only thing that Carol hasn't replaced are the windows.

0:26:500:26:53

While they have been freshened up, it would have been good to see some double glazing.

0:26:530:26:58

Now, speaking of all things double, what's happened with that shared garden?

0:26:580:27:03

A lot of the work has been done inside, but I have cleared the garden of some of the plants,

0:27:030:27:09

put in a few of mine from previously where I was and, with the help of four men,

0:27:090:27:16

I had the shed moved to the end here so that it wasn't blocking the light going into the back room.

0:27:160:27:23

And I hope that within the next few months that I'll be sat out here,

0:27:230:27:28

enjoying the weather, with a glass of champagne and relaxing.

0:27:280:27:33

Well, that champagne may have to be put on ice as, unusually for Carol,

0:27:330:27:38

she's decided to wait a while before she moves in.

0:27:380:27:40

It was her spontaneous purchase at the auction that made her part with more money than she'd planned.

0:27:400:27:46

A total of 202,000. Has she controlled her budget better?

0:27:460:27:51

I was hoping to keep it under maybe 20,000,

0:27:530:27:57

but it's gone up to probably about 25,000.

0:27:570:28:01

That brings Carol's total investment to approximately 230,000.

0:28:010:28:07

While she has no plans to sell it and buy another - at least until the next auction -

0:28:070:28:11

we invited two local estate agents to come and see

0:28:110:28:16

if she's added value to this mid-terrace.

0:28:160:28:19

I was really surprised when I got the call to say come back.

0:28:230:28:27

I was expecting it to be a couple of months, but it's been amazing.

0:28:270:28:32

Transformation's been terrific, actually. It's a lot brighter.

0:28:320:28:37

There's still a few bits to be done, I think the vendor would accept, but an amazing transformation, overall.

0:28:370:28:42

First impressions, really nice.

0:28:420:28:44

Really nice. I love the white decor, the wood floors,

0:28:440:28:49

the contemporary look which works really well in properties like this. High ceilings.

0:28:490:28:55

Really, really, very inviting. Very warm.

0:28:550:28:59

Excellent rental property. In terms of your rental return, having three bedrooms is going to maximise that,

0:28:590:29:05

so it would work well as that, certainly.

0:29:050:29:07

If Carol's impulses get the better of her again, she may well consider renting this out.

0:29:070:29:13

But for now, this will be her new home.

0:29:130:29:16

She has invested around £230,000 so far, so what could it be worth?

0:29:160:29:21

I think 250 is a very realistic price and we should be able to achieve 250.

0:29:210:29:26

But over 250 would be, yeah, almost impossible, I would say.

0:29:260:29:31

Given how nice this flat is, I might be prepared to go in at higher than that and try it, sort of 265, 270.

0:29:310:29:38

That's good. Maybe two glasses of champagne in the garden.

0:29:410:29:44

With the flat now finished, Carol can move in and turn her attention to finding a new job.

0:29:480:29:54

However, judging by what she's achieved here in such a short space of time

0:29:540:29:59

and for a profit, maybe she's already started her new career.

0:29:590:30:02

But let's hope she controls her bidding next time.

0:30:020:30:06

Well, track record, I'd probably come away with something, so I'd better be careful...

0:30:060:30:11

or do my research first.

0:30:110:30:14

Depending on your viewpoint, the car is either a curse or a blessing.

0:30:190:30:24

Certainly in rural communities, many would consider it essential, but the increasing volume is putting

0:30:240:30:30

excessive demands on towns and cities.

0:30:300:30:32

This has meant various measures to control the numbers.

0:30:320:30:36

# I like driving in my car... #

0:30:360:30:39

This isn't any old road sign.

0:30:410:30:43

It's a Cornish road sign, but not necessarily one that you'd associate with this part of the country.

0:30:430:30:50

However, traffic congestion is a real problem, especially here in Truro, so much so,

0:30:500:30:55

that the local council are trying to encourage more inner city housing to try and get people on their feet,

0:30:550:31:01

which is exactly how I'm going to get into the city centre.

0:31:010:31:04

You have to admit, it makes a lot of sense.

0:31:060:31:09

Why drive when you could walk to work, especially when the setting is as magnificent as here in Truro?

0:31:090:31:16

Perhaps living in the city centre is not so bad, after all.

0:31:160:31:19

Well, being so close to the city centre, just a stone's throw from Truro's beautiful cathedral,

0:31:190:31:26

in fact, you'd think that what I was here to see was some mid-terrace, perhaps, or a cutesy-wutesy cottage.

0:31:260:31:32

Well, how wrong you would be.

0:31:320:31:35

Yuck.

0:31:370:31:39

This house is known as Rosemullion,

0:31:390:31:42

which is a surprising name for somewhere that couldn't look less like a rose.

0:31:420:31:46

But at a guide price of £130-140,000, this property,

0:31:460:31:53

with its four bedrooms, studio and integrated garage, could have the sweet smell of success.

0:31:530:31:59

Well, let's hope the inside is a bit of an improvement from the outside.

0:31:590:32:05

Well, I don't know whether Austin Powers would call the wallpaper in the hall "groovy",

0:32:120:32:17

but the rest of the flat is anything but on trend.

0:32:170:32:19

Dilapidated kitchens. Dog-eared reception rooms.

0:32:190:32:23

It's in a sorry state.

0:32:230:32:27

That's a bit weird! This is the second kitchen.

0:32:280:32:31

Again, it's in an absolutely atrocious state.

0:32:310:32:35

It's the whole layout of this place that's just wrong. You've got this very narrow corridor.

0:32:350:32:39

You've got those cupboards, which basically are a complete waste of space.

0:32:390:32:43

I mean, all in all, it is just...

0:32:430:32:46

it's not good.

0:32:460:32:49

Judging by the rest of the space, the bedroom, the bathroom, the downstairs studio room

0:32:490:32:55

and yet another kitchen, I guess this must have been rented out as three bedsits at one time.

0:32:550:33:02

Perhaps, financially, that could still be the best option.

0:33:020:33:05

But with the stringent regulations on multiple occupancies,

0:33:050:33:09

there'd be a lot of work to do to get this up to standard.

0:33:090:33:13

What would the auctioneer who sold this building advise

0:33:150:33:19

about the best way forward?

0:33:190:33:20

I see it as a redevelopment project, probably,

0:33:200:33:23

to create a cottage on the end, a standard two-storey cottage there.

0:33:230:33:27

And then here, perhaps keep the garage, but go upstairs

0:33:270:33:33

to a flat over this garage and the garage next door which isn't ours.

0:33:330:33:37

That's the slight bugbear. That garage isn't ours to play with.

0:33:370:33:40

That's certainly an interesting option, but there's a fair amount

0:33:400:33:45

of work and with the garage situation, it may be problematic.

0:33:450:33:49

Would it be worth it?

0:33:490:33:51

The resale market, depending on the state of the market when it was brought to the market,

0:33:510:33:56

would be about 110, 115, something like that,

0:33:560:34:00

for a pleasant little cottage with a parking space.

0:34:000:34:05

Here, with a garage, probably, but a much smaller apartment,

0:34:050:34:09

would probably be 90, 95,000, perhaps, but probably not 100.

0:34:090:34:14

That might be £200,000 worth of potential resale value,

0:34:140:34:19

but at what was a £130-140,000 guide price,

0:34:190:34:22

plus development costs, I'm not sure there would be much of a return.

0:34:220:34:28

So what about keeping the status quo here and just modernising?

0:34:280:34:32

As well as the redevelopment angle, there is, obviously, the pathway to refresh it

0:34:320:34:37

and keep it as a room by room rent machine, and it would be quite productive.

0:34:370:34:41

I think there would be... Well, I know there would be a bigger market

0:34:410:34:45

for the cottages and the cottage in the apartment, either done

0:34:450:34:49

or with the planning consent.

0:34:490:34:52

So, Graham's convinced that's the way to go. But I'm not so sure.

0:34:520:34:56

Well, you know how your initial impressions of a place can often be wrong? In this case, they weren't.

0:35:020:35:07

It's absolutely horrible.

0:35:070:35:08

The big question is, do you keep it like it is, maybe make some money from the idea of it being bedsits,

0:35:080:35:14

or do you gut it and try and make the best of the bad job?

0:35:140:35:18

I don't know. It's not an easy one.

0:35:180:35:19

Let's see who fancied it at the auction.

0:35:190:35:22

Lot 19. Rosemullion.

0:35:250:35:27

Versatile property, so it's everything on the top

0:35:270:35:30

and including everything you can see, bar the left-hand garage.

0:35:300:35:34

130 to 140, the guide. Only going to ask you 100 to kick off.

0:35:340:35:38

100 somewhere. 100,000. We're away.

0:35:380:35:40

100,000. We've got 100. At 100.

0:35:400:35:42

At 100. At 100. Who's going to say ten for me now?

0:35:420:35:44

At 100, I've got.

0:35:440:35:46

110. Thank you, sir. 110.

0:35:460:35:48

110. 112, if we go. 112.

0:35:480:35:50

15, if you like, sir. I'd say 120, it would be lovely.

0:35:500:35:54

OK. 112 is behind you.

0:35:540:35:55

112. At 112. Looking for 14. At 112.

0:35:550:35:57

OK. Looks like I've to focus on you two chaps. 112 is behind you, sir.

0:35:570:36:02

OK. 13, if you like it.

0:36:020:36:05

At 112, it's behind you.

0:36:050:36:07

At 112, once. At 112, twice. At 112, are you sure?

0:36:070:36:12

Here we go. Gentleman at the back with the glasses at 112 and out.

0:36:120:36:16

Sold. Excellent, well done.

0:36:160:36:18

For £112,000, nearly £20,000 below the guide price,

0:36:200:36:27

the new owner of this Truro property is local man, Frank.

0:36:270:36:31

Let's hope he has some good ideas about what to do with it.

0:36:310:36:35

-Frank, congratulations. Got yourself a bit of a project!

-Just a little bit, yeah.

0:36:350:36:39

Tell me why you wanted to buy this place.

0:36:390:36:42

Initially, it was the parking that drew me.

0:36:420:36:45

What, the garages?

0:36:450:36:47

You can't get a house in Truro with parking.

0:36:470:36:51

And then secondly, was the three bedrooms upstairs, lounge and a kitchen diner down here.

0:36:510:36:58

Just one house, for one family or whatever.

0:36:580:37:02

What about the overall kind of feel of the house? I mean, it's...

0:37:020:37:05

Terrible!

0:37:080:37:10

THEY LAUGH

0:37:100:37:11

Luckily, Frank didn't view Rosemullion through rose-tinted spectacles.

0:37:110:37:16

He knew exactly what he was getting.

0:37:160:37:18

In fact, he nearly bought it prior to auction for £130,000,

0:37:180:37:23

so was delighted to snap it up for just 112.

0:37:230:37:27

-So tell me a bit more about you.

-Been in the building business 34 years.

0:37:270:37:31

I suppose I've renovated 20 properties in my time.

0:37:310:37:33

-Oh, wow.

-I work full-time, as well. In fact, I've got two jobs going at the moment.

0:37:330:37:38

I work for a local housing association as clerk of works.

0:37:380:37:41

-And I'm a loss adjuster, as well, for an insurance consultants.

-Oh, right.

0:37:410:37:46

So, I'm pretty busy.

0:37:460:37:48

This will be the first project I actually do where I'm not actually hands on.

0:37:480:37:52

I want a quick turnaround, hopefully two, three months at the outside.

0:37:520:37:56

And I'll be getting local chaps in to do all the work.

0:37:560:38:00

So, Frank's a very experienced builder.

0:38:000:38:03

And as he's a clerk of works, too, it's his job to check the quality of work,

0:38:030:38:08

so I'm sure he'll be an exacting boss.

0:38:080:38:11

So talk me through exactly what you're going to do in terms of the internal.

0:38:110:38:15

My first thing up there is to rip all the internal studwork walls out.

0:38:150:38:19

Give me a blank canvas.

0:38:190:38:21

I'd then start laying down some plans on the floors, see if it's going to work or not.

0:38:210:38:25

Hopefully then, it will be three bedrooms,

0:38:250:38:29

two the far end, one coming this way and the bathroom over that side.

0:38:290:38:35

Maybe a small cloakroom, utility room, one end of that, with a lounge above this.

0:38:350:38:41

-Any idea how much it's going to cost?

-I reckon £18-20,000 should sort me out on this one.

0:38:410:38:46

So the amount of money you saved on buying it, it's almost like you get the restoration for free.

0:38:460:38:50

-Freebie. Yeah.

-Wow.

-Can't be bad.

0:38:500:38:52

This is now starting to make sense to me.

0:38:520:38:56

Frank is clearly someone who views a building and wonders,

0:38:560:38:59

"Now, what can I do with that?"

0:38:590:39:01

I bet he made some great Lego houses when he was a boy,

0:39:010:39:04

and I'm sure they weren't your standard box shape, either.

0:39:040:39:08

Now, it is an unusual property.

0:39:080:39:10

-Is that something which appealed to you?

-I love quirky things.

-Really?

0:39:100:39:16

Most places I've bought have had something about them.

0:39:160:39:19

The last project I bought in Torquay was an ex-electrical contractor's.

0:39:190:39:23

It was his office and stores.

0:39:230:39:25

-Oh.

-So I bought that, took a chance on it, got planning permission and then renovated it and sold it on.

0:39:250:39:31

So, this buying slightly quirky properties is a bit of a forte?

0:39:310:39:35

The quirkier the better, yeah. I'm just waiting on an offer

0:39:350:39:37

-on a public convenience in Penzance, actually.

-You're buying a loo?

0:39:370:39:42

-I made an offer on it, yeah.

-Why?

-I think there's money to be made there.

-As a what?

0:39:420:39:47

-Running it as a toilet?

-No, no, I don't think so.

0:39:470:39:51

Definitely storage space, but I'll probably build on top of it.

0:39:510:39:54

It's single-storey, at the moment. Smack in the middle of Penzance again.

0:39:540:39:58

-Very, very cheap offer I made on it, I'm telling you.

-How much?

0:39:580:40:00

-£25,000.

-Right. For a loo?

0:40:000:40:04

It's a good sized loo.

0:40:040:40:06

It's not a loo with a view, unfortunately!

0:40:060:40:09

So compared to that, this is actually quite normal.

0:40:090:40:12

This is a fairly straightforward place.

0:40:120:40:15

Yeah. This probably will be hopefully a quick seller-on, and then move on to the next one.

0:40:150:40:19

-Your toilet.

-My toilet.

0:40:190:40:22

-Well, good luck with it all.

-Thank you very much.

-Nice to meet you.

0:40:220:40:26

Well, it just goes to show there is a buyer for every property so long as it's at the right price.

0:40:260:40:32

But Frank genuinely does seem delighted with this place.

0:40:320:40:35

Mind you, he does like a quirky project.

0:40:350:40:38

In terms of challenges, well, converting this to three bedrooms, I'm not so sure,

0:40:380:40:43

and can he honestly turn this fairly hideous 1970s house into something that people would want to buy?

0:40:430:40:50

You can find out later in the show.

0:40:500:40:52

We are dying to find out what's happened to those properties.

0:40:550:40:58

-Yes. Have they been transformed or encountered problems?

-Let's find out.

0:40:580:41:03

One of the areas of the property market that has been hardest hit

0:41:030:41:07

recently is new builds, particularly on new estates.

0:41:070:41:10

In fact, some developers have stopped this type of building altogether, until the market picks up.

0:41:100:41:17

But where there's a downturn, there can often be opportunity.

0:41:170:41:20

That's what railway engineer Paul thought when he finally got his hands

0:41:200:41:24

on a three-bedroom house in Sittingbourne, after a bit of a struggle.

0:41:240:41:30

I saw it, put a bid in.

0:41:300:41:31

It got accepted, but it didn't complete prior to the auction.

0:41:310:41:35

I was given a call about 45 minutes prior to the house going under the hammer, to say,

0:41:350:41:39

"You can complete now, but we've got to pull it out the auction,

0:41:390:41:42

"but we're not sure if we can pull it out."

0:41:420:41:45

So after working a full nightshift,

0:41:450:41:48

Paul raced to the auction and managed to make the winning bid of £166,500.

0:41:480:41:55

Sold.

0:41:560:41:58

That was slightly over the original 165,000 he was going to pay prior to auction.

0:41:580:42:04

Then, tired but pleased, he went back to work.

0:42:040:42:07

Now, six months on, have all his efforts been worth it?

0:42:070:42:11

Paul could have just moved in because there wasn't really much to be done, but he has, in fact, given it

0:42:220:42:27

a fresh lick of paint and with his furniture in, it's looking much more like a home again.

0:42:270:42:34

Presumably, as the property was only 18 months old, this has all been fairly trouble-free.

0:42:340:42:39

Well, one of the first problems I found when I moved in was that

0:42:430:42:47

the sockets upstairs weren't working in the computer room, so I had no power to my computer at all.

0:42:470:42:52

And then I got a friend round and we went through the whole circuit of the house

0:42:520:42:57

and traced the fault down to a couple of the switches here, for the dishwasher and the washing machine.

0:42:570:43:03

It was actually wired through the switches incorrectly so it took us about a week to suss that out.

0:43:030:43:10

So the way I've rectified it is I actually leave them on all the time now.

0:43:100:43:15

Other than that, it's got to be rewired and to be honest with you, it's not very cost-effective.

0:43:150:43:20

At least now, Paul knows how to get the power working upstairs.

0:43:230:43:27

And even if he hasn't changed the wiring, he has at least changed the flooring throughout the house.

0:43:270:43:33

Another thing I'm going to do is to actually put some wardrobes in here.

0:43:360:43:40

This is my lad's room and one thing about a new build is it is lacking

0:43:400:43:44

a bit of storage space, so I'm going to put some mirror wardrobes in there

0:43:440:43:48

which will give us ample room then for his clothes and probably mine, as well.

0:43:480:43:52

Although Paul hasn't decided whether he's going to rent,

0:43:520:43:55

keep or sell the house, he certainly seems to have planned it out as though he's going to live here.

0:43:550:44:01

OK. This is the only thing I haven't really touched at the moment on the house is the garden.

0:44:010:44:05

The weather hasn't really been on my side regarding that and at the moment,

0:44:050:44:09

it's a job that I've got lined up for the summer now. Looking forward to that.

0:44:090:44:13

And what I've got planned is I'm going to put some pots round the outside, keep the middle nice and

0:44:130:44:19

simple, bit of green for my lad to play football on and basically, keep it nice and simple, low maintenance.

0:44:190:44:26

That should be spot on. People who buy or rent new builds are generally attracted

0:44:260:44:30

by the low level of maintenance inside, and especially in the garden.

0:44:300:44:35

I'd say the hard stuff for me is really, in all honesty, has been finding the time to do it.

0:44:350:44:40

Because of me working shifts and things, it's been quite difficult,

0:44:400:44:44

and getting motivated after working long shifts has been difficult.

0:44:440:44:48

Paul specifically chose the house because of its decent order in the first place.

0:44:480:44:53

He hoped that would reduce his workload, as well as keeping his costs low.

0:44:530:44:58

The original budget I set up was about 2,000.

0:44:580:45:00

Now, I've probably done about six,

0:45:000:45:02

to be honest, and most of that has been on furniture.

0:45:020:45:06

With furniture not normally included in refurbishment costs,

0:45:080:45:11

£6,000 is probably a slight overestimate to spend here.

0:45:110:45:15

But even so, that would take his total to just below £173,000.

0:45:150:45:21

So has it turned out to be a good buy?

0:45:210:45:23

What do two local estate agents think?

0:45:230:45:25

The positives of buying a new build,

0:45:270:45:29

especially with this one,

0:45:290:45:31

you don't have to do any work to the property at all.

0:45:310:45:34

You can move your stuff straight in.

0:45:340:45:36

You've got modern features like en suites. Modern kitchen, as well, usually, with white goods included.

0:45:360:45:41

In terms of new build properties,

0:45:410:45:43

the thing that doesn't work for me is the density of the properties.

0:45:430:45:46

They're all crammed into a very small area, very small gardens,

0:45:460:45:50

tight parking areas.

0:45:500:45:51

The property has a driveway and a garage, which is fine,

0:45:510:45:54

but we tend to find that the garage is smaller on new build sites,

0:45:540:45:57

so we hope that the buyers

0:45:570:45:59

can get out of their cars once they're in the garage.

0:45:590:46:02

But it's definitely better to have one rather than not.

0:46:020:46:05

Where the property's located, on this former estate,

0:46:050:46:09

yes, there is ongoing building works.

0:46:090:46:10

At the end of the day, most of the properties around this particular one

0:46:100:46:14

are completed but things like the road surfacing isn't completed

0:46:140:46:17

and that will put off some buyers.

0:46:170:46:19

Paul has spent around £173,000 here but it's a new build -

0:46:190:46:24

perhaps the hardest-hit category in the current property slump.

0:46:240:46:28

This house, for example, was bought for 227,500, just 18 months ago.

0:46:280:46:34

So what's it worth now?

0:46:340:46:36

The resale value of this property, I would recommend a price of £165,000.

0:46:360:46:41

The resale valuation of the property, in the current market, I would put in the order of £165,000.

0:46:410:46:47

So the values continue to tumble and Paul might see a £5-10,000 loss here.

0:46:470:46:54

How does he feel about his purchase now?

0:46:540:46:57

I know the market's not good at the moment. The price is quite low.

0:46:570:47:00

As far as I'm concerned, it's a long-term investment.

0:47:000:47:03

It doesn't really worry me at the moment.

0:47:030:47:05

If Paul is to hang on to it, he may rent it out at some point.

0:47:050:47:09

Is that a viable option?

0:47:090:47:12

Rental valuation, I would recommend £775 per calendar month.

0:47:120:47:17

Rental value for the property, three bedrooms,

0:47:170:47:19

£750 per calendar month.

0:47:190:47:21

It's quite good. Yeah, I'm happy with that.

0:47:210:47:24

It seems like a good price.

0:47:240:47:26

I would have thought 650, 700, so yeah, that seems good to me.

0:47:260:47:30

That's OK, around about £9,000 a year

0:47:310:47:34

which is a yield of just over 5%.

0:47:340:47:37

Will that help Paul decide what to do next?

0:47:370:47:40

I haven't made my mind up yet as to whether to rent it, sell it,

0:47:400:47:45

or what to do with the property.

0:47:450:47:47

I think, maybe, I may live here.

0:47:470:47:49

I do like it. I like the area.

0:47:490:47:51

But in general, I haven't quite made my mind up yet.

0:47:510:47:53

-# So you've got to let me know

-Me tienes que decir

0:47:530:47:58

# Should I stay or should I go? #

0:47:580:48:00

'Truro is the lovely county capital of Cornwall.

0:48:060:48:10

'With its magnificent cathedral and quaint streets, it really is a very pretty city.

0:48:100:48:16

'And then I found this.'

0:48:160:48:19

Yuck.

0:48:190:48:20

'But despite its less than aesthetically pleasing exterior, and an interior which frankly,

0:48:200:48:26

'wasn't much better, it did have some plus points.

0:48:260:48:29

'It was close to the city centre and had its own parking,

0:48:290:48:32

'a rare commodity in Truro.

0:48:320:48:34

'So this slightly unusual project appealed to local builder, Frank.

0:48:340:48:40

'He snapped it up at auction for £112,000.

0:48:400:48:44

'He thought it would make a quirky, upside down, three-bedroomed house.

0:48:440:48:48

'Four months on, had this property, known as Rosemullion,

0:48:480:48:52

'started to bloom or was it too prickly a proposition for Frank to tackle?'

0:48:520:48:57

'Well, there's certainly progress outside.

0:49:000:49:02

'Not only does it look 100 times smarter, there's a new front door and some additional parking.

0:49:020:49:09

'The garden and rear of the property appeared considerably more presentable.

0:49:170:49:22

'It's a pretty good job, so far.'

0:49:220:49:25

Initial bit of work which we had to do was rip everything out so we just left, basically, a big shell.

0:49:250:49:32

Most of the internal walls were just partitions.

0:49:320:49:36

Frank decided to take them all down so he could see the wood for the trees.

0:49:360:49:41

He then set about the task of putting it all back together again.

0:49:410:49:45

We've basically gone back to the same set-out as was here originally.

0:49:470:49:51

But even if the room layout was similar to what was here before,

0:49:530:49:57

their uses have changed considerably.

0:49:570:49:59

Two rooms that were kitchens have been changed into bedrooms, turning it into a three-bedroomed house now.

0:49:590:50:06

There's been a complete overhaul of the bathroom.

0:50:080:50:12

And some significant changes in the hallway.

0:50:160:50:20

Now, this particular space here, I think it's worked out really well.

0:50:210:50:26

We've opened everything up. When you originally walked in, you came in through the back door,

0:50:260:50:30

the only entrance to this property and then you had a wall up here,

0:50:300:50:35

doorway here, and then you had doors and a long, long, narrow corridor.

0:50:350:50:40

What we've done is we chopped this wall out down here,

0:50:400:50:43

opened this space up, completely,

0:50:430:50:45

moved some walls across,

0:50:450:50:47

cut the cupboards which cover the gas point and the new boiler,

0:50:470:50:52

so we've still got cupboard space but it's a lot more narrow,

0:50:520:50:55

given the passageway, a lot more width and makes the whole thing look a lot, lot bigger and brighter.

0:50:550:51:01

Generally, I'm over the moon with this section.

0:51:010:51:04

And so he should be.

0:51:040:51:06

They've taken that horribly claustrophobic corridor

0:51:060:51:10

and turned it into an inviting space.

0:51:100:51:12

But just wait, because if you think this works

0:51:120:51:15

well, it's nothing compared to the success of the kitchen.

0:51:150:51:18

Right. Here we have the kitchen diner area, now.

0:51:290:51:32

Don't know if you can remember when we initially did it,

0:51:320:51:36

this was a downstairs bedsit.

0:51:360:51:38

I've upped the spec a little bit on this.

0:51:380:51:42

Nice bit of worktop.

0:51:420:51:44

Higher standard stainless steel sink.

0:51:440:51:48

Your fandabidozi moveable tap.

0:51:480:51:51

Tried to keep things as light as possible and again, I think the room is big enough

0:51:510:51:55

that it works as a kitchen diner, as opposed to trying to squeeze a small dining room table and chairs in here.

0:51:550:52:02

Frank's been in the building trade and has bought and sold properties for over 34 years,

0:52:020:52:08

but he'd hoped to be fairly hands off with this renovation.

0:52:080:52:12

Did it work out that way?

0:52:120:52:14

I ended up doing all the garden.

0:52:190:52:20

Hated it. The only thing I hate worse than gardening is painting which I did as well. But anyhow...

0:52:200:52:25

dug the whole lot over, returfed it.

0:52:250:52:28

Then mother-in-law was saying, "I'd like to do a bit of gardening."

0:52:280:52:32

I said, "Mother, come up," so off she came, done a bit of gardening

0:52:320:52:35

and at one stage I said, "Mother, come back in, you can't get wet.

0:52:350:52:38

"Get your coat on. Go out there again, girl. We can't have no time wasted."

0:52:380:52:42

So, come rain or shine, Frank and his mother-in-law sorted out the garden.

0:52:420:52:47

While they were dodging the showers, who was busy with all the painting and decorating?

0:52:470:52:52

My wife. She did most of the painting.

0:52:540:52:57

Painting, basically, from scratch to finish was her.

0:52:570:53:00

The only thing I'm allowed to do normally

0:53:000:53:03

is I can do the miscoat on the new plaster.

0:53:030:53:05

Can't do any cutting in. Not allowed to do that.

0:53:050:53:08

And normally, my wife finishes everything off.

0:53:080:53:10

And she does it to a very good standard, normally.

0:53:100:53:12

She's not happy with it as it is now. She's coming back to do some more on it. She's not happy.

0:53:120:53:17

# It's got to be perfect

0:53:170:53:23

# It's got to be worth it, yeah

0:53:230:53:30

# Too many people take second best

0:53:300:53:35

# Well, I won't take anything less

0:53:350:53:38

# It's got to be, yeah, perfect. #

0:53:380:53:45

She really must be a perfectionist

0:53:460:53:48

because the quality of finish here is very good, indeed.

0:53:480:53:53

The general spec that Frank has opted for is pretty high, too, which of course, comes at a cost.

0:53:530:54:00

Budget-wise, not too bad. I think, initially, somewhere like 18,500.

0:54:000:54:04

We've come in at £21,549. I think that was the last thing I looked at.

0:54:040:54:08

And we've got nothing else to pay out.

0:54:080:54:11

With that £21,500 spend on top of the original

0:54:120:54:16

purchase price of 112,000,

0:54:160:54:19

Frank has sunk over £133,500 into making Rosemullion bloom again.

0:54:190:54:27

So, has it been worthwhile? What do two local estate agents think?

0:54:270:54:32

Having seen the property before, I think they've done a superb job.

0:54:320:54:35

They've spent time and effort getting it right.

0:54:350:54:37

It's nice and light. The kitchen's very, very good.

0:54:370:54:40

That will appeal to purchasers,

0:54:400:54:42

especially those working in the city centre.

0:54:420:54:44

He's been very clever. He's done a good, clever job on the inside.

0:54:440:54:48

The decoration's nice and plain.

0:54:480:54:51

It's simple, conservative.

0:54:510:54:53

But the fittings look good.

0:54:530:54:56

They seem very impressed but this is a tough market to sell in.

0:54:560:55:01

So, in the current climate, has Frank invested £133,500 wisely?

0:55:010:55:08

The market, at the moment, anything up to 175 is moving extremely well.

0:55:080:55:12

And I think if this was priced somewhere just below there, or around the 175,

0:55:120:55:16

I think we've got a number of interested parties on our books at the moment

0:55:160:55:19

who would come up today and look at it.

0:55:190:55:21

I would put it on at an asking price round about 175.

0:55:210:55:24

I think we'd put it on just a tad higher, just to see what the reaction is, no more than that.

0:55:240:55:29

And I think I'd have to have a chat then. We may consider keeping it a little bit longer.

0:55:290:55:35

Despite the fact that there could be up to a £40,000 sale profit here for Frank,

0:55:360:55:42

he's now considering renting it out.

0:55:420:55:44

How would that do?

0:55:440:55:46

In the current rental market, somewhere in the region of 750,

0:55:470:55:51

£800 per calendar month should be achievable.

0:55:510:55:53

Probably somewhere between 700 and 750 per calendar month.

0:55:530:55:56

You know, that's basically what I'm looking at, anyhow.

0:55:560:55:59

And I think that's a good price for the property.

0:55:590:56:02

That level of rent would give him a yield of around 6.5%

0:56:020:56:06

which should do Frank for a while.

0:56:060:56:09

But his next proposed project,

0:56:090:56:11

a toilet conversion, has unfortunately gone down the pan.

0:56:110:56:15

Does that mean he's now ready to call it quits?

0:56:150:56:17

I keep saying I'm never going to do this again but I think I probably will do. Something will come up.

0:56:170:56:25

Something will just get in my bug and I'll think I've got to have a go at that.

0:56:250:56:28

# Never give up on the good times

0:56:280:56:30

# Got to believe in the love you find... #

0:56:300:56:33

Yeah, you might see me again on this programme. You never know.

0:56:330:56:36

# No, never give up on the good times

0:56:360:56:39

# Living it up is a state of mind. #

0:56:390:56:42

Let's be frank, here, ho ho.

0:56:420:56:44

I think there could well be a few more properties before he really calls it a day.

0:56:440:56:48

That's all the properties we've got for you today.

0:56:560:56:59

We'll see you next time for more Homes Under The Hammer. BOTH: Goodbye.

0:56:590:57:02

Subtitles by Red Bee Media Ltd

0:57:180:57:21

E-mail [email protected]

0:57:210:57:23

Martin Roberts and Lucy Alexander visit a property in Dulwich, south London, a house in Kent that's taken a drop in price and a property in Cornwall.

All of these properties went to auction; Martin and Lucy find out who bought them and what they paid when they went under the hammer.


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