Series about properties that have gone to auction. Martin and Lucy visit a bungalow in Wiltshire, a three-bedroomed house in Hertfordshire and a semi-detached in Stoke-on-Trent.
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Hello. Despite the current downturn in the property market,
auctions are still popular for buyers and sellers.
Buyers track down bargains from vendors looking for quick sales.
If it's quick sales you're after, you'll find them at the auctions.
The average lot takes just three minutes to sell.
So you need your wits and your nerve about you.
We all love a bargain, none more so than those who buy at auction.
But with so many people in the room it can get fairly hectic.
Let's look at the properties snapped up on today's show.
This bungalow in Wiltshire has inspired me to get a bit radical.
This is one of those moments where you go, "Martin has lost the plot."
Things have taken a turn for the worse
at this three-bedroom house in Hertfordshire.
I think that's one of the worst properties I've been into.
And are things as simple as they seem
at this semi-detached in Stoke-on-Trent?
The catalogue was right.
It does need a bit of modernisation.
All these properties went to auction and we'll find out who bought them,
and what they paid for them, when they went under the hammer.
This is Market Lavington in Wiltshire,
just six miles south of Devizes.
It's one of the most popular villages in the area
and it's easy to see why.
Just a short walk from the centre of the village is Park Road,
a quiet and peaceful cul-de-sac.
Well, not so peaceful as it would turn out,
because right at the end of the road is Lavington School.
Twice a day you're going to have schoolkids
piling down here, and even the most well-behaved
are by their very virtue a bit noisy.
That's very important,
especially when this is the property I'm here to see.
A two-bedroomed bungalow and the guide price is 150,000 quid.
Is it something to shout about?
Let's take a look.
That's a good start, you've got a porch there
to keep the noise down and the drafts out.
There's an entrance area of the property
and straight away you're hit by how dark it is.
It could be something to do with the fact it's has very dark carpets
both here and in the lounge, but there's no natural light.
That's not brilliant.
The bedroom seems quite dark, but then through to the living room,
lots of windows here,
but they're facing that road, so maybe a potential for noise.
The room isn't a bad size.
It's got the original fireplace.
I'm not sure if this is your taste.
It's not quite mine, but at least there's an open fire.
Pretty much, so far, what you'd expect.
Moving through the property, the back bedroom is small,
but it IS a double and the bathroom is a good size
with a usable white suite.
Clearly the bungalow has been well maintained, depending on your taste.
There's plenty to change here, but there are some gems.
This is one of those moments where you go, "Martin has completely lost the plot."
Or you'll think, "I agree with him."
This is the kitchen.
What do you reckon? This blue and grey, very old, dated units,
probably original from the 1950s.
In beautiful condition still.
Would you keep it? I would.
I love the colours,
this is so retro it's brilliant.
It's in perfect condition.
Some nice little touches.
The cactus blind, we like that.
The reality is somebody is going to rip it out.
# Well I can't stop loving you
# I sort of made up, made up my mind... #
OK, so it's not everyone's dream kitchen,
but it's in great condition and it's a classic.
Pass the coronation chicken and the semolina pudding.
But as thrilled as I am about this kitchen it's not the star of this lot. That's outside.
What people want when they move to a place like this is quality of life,
great outdoors, a nice rural setting.
You've certainly got that here. Look at this rear garden.
It backs on to open fields.
It itself has got some nice shrubs,
some nice mature plants, birds twittering away.
What more could you want?
Suddenly this isn't just a bungalow for the elderly.
It could easily be a wonderful family home.
The mature garden really lifts this property into a different league.
It's given me an idea about how to improve the bungalow as well.
At the rear of the property is this lean-to extension,
a sun room, I suppose you could call it.
Not in bad condition, so you could potentially keep it
but I think that would be a great shame because the opportunity
to extend the property out the back here to make the most of the views
is one not to be missed.
The properties on either side have done some kind of extension,
so there's obviously an approval from the planning office to do that.
Just imagine this as a kitchen, maybe another bedroom,
and suddenly you're turning this
into an extremely desirable property.
With the options available
this bungalow becomes more tempting every minute.
However, the auction catalogue doesn't mention anything
that could put buyers off.
# School's out for summer... #
Yes, it's the school down the road.
But does a local estate agent think this will affect
the chances of selling the bungalow?
It can cause a bit of a problem.
It depends on the individual who's buying the property.
I do feel the nice thing about schools
is you know when they start and finish.
I certainly think that that shouldn't be a problem about the marketing and selling of this property.
At a guide price of 150,000 and with those options to extend
what value is likely once the property is renovated?
With the same footprint as it is I'd probably say £185,000.
If you were to extend the property to a three-bedroom,
I'd say the value would increase to about 225.
Well, this isn't the shy, retiring bungalow
that's really only suitable for a small portion of the market.
Its location and that garden make it a great family home.
In fact, it's grey exterior hides a wealth of vibrant opportunities.
Let's see who spotted them when it went to the auction.
20 Park Road, Market Lavington.
Start with 150, somebody, save my breath.
140, the bid is sat down there.
142, 144, 146, 147.
At 147 the bid is down here.
At £147,000, the bid is down here.
150, 151, 152.
53, 54, 55.
Half? 58. Half.
Half is with you.
Nine? Yes or no?
£158,500 in the aisle.
158,500 for the first time...
Yes or no? No.
At £158,500 for the second time, and for the third and last time.
The number, sir, is...?
The winning bidder in that quick-fire auction was Richard.
Along with his business partner, this married father of two
has one successful renovation project under his belt
and they're keen to move on to the next.
As his partner is busy working,
I met Richard to hear more about their plans.
You're not the person I expected to buy this bungalow.
-I don't fit the age profile!
-Bungalows are great, I was born in a bungalow,
and they're great places to live, but they do have a bit of a reputation.
Why did you want to buy it?
We bought it for an investment with a view to doing it up and making hopefully a small profit.
You're a developer?
That's a very grand term, I'd say.
A small frog in the development pond.
Tell me a bit more about you.
My background is I'm a surveyor,
but I worked in corporate real estate until the end of the year.
I worked for Lehmann Brothers which meant there was no future for me unfortunately,
so I'm looking for something else.
In the meantime I'm doing a little property development on the side.
It interests me and I might make a bit of income.
Richard also used to be an estate agent
so he's certainly more than qualified to tackle this property.
What has he got planned for it?
Obviously it's a two-bed,
and in order to sell it on we think it needs to be slightly bigger.
Not too big, it's very easy to over-build and put something out of its market.
Then you won't sell it, or you need to get a price which you're not gonna get back.
Our plan is a limited extension on the back.
We've already got consent that the lean-to can go, and be rebuilt by something.
That will let us extend the kitchen to make a really nice kitchen/breakfast room,
And create also a third bedroom-cum-day room, study,
which I think will broaden its appeal.
What's the plan for the property?
The first thing is strip out, get everything out of here.
What do you mean everything?
Everything you can see, carpets, curtains,
strip the walls, the fireplace, the kitchen.
-The rear extension...
-What? What? What?
-No, no, the kitchen, the kitchen.
-You like the kitchen?
I love the kitchen.
Can I interest you in a second-hand kitchen?
If I had space for it, absolutely! You don't like the kitchen?
We've got to create a breakfast/kitchen because
you've got somewhere to eat, not having to have a dining room as well.
If we push that straight out into the back of that extension, we can create a great breakfast/kitchen.
Period drama may be in there, but not to resell.
It's not got appeal!
Clearly not everyone has my eye for design classics,
so the kitchen is going.
Still Richard does seem to know exactly what he wants from this bungalow, which is encouraging.
As he'll be replacing the current extension
he doesn't need planning permission, so he can start straight away.
With a timescale of 9 to 12 weeks Richard isn't going to hang around.
He's done his homework on the finances, too.
We bought it for 158 at the auction.
If we spend 40 on it, it takes us to 200.
We think the sell-on price is 235 to 250.
250, frankly, is probably reaching a little bit.
235 we think is sensible.
There are other properties around at over that and they won't sell.
Certainly 250 would be an absolute max.
It's also stamp duty threshold, so we wouldn't want to go beyond that.
Beyond that you'd struggle.
You mention you had a different job until very recently
and you're embarking on this.
Is this just a fill-in until you find something else, or will this take over?
I think it's probably a fill-in.
It's a lovable hobby, but could I make an adequate living on it?
Probably not if I'm honest. But in the meantime it's a lot of fun.
-You have expensive hobbies.
-I have expensive hobbies, yes.
I'm hopelessly addicted to old, classic cars.
Old cars, what kind of stuff?
Everything from a 1960 Morris Minor to a '67 MGB GT and a few others.
They all consume resources, nothing too glamorous,
but they suck up the funds.
-How many cars do you actually have?
-I've got nine.
Where are they?
They're all at home. They're all in garages and in a barn.
-I bet your wife loves you!
-She's a car fan, too.
How can I get away with nine if she wasn't a car fan? No chance!
Well, that's more than one for every day of the week.
Yeah, I don't normally get grief from men about having cars.
-I'm not giving you grief!
-It's normally girls. I just say, "How many handbags and shoes do you have?"
# Life in the fast lane
# Surely make you lose your mind... #
Property developing is an expensive hobby, but Richard is used to
polishing up old classics and that's just what this bungalow needs.
So, how is car enthusiast Richard going to get on with this place?
I think his plans are pretty sound,
especially in terms of putting that extension on the back.
The big question is what it be a smooth ride
or will his budget blow a gasket?
You can find out later in the show.
So, a movie quiz for you.
What do The Haunting, Where Eagles Dare
and 2001 Space Odyssey have in common?
They were all shot right here in Borehamwood in Hertfordshire
at the MGM British studios.
Now the studio itself no longer stands, but Clint Eastwood,
Stanley Kubrick and Richard Burton
have all walked on this very ground and it's said during the filming
of the Dirty Dozen the locals were kept awake by gunfire.
That's just a little bit too close to the action, don't you think?
This area is famous for film studios,
most notably Elstree, which is in the centre of Borehamwood.
Since Who Wants To Be A Millionaire? and Star Wars were both filmed here
I wonder if we'll hit the jackpot and find the force with us today.
This estate is called Studio Way
and was in fact MGM's back lot which was redeveloped in the 1990s.
All the roads are named after stars of the silver screen.
You have Novello Way, Niven Close and Robeson Way, named after the actor
and activist Paul Robeson and home to the property I am here to see today.
It is a three-bedroom mid terrace and has a guide price of 180,000.
Let's get inside and see if it is an Oscar winning performance.
Whoa! Pfft! Eurgh!
This is not the sweet smell of success.
It really stinks in here! I'm going outside!
I think that is one of the worst properties I have been into.
It reeks, it smells of dog, cat and a few birds thrown in.
I think animals have been kept in there. The carpets are disgusting.
But I am going to go back in to have a look around, just for you.
I could be a nominee for the TV awards,
Best Re-entry Into A Smelly Property Award.
From the outside, you'd just never know it was in such a state.
If you had just seen the details in the auction catalogue and that guide price of 180,000,
you would probably have thought it was a bargain,
but appearances can be deceptive and this is a real horror story.
OK, you get the picture, I am not going to harp on about
the mess and the smell in here,
you need a skip outside, somebody to come in and rip all this stuff out.
What you do have is a really good sized lounge, double glazing,
a nice little fireplace there,
you have a kitchen at the back and even a little study area.
It feels like a new house. I'm trying to imagine fresh paint on the walls.
And it smelling of something like lemons, that would be nice.
And it is a health hazard as well.
The carpets are going to have to go.
Although the kitchen is a reasonable size, no matter how much industrial cleaning was done,
I don't think I would want eat a sandwich made on that surface.
Although the units look pretty good, they could well have to be replaced.
There is also a small utility room and although it is overgrown,
the garden is a good size.
It is a shame that the animals have made so much mess indoors.
However a quick gulp of fresh air and it is time to head upstairs.
Let me tell you about the rest of this property.
Upstairs there is three really good-sized bedrooms and a bathroom.
Now as a developer I really have to see beyond this complete mess here.
It does smell, it is horrendous.
But when you look at the house, beyond that,
all it really does need is somebody to paint it,
somebody to rip the carpets up,
it doesn't need any structural work at all,
a couple of guys in here with some scrubbing brushes, what you have here is a good solid house.
In my mind, it is a no brainer.
The stench here would certainly have put many perspective bidders off.
However although it may not be as glitzy and glamorous
as the history of its location,
as far as I'm concerned, this house could be an award winner.
Does a local estate agent agree?
Unfortunately the house is in a bit of the state.
The living space is fairly generous.
A large through lounge, a decent kitchen-diner,
and additional study computer room.
So, ground floor, living accommodation is very spacious.
It had a guide price of 180,000.
Once the industrial cleaners and fumigators have got to work,
how much could it potentially be worth?
In its current condition it would be worth £250,000.
Once re-modernised, the value could be increased to around £300,000.
If a buy-to-let investor had their eye on the property,
that could increase the rental potential,
but would they be able to find tenants?
There is an exceptional rental market in the area at present.
You could probably achieve a figure of around £1500 a month for this property.
There is a lot of property on this old MGM back lot but unfortunately
the special effects inside are a bit too realistic.
This house is in need of a lot of work to relaunch its career
but there is potential there.
With the right investment and some careful make up,
it could be a box office smash.
Let's see if it got a standing ovation at the auction.
Lot 13, Robeson Way,
Borehamwood, Hertfordshire, mid-terrace, three-bed house.
180, 180 in the front,
185, back in?
If not, 185 on my right.
Anyone else? 190.
195, 200, 201,
202, 203, 204, 205,
206, 207, 208, 209...
No? Have a think. 208 sitting down. 209 anywhere?
209, 210, 211,
216, 217, 218, 219, 220,
Have a think. 220. 221, new spot.
222. It is his first bid, sir.
You can't let him have it on his first bid, it is not the done thing.
You are bidding? 222.
New spot, 224, 225,
228, 229, 230, 231, 232,
231 on my left. Anyone else?
232, if not, 231.
First time, second time, third and last time, are you all done?
The successful bidder who paid 231,000 was Stan.
He went 50 grand over the guide price for this grubby house in Borehamwood.
I met up with him to hear about his plans.
Stan, congratulations, well done.
-Are you happy with your purchase?
-I think so, yes.
-Do you feel you have got a good buy here?
-I do, yes.
Why were you looking for a property like this in the first place? What were you doing in the auction room?
Basically, to do something with the money that I have saved over the years.
Because of my lack of pension, I was getting virtually nothing interest each month
going into the bank from my savings.
I have done a few calculations and thought, why not.
What are you going to do with this property? Have you bought it to live in?
I haven't quite decided if I'm going to live in it or if I'm going to
clean it up and rent it for a short while.
I am undecided on what I'm going to do with it.
You weren't put off with the smell? You must have opened the door and gone, "Ugh!"
It is one of your catchphrases. The best street and the worst house.
You have got that here!
That was the basis that I was prepared to go for it.
Stan paid 231,000 for the house, which he hopes will provide some help with his pension provision.
I have one important question to ask.
Are you yourself, brave man, going to be ripping up those carpets?
I will be, yes, me and a friend.
Probably use a face mask and overalls but once the carpet is out of the way,
I think the smell would have gone then.
Once all that is out of the way, it's going to be exciting for you to see what you've actually bought.
Correct and I will see what I will do with
the garage area, which at the moment it is one thing all the other.
I want to know what the value would be if it was a garage compared to
a dining room or a utility room or whatever.
I have that to consider yet.
What is your budget for the work inside?
I think it would involve replacing the bathroom fittings and retiling the bathroom.
Even if I was going to clean the house and redecorate and rent it.
I think I would leave the kitchen, I would possibly clean it up,
put some ceramic floor tiles down, new flooring, carpets, laminate flooring.
Probably about £3,000.
It is incredible to think that the house, the state that it is in, it is only going to need £3,000
spending on it because there is nothing structural in there at all.
Apart from that garage deciding on what you want to do.
The shell, it is a beautiful building, it is lovely, well built.
You have got yourself a bargain.
I hope so, yes.
You could turn this pretty quickly and put it straight back on the open market if you wanted.
That is correct, it is an option and I am not decided at the moment.
In the next week or so I will be making my mind up.
You have a lot of decisions to make, haven't you?
I can't wait to find out what Stan decides once those carpets have been removed.
I think Stan has a great buy here.
You could say it's a bit of a B-movie at the moment but will he turn it into a Blockbuster?
You can find out later in the show.
Coming up - there was some work to do to renovate this classic auction property in Stoke on Trent.
Nothing even an enthusiastic amateur couldn't cope with.
We return to this house in Borehamwood and find the sweet smell of success.
It is a fantastic figure and a lot more than what I had expected.
First, it is back to Wiltshire where I hope one feature has not been updated.
-Kitchen, do you like the kitchen?
-I like the kitchen.
-Can I interest you in a second-hand kitchen?
# You make me feel so young.. #
Earlier, I visited this '50s bungalow in Market Lavington complete with retro kitchen.
I thought it was a gem of a property and
so did corporate surveyor Richard, who paid £158,500 for it at auction.
Renovating properties is his hobby and this was his second purchase.
He also has a passion for classic cars.
When we return three months later, Richard drew up in his classic 1960s Morris Minor.
Has he bought the property up to speed?
# Are just like a couple of tots
# Running across the meadow... #
What we have tried to do with this one and the other property
we have done is keep things very neutral, pastel, try to make sure there's a lot of natural light.
Keep the place, bright, light, fresh and clean.
We have used neutral colours throughout.
We haven't used the same colour, that is a little bit bland, a little bit boring,
we have mixed the colours up a bit, kept it light and bright throughout.
# From the dark end of the street
# To the bright side of the road
# We'll be lovers once again
# On the bright side of the road... #
Richard has certainly brightened up this little bungalow.
That dark front bedroom has been transformed and removing
a built-in wardrobe helps to make the room seem so much bigger.
What else has changed?
# From the dark end of the street
# To the bright side of the road... #
In the lounge, we have done a number of things.
We have redecorated it, moved the radiator under the window, put in PVC double glazing,
put in a nice new light fitting and a modern fireplace that
replaces the nasty grey tiled thing that was here before.
We are pleased with the results, think it looks nice.
I don't mind the fireplace going, but another feature of
this little bungalow that had taken my fancy was the classic kitchen.
In the kitchen, we originally had a 1960s kitchen in pale blue, which I completely failed to sell to Martin,
so it went to the great skip in the sky.
What we have done is replace everything with modern units, space for the appliances which
we will install before we sell it, the floor, tiles, very nice units, nice cooker hood.
At the back we have put on an extension to provide a breakfast room, dining room as well
and that is here through the archway looking out onto the garden beyond.
I am sad to see the kitchen go but what a difference that extension has made.
Those French doors are perfect and the extension also means the third bedroom has been created.
Richard's also installed PVC windows front and back.
Elsewhere the bathroom and WC have been joined together as one good-sized room.
Although there is still some work to be finished here, you can see clearly what look he is going for.
Has he managed to stick to his budget?
Our original budget was £40,000 and I'm pleased to say we have kept within £1,500 of that.
That was the windows that we decided to add.
We have put in £1,500 for the windows and we have doubled that
and spent three, which is the only way we have gone over budget.
Otherwise, we would have been very good.
We had to be.
Hopefully, that should leave Richard with what he wanted from this venture and that is a profit.
How does he feel about the result?
We are pleased, it has come out well.
The lightness and the brightness of the space has come out very well.
The flexible accommodation we have created, we have achieved what we have set out to do. We are pleased.
# From the dark end of the street
# To the bright side of the road... #
Inside, Richard has done a fantastic job and outside fresh paint makes this bungalow look years younger.
He has spent a total of £200,000 buying and renovating his property, so will it brighten the day
of two local estate agents when they come back to take a look?
On my return to the bungalow, I think they've done a very good job.
They've extended it very well to give a very good balance of accommodation.
The standard of finish is very, very high.
They've extended the property, which gives it what it would
have been missing before, so it's got the extra rooms now.
Very, very good property.
To market this property now would be a three-bedroom, also
having the kitchen-breakfast room and the garden still remains a good size.
It would appeal to more buyers now.
In the past, it would be generally older people, but
from our experience now, bungalows are open to everybody, and it's big enough
for a family, the school is very close by, so it would certainly appeal to a lot more people now.
Many people used to avoid buying bungalows, but this is changing nowadays.
By adding the third bedroom, Richard has really opened up his potential market.
When he comes to sell, how much could he make from his investment of around 200,000?
I'd put this property to the market at £225,000 to £235,000.
I'd be looking to put this property on the market for somewhere in the region of £220,000 to £230,000.
I think the finishing touches will make a difference.
They've seen it today and it's still a bit of a building site.
The finishes aren't in, the appliances aren't in, we haven't done the bathroom.
So maybe once that's done, it might help them sneak the price up a little bit.
Certainly will help sell it, I'm sure of that.
Once finished, I think this would make a fantastic family home,
especially with that school so nearby.
Will Richard be moving on to another property
or buying another classic car to add to the nine he has already?
Now I'm back at work, I'm very, very busy and really enjoying it so
I'll be travelling in the near future and then some car rallies coming up towards the end of the year -
there's three rallies we're going to be doing between now and year-end, which will be great fun.
I'm looking forward to those as we get into the winter,
cos winter rallying is very different to summer rallying and should be fun.
I'm in Stoke-on-Trent, just a couple of miles from the centre.
It's a thriving university city with a profitable buy-to-let market.
But the property I'm here to see is in Oak Hill, an area popular with families.
This is a really good start.
A really nice residential area.
Lots of civic amenities, like the bowling green there.
Absolutely great to see.
The property I'm here to visit is a two-bedroomed semi-detached.
The guide price is £75,000.
Let's take a look.
So what do you get for £75,000?
It's a red-brick, bay-fronted house with a conservatory, garage and off-street parking.
The auction catalogue said it needed cosmetic improvement and modernisation -
so nothing specific, and it's not looking to bad from the outside.
OK, well, the catalogue was right - it does need a bit of modernisation.
Nice it's got an alarm, though.
Reasonable layout. Basically, one big living room area down here, which is quite nice.
Bay window - we like that.
And there's no smell of damp or obvious signs of any problems with the walls.
I think down here it's more a case of layout and not making the most of the space.
I'd like to see French windows there.
Then the kitchen - I don't know what's going on.
There seems to be this wall here dividing the kitchen off from this area.
I would get rid of that to create a really nice kitchen/dining area.
The kitchen is obviously in need of sorting out.
It's not particularly big, the units very tired and dated.
But a nice little additional feature - there is a loo there, which is always good to have.
Whilst the rest of the house is fairly together, this lean-to most certainly is not.
You'd want to replace this with something fairly soon cos it really lets the house down.
The good news, though, is, out the back here, there is a good-sized garden.
OK, it's a bit overgrown, but this really adds to this being a great family home.
For around that guide price of 75,000, I think you'd get real value for money here.
There's even room out the back to extend - as long as you get planning permission of course.
But what about the current living accommodation?
Upstairs, bathroom and loo, looks to be in reasonable condition,
and two bedrooms, although it feels like this house could be more.
A reasonable one at the back and then a big one at the front.
But just while I'm up here, it's a bit unusual. I don't know if you can see this door frame.
It looks to be at a strange angle, and there's this fillet of wood put onto the door itself to make it fit.
Normally that would set off alarm bells ringing for me, an indication of some kind of subsidence.
But it is on an internal wall and there don't seem to be any obvious signs of cracking,
so if there was any subsidence, it's probably historic and more likely that's just a bad bit of DIY.
Whoever did the door obviously didn't have a hand in the bathroom.
It's in great condition and looks fairly new.
So that's one less renovation to consider when planning the budget - always good news.
Now, there is a bit of a problem with this property and it's concerning the deeds.
There aren't any. At some stage in history, they have been lost or maybe they never even existed.
That is an issue when it comes to getting things like mortgages.
The good news is that at some stage over the last ten years somebody has
registered this property, so it is now in the process of getting what they call possessory title.
And after 12 years, you can then apply for full title on the property. In the meantime, there is
a risk that somebody could come along and say, "Actually, that house is mine."
But in order to make sure that doesn't happen, you can take out an insurance policy which
will cover you against any losses that you might incur as a result.
There are mortgage companies that specialise in properties with problems like this
so it shouldn't be too difficult for the new owner to get one.
Will it affect the potential resale value of this place once renovated?
Still without absolute title,
I would put the property somewhere in the early 90s, 92, 93.
With deeds, I would say £100,000.
And if the purchaser planned to rent this out, what kind of return could be expected?
Rental valuation on this property, £450 per calendar month.
Nothing really negative to say about this place at all.
A few bits and pieces to sort, but nothing that even an enthusiastic amateur couldn't cope with.
The only issue is the deeds, or rather the lack of them,
and that can be resolved by taking out an insurance policy.
So a great one to go for.
Let's see who fancied it when it went under the hammer.
So what shall we say for Lot 30?
1, Watson Road, Oakhill in Stoke-on-Trent.
Can we start it at 65?
Lot number 30.
65 in the aisle, thank you.
At £65,000. 70 going to say now?
At £65,000. 70. At £70,000. 75?
Yes, 80. At 80,000. 85?
No. At £80,000. Standing at £80,000.
At 80,000. I'll take one if it helps.
81,000. At 81,000. One to you, sir?
£82,000. £83,000? Another one?
All right, 83,000. The bid's in the aisle.
I'm selling it at £83,000.
Another 500 anywhere else?
At 83, first time...
At 83 second time...
Third and final time at £83,000...
Local roofer Glynn made the winning bid of £83,000.
With his background in building, Glynn is used to renovating properties.
But this is the first one he's bought as an investment opportunity.
-Why did you want to buy this house?
What we're looking for is getting into the investment type properties, getting some rentals.
This is the first one that we're looking at doing.
So there you are pottering along and presumably doing quite well doing your roofing.
What made you decide to go into doing it yourself after...how long?
-How long have you been doing the roofing?
-The roofing business has been going for well over 40 years.
-It's a family thing.
-So 40 years on, how come?
I think it's the right time to buy.
We've been looking around at the property market.
The properties are going down.
They're at a reasonable price now, where you can buy and get a decent return for your rental.
It's the buy-to-let market that Glynn's interested in.
Along with his brother and father, they've decided it's the right time to invest in property.
As they live just round the corner, they know the area well and knew exactly what they wanted.
We did put a couple of offers in prior to auction that were rejected.
-What price did you put in?
-I think the last of offer we put in was 82,000.
But the person that was selling the property decided they wanted to go to auction,
-so we said, "We'll hang fire and wait for that."
-You just paid a little bit more.
A little bit more. I think we paid 83, so it was more or less roundabout what we were looking at paying, so
-we were quite happy with that.
-Tell me about your partners.
My brother and my father, we all work together.
We're with each other more or less 24/7 anyway.
So to go in a project all together, it seems the sensible thing to do.
Did your father stop the business?
Originally, it was my father's father.
-Yes. So we're into third generation now.
-So, fingers crossed, it might go on to the fourth.
It sounds like Glynn has a close-knit family
and I think they'll all pitch in to help on this project.
But as they've never invested in a property they didn't intend to live in, this was a big step for them.
However, with three generations of building experience between them, I think they'll manage just fine.
-So what are you planning to do to it?
-Very little, to be honest.
A new kitchen's got to go in.
A chimney breast needs to come out upstairs, a wall to be removed in the kitchen, and then really
it's cosmetic work.
Tell me about the wall you're going to take out.
It's this wall.
-But you'll keep this one here?
-This one will stay so it can be more of
a partition so we can keep this area a bit more private from the kitchen
but it'll be more open plan.
-Than the rest of it?
-Should give it a nice flow.
-Other than the work mentioned, most of the renovations will be cosmetic.
As all the labour will be done by the family,
they reckon a budget of £5,000 to £6,000 is enough to cover it.
But, as is often the case with auction properties, there's a rather significant issue to consider.
Obviously, one big issue with this house is the deeds, or rather the lack of them.
-What do you know about that?
-The possessory title
that the property has got was sorted out by the previous purchaser about 10, 11 years ago.
So he'd registered the property with the Land Registry.
When we bought the property, that passes on to ourselves.
After 12 years, we can apply for title absolute.
If in the meantime anybody comes along and says, "We've got a valid claim on this property,"
then we took an insurance indemnity out to cover ourselves against the purchase price of the property.
-How much was that policy?
-It was around about £80.
It's not a lot of money, is it?
No, but it does protect your initial investment.
The only thing that the solicitor did say to us was that if we're looking at doing a major refurb job,
by putting extensions and things like that on, the indemnity might not cover the extension side of things.
So if you spend £20,000, £30,000 on top of the purchase price, it may not
be covered in your indemnity policy for that extra that you've spent.
But it does cover you for the amount you've bought the property for.
So we were quite happy with that and it's only another 18 months and we can apply for the title absolute.
-So are you all excited about this?
-Yes, we're looking forward to getting started.
Good luck. Congratulations. I can't wait to see how you get on.
How nice that Glynn and his family found somewhere so close to home for
their first project together, and it is a good house.
However, even the best houses throw up all sorts of unforeseen issues.
So how are they going to get on? You can find out later in the show.
So, after several months, have our buyers realised their hopes and dreams?
Or have they had to step back and have a radical rethink?
It's time to go back and find out.
Back in Borehamwood, on an estate built on the former MGM studios' back lot,
this house was an environmental health inspector's nightmare.
It was filthy. But buyer Stan had a strong stomach and reckoned he'd sniffed out a bargain at £231,000.
We gave him two months to scrub the place up.
As soon as you enter, you appreciate that everything has come up smelling of roses.
In the living room, the dirty, foul carpet has gone,
and you're greeted with a neutral, show-house colour scheme.
And, although the dirty, pongy kitchen has now got a new floor, the units somehow survived.
Upstairs, the mess has gone, new carpets have been laid and the only waft now is of fresh paint.
So if you've got a stain, Stan's your man.
What we've done is basically give the place a good old clean-up because it was really a good house.
It was just, through the pets situation, in a bit of a smelly condition.
So we cleaned the house, then we decorated it and renewed all floor finishes.
Remember, those carpets were absolutely disgusting, so it must have been a revolting job.
Who did the work?
Getting rid of the carpets and underlay, I done that myself,
and it was just, you know, steel yourself and get on with it.
It only took a day, or less than a day, to get all the carpets and
underlay out into the skip, and it was a bit of a relief
to know that when that was done, it was going to reduce the smell by a large percentage.
Well, it's not smellyvision, so you'll just have to take my word.
Believe me, the pong's definitely gone, and the house looks and smells great!
Yeah, here in the living room, basically we took up the carpets,
cleaned and disinfected all the surfaces
and cleaned the fireplace up, including washing each piece of coal individually.
And we put some new light fittings in. They were halogen lights.
I think these are much more...loungey type than the halogen.
Apart from the unsavoury condition, were there any other major problems here?
I think the house is only 12 years old. It was very good,
no major hidden problems, other than the kitchen floor.
Due to an old leak caused by the washing machine drain,
we had to take the floor up in the kitchen and renew it.
I decided to retain the kitchen fitments, the wall units and
the base units, because they're not in too bad condition.
I put some new lighting in, cleaned everything up, redecorated it.
With Stan scrubbing and scouring, he must have saved on his budget, so how much has he spent?
Budgetwise, I had a little add-up the other day, and it came to about 3,200.
While others held their noses, Stan held his nerve as he could see the potential here.
He paid 231,000 at the auction, spent 3,200 on a deep clean and has created a great house.
The upstairs virtually is a repeat of what happened downstairs.
It's carpets up, clean it and redecorate.
The bathroom here, I decided to keep the sanitaryware, which were all sound, just needed
some spirits and salts to bring them back up to the white.
I replaced all the taps and shower fitting, put a new shower screen in, and the result is that it's nice and
clean and presentable, and I'm very pleased with the bathroom.
Now both floors of this once grubby property are spotless, Stan's hoping to clean up financially as well.
I've decided to rent the property, and I've also decided to give it to
an agent to manage, for about 5%, so that takes the hassle away from me.
While Stan found tenants for the inside, his mate made a discovery out in the garden.
One of the things that I did do was to get a guy in,
a friend of mine, to get the grass down and sort the garden out.
And in doing that, he came running to the house with his one leg soaking wet up to his knee, and apparently
he'd stepped into what is a pond out the back, and he found two goldfish.
So how they'd survived for a couple of months with no food and in manky water, I just do not know, but
he took them away, and he tells me that they're doing fine now, they are thriving in his pond.
But could there be a catch with his house?
Time to see how two local estate agents will rate it,
now they don't need smelling salts.
My first impressions are, "Wow!"
It's been an amazing transformation. The property looks totally different.
It's bright, its area, it's spacious, well decorated, and there's no smell at all.
The property is very, very spacious throughout. It's been to have a very high standard.
It's very, very neutral in the colours that the owner has chosen,
and it feels very, very bright.
A great size family home.
If he's renting the property, then I think he's done the
right thing in keeping the kitchen and bathroom the same.
If he was thinking of selling the property, I would have suggested
he replaced the kitchen and the bathroom to maximise the price.
Stan has already got a tenant lined up, but how much rent should he be charging?
There's a big demand for rental properties in this particular area,
and this property would rent for around £1,300 per month.
Rental valuation, we'd be looking to achieve 1,300 per calendar month.
Yeah, that's nice, that's approximately what I was told.
There will be a bit of a surplus between
my expenses and mortgage et cetera, that income, so that's excellent.
How much could be house now be worth?
Remember, Stan paid 231,000 at the auction and spent £3,200 on it,
so anything over 235,000 would be profit.
The property value today would lie somewhere in the region of around £300,000.
I would expect this property to achieve in the region of the £310-315,000.
That's a fantastic figure, and a lot more than what I expected.
Yeah, that's amazing.
Blimey! So it's true, where there's muck, there's brass all right.
He's made about 60K gross profit after just two months, so might he now sell?
£60,000 profit, tempted to walk away with it, I don't think so.
I think I want to get some value out of the rental situation,
because when I come to resell it, which will be three or four years'
time hopefully, I'll put a new bathroom in and a new kitchen.
I don't want to start building again.
Whatever he decides to do, remember that
where many feared to tread, Stan has certainly made a profit not to be sniffed at.
It's been three months since we met roofer Glynn.
He bought this two-bedroom semi-detached in Stoke-on-Trent for £83,000.
Together with his father and brother, they decided to utilise
three generations of building experience and move into buy-to-lets.
But as they were used to renovating other people's houses, this time the risk was all theirs.
However, if the exterior is anything to go by, they've done well.
So we've replaced the front door, and we've replaced the canopy over the top, which gives it
a more modern look from the main road, and we're pleased with that, they turned out well.
We've also replaced the conservatory.
We removed the old garage and the old conservatory that were here.
They were completely rotten,
so we've replaced it with a new, modern uPVC conservatory,
and we've also replaced the windows on the side of the property as well.
In the conservatory, we've put the fittings for washing machine and other appliances.
With the kitchen being quite small, it's gone to make it a really nice
utility area, and we're really pleased with the way it's turned out.
Glynn is used to getting on top of properties in his day job,
but this time he's done it without having to set foot on the roof.
# Shout to the top
# Oh, we're gonna shout to the top
# We're gonna shout to the top
# Ooh, we're gonna shout to the top... #
As well as improving the kerb appeal, they played a new floor
in the living room, making it feel much bigger,
but the main change has been removing that wall to make a fantastic kitchen diner.
In the kitchen, what we've done
is removed the toilet out of from under the stairs.
It's made a really good storage area.
And then we've put a really nice fitted kitchen in now that we've
got rid of this wall that was here, separating it away from the dining area.
I think now, with a dining table in, somebody working in the kitchen, it's going to be a nice space, nice area.
Upstairs, the bathroom needed very little done to it.
Removing the chimney breast from the second bedroom has created a lot more room.
From here, you can see the garden has been cleared and a new patio has been laid.
It's fair to say that no stone has been left unturned, but did they manage to do it all for just £6,000?
There's been a little bit of extra cost. I think in total it's cost us about 7,500,
but we have done extra work really to make it more maintenance-free.
We've replaced the facia, sockets and guttering, which is something that we weren't going to do.
The same with the front doors and back doors.
We were not gonna replace those, but at least we can see
where we've spent every extra penny that wasn't in the budget originally.
So they're a little over-budget, but I think it's been worth it.
All the worries regarding the deeds to this house will be forgotten
when they get the new deeds in their names in a couple of months.
All that's left to do is find a tenant.
We've got a tenant moving in in the next seven to ten days.
We're basically renting it out to that person for £425 per calendar month, which were quite happy with.
Well, there doesn't seem to be much that Glynn and his family have overlooked.
From the auction price of 83,000 to the renovation costs of 7,500,
it's hard to believe that this is only their first investment property.
They've even got a tenant lined up already, but will it get the thumbs up from two local property experts?
A good selling point to this one is you can just walk in,
plug your telly in, put your pictures on the wall.
There is absolutely nothing to do - it's all done for you.
I think one of the things he's done really well
is opening the kitchen out, taking the wall down, making it open-plan.
A very small kitchen before, hadn't got a lot of potential.
It now feels very open and airy.
The finish in the property is exactly what's needed, really.
It doesn't need to have massive money spent on it.
It's all reasonable quality stuff, but it's finished off well.
So Glynn spent eight weeks and a total of around £91,000 turning this property around.
He has a tenant lined up for £425 a month.
How does that compare with the agents' estimates?
£450-475 per calendar month.
I've let similar properties in this area in as good a condition for around 450 per calendar month.
Yeah, it's nice to know that we could get a little bit more if this tenant
decides to go, so yeah, no, that's fine.
Although Glynn has no plans to sell now,
has he managed to increase the value of his overall investment here of 91 grand?
Current market value on this property, I'd be putting it on for 100,000.
I would suggest an asking price of 99,950, just tuck it under
the 100,000 mark, and he should get very, very close to that.
I would have thought a little bit more than that, but I'm quite pleased with it.
We've kept it within the budget, but there is a little profit in there now.
We are going to keep it as an investment for the next few years, so yeah, we're quite pleased with that.
So from the heady heights of roofing to property developing, Glynn
and his family have successfully entered the world of buy-to-lets.
Is this a one-off or the start of something bigger?
It is something that we are probably going to look into doing,
but to be honest I think I need a month off first before I start again.
But yeah, I mean, I think in future the way that we're going to look at it now
is to perhaps get another property, get that one done.
Perhaps one that doesn't need quite as much work doing to it, so more of a paint job.
But I think it's definitely something that were going to be looking at doing in the future.
And there's a taster of what it's like to buy your home under the hammer.
And we'll be hot on the heels of more auction property buyers next time.
-See you then!
Subtitles by Red Bee Media Ltd
E-mail [email protected]
Martin Roberts and Lucy Alexander visit a bungalow in Wiltshire, a three-bedroomed house in Hertfordshire and a semi-detached house in Stoke-on-Trent.
All of these properties went to auction, and Martin and Lucy find out who bought them and what they paid when they went under the hammer.