Episode 10 Homes Under the Hammer


Download Subtitles

SRT

ASS


Episode 10

Martin Roberts and Lucy Alexander visit a house in Swindon and a flat in Neasden, Greater London. They also revisit a fabulous manor farmhouse near Lincoln.


Similar Content

Browse content similar to Episode 10. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

Buying a property at auction doesn't necessarily mean you get a bargain.

0:00:020:00:06

But when the hammer goes down, it does mean you pay a fair price.

0:00:060:00:10

And whatever you paid becomes the value the buyer hopes to improve on.

0:00:100:00:15

So settle down and listen to some stories from Homes Under The Hammer.

0:00:150:00:20

Buying a property is one of your biggest financial commitments.

0:00:450:00:49

-So doing your research is so important.

-And buying property at auction

0:00:490:00:55

you spend thousands of pounds in the blink of an eye.

0:00:550:01:00

So how prepared were our bidders for today's properties?

0:01:000:01:03

In Swindon, it's not just the house that is key to this auction lot.

0:01:040:01:10

This is absolutely vital to the practicality of the property.

0:01:100:01:14

Going round this flat in London turns out to be a bit of a drag.

0:01:140:01:19

There's a really strong smell of nicotine as soon as you walk in.

0:01:190:01:24

And we first saw this fabulous manor farm house near Lincoln in 2007.

0:01:240:01:29

If you thought it looked good then, wait till you see how it looks now.

0:01:290:01:35

All these properties have been sold at auction. We'll find out who bought them and what they paid.

0:01:360:01:42

Sold!

0:01:420:01:44

Amongst other things, Swindon is famous for its roundabouts.

0:01:550:01:59

There's even a calendar with a different roundabout every month.

0:01:590:02:03

I'm not sure where you buy that, but I must find out(!)

0:02:030:02:07

Anyway, the big question is will today's property be a real turn-off,

0:02:080:02:12

will the person who buys it need an exit strategy or will they end up going round in circles?

0:02:120:02:19

# O-o-oh Round and round and... #

0:02:250:02:29

Well, that is the property that was up for auction. Guide price of 70,000 quid.

0:02:290:02:34

Two-bedroomed mid-terrace. Let's see what's in store behind the door.

0:02:340:02:40

'So is this all it's cracked up to be? The exterior's not great, but I have seen worse.

0:02:400:02:47

'Much worse, actually.

0:02:470:02:49

'I like the bay window, but there's no parking and it's on a bus route.

0:02:490:02:54

'The back is a concrete jungle. Low maintenance, though!'

0:02:540:02:58

Interesting little entrance vestibule there with its plastic folding door.

0:02:580:03:04

Through into the front living room. It's not a bad size space.

0:03:040:03:08

A bit natural wood gone mad.

0:03:080:03:10

But then through to another wood gone mad area at the rear.

0:03:100:03:15

Again it's a nice size space and I like the open-plan feel.

0:03:150:03:20

It's linked through to the kitchen. My guess is that this bit is an extension.

0:03:200:03:25

Down here has a lot of space. The kitchen is very tired, needs sorting out,

0:03:250:03:31

but you have got room to move. At the very rear, you've got a bathroom and loo.

0:03:310:03:37

All in all, deceptively large.

0:03:370:03:40

'It's not great having a downstairs bathroom and the kitchen and bathroom units need to be replaced,

0:03:400:03:47

'but it's the panelling here that's overwhelming.'

0:03:470:03:51

# I better knock on wood

0:03:510:03:54

# Baby... #

0:03:540:03:57

'A small forest in Norway must have been felled to deck this place out.

0:03:580:04:03

'It's everywhere! And really makes this house feel dark.'

0:04:030:04:07

Upstairs, a fairly traditional layout. Just two bedrooms.

0:04:080:04:12

Often when I'm wandering round properties, there are hidden dangers

0:04:120:04:16

that I'm not aware of. But in this case there aren't any.

0:04:160:04:21

# You ain't seen nothin' yet

0:04:210:04:24

# B-B-Baby, you just ain't seen n-nothin' yet... #

0:04:240:04:27

'Well, perhaps there's one thing. That's definitely not the best place for a hot water tank.

0:04:270:04:32

'A very strange place to put it, but it can be easily rectified

0:04:320:04:37

'along with the polystyrene tiles and crumbling plaster.'

0:04:370:04:41

Great news - out the back you've got a garden. Laid to paving at the moment.

0:04:410:04:47

That's good. What's much better is that here you've got hard standing for a car

0:04:470:04:53

and access at the back. It's double yellow lines at the front, so this is absolutely vital.

0:04:530:05:00

Well, now I really have seen it all and what I've seen I like.

0:05:000:05:05

There's potential to develop off-street parking and perhaps some garden space.

0:05:050:05:11

So what are the options here?

0:05:130:05:16

Would this be better rented out or sold on? What does a local estate agent think?

0:05:160:05:22

As the property stands today, it offers spacious accommodation,

0:05:220:05:27

an awful lot of room for improvement,

0:05:270:05:29

but would make a fantastic first-time buy or buy-to-let investment.

0:05:290:05:34

Let's talk numbers for this house, which was guided at £70,000.

0:05:340:05:38

Per calendar month, we would suggest a price of around £550.

0:05:380:05:44

When renovated, you could put the property on the market for £115,000.

0:05:440:05:49

That sounds like a reasonably sound investment.

0:05:490:05:53

So in a city famous for its roundabouts, will this property lead a potential purchaser

0:05:530:05:59

in the right direction? It might. Let's see what happened at auction.

0:05:590:06:05

Needs some work doing on it, but close to the town centre.

0:06:060:06:11

£70,000, somebody?

0:06:110:06:13

60, then, if you like. 60 I've got.

0:06:130:06:16

62? 64. 66.

0:06:160:06:19

68. 70. 72.

0:06:190:06:21

74. 76. 78.

0:06:210:06:24

80. 81. Back to you, sir.

0:06:240:06:28

82. 83.

0:06:280:06:31

84. 85.

0:06:310:06:33

86.

0:06:330:06:35

At 86. The bid's over there on the left. Back to where we were.

0:06:350:06:40

£86,000. That's for the first time. £86,000 first time.

0:06:400:06:44

£86,000 for the second time.

0:06:440:06:47

At £86,000, third and last time. Your number, sir, is...? Thank you very much. 24.

0:06:470:06:54

'Kerry and Paul, an engaged local couple, made that final bid of £86,000.

0:06:560:07:03

'For them, this purchase really was all about the location.'

0:07:030:07:07

-Kerry, Paul, lovely to meet you. Congratulations.

-Thank you.

0:07:080:07:13

-Why did you buy the house?

-Well... we've got two other properties in this street already,

0:07:130:07:19

which we rent out and we saw this one and thought, "Why not?"

0:07:190:07:25

Why so many in this street?

0:07:250:07:27

When Paul and I started going out together, Paul already had one here.

0:07:270:07:31

We've got happy memories here, so, you know...

0:07:310:07:35

It's an unusual strategy! But why not?

0:07:350:07:39

# All at once am I several storeys high

0:07:390:07:44

# Knowing I'm on the street where you live... #

0:07:440:07:50

'So this will be the third house here that Kerry and Paul own and they let all of them out.

0:07:500:07:58

'It's quite a selective approach, but a strategy that has paid off so far.'

0:07:580:08:03

Tell me more about you two. What do you do?

0:08:030:08:07

-I work for a utility company. I'm a personal assistant. And Paul's a builder.

-Convenient.

0:08:070:08:13

-Well, you know what things cost.

-Do you work on the properties?

-No.

0:08:130:08:19

-How come?

-I've got my own job. Quite busy at work, so we'll get contractors in.

0:08:190:08:24

-You're a builder getting contractors in?

-It's Kerry's project.

0:08:240:08:28

I poach Paul's contacts and he's here to give me advice. I've got very much a free rein.

0:08:280:08:34

'That's probably not a bad idea, keeping business and pleasure apart,

0:08:340:08:39

'particularly with money involved. After all, Paul and Kerry are due to be married soon.'

0:08:390:08:46

-What is your involvement in it?

-Just trying to advise Kerry

0:08:460:08:51

-and steer her in the right direction with the right contractors.

-And not to go over budget!

0:08:510:08:57

Paul knows how much materials cost a lot more than I do.

0:08:570:09:01

So, you know, he helps me that way.

0:09:010:09:04

-So if you come in halfway through and see a bodged job...

-I shall be coming in most days.

0:09:040:09:12

-Will they be OK with you telling them...?

-I've worked with them before, so...

0:09:120:09:18

We've got a team of local builders that we use. We've got quite a good rapport with them, so to speak.

0:09:180:09:24

-I think we're OK.

-Right.

0:09:240:09:27

'This is a great position to be in, not only to have a team of trusted builders,

0:09:270:09:33

'but also someone experienced enough to check everything's done right and a good deal.

0:09:330:09:39

'Also Paul can advise Kerry on what can and can't be done easily.'

0:09:390:09:43

I'll put in a small kitchen extension, replace the bathroom,

0:09:430:09:48

strip all the walls down, replaster,

0:09:480:09:51

new skirting boards, doors, architraves, redecoration.

0:09:510:09:55

-Roughly how much will it cost?

-I've got a budget of £12,000-£15,000.

0:09:550:10:01

-I can't believe you're not itching to do it yourself.

-No, I'm quite busy at work. I have commitments,

0:10:010:10:07

-stuff I can't get away from.

-Right.

-He doesn't want to be bossed about by me, really!

0:10:070:10:13

-What were you about to say?

-Something along those lines!

0:10:130:10:17

# I was standing

0:10:190:10:21

# You were there

0:10:230:10:25

# Two worlds colliding

0:10:250:10:28

# And they can never

0:10:300:10:32

# Ever tear us apart... #

0:10:320:10:36

'I'm sure that this couple will turn this property around.'

0:10:360:10:40

Kerry certainly seems to know exactly what she's doing.

0:10:430:10:47

This strategy of buying a lot of properties in a very close area is good.

0:10:470:10:52

The only question is will the builders match up to Paul's expectations? Find out later.

0:10:520:10:59

I'm in Neasden, which can roughly be translated from Old English

0:11:020:11:07

as "nose-shaped hill". You could see that hill years ago in the early 1850s

0:11:070:11:13

when this rural farming hamlet had a population of about 110 people.

0:11:130:11:18

When the railways came at the turn of the century and then the North Circular Road in the 1920s,

0:11:180:11:24

Neasden then became a very busy and popular suburb.

0:11:240:11:29

'Thos nose-shaped hill is only a sniff away from London, just 20 minutes by train,

0:11:290:11:34

'so it's perfect for commuters.

0:11:340:11:36

'The property is tucked away off the main road

0:11:370:11:41

'in a smart, quiet cul-de-sac. It would be perfect for a family,

0:11:410:11:46

'especially as there's a school right next door.' So this is what I'm here to see.

0:11:460:11:51

It's a first-floor flat with a guide price of £120,000.

0:11:510:11:55

From here it looks like those windows have seen better days when compared to neighbouring properties,

0:11:550:12:02

so that's the first job to do. But I do like the bays. Let's go inside and see what there is.

0:12:020:12:09

'Despite the family-friendly street, inside the flat I found a rather unfriendly entrance.'

0:12:100:12:16

As soon as you walk through the front door you've got these stairs.

0:12:180:12:22

Straight away, mums with pushchairs and the elderly may be put off.

0:12:220:12:27

And there's a really strong smell of nicotine as soon as you walk in.

0:12:270:12:32

Let's have a look around. You've got the kitchen behind me. There's only a sink in there.

0:12:320:12:38

That needs a complete overhaul. Bedroom through there with a water tank hanging off the wall.

0:12:380:12:44

This flat is in a state. You've got a bathroom there.

0:12:440:12:48

The lounge in here. Polystyrene tiles everywhere - a fire hazard.

0:12:480:12:53

There are no redeeming features at all apart from, of course, this lovely bay window.

0:12:530:12:59

But when you look closely, I mean, look. They're disgusting.

0:12:590:13:04

They need completely cleaning up or just put some new ones in.

0:13:040:13:08

The thing that's worrying me is so much money needs to be spent on it.

0:13:080:13:14

Rewiring, replumbing, all the carpets, wallpaper. The whole flat needs starting over.

0:13:140:13:20

'OK, on the face of it, not appealing - rotting windows, shabby woodwork and nicotine-stained walls.

0:13:200:13:28

'But with a guide price of £120,000, it has tremendous potential.

0:13:300:13:35

'It's in a great location with good transport links nearby.

0:13:350:13:40

'Those big, light rooms are ripe for renovation, some more than others.'

0:13:400:13:45

The bathroom. You'd hardly call it a relaxing space where you'd want to sit and lounge in the bath

0:13:460:13:53

in the state it's in at the moment.

0:13:530:13:56

But it's quite a big room and could look fantastic.

0:13:560:14:00

But at the moment you've got a great big damp patch with water from the pipes

0:14:000:14:05

and down here, well, I don't quite know what is going on here.

0:14:050:14:10

Look. Just coming out in my hand. A bit of a worry, really.

0:14:100:14:15

'There are even more signs of disrepair on the roof terrace,

0:14:170:14:21

'but it's a good space that overlooks a large shared garden, ideal during the summer months.'

0:14:210:14:27

Now being on the first floor means there is the option to extend up into the loft

0:14:270:14:33

to create that much-needed second bedroom, like our neighbours.

0:14:330:14:37

However, a word of caution - there is a ceiling price and would it be viable?

0:14:370:14:43

Other houses on this street did it, so there is the chance you'd get planning permission,

0:14:430:14:49

but make sure you do your maths.

0:14:490:14:52

A two-bedroom flat in this area wouldn't fetch much more than £260,000,

0:14:520:14:58

even in a buoyant market.

0:14:580:15:00

'I invited a local estate agent along to give me his expert thoughts on the property.'

0:15:000:15:06

I think this flat, basically, needs complete renovation.

0:15:070:15:12

It needs gas, electric, new windows, doors and it will probably need a damp course through it as well.

0:15:120:15:19

Extending into the loft and roof terrace are both good.

0:15:190:15:22

'But if all those changes were made, what could it sell for?'

0:15:220:15:27

Once the property's renovated, it would be about £165,000.

0:15:270:15:32

'That's not bad at all. How would it fare on the rental market?'

0:15:320:15:37

Rental for a standard one-bed here close to the Tube, you're looking at about £850 a month.

0:15:370:15:43

'So that's a possible yield of just over 7%. It sounds like a good return.

0:15:430:15:49

'Will it be as difficult to pull out as those weeds?'

0:15:490:15:53

You could spend a lot of money here if you're not careful, especially if you extend into that loft space,

0:15:530:15:59

but it will be viable if you get it near to the guide price.

0:15:590:16:03

It is a good rental property and it does have those great transport links.

0:16:030:16:09

Who had a nose for a bargain? Let's find out.

0:16:090:16:13

Move on now to Lot 70.

0:16:130:16:16

Northview Crescent, Neasden, NW10.

0:16:160:16:19

Who wants to give me a start? Yeah? 120 I've got.

0:16:190:16:23

121.

0:16:230:16:25

122. 123?

0:16:250:16:28

124.

0:16:280:16:30

OK, 130. Yeah, 131.

0:16:300:16:33

132. OK, 133.

0:16:330:16:36

134. You bidding? 136. More competition.

0:16:360:16:40

139. 140. 141.

0:16:400:16:43

141 and a half.

0:16:430:16:45

144. 145.

0:16:450:16:48

146. 147.

0:16:480:16:50

148. 149.

0:16:500:16:52

150.

0:16:540:16:56

151. 152.

0:16:560:16:59

153? Want to come in?

0:16:590:17:01

153. 154.

0:17:010:17:04

155. 156.

0:17:040:17:06

157. 158.

0:17:060:17:08

159. Yeah, 160.

0:17:080:17:11

OK. New competition.

0:17:110:17:14

160,500. 161.

0:17:140:17:17

And 500.

0:17:170:17:19

162? 500?

0:17:190:17:22

No?

0:17:240:17:25

It's with the gentleman on my left at the back. The bid is £162,000.

0:17:250:17:31

It's against you on my right. 162 for the first. 162 for the second.

0:17:310:17:36

162 for the third and final time. Are we all done?

0:17:360:17:41

Sold. 162.

0:17:410:17:43

'There were a lot of interested parties at that auction.

0:17:430:17:47

'The winning bid came from Jacob, a retired technical manager from the food industry.

0:17:470:17:53

'He hopes this will be the first property investment of many. He paid £42,000 over the guide of £120,000.

0:17:530:18:01

'I went to meet him to hear about his plans for the place.'

0:18:010:18:05

-What was it that made you want to bid for this?

-I used to live around this area.

0:18:050:18:11

I know this area. I feel like I need a small project for me to start.

0:18:110:18:16

This is the right property for me.

0:18:160:18:19

-So why do you need a small project? Are you not working?

-I'm retired now.

0:18:190:18:24

And I felt like I've got this energy and I felt like I need to do something.

0:18:240:18:30

So you spent £162,000 to keep yourself entertained, basically?!

0:18:300:18:36

# Oh, when you're smiling

0:18:370:18:40

# When you're smiling... #

0:18:430:18:46

'Jacob's clearly happy with his purchase, but remember he paid £42,000 over the guide price

0:18:460:18:53

'plus he'll have renovation costs. The last thing I want to do is wipe that smile off his face,

0:18:530:18:59

'but it could be a tight squeeze to make a profit.'

0:18:590:19:03

My concern about this whole project is I'm worried that you just can't afford to spend too much on this

0:19:030:19:10

if you still want to walk away with a profit. You must be so careful.

0:19:100:19:15

That's right. That's the reason why I'll do most of the work.

0:19:150:19:19

I'll strip it down myself. The painting I can do myself.

0:19:190:19:24

The kitchen units I can put up myself. Even the bathroom I can put up myself.

0:19:240:19:30

When it comes to the gas, I need CORGI-registered people to do that for me,

0:19:300:19:37

and I'll need an electrician.

0:19:370:19:40

'So Jacob reckons he'll get all the work done for £8,000.

0:19:400:19:45

'That brings his total outlay to £170,000 for the whole flat.

0:19:450:19:49

'What does he hope to sell it for?'

0:19:490:19:52

How much money do you think this flat is worth, all singing and dancing, on the open market?

0:19:520:19:58

After we've done it up, I think it will be worth about £186,000.

0:19:580:20:03

OK, so you're not looking at that much profit, are you?

0:20:030:20:07

Not much, but at least it will get me started.

0:20:090:20:14

'It sounds like Jacob isn't going to spend his retirement pottering around in that shed.

0:20:140:20:20

'He's doing the place up by himself as his wife has passed away,

0:20:200:20:24

'but his three children are right behind him.'

0:20:240:20:28

They knew that this has been something, the passion that I had hidden inside me

0:20:280:20:35

and I've been telling them about a lot. If I get this thing together,

0:20:350:20:39

I'll be able to do it.

0:20:390:20:42

And they've been supporting me as well, saying, "OK, if you can do it, why not, Dad?"

0:20:420:20:50

And this is it and I have to get on with it.

0:20:500:20:54

I've got a sneaky feeling that you are going to really enjoy doing this place up, aren't you?

0:20:540:21:00

-Yes, yes, yes.

-Are you really looking forward to it?

-Yeah.

0:21:000:21:05

I've got this energy, the drive to say, "Yes, I'm able to do this."

0:21:050:21:10

You can't wait to get started! I need to calm you down a bit!

0:21:100:21:14

Calm down, Jacob!

0:21:140:21:17

'I can't wait to see the end result of all that enthusiasm,

0:21:170:21:21

'but I'm sure that no matter what happens, he'll still be smiling.'

0:21:210:21:25

# Keep on smiling... #

0:21:250:21:28

Jacob is a man with a masterplan and he has certainly got the energy for this type of project,

0:21:280:21:34

but I still think he may have paid too much at the auction.

0:21:340:21:38

I'm worried he won't be able to get enough profit to move on.

0:21:380:21:42

Fingers crossed for him, though. I can't wait to find out. Join me later.

0:21:420:21:48

Coming up: we first saw this fabulous Lincolnshire manor farm in 2007.

0:21:490:21:54

Watch how it had to get worse before it was finally transformed.

0:21:540:21:58

We return to Neasden in London to see how Jacob got on with his first renovation.

0:22:000:22:06

I have enjoyed this enormously.

0:22:060:22:09

But first, can builder Paul stay away from fiancee Kerry's project?

0:22:110:22:16

He doesn't want to be bossed by me.

0:22:160:22:19

'In developing, it's not always clear what is the best direction to follow,

0:22:210:22:27

'but in Swindon Kerry and Paul were not to be diverted.

0:22:270:22:31

'For them there was a definite route to success.'

0:22:310:22:35

Well, we've got two other properties in this street already, which we rent out at the moment.

0:22:360:22:43

We saw this one come up and we thought, "Why not?"

0:22:430:22:47

'So for £86,000 they acquired house number three on this street.

0:22:470:22:52

'Paul's a builder, but he felt it would be best just to assist Kerry from the sidelines.

0:22:520:22:58

'Well, just eight weeks later we're back to check on the progress of Paul's recommended team.

0:22:580:23:05

'First things to note are those new windows and doors.

0:23:060:23:10

'Inside, has the panelling gone for good? Oh, yes.

0:23:100:23:14

'It certainly has.

0:23:140:23:16

'And doesn't it make the whole place feel so much lighter?

0:23:200:23:25

'But it's the back reception room and that tired kitchen which have changed beyond all recognition.'

0:23:250:23:31

I think the biggest transformation of this property is now the kitchen.

0:23:460:23:51

We wanted to create a nice, bright, light space.

0:23:510:23:55

So we've put on a small kitchen extension, whereby we've knocked the existing archway down

0:23:550:24:01

and put steel across.

0:24:010:24:03

We've also made it a little bit wider, with a sloping ceiling

0:24:030:24:08

with some Velux windows for extra lighting.

0:24:080:24:12

And the bathroom has come out a little bit more, so it's bigger.

0:24:120:24:17

For me, this has been the most successful room in this property.

0:24:170:24:22

'The addition of a small extension makes a big difference to the shape and functionality of the kitchen.

0:24:220:24:29

'The pitched roof adds a lot of character and light.

0:24:290:24:33

'By keeping the bathroom downstairs, the two bedrooms upstairs both remain good-sized doubles.

0:24:330:24:39

'The very dated and dangerous polystyrene tiles and tired old blue paint were consigned to the dustbin.

0:24:420:24:50

'And, yes, thank goodness, that bizarrely placed hot water tank has been removed.

0:24:580:25:04

'So it's all looking great, but did Paul really not get involved in any of the work?'

0:25:040:25:11

-Em...

-Yeah, you have a bit.

-I've helped Kerry organising things, but she ran it from start to finish.

0:25:110:25:17

He can't help getting involved.

0:25:170:25:19

'Paul has helped Kerry sort out the budget and even if he doesn't do the work, he knows who to bring in.

0:25:190:25:26

'And he's always on hand if Kerry needs any additional advice.'

0:25:260:25:31

It's been quite easy to project manage. We've got a great gang of contractors we use.

0:25:310:25:37

They're used to working with me or Paul. They've stayed late, come in at weekends. Whatever we've asked.

0:25:370:25:45

'They've certainly turned this around quickly from the sorry state it was in just eight weeks ago.

0:25:450:25:51

'The extra hours and more work on the floor and new windows meant their original budget was stretched.

0:25:510:25:58

Originally, we set a budget of between £15,000 and £20,000,

0:25:580:26:02

but we've actually come in at £15,000, so pretty pleased with that.

0:26:020:26:08

'So on time and on budget. It seems the partnership works well. Would they do it again?'

0:26:080:26:14

I'd like to think so, yeah. Still together so couldn't be that bad.

0:26:140:26:19

# And they can never tear us apart... #

0:26:190:26:23

'Kerry and Paul seem to be happy with the way it's gone, but what do two local estate agents think

0:26:250:26:31

of the house they bought for £86,000 and have laid out £15,000 on so far?

0:26:310:26:36

Have they spent around £101,000 wisely?

0:26:360:26:40

I'll be honest. I didn't recognise it. Absolutely fantastic.

0:26:400:26:44

The owners have done a very good modernisation of the property.

0:26:440:26:50

I like the extension, the Velux windows. It draws in a lot of light.

0:26:500:26:55

The dining room space is a big positive.

0:26:550:26:59

We've got parking at the rear, which is good. New kitchen, new bathroom, a benefit to any buyer.

0:26:590:27:07

A negative with the property is that the bathroom, unfortunately, is still downstairs.

0:27:070:27:13

'This was always to be for rental, but was it a sound investment

0:27:130:27:17

'as they have now committed a total of around £105,000, including the usual fees?'

0:27:170:27:23

Resale value on this property as it stands today, I would expect approximately £120,000.

0:27:230:27:29

If I put this on the market, I would test it at £127,500.

0:27:290:27:34

That's more than what we thought. We were kind of looking at the £119,995 mark,

0:27:340:27:40

-so that's a pleasant surprise.

-Pleased with that.

0:27:400:27:44

'So potentially a healthy £20,000 profit if they sold,

0:27:440:27:49

'but this was always more about rental returns.'

0:27:490:27:53

Per calendar month, I would expect to get in the region of £550.

0:27:530:27:57

Rent, we'd be looking at £575 per calendar month.

0:27:570:28:01

Yeah, again that's a fair price, but we've actually got a tenant signed up for £600 a month,

0:28:010:28:07

So we're pleased.

0:28:070:28:09

'That's fantastic. They already have an income, just three months after buying it.

0:28:090:28:15

'Buying yet another house on this street has certainly paid off.

0:28:150:28:19

-'So presumably it's more of the same?'

-Now this property's finished,

0:28:190:28:24

the next things on our list are extending our own property,

0:28:240:28:28

but we're also planning a wedding, so we'll throw ourselves back into that now

0:28:280:28:34

and not worry about doing up properties!

0:28:340:28:37

'So doorbells will be replaced by wedding bells.

0:28:370:28:41

'Then after that, maybe, it will be back to the street they both love.'

0:28:410:28:46

# Let me be

0:28:460:28:51

# On the street

0:28:510:28:54

# Where you live... #

0:28:550:29:02

'In 2007, on the outskirts of Lincoln, I found a real gem of a property.'

0:29:090:29:16

This is the little village of Heighington in Lincolnshire.

0:29:180:29:22

A pretty place. Good couple of pubs, a supermarket, a post office. Everything you could need.

0:29:220:29:28

And yet you're only 4 miles outside the cathedral city of Lincoln.

0:29:280:29:33

'So a real prime spot for property. In Heighington, it seems you CAN have it all -

0:29:330:29:39

'country living and city connections.'

0:29:390:29:41

From the outside, this house looks fairly unassuming.

0:29:410:29:45

But boy, oh, boy, are first impressions wrong in this instance

0:29:450:29:50

because behind these gates...

0:29:500:29:53

are the grounds of one of the most spectacular properties I've seen on the show.

0:29:530:29:59

See what I mean?

0:30:040:30:06

'And the price tag for this big country manor farm house? Well, it was guided at £750,000-£775,000,

0:30:060:30:14

'so it's certainly not cheap. But what do you get for your money?'

0:30:140:30:18

It's bound to be fairly disastrous inside, isn't it?

0:30:180:30:22

No, it isn't. It's amazing!

0:30:220:30:24

Fairly low ceilings, but the whole house was built around the 1700s, so you expect it.

0:30:240:30:30

Original beams, huge great fireplaces.

0:30:300:30:34

OK, not authentic that, but it's amazing. Lots of narrow corridors, little rooms,

0:30:340:30:40

staircases - that's all part of its charm.

0:30:400:30:44

Through to the kitchen. Again, a fantastic large fireplace.

0:30:440:30:48

The units are a bit dated. You'd probably want to update this,

0:30:480:30:52

but, you know, it's amazing.

0:30:520:30:55

'This place is almost too much to take in. There are nine rooms downstairs alone,

0:30:570:31:03

'including four reception rooms, a utility room, downstairs shower cloakroom and even a pantry.

0:31:030:31:11

'It's absolutely vast!'

0:31:110:31:13

Well, upstairs, there are higgledy-piggledy corridors. Five bedrooms.

0:31:200:31:25

One there, bathroom, another bedroom there.

0:31:250:31:30

Down a long corridor - imagine putting antiques there - through to the master bedroom.

0:31:300:31:36

This is glorious. Exposed beams. And it goes on. There's an annexe.

0:31:360:31:41

You could get lost in this house.

0:31:410:31:44

'It's maybe an overused cliche, but I'm going to use it anyway.

0:31:470:31:53

'This property really does just ooze character. Each room is different, beams everywhere

0:31:530:31:59

'and it's equipped to modern standards. There's central heating and en suite bedrooms. Spectacular!

0:31:590:32:05

'And it doesn't stop with the house.

0:32:050:32:08

This place really is starting to make me feel a bit dizzy!

0:32:160:32:21

You've got this courtyard the garage area, stables,

0:32:210:32:26

and you have got a barn

0:32:260:32:29

and not just some ramshackle, needing thousands of pounds spending on it pile of rubble,

0:32:290:32:35

but a barn somebody has restored.

0:32:350:32:37

Look - the roof's in good condition, you've got this glorious gallery area there.

0:32:370:32:43

This is a property in its own right. You could convert this or just hold parties.

0:32:430:32:49

And it comes with the house!

0:32:490:32:51

'And as if this fantastic barn wasn't enough, there's even more.'

0:32:530:32:57

It doesn't end there because you also get this.

0:33:010:33:06

Over three-quarters of an acre of land. With the barn there, you've got this area here.

0:33:060:33:12

It is absolutely amazing.

0:33:120:33:16

'The guide price might have been £750,000,

0:33:230:33:26

'but for a fabulous house, plus all those outbuildings,

0:33:260:33:31

'three-quarters of an acre of land and a barn that's been used as a village hall,

0:33:310:33:36

'this definitely adds up to more than the sum of its parts.'

0:33:360:33:41

I wasn't at the auction, but I'd have been sorely tempted to bid on this myself.

0:33:480:33:54

Let's find out who was lucky enough to buy it under the hammer.

0:33:540:33:59

Lot number 80.

0:34:020:34:04

Manor Farm, Heighington.

0:34:040:34:06

Let's start by going right down to £700,000.

0:34:060:34:10

Let's get started at 700,000. £700,000 I'm bid, seated at the back of the room on my right.

0:34:100:34:16

710. 720. At £720,000.

0:34:160:34:21

730.

0:34:210:34:23

At 730. 740.

0:34:230:34:26

At £740,000.

0:34:260:34:28

745.

0:34:280:34:30

745. The bid is here, seated, at £745,000.

0:34:300:34:35

I'll take £1,000 from either of you. At £745,000. 746. 746.

0:34:350:34:41

At 747.

0:34:410:34:44

At £747,000.

0:34:440:34:46

At £747,000, the bid is seated on my right.

0:34:460:34:50

At £747,000.

0:34:500:34:52

Going once. At £747,000.

0:34:520:34:57

Going twice at £747,000.

0:34:570:35:02

For the third and last time of asking at £747,000.

0:35:020:35:06

Are we all done? The gentleman seated. Thank you, sir. 809.

0:35:060:35:12

'And surprisingly, at under the guide price, for £747,000,

0:35:120:35:17

'the new owners of Manor Farm with all its buildings and land are Rachel and Steve.

0:35:170:35:23

'This is to be a new family home for themselves and their two boys.'

0:35:230:35:28

Steve... I hate you(!)

0:35:280:35:31

You lucky person!

0:35:310:35:33

Yeah. Yeah, it's great.

0:35:330:35:35

What a great house for a family this is - kids running in between all the different rooms downstairs!

0:35:350:35:41

-You'll never find 'em.

-Well, that's an advantage(!)

0:35:410:35:45

'I can definitely see the appeal from a family point of view.

0:35:460:35:51

'It's got space, yet with the walled garden, it's self-contained.

0:35:510:35:55

'I want to know more about Steve. Is there more to this purchase than meets the eye?'

0:35:550:36:00

-So, tell me a bit about you.

-Well, I'm a property developer.

0:36:000:36:05

And we built our property last year, moved into it,

0:36:050:36:10

then since then, we've bought another patch of land to develop,

0:36:100:36:14

but as soon as this came on the market, it just meant that changed totally.

0:36:140:36:19

-So, was the land and the buildings a significant thing to have?

-Yes, because of the development potential.

0:36:190:36:26

-Right.

-We don't necessarily want to over-develop,

0:36:260:36:30

but if the potential is there, that is a big plus for us.

0:36:300:36:34

'Steve works in the family firm with two other brothers and previously with his dad who recently retired.

0:36:340:36:40

'It's the firm that has bought Manor Farm, even though it will be Steve's family home,

0:36:400:36:45

'so it was always viewed as more than just a property purchase.'

0:36:450:36:50

When you do that though, doesn't the thought of having another person living quite close by

0:36:500:36:56

and another person even closer...

0:36:560:36:58

Do you not think, "If I'm living here, maybe I'll keep it for me?"

0:36:580:37:02

It would be nice to keep it exactly as it is,

0:37:020:37:05

but even though the grounds around the place are so fantastic and well-kept,

0:37:050:37:10

it just means there's a lot of work, especially with a young family, to maintain all that,

0:37:100:37:16

so to lose some of it, as long as it didn't have any detrimental effect to the house...

0:37:160:37:22

'To get a better idea about the development plans, Steve and I took a stroll across to the barn.'

0:37:220:37:28

-The grounds are just gorgeous, aren't they?

-Yeah.

-And then this!

0:37:310:37:36

I mean, what a fantastic bonus!

0:37:360:37:39

Definitely. A big surprise, really.

0:37:390:37:42

When you book a viewing, you're obviously coming to look at the house,

0:37:420:37:47

and then to come across the barn which was so well cared for as well,

0:37:470:37:52

-it was another wow factor.

-Yeah.

0:37:520:37:55

What are you going to do with this?

0:37:550:37:57

Hoping for a barn conversion.

0:37:570:37:59

You know, basically down to local authority approval.

0:37:590:38:04

-And converting it into a house?

-Into a residential property, yeah.

-What about access?

0:38:040:38:10

There's access at the rear of the property,

0:38:100:38:12

but we've also got one on the other side of the property, so it wouldn't be a problem to separate the two.

0:38:120:38:19

And then you've got this huge, great area of land here as well.

0:38:190:38:23

What would you do with this?

0:38:230:38:26

Well, there's also a possibility for a building plot in the future,

0:38:260:38:31

but again it's down to local authority approval, really.

0:38:310:38:37

-So you could have that as one unit, then something else here?

-Yes.

0:38:370:38:41

So, any idea of what that would cost to build?

0:38:410:38:45

-It would probably cost something like 300,000 to build.

-Each?

-Yeah.

0:38:450:38:50

-And what would they be worth?

-Probably just under 500.

-Right.

0:38:500:38:55

If you do that, you'd make 200 on each of these. That's half paid for your house.

0:38:550:39:00

That's the idea.

0:39:000:39:02

'That was back in 2007

0:39:020:39:06

'and boy, was I envious of Steve's amazing purchase!

0:39:060:39:10

'Eight months later, the size of the task he and has family had taken on was evident for all to see.

0:39:100:39:17

'Stay with us to see how, in the end, all the hard work pays off

0:39:170:39:22

'and this really becomes a very special home.'

0:39:220:39:25

Time now to check on our second property. What happened after we packed up the cameras?

0:39:280:39:34

Did it all go smoothly or were there nightmares in store? Let's find out.

0:39:340:39:39

Back now to Neasden in London

0:39:390:39:42

where we catch up with Jacob, a retired technical manager from the food industry.

0:39:420:39:48

But rather than put his feet up, he's delving into the world of property developing.

0:39:480:39:53

I've got this energy and I need to do something.

0:39:530:39:57

So Jacob bought this first floor, one-bedroom flat in Northview Crescent.

0:39:570:40:02

It went to auction with a guide price of £120,000, but he ended up paying £162,000 for it.

0:40:020:40:09

It needed to be redecorated throughout and have a brand-new kitchen, so how has he got on?

0:40:090:40:16

We had to... We gutted everything.

0:40:160:40:20

And we re-plaster, re-paint

0:40:200:40:23

and make sure that it looks OK.

0:40:230:40:26

We managed to change the windows,

0:40:260:40:29

so we had to get double glazing and they look pretty well.

0:40:290:40:33

He's also replaced those nasty, nicotine-stained walls

0:40:330:40:37

and the polystyrene fire hazard tiles on the ceilings.

0:40:370:40:41

Apart from the cosmetic changes, Jacob had to rip out the bathroom completely

0:40:410:40:46

and replace all the lead piping underneath.

0:40:460:40:50

The kitchen was taken out too

0:40:510:40:54

to make way for a completely new one which Jacob designed himself.

0:40:540:40:58

We're going to be having the sink over there

0:40:580:41:01

and we're going to be having the oven and the hob over there.

0:41:010:41:07

There we're going to be having the boiler and also the fridge will be around this area.

0:41:070:41:13

I designed this kitchen and it will be lovely.

0:41:130:41:16

I cannot wait to see it finished.

0:41:160:41:19

The work on the kitchen and the whole flat has been delayed by one major problem - the gas supply.

0:41:190:41:25

# But it's all right I'm Jumpin' Jack Flash It's a gas, gas, gas... #

0:41:250:41:30

We were told that there wasn't any gas, so the National Grid had to do a "live and dead" check.

0:41:300:41:36

And this came out to be dead. Obviously, there was no gas.

0:41:360:41:41

So we had to make sure we bring the gas into the property.

0:41:410:41:45

We have to dig the trench ourselves.

0:41:450:41:49

I dug the trench, really.

0:41:490:41:52

I dug the trench! And it was OK.

0:41:520:41:55

# Can you dig it?

0:41:550:41:58

# Oh, yeah

0:41:580:42:00

# Can you dig it...? #

0:42:000:42:03

Digging a trench? Even in retirement, Jacob is no slacker.

0:42:030:42:08

In fact, he has done all the work on the house himself.

0:42:080:42:12

But has he stayed within his original budget of 8,000?

0:42:120:42:17

I believe I will have to spend another extra £2,000,

0:42:170:42:21

and the reason being for the flooring.

0:42:210:42:25

We're going to do laminated flooring and the carpet to the stairs.

0:42:260:42:31

That's 10,000 in total for the work,

0:42:310:42:35

so, added to the price he paid at auction, that comes to £172,000.

0:42:350:42:40

Will Jacob see a return for his money?

0:42:400:42:43

We asked two local estate agents to give us their thoughts on the place.

0:42:440:42:49

Obviously, it's still got quite a way to go with the refurbishment.

0:42:520:42:56

The windows are all in and he's made a start on the kitchen and bathroom.

0:42:560:43:00

The standard of the finish is basic, but I'd like to think that he'll bring it up when he finishes it off.

0:43:000:43:06

From what I can see, it will be a nice flat once it's all finished.

0:43:060:43:11

How much could it re-sell for on the market?

0:43:120:43:15

Once the property is renovated, I believe it will sell for around £175,000.

0:43:150:43:22

I think once the property is finished, it will have a value of in the region of £170,000.

0:43:220:43:27

Oh, well, I've already asked local agents here.

0:43:270:43:31

They're the people that told me that they can put it on

0:43:310:43:36

for 190,000 to 200,000.

0:43:360:43:39

Jacob hopes to sell the property for a higher price, so fingers crossed that he does.

0:43:390:43:45

But if he decided to rent it out, what could he expect?

0:43:450:43:48

I think if he put the property on the market to rent,

0:43:480:43:52

he'd be looking in the region of £750 per calendar month, as long as it was finished to a good standard.

0:43:520:43:59

Per calendar month, the property would rent for £850.

0:43:590:44:02

Well, the 850 is nearer

0:44:020:44:06

because the same agent told me they've got a one-bed flat on this road that goes for 900.

0:44:060:44:14

Of course, Jacob plans to sell the flat,

0:44:140:44:18

but it looks like even though he's cleared that garden, he won't clear much of a profit.

0:44:180:44:24

But he's still proud of his achievements on this - his first property venture.

0:44:240:44:29

I have enjoyed this enormously, you know.

0:44:290:44:33

I set myself a challenge

0:44:330:44:35

and I believe I've already gone the length

0:44:350:44:39

to make sure that I can achieve what I've set my goals on.

0:44:390:44:44

# Keep on the sunny side

0:44:440:44:46

# Always on the sunny side

0:44:460:44:49

# Keep on the sunny side of life... #

0:44:490:44:52

Whatever he goes into next, we certainly wish him all the best.

0:44:520:44:57

It was in October 2007 that I first visited

0:45:000:45:05

this simply amazing old farmhouse in the village of Heighington

0:45:050:45:09

just outside Lincoln.

0:45:090:45:11

It was by no means a run-of-the-mill auction lot.

0:45:110:45:15

Not only was there a fantastic five-bedroom stone farmhouse, set in three-quarters of an acre of land,

0:45:150:45:21

but also several outbuildings and a big barn.

0:45:210:45:25

It was a mixture of development potential and a great family home.

0:45:250:45:30

The lucky man who snapped this lot up for £747,000 was Steve.

0:45:300:45:35

Initially, he bought it on behalf of the family building firm.

0:45:350:45:39

The plan was to make it into a family home for him, his wife Rachel and two young boys, Luke and Jacob.

0:45:390:45:46

The company planned to develop the barn and outbuildings

0:45:460:45:50

and then possibly put two new builds on some of the very large garden plot.

0:45:500:45:56

But when we first went back to see them just eight months later,

0:45:570:46:01

the house renovation alone was turning into a massive project.

0:46:010:46:05

# It takes a little time sometimes

0:46:050:46:08

# To get the Titanic turned back around

0:46:080:46:12

# It takes a little time... #

0:46:120:46:14

It was pretty much living accommodation when you were last here

0:46:140:46:18

and we found damp issues, other issues

0:46:180:46:21

and there was a sign that it needed modernising anyway,

0:46:210:46:25

so we decided at that stage then to take it right back to the basics

0:46:250:46:30

and produce new, basically, all the way through.

0:46:300:46:34

Sometimes things have to get worse before they get better,

0:46:460:46:49

but what did his wife Rachel feel about what would be their new home?

0:46:490:46:54

It's a really exciting project.

0:46:540:46:57

It's obviously looking a long way from being finished, but it can all come together really quickly.

0:46:570:47:03

I think it will be fantastic when it all comes together.

0:47:030:47:07

That was in 2008.

0:47:070:47:10

Now, another year on, had they finally managed to turn this project around?

0:47:100:47:16

Well, yes, it certainly looks that way.

0:47:230:47:26

Steve and Rachel have transformed this from dated and rustic

0:47:260:47:30

into a beautiful, contemporary home.

0:47:300:47:33

Yet they've retained the old character features that made the place so special.

0:47:350:47:41

Mixing old with new was a fresh challenge for Steve.

0:47:420:47:47

The process of renovating something like this has been a learning curve

0:47:470:47:51

because we've generally been involved in new build, so everything is square,

0:47:510:47:56

and to come in here and see everything isn't square to start with goes against the grain.

0:47:560:48:02

But wow, haven't they risen to the challenge by creating spaces that flow from one area to another

0:48:020:48:08

while retaining the integrity of the old stone-built farmhouse!

0:48:080:48:13

Where once there was a traditional farmhouse kitchen,

0:48:170:48:21

there is now their own modern interpretation of one.

0:48:210:48:24

It's definitely a challenge! I'm not so keen on a challenge now. They're nice once in a while.

0:48:360:48:42

Part of that challenge was living on a building site with two young children,

0:48:420:48:47

but the reward for all that hardship and discomfort

0:48:470:48:51

is a large family home with bedrooms for both of their boys.

0:48:510:48:55

There is a fantastic family bathroom.

0:49:080:49:11

And a stunning master bedroom.

0:49:170:49:19

Just look at those beams!

0:49:190:49:22

And as if the space they had wasn't enough, they've also created some extra guest accommodation.

0:49:250:49:31

This room originally was a landing.

0:49:310:49:34

We had a staircase out of the kitchen in the corner of the room and also a small walkway,

0:49:340:49:40

so the room was a bit idle, it didn't really have a purpose.

0:49:400:49:44

What we've done is separated the two wings of the house and created a guest bedroom.

0:49:440:49:50

This approach of utilising space to the maximum continues upstairs in the attic room.

0:49:500:49:56

It's been transformed into yet another bedroom,

0:49:570:50:01

complete with en-suite and a rather interesting bath.

0:50:010:50:05

As in all the other rooms, this one reflects the care that's gone into the look and design

0:50:050:50:10

which is mainly down to Rachel.

0:50:100:50:12

I love building, I love the structures, I love the external design and some of the internal,

0:50:120:50:18

but as far as soft furnishings, colour matching, hard surfaces

0:50:180:50:23

and things like that come together,

0:50:230:50:25

she just makes a big effort to get everything to gel together and it always does.

0:50:250:50:31

Stephen has got a fantastic vision for properties. He knows exactly what will work.

0:50:310:50:36

The vision for this place is nearly finished.

0:50:360:50:39

Once we've created the office space at the end of the building, this place is complete.

0:50:390:50:45

The rest of it is the next stage.

0:50:450:50:47

Yes, from now on, it's not about renovation. It's about developing the rest of the site.

0:50:470:50:54

We've finally got planning approval for a barn conversion in the outbuildings

0:50:540:50:59

and also another four-bedroom property in the other outbuildings.

0:50:590:51:03

We're going to extend the barn in line with what it is at the moment

0:51:030:51:08

and incorporate these cart sheds up to this point

0:51:080:51:12

with a glazed frontage,

0:51:120:51:14

with a kitchen, dining, living space.

0:51:140:51:18

And on from that, we're retaining the last part of the cart shed with Manor Farm House,

0:51:180:51:24

purely because the bedrooms are above.

0:51:240:51:27

And the other property starts as Manor Farm finishes

0:51:270:51:31

and extends a good 20 metres down in that direction

0:51:310:51:35

with bedrooms in the roof space.

0:51:350:51:38

Originally, they had hoped to get two more new builds on the land as well,

0:51:380:51:43

but that plan is on hold for now, meaning that the large outside spaces remain intact.

0:51:430:51:48

Good news for their boys!

0:51:480:51:51

The boys think it's fantastic. The garden, they love.

0:51:510:51:54

I come down the stairs, open the back door and they're off,

0:51:540:51:58

enjoying all the den finding

0:51:580:52:01

and the trampoline and kicking the ball around and they love it.

0:52:010:52:05

They only use it as a hotel! As soon as breakfast is finished, they're out the door.

0:52:050:52:11

Then we have to call them in for lunch, so that aspect is great.

0:52:110:52:15

And it's a great family garden with practically everything a child could desire.

0:52:150:52:20

But creating that ideal home and garden didn't come cheap.

0:52:200:52:24

We thought we would spend somewhere in the region of 200,000 on this property

0:52:240:52:29

and so far, we're probably about 110,

0:52:290:52:33

but we have got a barn to use as a double garage and there's a little bit of accommodation above

0:52:330:52:39

and we've still got some external renovations and window replacements to do.

0:52:390:52:44

On listed buildings, that can become a bit of an open chequebook scenario!

0:52:440:52:48

Originally, through their firm, they bought the whole plot,

0:52:480:52:53

including the farmhouse, for £747,000.

0:52:530:52:56

Since then, Steve and Rachel have bought just the farmhouse from the family firm for 300,000.

0:52:560:53:03

Bearing in mind their potential £180,000 to £200,000 outlay,

0:53:030:53:09

the couple's investment here could be nearly half a million pounds.

0:53:090:53:14

I think the overall finish is stunning.

0:53:150:53:18

I haven't seen a property finished to this standard for quite some time.

0:53:180:53:23

I think the changes they've made to the property have been fantastic.

0:53:230:53:27

It's easier to walk through, it's improved the flow of the property.

0:53:270:53:31

I think what I particularly like here

0:53:310:53:34

is how the vendors have combined the very traditional mainstays of the property,

0:53:340:53:39

but brought out a contemporary twist to them at the same time.

0:53:390:53:43

The garden is excellent. It's a good size

0:53:430:53:46

and is not overlooked by another property, so a real selling point.

0:53:460:53:50

So the estate agents are definitely impressed, but have Steve and Rachel invested their £500,000 wisely?

0:53:500:53:57

I think I would be looking to put it on at around the 550, 560 mark.

0:53:570:54:02

I'd recommend putting it on the market for 575.

0:54:020:54:06

-Sounds good to me.

-Yeah, very good.

0:54:060:54:09

It's probably... It's probably a bit more than we thought, isn't it?

0:54:090:54:13

At the moment, yeah. It's not quite as good as we thought it was going to be 12 months ago.

0:54:130:54:19

-But certainly quite positive for this present climate.

-Yes.

0:54:190:54:24

So the house at least looks like it's coming up trumps,

0:54:240:54:28

but will the barn conversions fare equally well?

0:54:280:54:31

Now concentrate. This is the slightly complicated bit.

0:54:310:54:35

The barns and outbuildings are still owned by the family firm for which they paid around £447,000.

0:54:350:54:42

The estimated cost of doing the conversion of the two barns is 365,000,

0:54:420:54:48

so the company firm would have invested around 812,000 quid

0:54:480:54:53

on bringing the barns to the residential market.

0:54:530:54:57

So would they see a return?

0:54:570:54:59

I think the larger barn, a four-bed, which, if it was finished to this standard,

0:54:590:55:04

would at least be worth around the £450,000 mark,

0:55:040:55:09

whereas the smaller one, I think, would even in this current market be worth around £350,000.

0:55:090:55:15

After the conversion has been done, the larger four-bedroom, the barn, probably in the region of 385

0:55:150:55:21

and the smaller one probably 325, somewhere around that region.

0:55:210:55:26

In the present climate, that means only breaking even,

0:55:260:55:30

so perhaps they'll have to wait a while before realising the maximum potential of the whole site,

0:55:300:55:36

but for now at least, Steve and Rachel have one gorgeous house.

0:55:360:55:41

But is it a great home?

0:55:410:55:44

It does feel like home. Wherever you have your family, you can create that if your children are happy.

0:55:440:55:50

You can see how they enjoy it, then it becomes your home. But it is a lovely place.

0:55:500:55:56

-The setting is fabulous.

-It is.

0:55:560:55:58

With the grounds and the big family kitchen, there's space for everybody.

0:55:580:56:04

# There's a million places I can go

0:56:040:56:08

# But without you it ain't... #

0:56:080:56:11

Rachel's so right.

0:56:110:56:13

It's not just what the house looks like or costs.

0:56:130:56:17

It's about being a space to live and the people in a house that makes it a home.

0:56:170:56:22

We wish them well with it.

0:56:220:56:24

# And I've learned the only truth that I need to know

0:56:240:56:29

# There's a million places I can go

0:56:290:56:34

# But without you it ain't...home

0:56:340:56:39

# It ain't home... #

0:56:420:56:45

That's it for today, but there are plenty more properties out there.

0:56:490:56:54

-Join us next time for more homes under the hammer.

-See you then.

-Goodbye.

-Goodbye.

0:56:540:56:59

Martin Roberts and Lucy Alexander visit a house in Swindon, a flat in Neasden, Greater London and revisit a fabulous manor farmhouse near Lincoln. All of these properties have been sold at auction - Martin and Lucy find out who bought them, and what they paid when they went under the hammer.