0:00:02 > 0:00:05Hello. There's lots of things to consider when you're buying property -
0:00:05 > 0:00:08price, location, condition - but how do you buy?
0:00:08 > 0:00:10You could go through an estate agent,
0:00:10 > 0:00:14you could make an offer direct, or you could even go to a property auction.
0:00:14 > 0:00:17They're held all over the country, so there's bound to be one near you.
0:00:17 > 0:00:20So maybe you could buy your next home under the hammer.
0:00:46 > 0:00:47We've scoured the UK
0:00:47 > 0:00:50finding interesting properties to feature today.
0:00:50 > 0:00:52But what will our buyers do with them,
0:00:52 > 0:00:57undertake an ambitious refurbishment or just give them a lick of paint?
0:00:57 > 0:01:04In the London suburb of Barnet, I have my initial hopes dashed.
0:01:04 > 0:01:07Actually, upstairs is a bit of a disappointment.
0:01:07 > 0:01:10We see huge changes to a Derbyshire property
0:01:10 > 0:01:13that was in a pretty sorry state until 2005...
0:01:13 > 0:01:16"In need of total renovation."
0:01:19 > 0:01:20And in Wiltshire,
0:01:20 > 0:01:24the cows might call it home, but would you invest here?
0:01:25 > 0:01:27It is basically a very big field.
0:01:27 > 0:01:30All these properties have been sold at auction,
0:01:30 > 0:01:34and we'll find out who bought them and what they paid for them
0:01:34 > 0:01:37- when they went under the hammer. - ..For the last time today.
0:01:47 > 0:01:52Barnet in Hertfordshire, but also a London borough in its own right,
0:01:52 > 0:01:54and here's an interesting historical fact,
0:01:54 > 0:01:57because this was also the location for one of the
0:01:57 > 0:02:00most important battles in the War of the Roses -
0:02:00 > 0:02:05the 30-year fight for control of the throne of England.
0:02:05 > 0:02:09The big question is will today's property be worth the fight,
0:02:09 > 0:02:12or should you be waving a white flag and beating a hasty retreat?
0:02:18 > 0:02:22Aside from being of historical significance,
0:02:22 > 0:02:25Barnet is now a very desirable London suburb -
0:02:25 > 0:02:29great transport links, good schools and local amenities.
0:02:29 > 0:02:33So what was up for auction? First thing about whatever it was
0:02:33 > 0:02:35is its location very close to the town centre,
0:02:35 > 0:02:41and also those fantastic transport links, which on a day like today when you don't want to
0:02:41 > 0:02:46be walking too far in the snow is absolutely fantastic. And this is the property.
0:02:46 > 0:02:51At a guide price of £325,000, it's a three-bedroomed semi-detached.
0:02:51 > 0:02:53Let's take a look.
0:02:53 > 0:02:55This property is a typical
0:02:55 > 0:02:59suburban house, but that doesn't mean to say it's not a looker.
0:02:59 > 0:03:02It's got bay windows, a good-sized front garden, and is set
0:03:02 > 0:03:06back from the road, allowing that all-important off-street parking.
0:03:06 > 0:03:10So what does that kind of money get you in these parts?
0:03:10 > 0:03:14Well, fairly standard layout, through the front door, stairs up to
0:03:14 > 0:03:17the bedrooms, and through on to the kitchen that way, into the lounge.
0:03:17 > 0:03:21It's nice that it's got a bay window here, gives it a lot of extra space.
0:03:21 > 0:03:25No fireplace at the moment, but there's obviously an opportunity to put in a real fire
0:03:25 > 0:03:27which would give character to the room.
0:03:27 > 0:03:32Through into this rear dining area. Now, I don't know what this wall's here for.
0:03:32 > 0:03:34It strikes me that I would actually get rid of that
0:03:34 > 0:03:36and open it out even more,
0:03:36 > 0:03:39but these big patio doors out onto the garden.
0:03:39 > 0:03:41So that's nice, and all in all,
0:03:41 > 0:03:46it doesn't seem to be in bad condition and not a bad start.
0:03:46 > 0:03:50To be honest, I've seen places rented out in this condition.
0:03:50 > 0:03:53It's a little tired, but for a few thousand pounds, you could
0:03:53 > 0:03:58spruce it up quickly and get it back on the rental market.
0:03:58 > 0:04:04So upstairs, a disappointingly small bathroom, three bedrooms,
0:04:04 > 0:04:09that one there just a box room, but a reasonable sized double at the back, and then through to
0:04:09 > 0:04:11the biggest of the bedrooms here,
0:04:11 > 0:04:14which does benefit, like downstairs, from that bay window.
0:04:14 > 0:04:18But all in all, actually upstairs is a bit of a disappointment.
0:04:18 > 0:04:21I'm not sure quite what I was expecting,
0:04:21 > 0:04:24it's just not as spacious as I'd hoped.
0:04:24 > 0:04:27Yes, there are three bedrooms and a bathroom up here,
0:04:27 > 0:04:30but they're one large master bedroom offset with
0:04:30 > 0:04:35two relatively small bedrooms, so I think there's scope for improvement.
0:04:35 > 0:04:41So I reckon the solution to some of these space issues is actually out at the rear of the property here,
0:04:41 > 0:04:43because an extension, I think would be an absolute
0:04:43 > 0:04:48possibility not only to the side but also a conservatory on the back.
0:04:48 > 0:04:51It would be, I reckon, quite an easy job to stick something on there.
0:04:51 > 0:04:54You could increase the size of the bedrooms,
0:04:54 > 0:04:55increase the size of the bathroom,
0:04:55 > 0:04:57that is the solution to your problem.
0:04:57 > 0:05:01But the big question is, is it going to add extra value to the property?
0:05:01 > 0:05:06You need to get lots of quotes from builders, you need to talk to the estate agents
0:05:06 > 0:05:09about how much difference it's going to make to the value
0:05:09 > 0:05:10and then make your decision.
0:05:19 > 0:05:21Extensions require a lot of thought -
0:05:21 > 0:05:24they are an equation between the cost and time they take to build
0:05:24 > 0:05:27versus the increase in value you've put on the property.
0:05:27 > 0:05:31Developers will scrutinise the potential profit carefully,
0:05:31 > 0:05:34whereas homeowners may be a little more flexible with budgets.
0:05:34 > 0:05:38What does a local estate agent think of this house?
0:05:43 > 0:05:44A lot of potential.
0:05:44 > 0:05:49The property has great scope to extend, whether upwards and outwards,
0:05:49 > 0:05:52and obviously with its own drive facility
0:05:52 > 0:05:56to side, there could be the extension potential to go to the side.
0:05:56 > 0:05:59But would it be worth putting on an extension
0:05:59 > 0:06:02that could cost £40,000 to £60,000?
0:06:05 > 0:06:08Once this property has been renovated,
0:06:08 > 0:06:12I would value this property in the region of £425,000 to £430,000.
0:06:12 > 0:06:17With, say, a loft conversion and maybe a ground floor extension,
0:06:17 > 0:06:21it could be up into the region of £500,000.
0:06:21 > 0:06:25So on the face of it, an extension could be worth it, but could you
0:06:25 > 0:06:29just save yourself the hassle and make money by renting it out?
0:06:29 > 0:06:31This area's prime for rental.
0:06:31 > 0:06:37Basically, we do see a lot of people, whether commuters coming into the area, and there will
0:06:37 > 0:06:43undoubtedly be a strong demand from families looking to move to the Jewish Community School.
0:06:43 > 0:06:50I would estimate a rental income in the region of £1,400 to £1,450 per calendar month.
0:06:50 > 0:06:53Wow, that's a pretty impressive rental figure.
0:06:53 > 0:06:56It just goes to show the extra value you get
0:06:56 > 0:07:01from having good transport links and sought-after schools nearby.
0:07:01 > 0:07:06So a nice enough property, and you certainly can't complain about the location,
0:07:06 > 0:07:10with options, of course, for that extension on the side.
0:07:10 > 0:07:13Let's see who fancied this one when it went under the hammer.
0:07:16 > 0:07:19So I move on to lot 31.
0:07:19 > 0:07:20Where would you like to start?
0:07:20 > 0:07:25Start low, I've got to start 275. I'm not going to go below 275.
0:07:27 > 0:07:29So who'd like to kick-off at 275, in the front...?
0:07:29 > 0:07:34280 anywhere? 280 with you, sir...
0:07:34 > 0:07:37285, 290...
0:07:37 > 0:07:40295, 300...
0:07:40 > 0:07:43305, 310...
0:07:43 > 0:07:46315, 320...
0:07:46 > 0:07:51325, 330...
0:07:51 > 0:07:55335, 340...
0:07:55 > 0:07:58345, 350...
0:07:58 > 0:08:02355, 360...
0:08:02 > 0:08:05360, well done, 361...
0:08:05 > 0:08:07362?
0:08:07 > 0:08:11361... 362 anywhere else?
0:08:11 > 0:08:13361, first time, second time,
0:08:13 > 0:08:17third and last time, if you're all done...
0:08:17 > 0:08:22sold 361 in the front, well done, a nice buy that.
0:08:22 > 0:08:29And for £361,000, nearly £40,000 over the guide price, the new owner
0:08:29 > 0:08:32of the three-bed semi in Barnet is local man Tony.
0:08:40 > 0:08:43Judging by the bidding battle at the auction,
0:08:43 > 0:08:45he was keen to get this house.
0:08:45 > 0:08:48- Tony, congratulations. - Thank you very much.
0:08:48 > 0:08:51Good to meet you. Tell me why you wanted to buy the house.
0:08:51 > 0:08:58Well, mainly it was the location, it is a nice residential area,
0:08:58 > 0:09:02and obviously,
0:09:02 > 0:09:06I think it's a good investment and either I could sell or rent it out.
0:09:06 > 0:09:09Is this something you've done before?
0:09:09 > 0:09:13I did this a couple of times before,
0:09:13 > 0:09:16it has been beneficial.
0:09:16 > 0:09:18OK, it's worked in the past, it's made you money, has it?
0:09:18 > 0:09:21Yes, yes.
0:09:21 > 0:09:25In fact, Tony's previous ventures into the property market have been
0:09:25 > 0:09:29successful enough for him to consider this as a full-time career.
0:09:29 > 0:09:33In the past, he has always preferred to rent his properties out.
0:09:33 > 0:09:36So tell me a bit more about you, where are you from?
0:09:36 > 0:09:40Originally, I come from Cyprus.
0:09:40 > 0:09:43- Whereabouts?- Paphos.
0:09:43 > 0:09:48And I came with the idea of study here, I studied electronics.
0:09:48 > 0:09:56I had a business in electronics, which closed down about 18 years ago,
0:09:56 > 0:10:00and then I diverted into properties.
0:10:00 > 0:10:06Well, he might be an electrical engineer by training, but I think he's a property developer by nature.
0:10:06 > 0:10:10As he has owned a few houses, he's built up contacts in the building
0:10:10 > 0:10:13trade that he can turn to when he needs work done.
0:10:13 > 0:10:17So what's he got planned for this place?
0:10:17 > 0:10:21Firstly, I think this wall is going to come down.
0:10:21 > 0:10:25- OK.- Make this room quite bigger,
0:10:25 > 0:10:29put a nice surround fire here,
0:10:29 > 0:10:35and the whole lot has to be refurbished.
0:10:35 > 0:10:39- And then any bigger plans afoot? - No, at the moment,
0:10:39 > 0:10:45I'm not thinking about extending, because I want to see the market, how it picks up,
0:10:45 > 0:10:51whether it's going to sell quick or whether I'm going to rent it out.
0:10:51 > 0:10:57But for a long-term business, if I'm going to keep it, I will extend it at a later stage.
0:10:57 > 0:11:02So to extend or not extend, that's a question for a later date.
0:11:02 > 0:11:07For now, he just wants to get a revenue stream going as soon as possible.
0:11:07 > 0:11:09What kind of budget do you have?
0:11:09 > 0:11:13I think it will be in the region of £20,000.
0:11:15 > 0:11:17And who will be doing the work?
0:11:17 > 0:11:21I've got workmen lined up, actually they are starting tomorrow.
0:11:21 > 0:11:23Oh, great.
0:11:23 > 0:11:25Do you yourself get involved at all?
0:11:25 > 0:11:32I get involved, because I want my ideas to be carried forward properly
0:11:32 > 0:11:36and I want to be watching, really.
0:11:47 > 0:11:51And I'm sure that with Tony keeping a careful eye on this refurbishment,
0:11:51 > 0:11:54the end result will be well worth seeing.
0:12:01 > 0:12:05No great surprise in terms of what Tony's plans are for this place.
0:12:05 > 0:12:08It really all comes down to whether or not he can sell it
0:12:08 > 0:12:12once it's refurbished, because if not, then I think the returns on his
0:12:12 > 0:12:16investment aren't as high as he'd like them to be.
0:12:16 > 0:12:19You can find out how he gets on later in the show.
0:12:22 > 0:12:27It was in the spring of 2005 when I first went to the pretty village
0:12:27 > 0:12:29of Kirk Langley in Derbyshire.
0:12:29 > 0:12:30It's just a short distance
0:12:30 > 0:12:33from the Peak District, yet only five miles
0:12:33 > 0:12:38from Derby city centre, so it's a very desirable location...
0:12:40 > 0:12:46..and the catalogue description also showed signs of promise.
0:12:46 > 0:12:49Lot 78, Royal Oak Cottage.
0:12:49 > 0:12:50Now, in the catalogue, it says,
0:12:50 > 0:12:55"A unique opportunity to acquire a pretty detached cottage,
0:12:55 > 0:12:57"enormous potential," and there's a gorgeous
0:12:57 > 0:13:00little photograph there, have a look at that.
0:13:00 > 0:13:03Now, how idyllic does that look? And then it says,
0:13:03 > 0:13:06"In need of total renovation."
0:13:08 > 0:13:12They're not kidding - it needs major surgery.
0:13:14 > 0:13:18This poor old building has stood abandoned for 40 years,
0:13:18 > 0:13:21and nature has hammered away at the structure.
0:13:21 > 0:13:28The brickwork is worn, the tiles are falling off, and there's not even a window left in the house.
0:13:32 > 0:13:37Without extensive repairs, it's only a matter of time before this whole building collapses.
0:13:37 > 0:13:42It's a brave person who ignores all these danger signs,
0:13:42 > 0:13:45particularly this one.
0:13:50 > 0:13:56This ghostly structure is a house trapped in a time long gone...
0:14:02 > 0:14:07..and it's amazing to see what's been left behind.
0:14:09 > 0:14:14It's really hard to tell what these rooms were used for, but in fact,
0:14:14 > 0:14:18this used to be the old kitchen with its sink and corner copper.
0:14:18 > 0:14:22Now, who fancies doing a wash cycle with this?
0:14:22 > 0:14:25In the next room, the ceiling has partly collapsed,
0:14:25 > 0:14:29which means you tread the floor upstairs at your own risk.
0:14:29 > 0:14:31There are signs of the past everywhere,
0:14:31 > 0:14:35but there is very little of anything left
0:14:35 > 0:14:37that you could actually work with.
0:14:48 > 0:14:53Well, this is the fourth bedroom - again, it's in a right old state.
0:14:53 > 0:14:55There's holes in the roof up here,
0:14:55 > 0:14:58look at this, there's rubble all over the floor.
0:14:58 > 0:15:02This would have been a beautiful old fireplace set here,
0:15:02 > 0:15:06and this - an original cottage-style window.
0:15:06 > 0:15:09You know, I would love to see this place
0:15:09 > 0:15:12restored back to its original splendour,
0:15:12 > 0:15:16but deep down, I don't think this place can be saved.
0:15:18 > 0:15:21You would think that the derelict state of this cottage and the fact
0:15:21 > 0:15:25that it's on a busy main road would put a lot of people off,
0:15:25 > 0:15:27but despite this, Royal Oak Cottage
0:15:27 > 0:15:34is attracting lots of interest from potential buyers, so perhaps I've missed something.
0:15:34 > 0:15:37Along with the sale of this cottage comes its large garden.
0:15:37 > 0:15:40Now, unfortunately, it's not to the back
0:15:40 > 0:15:46of the property like this area here - this actually belongs to the neighbour - it's this plot of land.
0:15:46 > 0:15:53Now, I see this as a building plot. You could easily build a two-storey
0:15:53 > 0:15:56detached dwelling on here, subject to planning permission.
0:15:56 > 0:15:59This, to me, is a developer's dream.
0:15:59 > 0:16:03Suddenly, not only is there a house, which could
0:16:03 > 0:16:07be rebuilt or replaced, the size of the plot means that, potentially,
0:16:07 > 0:16:14there could be at least one other dwelling built, if not two, making this a very exciting lot.
0:16:17 > 0:16:21Royal Oak Cottage, Ashbourne Road, Kirk Langley,
0:16:21 > 0:16:23lot number 78.
0:16:23 > 0:16:27I gather it's been empty for at least 40 years.
0:16:27 > 0:16:32Would somebody like to start me at £140,000? 140?
0:16:32 > 0:16:34£140,000, thank you very much.
0:16:34 > 0:16:38140,000... 145,
0:16:38 > 0:16:42150... 155, 160...
0:16:42 > 0:16:45165, 170,000...
0:16:45 > 0:16:48175, £180,000...
0:16:48 > 0:16:54185, £190,000... 195, 196...
0:16:54 > 0:16:59197, 198...
0:16:59 > 0:17:03£198,000 for Royal Oak Cottage, 199...
0:17:03 > 0:17:07at £200,000, 205...
0:17:07 > 0:17:10210, 215...
0:17:10 > 0:17:15216, 217... 218,
0:17:15 > 0:17:18219... 220?
0:17:18 > 0:17:25£219,000 for Royal Oak Cottage, once, twice... 220, 221...
0:17:27 > 0:17:30222, 223?
0:17:30 > 0:17:35£223,000... you're going to lose it. You're not going to lose it...
0:17:35 > 0:17:39224, 225...
0:17:39 > 0:17:42We've done that five times before.
0:17:42 > 0:17:43Are you sure?
0:17:43 > 0:17:50£225,000 once, twice, third and last time, Royal Oak Cottage...
0:17:50 > 0:17:53226, fresh bidder, 227...
0:17:53 > 0:17:57£227,000 then, gentleman in the black jacket, first time
0:17:57 > 0:18:00at 227, second time at 227,000,
0:18:00 > 0:18:03third and last time... another one bidding?
0:18:03 > 0:18:06Are we all done Royal Oak Cottage...
0:18:06 > 0:18:11227 and a half, 228... Definite?
0:18:11 > 0:18:17228 once, twice, all done £228,000?
0:18:17 > 0:18:21Sold at £228,000. Thank you very much indeed.
0:18:21 > 0:18:24Well, yes, our local hero got it.
0:18:28 > 0:18:31But who is the new Lord of the Manor?
0:18:31 > 0:18:34His name is Peter, he's lived in Kirk Langley for
0:18:34 > 0:18:4123 years, and his main business is transport but with a twist.
0:18:41 > 0:18:46I've never seen so many limousines, Rolls-Royces, what is it that you do here?
0:18:46 > 0:18:50Well, we do weddings, special occasions,
0:18:50 > 0:18:52charity bits and pieces with the carriages.
0:18:52 > 0:18:57So what's all this got to do with buying a dilapidated cottage?
0:18:57 > 0:18:59The answer's not very far away at all.
0:18:59 > 0:19:03I've lived in this house for 23 years, and the cottage is next door.
0:19:03 > 0:19:07To stop somebody from building on it eventually or taking it over
0:19:07 > 0:19:12and building at the back of the property and taking away my privacy.
0:19:12 > 0:19:17- So you've paid £227,000 for a bit of privacy?- That's right.
0:19:17 > 0:19:23Of course, Peter has a little more of a plan for the cottage, but it's not what I was expecting.
0:19:23 > 0:19:27We're hoping to build two cottages on there, four-bedroom cottages.
0:19:27 > 0:19:33- Whoa, so you're not looking to lovingly restore that beautiful cottage?- No, unfortunately.
0:19:33 > 0:19:39Now, I spoke to the estate agent, and he told me that that's what you originally wanted to do.
0:19:39 > 0:19:44Originally, I was going to do a restoration on it, but after taking some expert advice on it,
0:19:44 > 0:19:48I was told that really to try and restore it wasn't the right way to go
0:19:48 > 0:19:50and to take it down and to build two others
0:19:50 > 0:19:52would probably be a better way of doing it.
0:19:52 > 0:19:55So how much is a four-bedroom house worth along this road?
0:19:55 > 0:19:57- £400,000.- Whoo!
0:19:57 > 0:20:01- So you're going to be a rich man at the end of this!- I don't know.
0:20:01 > 0:20:03It depends what the cost of building is going to be,
0:20:03 > 0:20:06but hopefully it'll give me a return, yes.
0:20:07 > 0:20:09£800,000 on a £228,000 site
0:20:09 > 0:20:13should leave comfortable room for a hefty profit,
0:20:13 > 0:20:18but I wanted to know where this expert advice had come from.
0:20:18 > 0:20:20Pete and I nipped back to the cottage to meet the man
0:20:20 > 0:20:23who would destroy it -
0:20:23 > 0:20:27old friend and architect of 50 years, Ray.
0:20:27 > 0:20:33You're going to hear lots of screams on the day of demolition.
0:20:33 > 0:20:37If it had have been viable to refurbish it, we would have gone into the refurbishment side,
0:20:37 > 0:20:40but unfortunately the bricks are that porous.
0:20:40 > 0:20:43- You see now you're shaking your head, Ray.- Well, look at it, I mean,
0:20:43 > 0:20:47the bricks have deteriorated, they're all frost-eaten,
0:20:47 > 0:20:52the chimney's just about to fall off, the tiles have shot it. No, just knock it down.
0:20:52 > 0:20:57- This needs to go.- Oh, yes.- So, two detached houses in a good position.
0:20:57 > 0:21:03Well, they're cottages, really. This is a cottage, so you're putting two cottages back where there was one.
0:21:03 > 0:21:06They're going to be extremely spacious cottages.
0:21:06 > 0:21:08How many bedrooms have we got here?
0:21:08 > 0:21:11Well, you've got four principal bedrooms,
0:21:11 > 0:21:15two en-suite and a separate for the other two bedrooms.
0:21:15 > 0:21:19Then you've got a double garage, you've got a large lounge,
0:21:19 > 0:21:22large dining room, kitchen with breakfast area, and rear porch.
0:21:22 > 0:21:26I've got to say very smart, you must be extremely pleased with this.
0:21:26 > 0:21:29I am, yes, I think they'll look nice, they'll stand well,
0:21:29 > 0:21:32and hopefully people will look at them in a few years' time
0:21:32 > 0:21:34and say they've made a good job of them.
0:21:34 > 0:21:38Now, Peter, how much to do with the look of these properties have you had?
0:21:38 > 0:21:43Ray and I talked about how we'd like to do it and to try and keep a bit of
0:21:43 > 0:21:47the style of this building in it as well, that's why we're putting the porches back in, and there's
0:21:47 > 0:21:51other properties in the village that have got dormer windows
0:21:51 > 0:21:54that look nice and settle into the background.
0:21:54 > 0:21:56How soon do you want to get cracking on this?
0:21:56 > 0:21:58How quickly are you going?
0:21:58 > 0:22:01So really you're going to just kick us off the site, aren't you?
0:22:01 > 0:22:06We would hope that we can start to do some work as soon as we get the planning permission.
0:22:06 > 0:22:07Obviously, we've got to get that,
0:22:07 > 0:22:11but there's no reason why we can't talk to them about taking the building down in the interim.
0:22:11 > 0:22:14Well, that was back in 2005.
0:22:14 > 0:22:18Six months later, not only was the building still there,
0:22:18 > 0:22:21but things were not going as planned.
0:22:21 > 0:22:25They'll only allow me to demolish the single house and replace it
0:22:25 > 0:22:27with another house of the same or similar size.
0:22:27 > 0:22:34The two had been reduced to one, the clock was ticking, and the property market was in turmoil,
0:22:34 > 0:22:38but later in the show, you can see what finally stands on the site now,
0:22:38 > 0:22:42and how Peter turned a potential disaster into a success.
0:22:47 > 0:22:53Coming up...don't be fooled by this rural grazing land in Wiltshire...
0:22:53 > 0:22:55It could well be a field of gold.
0:22:55 > 0:23:00We first saw this Derbyshire cottage in the spring of 2005.
0:23:00 > 0:23:03Even then, I thought its days were numbered,
0:23:03 > 0:23:06but five years on, there's a striking new kid on the block.
0:23:08 > 0:23:13But first, has the refurbishment in Barnet gone to plan?
0:23:13 > 0:23:16I think I'm quite satisfied.
0:23:18 > 0:23:20In the heart of London suburbia -
0:23:20 > 0:23:23well, Barnet, actually - I went to a three-bed semi
0:23:23 > 0:23:27that wasn't in bad nick at all, just a bit of refreshing with
0:23:27 > 0:23:33perhaps new kitchen units, maybe a new bathroom, and job done.
0:23:33 > 0:23:36That was part of the deal for property developer Tony,
0:23:36 > 0:23:42but the overriding reason to buy this at auction for £361,000 was its location.
0:23:42 > 0:23:45It is a nice residential area,
0:23:45 > 0:23:49and obviously,
0:23:49 > 0:23:54I think it's a good investment and either I could sell or rent it out.
0:23:54 > 0:23:58Tony wasn't taking any chances with his investment -
0:23:58 > 0:24:01he planned to oversee all the work.
0:24:01 > 0:24:05So several weeks later, we're back to see the result.
0:24:05 > 0:24:07Well, apart from less snow,
0:24:07 > 0:24:11there aren't any significant changes to the outside, but inside...
0:24:15 > 0:24:18Tony's opted for a very modern look with laminate flooring
0:24:18 > 0:24:21and new fixtures and fittings in the front reception room.
0:24:25 > 0:24:28The first thing we did was to make that room bigger.
0:24:34 > 0:24:37This has made a tremendous difference,
0:24:37 > 0:24:41making the room seem lighter and more spacious.
0:24:41 > 0:24:44Then we replaced the complete kitchen.
0:24:44 > 0:24:47Though not a dramatic layout change,
0:24:47 > 0:24:53the black and white look really alters the whole feel of this area.
0:24:53 > 0:24:58The kitchen, whatever it had before, units, sink,
0:24:58 > 0:25:01gas cooker, everything was thrown out.
0:25:01 > 0:25:06It's been replaced by modern units, new sink,
0:25:06 > 0:25:11new kitchen units, complete units,
0:25:11 > 0:25:18flooring, wall tiles...practically, it's been refurbished completely.
0:25:18 > 0:25:23Tony knows his market and that one of the key things to spend money and time on is the kitchen.
0:25:23 > 0:25:28That's what he's done here and he's made the most of the space he had.
0:25:28 > 0:25:32Upstairs, there's a similar approach with the bedrooms all spruced up...
0:25:37 > 0:25:39..and a new bathroom suite.
0:25:39 > 0:25:42So, does the end result meet Tony's approval?
0:25:42 > 0:25:47I think I am quite satisfied with what we have achieved here.
0:25:47 > 0:25:51As you might have guessed, after just seven weeks,
0:25:51 > 0:25:53there's no evidence of an extension at the back.
0:25:53 > 0:25:57In fact, there's no signs of any great change at all.
0:25:59 > 0:26:02I haven't done much in the garden.
0:26:02 > 0:26:07We had the gardener in that's trimmed the bushes and cleaned it up,
0:26:07 > 0:26:10cut the grass, nothing major.
0:26:10 > 0:26:14Tony had said he was going to keep a careful eye on proceedings -
0:26:14 > 0:26:16was that what he did in the end?
0:26:16 > 0:26:19My role, it was...
0:26:19 > 0:26:23seeing something I didn't like and improve it
0:26:23 > 0:26:28or ask them to do it better and things like that.
0:26:28 > 0:26:31I was here practically every day.
0:26:31 > 0:26:33Well, they do say the devil's in the detail.
0:26:33 > 0:26:37Perhaps more appropriately when it comes to house refurbishing,
0:26:37 > 0:26:40the cost is in the detail.
0:26:40 > 0:26:43So did Tony's £20,000 budget stand up?
0:26:43 > 0:26:49I think we went over the budget by 5,000 or 6,000.
0:26:49 > 0:26:54The house was 361,000 at auction, and with Tony's spend
0:26:54 > 0:26:57of about 25,000 plus costs,
0:26:57 > 0:27:01the total would be about £390,000 to £400,000.
0:27:01 > 0:27:08So could he realise a return by selling it or will this be another for his rental portfolio?
0:27:08 > 0:27:10What do two local estate agents think?
0:27:10 > 0:27:13I think the house itself has a nice sense of space.
0:27:13 > 0:27:15The actual quality
0:27:15 > 0:27:17of the refurbishment is very, very good.
0:27:17 > 0:27:23It's of a good size, it would appeal very much to
0:27:23 > 0:27:24an average-sized family.
0:27:24 > 0:27:27The quality kitchen with nice colour scheme.
0:27:27 > 0:27:29It's actually big enough to incorporate a table
0:27:29 > 0:27:34and chairs in there and have your breakfast, lunch, dinner without
0:27:34 > 0:27:37coming into the lounge and encroaching on the space in the lounge.
0:27:37 > 0:27:42The main selling point of this property is that it has scope to extend at a later date.
0:27:44 > 0:27:50Normally, Tony buys his properties to rent out, but in this case, he was hoping for a quick resale.
0:27:50 > 0:27:53But how would he fare on the rental market?
0:27:53 > 0:27:59This house would achieve somewhere in the region of £1,300 to £1,400 per calendar month.
0:27:59 > 0:28:03We could achieve on this property per calendar month, £1,600.
0:28:03 > 0:28:07I think the latter was spot on.
0:28:07 > 0:28:11The first one, he's out of touch.
0:28:11 > 0:28:14Not surprisingly, Tony would prefer the higher rental value,
0:28:14 > 0:28:17although ideally he won't rent at all, he'll sell it.
0:28:17 > 0:28:23But for that to happen, he needs valuations of over £400,000.
0:28:23 > 0:28:25Based on what we've sold in the area,
0:28:25 > 0:28:27particularly the house next door recently,
0:28:27 > 0:28:30this house should be on the market at £425,000.
0:28:30 > 0:28:34I would market this property today at £465,000.
0:28:34 > 0:28:37So quite a big difference between the estate agents' figures -
0:28:37 > 0:28:41what does Tony make of those estimates?
0:28:41 > 0:28:44It will be 450 plus.
0:28:44 > 0:28:48If I don't achieve 450 plus, it's not for sale.
0:28:48 > 0:28:51Tony's determined to stick to his guns.
0:28:51 > 0:28:56For him, things have to be just right, including the price.
0:28:59 > 0:29:04And for the most part, this project has met his requirements.
0:29:04 > 0:29:09Well, any project you start and you have a few ups and downs,
0:29:09 > 0:29:14but at the end, when you finish the project, it's nice, simple satisfaction.
0:29:14 > 0:29:21So Tony might still be undecided about whether to rent or sell, but whichever way it goes,
0:29:21 > 0:29:27for seven weeks' work, this has been a pretty decent little project for relatively big returns.
0:29:31 > 0:29:36This is Wootton Bassett, a small market town that's become known for
0:29:36 > 0:29:40its support of British soldiers returning from service overseas.
0:29:40 > 0:29:44It's six miles south of Swindon with easy access to the M4, so it
0:29:44 > 0:29:48appeals both to commuters and those looking for a more rural location.
0:29:48 > 0:29:52And rural is certainly what you get around here,
0:29:52 > 0:29:56acres and acres of this beautiful Wiltshire countryside,
0:29:56 > 0:29:59and yet we're relatively close to the town.
0:29:59 > 0:30:03And it's a piece of land that I'm here to see today.
0:30:12 > 0:30:17So, off this quiet country lane and through this farm gate
0:30:17 > 0:30:18and what have we got?
0:30:18 > 0:30:21Well, this is basically what's on offer, it's eight acres of
0:30:21 > 0:30:26pasture land, it stretches all the way down to hedge in the distance and across to where those cows are.
0:30:26 > 0:30:28On this side, you've got an existing barn
0:30:28 > 0:30:32and more land, but that's not actually included in this sale.
0:30:32 > 0:30:36Now, the guide price was £50,000, which for a bit of paddock,
0:30:36 > 0:30:39basically a field of grass, sounds like quite a lot of money to me.
0:30:39 > 0:30:46As it's on greenbelt land, there's no development potential here, at least not in the foreseeable
0:30:46 > 0:30:51future, so it won't attract builders, not even cowboy builders.
0:30:51 > 0:30:55It's an ideal size for grazing land - not too big and not too small.
0:30:58 > 0:31:05It even comes with its own pond, plus there's that good road access.
0:31:05 > 0:31:09Hmm, I'm beginning to see why it might be worth the money.
0:31:09 > 0:31:12What you've got here is very desirable land,
0:31:12 > 0:31:16because pasture that you could put horses or cows on
0:31:16 > 0:31:19is very sought-after around here,
0:31:19 > 0:31:22so maybe that £50,000 is not too bad at all.
0:31:22 > 0:31:25It could well be a field of gold.
0:31:25 > 0:31:30For the right person looking for grazing land, this really
0:31:30 > 0:31:34could be a golden opportunity, because it fits the bill perfectly.
0:31:34 > 0:31:40It's flat, not too boggy, reasonably fenced and there's good access to it.
0:31:40 > 0:31:44So if somebody did want to keep cows or sheep or horses on this land,
0:31:44 > 0:31:49what are they going to do, how much do they have to spend, before they've got their animals grazing?
0:31:49 > 0:31:52Well, the first thing you're going to need is water.
0:31:52 > 0:31:57Well, there is water on the neighbouring field, so that's not too much of an issue.
0:31:57 > 0:31:59Then you're going to need some kind of shelter.
0:31:59 > 0:32:02Well, to put up a stable for one or two horses
0:32:02 > 0:32:05could be anything from £5,000 to £25,000,
0:32:05 > 0:32:08however that of course would add value to the plot
0:32:08 > 0:32:12and increase its rentability, so there is money to be made here.
0:32:12 > 0:32:16Even a temporary build such as a stable would require
0:32:16 > 0:32:20planning permission, and getting that around here is no walk in the park.
0:32:20 > 0:32:24So let's get some local knowledge and insight.
0:32:24 > 0:32:27Is this an investment worth pursuing, has it got legs?
0:32:27 > 0:32:30What does a local estate agent think?
0:32:30 > 0:32:33Ideally suitable to keep some horses on.
0:32:33 > 0:32:37To be honest, there's no building potential, so it's more than likely
0:32:37 > 0:32:42going to be amenity land, maybe someone might want to keep a few animals on here,
0:32:42 > 0:32:48but generally it's going to be a rural pursuit rather than any development potential.
0:32:48 > 0:32:53The fact that it's amenity land doesn't rule out any structure -
0:32:53 > 0:32:59for instance, a stable is still possible, but no residential dwelling would get approval,
0:32:59 > 0:33:02and it doesn't rule out growing something here or grazing animals.
0:33:02 > 0:33:06Therefore it would be possible to rent it out for that.
0:33:06 > 0:33:09Rental potential on this piece of land,
0:33:09 > 0:33:13it doesn't work like a residential proposition,
0:33:13 > 0:33:20but typically for grass keep, the season would be from May through until October, you would expect
0:33:20 > 0:33:24to achieve something in the region of £50 to £60 per acre for that season.
0:33:24 > 0:33:27So it's not a great money-spinner if you're looking to rent it out.
0:33:27 > 0:33:33Grass keep is the licence needed to use the land for grazing, for tax reasons.
0:33:33 > 0:33:36As there are just eight acres here,
0:33:36 > 0:33:40£60 per acre per season will only bring in about £480.
0:33:40 > 0:33:43That's a drop in the ocean compared with the guide price.
0:33:43 > 0:33:48Now, £50,000 may sound like quite a lot of money for what is basically
0:33:48 > 0:33:50a very big field, but you know what,
0:33:50 > 0:33:54this is Wiltshire where land doesn't come cheap, and for the right person,
0:33:54 > 0:33:57this is priceless, because it gives you a chance
0:33:57 > 0:33:59to own a huge great paddock for your own use.
0:33:59 > 0:34:02Let's see who fancied it when it went to the auction.
0:34:05 > 0:34:08So we'll move on then, please, to lot number 12,
0:34:08 > 0:34:11which is the eight acres, that's the blue land there, OK?
0:34:11 > 0:34:15There are no buildings on that one, but it's eight acres of land.
0:34:15 > 0:34:18Start me at the guide £50,000, somebody...
0:34:18 > 0:34:22save my breath, £50,000 I've got from the hand sat down...
0:34:22 > 0:34:2352, 54... 56,
0:34:23 > 0:34:2558 in the middle...
0:34:25 > 0:34:2860 to you, the bid is there at 60,000...
0:34:28 > 0:34:32I'll take two from anybody else,
0:34:32 > 0:34:33at £60,000...
0:34:33 > 0:34:38anybody offer two or one for that matter?
0:34:38 > 0:34:42Yes, or no, otherwise it's £60,000 for the first time...
0:34:42 > 0:34:47take one from anybody, £60,000 for the second time...
0:34:47 > 0:34:48All done £60,000,
0:34:48 > 0:34:51third and last time at 60.
0:34:51 > 0:34:55Finished. And your number is... if you hold the number round, madam,
0:34:55 > 0:34:58it makes it much easier for me. 85.
0:34:58 > 0:35:04So, for £60,000, the new owners of eight acres of Wiltshire countryside are retired couple Keith and Mary.
0:35:04 > 0:35:09Mary used to work with young offenders,
0:35:09 > 0:35:12while Keith was a university lecturer teaching project management.
0:35:12 > 0:35:15So I wondered how he was going to manage this project.
0:35:15 > 0:35:17Keith and Mary, lovely to meet you both.
0:35:17 > 0:35:21Well done, you've got a big field.
0:35:21 > 0:35:22We have a big field, yes.
0:35:22 > 0:35:25So why did you want to buy it?
0:35:25 > 0:35:27- We have two horses.- Perfect.
0:35:27 > 0:35:29And we are moving to Wootton Bassett,
0:35:29 > 0:35:32and this is only a couple of miles away from the house we're buying.
0:35:32 > 0:35:36But moving, and when you've got two horses, it's a bit complicated.
0:35:36 > 0:35:39Right. Yes, all that stuff to pack,
0:35:39 > 0:35:40and they don't help.
0:35:40 > 0:35:43Buying the house was relatively straightforward,
0:35:43 > 0:35:47- trying to find somewhere for the horses was more difficult. - Really?- Oh, yes.
0:35:47 > 0:35:53Keith and Mary currently live on the coast in Dorset, but wanted to move to be nearer their family.
0:35:55 > 0:35:59Even so, it's going to be quite an upheaval, not just for them
0:35:59 > 0:36:01but also for their horses.
0:36:01 > 0:36:04So tell me about your horses, then.
0:36:04 > 0:36:07Well, I've got a Dales pony.
0:36:07 > 0:36:10- A Dales pony. - A Dales, it's a rare breed.- How big?
0:36:10 > 0:36:11No, no, not that big, he's bigger.
0:36:11 > 0:36:17He's 14 hands. He's called Akehurst Crossbow, but you can't shout that across a field, can you?
0:36:17 > 0:36:19- No.- He's commonly known as Eric.
0:36:19 > 0:36:23- Eric! Is he an Eric? - Yes, he is, definitely.
0:36:23 > 0:36:28A real character, and mine is a Welsh Section D cob, 15.2.
0:36:28 > 0:36:3115.3.
0:36:31 > 0:36:34- 15.3.- Right, a bit bigger, then.
0:36:34 > 0:36:36And he's 17 years old and a real character.
0:36:36 > 0:36:39- What's he called? - He's called Dusty.
0:36:39 > 0:36:43Dennis Dusty Lad is his full title, but he's known as Dusty.
0:36:43 > 0:36:46So you've got Dusty and Eric, so did you bring Dusty and Eric
0:36:46 > 0:36:50to see the field to check if it was going to be suitable for them?
0:36:50 > 0:36:52We went on their behalf, but one of the important things
0:36:52 > 0:36:56about the field is there's riding straight out of the gate.
0:36:56 > 0:36:59- Right.- We can go along a no-through road, and further along in
0:36:59 > 0:37:02- that direction there are bridleways. - Oh, wow, so it's perfect.
0:37:02 > 0:37:05And in the far distance, there is the Ridgeway Park.
0:37:05 > 0:37:07- OK, that's perfect, then. - So it's perfect for riding.
0:37:07 > 0:37:10So how big a field do Eric and Dusty have at the moment?
0:37:10 > 0:37:12Five acres, isn't it?
0:37:12 > 0:37:14- That's what it's been estimated. - It's about five.
0:37:14 > 0:37:17- So they're going to think, wow, happy days.- Yes.
0:37:17 > 0:37:23Before the horses can enjoy their extra space, Keith and Mary need to sort the fencing, extend the
0:37:23 > 0:37:26water supply from the nearby field,
0:37:26 > 0:37:30and check there's no ragwort on site, as it's poisonous to horses.
0:37:30 > 0:37:35There's their own house move to arrange as well, so they're going to be busy.
0:37:35 > 0:37:39So how long is it going to be before we see Dusty and Eric chomping on the grass in this field?
0:37:39 > 0:37:41- About four months from now.- OK.
0:37:41 > 0:37:43And we've got to get the stable block put up.
0:37:43 > 0:37:45Tell me about that.
0:37:45 > 0:37:46Eventually,
0:37:46 > 0:37:52we have thoughts on a three-stable block with storage attached to it
0:37:52 > 0:37:55for hay and other bits and pieces of equipment,
0:37:55 > 0:37:59but however that's got to go through planning permission.
0:37:59 > 0:38:03And if they turned around and said, no, you can't have it, would it really scupper things for you?
0:38:03 > 0:38:07No, because we can get a mobile stable on skids
0:38:07 > 0:38:10for which you don't need planning permission.
0:38:10 > 0:38:13It is all a bit daft, really, isn't it?
0:38:13 > 0:38:17It's exactly the same, but you can pull it with a Land Rover and put it somewhere else.
0:38:17 > 0:38:19I can just move it around the field, so that's fine, yes.
0:38:19 > 0:38:22It seems, whichever way this goes, the horses will definitely have
0:38:22 > 0:38:26a new field to roam in and somewhere to shelter.
0:38:26 > 0:38:29In the long term, they also hope to plant some trees
0:38:29 > 0:38:33to provide some shade in those balmy Wiltshire summers.
0:38:33 > 0:38:37So how much money do you need to spend then to sort this field out to your requirements?
0:38:37 > 0:38:40We do know that the stable block will cost us about £7,000.
0:38:40 > 0:38:46- Right.- And about £2,000 for the concrete base underneath it.- OK.
0:38:46 > 0:38:48So that we know is around £9,000.
0:38:48 > 0:38:51We are required to put a gate up into this land,
0:38:51 > 0:38:56and that's £500-ish, I guess.
0:38:56 > 0:39:03Well, I'm delighted for you and I can't wait to see you on the field with Dusty and Eric parading around
0:39:03 > 0:39:06the lanes and everything, so well done. Congratulations.
0:39:06 > 0:39:08Thanks very much. Thanks a lot.
0:39:13 > 0:39:16Mary and Keith certainly seem to have the measure of this plot.
0:39:16 > 0:39:20Let's hope the move from the Dorset location
0:39:20 > 0:39:24for both the humans and the horses goes smoothly.
0:39:24 > 0:39:30So Keith and Mary, but more importantly of course, Dusty
0:39:30 > 0:39:33and Eric, have got themselves a wonderful new pasture.
0:39:33 > 0:39:39Big question, though, when it comes to getting that all-important planning permission for the stables,
0:39:39 > 0:39:42will it be yea or neigh?
0:39:42 > 0:39:45You can find out later in the show.
0:39:47 > 0:39:49Rome wasn't built in a day,
0:39:49 > 0:39:53and transformations can take a while too.
0:39:53 > 0:39:55So how did our buyers get on?
0:39:55 > 0:39:57Let's find out.
0:39:57 > 0:40:01In the spring of 2005, we first saw Royal Oak Cottage.
0:40:01 > 0:40:04Despite its grand name,
0:40:04 > 0:40:07this was anything but a palace.
0:40:07 > 0:40:13Having been neglected for many years, it was in a rundown state and would need either extensive
0:40:13 > 0:40:17renovation or, perhaps more likely, to be demolished.
0:40:17 > 0:40:22It sat on a generously sized plot, yet it was guided at £100,000,
0:40:22 > 0:40:26so it seemed likely to interest a developer.
0:40:26 > 0:40:32But, perhaps surprisingly, it was bought by Peter, a local businessman.
0:40:32 > 0:40:37He paid a whopping £228,000 to buy the house -
0:40:37 > 0:40:40why was he so keen to own it?
0:40:40 > 0:40:45Well, I've lived in this house for 23 years, and the cottage is next door.
0:40:45 > 0:40:48To stop somebody from building on it eventually or taking it over
0:40:48 > 0:40:52and building at the back of the property and taking away my privacy.
0:40:52 > 0:40:58- So you've paid £227,000 for a bit of privacy?- That's right.
0:40:58 > 0:41:01As he's a businessman, it wasn't just privacy he was after -
0:41:01 > 0:41:05he had plans to demolish the cottage and put up two new-builds.
0:41:05 > 0:41:10But when we first went back in the summer of 2005,
0:41:10 > 0:41:15it seemed that two was one too many in the small town of Kirk Langley.
0:41:15 > 0:41:17# This town ain't big enough for the both of us... #
0:41:17 > 0:41:22I was hoping to build two four-bedroom cottages.
0:41:22 > 0:41:26Unfortunately, the local authority weren't in agreement with that
0:41:26 > 0:41:28and they've turned it down,
0:41:28 > 0:41:30because this section of the village
0:41:30 > 0:41:34is outside what they call "the built envelope of the village".
0:41:34 > 0:41:37I could appeal, but I've decided not to do that.
0:41:37 > 0:41:40We've decided now, we're taking the driveway through,
0:41:40 > 0:41:44to just put application in now for one cottage on this piece of land.
0:41:45 > 0:41:49At a single stroke, Peter had seen his potential profit halved
0:41:49 > 0:41:51and he'd lost a lot of time.
0:41:51 > 0:41:55And if that wasn't bad enough, the property market was slowing down
0:41:55 > 0:41:58and the credit crunch was starting to bite.
0:41:58 > 0:42:02So five years on, has he managed to snatch a victory
0:42:02 > 0:42:04from the jaws of defeat?
0:42:13 > 0:42:15Wow, pretty impressive -
0:42:15 > 0:42:18a large detached house with off-street parking
0:42:18 > 0:42:21and garage now adorns the site of the old cottage.
0:42:21 > 0:42:25With the addition of a large conservatory and secluded walled garden,
0:42:25 > 0:42:29this is now a spacious five-bedroom family house.
0:42:29 > 0:42:33After buying the cottage, we decided we'd have to take it down,
0:42:33 > 0:42:36because it was unsafe and got an architect in
0:42:36 > 0:42:40to design a nice cottage with five bedrooms.
0:42:40 > 0:42:47The three bedrooms down the bottom are smaller bedrooms, there's a master bathroom with a power shower,
0:42:47 > 0:42:52and on this side you've got the family bedrooms and the master bedroom with a Jacuzzi.
0:42:52 > 0:42:55I'm pleased with it, and everybody says it looks nice.
0:42:55 > 0:42:59We put a brick-built wall around it, just to give it that country effect.
0:43:00 > 0:43:05So with its two en-suite bedrooms and separate bathroom along with
0:43:05 > 0:43:10the three other bedrooms, upstairs is completely finished and ready to go.
0:43:10 > 0:43:12Downstairs isn't in bad shape either.
0:43:14 > 0:43:21This is the office/study, which leads into the hall with solid oak floors,
0:43:21 > 0:43:26dining room which leads to the conservatory and French windows onto the patio, downstairs toilet.
0:43:26 > 0:43:31To the side here, we have the dining room, which is linked to the kitchen.
0:43:31 > 0:43:35Then we walk into the kitchen, which has been designed again in the country style,
0:43:35 > 0:43:40with a six-burner gas cooker and the utilities built in.
0:43:40 > 0:43:45We're very pleased with it. It's been done so you've got peace and quiet, and everything's easily accessible.
0:43:48 > 0:43:54Off that pretty high-spec kitchen, there's a utility area, along with access to the dining room.
0:43:54 > 0:44:00Then that large, inviting lounge leads straight into a big conservatory.
0:44:07 > 0:44:12In addition to plenty of hard standing for off-road parking, there's a separate garage.
0:44:15 > 0:44:19When we got the planning permission, we weren't allowed to put an integral
0:44:19 > 0:44:24garage on the house, so we built a separate garage away from the house.
0:44:24 > 0:44:27After we built it, with the size it is, we decided a mezzanine floor
0:44:27 > 0:44:33would be the ideal thing to put in it for a games room, store room, or whatever you want to use it for.
0:44:36 > 0:44:38Everything's complete and looking like new,
0:44:38 > 0:44:43but, in fact, the house and garage were completed in December 2007,
0:44:43 > 0:44:46so what's been happening in the interim?
0:44:48 > 0:44:53When we completed the house, it stood empty for about two years,
0:44:53 > 0:44:57and then we decided that the right route to go down
0:44:57 > 0:44:59was to finance it off a bit,
0:44:59 > 0:45:02was to go for rented accommodation, which we did,
0:45:02 > 0:45:07and we had two people in for a six-month period on a short-let term,
0:45:07 > 0:45:12and then we had another family in of about five on a short-let term,
0:45:12 > 0:45:15and now we've just secured another rental period of 12 months.
0:45:15 > 0:45:19That's of a family again.
0:45:19 > 0:45:23Until the market picks up and starts to get that bit of growth back,
0:45:23 > 0:45:25that's what we'll continue to do.
0:45:25 > 0:45:29Initially, Peter put the house on the market for £500,000,
0:45:29 > 0:45:32but as there were no takers, he needed to rent it out
0:45:32 > 0:45:37to recoup some of his substantial costs.
0:45:37 > 0:45:41The costs of building it, materials, et cetera,
0:45:41 > 0:45:44on the budget that we put in,
0:45:44 > 0:45:49was 166, and it came out at 165-170, so it wasn't far out.
0:45:49 > 0:45:55This means that with his £228,000 purchase of the house and plot,
0:45:55 > 0:45:58he's got nearly £400,000 tied up here.
0:45:58 > 0:46:02With everything conspiring against him, this purchase was starting to be
0:46:02 > 0:46:04a bit of a burden, but all wasn't quite lost.
0:46:04 > 0:46:08There was still a chance he could escape with some profit.
0:46:10 > 0:46:15When we bought this property, I retained a section of the land down
0:46:15 > 0:46:21the side of the property between the conservatory and the workshop area.
0:46:21 > 0:46:24Since then, I've applied for planning permission on the rear garden
0:46:24 > 0:46:28of the house that I live in that's adjacent to this property,
0:46:28 > 0:46:31for holiday lets, and been successful in them being granted,
0:46:31 > 0:46:35and also planning permission on my workshop.
0:46:35 > 0:46:36So that's the next project.
0:46:36 > 0:46:40After that project, I'm going to retire.
0:46:42 > 0:46:45So maybe every cloud DOES have a silver lining,
0:46:45 > 0:46:49but will he be able to release any capital from this house
0:46:49 > 0:46:51to move on to those development plans?
0:46:51 > 0:46:54Or will this property remain on the long-term rental market?
0:46:54 > 0:46:58Let's hear from two local estate agents.
0:47:01 > 0:47:03As a house, the design's fine,
0:47:03 > 0:47:05it gives you all the space you'd want.
0:47:05 > 0:47:08I would say, looking at it fairly critically,
0:47:08 > 0:47:10probably some of the rooms are a touch small,
0:47:10 > 0:47:13but you can't have a lot of space and a lot of rooms,
0:47:13 > 0:47:17you have to sacrifice space if you want more rooms. It's all here.
0:47:17 > 0:47:19The positives are the solid wood flooring
0:47:19 > 0:47:21as you walk through the main door,
0:47:21 > 0:47:23a decent-sized breakfast kitchen,
0:47:23 > 0:47:26lots of land with it, and that lovely conservatory at the back.
0:47:26 > 0:47:29I think one issue here that will be a problem for a lot of people is when
0:47:29 > 0:47:33you've got a five-bedroom house, you really need quite a bit of garden.
0:47:33 > 0:47:35This doesn't have a lot of garden to it.
0:47:35 > 0:47:38A small disadvantage to the property is the size of the bedrooms.
0:47:38 > 0:47:41I probably would have preferred to see four large double bedrooms
0:47:41 > 0:47:45rather than three small doubles and two large doubles with en suites.
0:47:45 > 0:47:50Nearly five years ago, when Peter first considered the single-build option, a five-bedroom house
0:47:50 > 0:47:54on this site was estimated to be worth £500,000,
0:47:54 > 0:47:58but since then, of course, the property market's changed a lot.
0:47:58 > 0:48:05I have to say that, to the right people, it probably now is worth around £375,000.
0:48:05 > 0:48:08I believe the property is now worth £400,000.
0:48:08 > 0:48:12Crikey, that shows a 20% drop in house prices.
0:48:12 > 0:48:15With Peter investing around £400,000 here,
0:48:15 > 0:48:19it's the difference between a profit and a loss.
0:48:19 > 0:48:21So what are his views on those valuations?
0:48:21 > 0:48:24I like the 400, I don't like the 375.
0:48:24 > 0:48:29Those values are still way off what Peter would be prepared to sell for,
0:48:29 > 0:48:34so he'll continue to rent the house out until the market turns.
0:48:34 > 0:48:40This would have a rental value of probably, £1,000 to £1,100 a calendar month.
0:48:40 > 0:48:45On a rental market, I would expect to achieve approximately £1,200 per calendar month.
0:48:45 > 0:48:47Well, the 1,200 one is spot on.
0:48:47 > 0:48:53A few month ago, maybe 12 month ago, you'd have got more, but I'm quite satisfied with the 1,200 a month.
0:48:53 > 0:48:58£1,200 a month is what Peter's now getting as a rental for the next long-term rent.
0:48:59 > 0:49:06That will bring in nearly £14,500 a year, but it's not a great return on a £400,000 investment.
0:49:06 > 0:49:09How does he feel about the last five years?
0:49:11 > 0:49:13I've thoroughly enjoyed the peaks.
0:49:13 > 0:49:17I've not enjoyed some of the slumps, like the credit crunch,
0:49:17 > 0:49:21but I can't do much about that, but it seems nobody else can either.
0:49:26 > 0:49:29This has been predominantly out of Peter's hands,
0:49:29 > 0:49:34but at least he realised one of his objectives, and that was to control
0:49:34 > 0:49:36who his neighbours are.
0:49:45 > 0:49:48It was just outside the town of Wootton Bassett
0:49:48 > 0:49:52that eight acres of pasture land came up for auction.
0:49:52 > 0:49:58They were snapped up for £60,000 by retired couple Mary and Keith,
0:49:58 > 0:50:02who knew it was perfect for what they had in mind.
0:50:02 > 0:50:05So why did you want to buy it?
0:50:05 > 0:50:07- We have two horses.- Perfect.
0:50:07 > 0:50:09And we are moving to Wootton Bassett,
0:50:09 > 0:50:12and this is only a couple of miles away from the house we're buying.
0:50:12 > 0:50:19And their two horses, Eric and Dusty, were hoping they might get some shelter, not just a big field.
0:50:19 > 0:50:22So five months on, is it home from home?
0:50:22 > 0:50:27Well, yes, there's now a smart new stable block...
0:50:29 > 0:50:31..and there are Eric and Dusty.
0:50:31 > 0:50:37Eric, on the left, is Mary's horse, and Dusty is Keith's horse.
0:50:37 > 0:50:40In this area, we had the stable built
0:50:40 > 0:50:42and we've put it in this particular position
0:50:42 > 0:50:48because of the prevailing wind, to make sure that this area that we're standing in is now sheltered.
0:50:48 > 0:50:52We have, at this end of the stable block, a tack room where we keep
0:50:52 > 0:50:54all our various bits and pieces,
0:50:54 > 0:50:55and we have two stables.
0:50:55 > 0:50:58Dusty and Eric are in the stables at the moment.
0:50:58 > 0:51:01We have a third stable, which currently we're not using.
0:51:01 > 0:51:05With storage for their maintenance equipment and all the horse feed,
0:51:05 > 0:51:11plus an area for Mary and Keith to shelter in and make a cup of tea, everyone is well catered for.
0:51:18 > 0:51:20We've divided it up into paddocks.
0:51:20 > 0:51:23We've got two paddocks that have got post and rail fencing around them,
0:51:23 > 0:51:26and the third paddock, right at the top of the field,
0:51:26 > 0:51:31we'll fence that off with electric fencing as and when we need it.
0:51:31 > 0:51:34And what we've started to do is build shelter belts.
0:51:34 > 0:51:38We've also put in some hedging, we're quite pleased with that,
0:51:38 > 0:51:42and they've got buds on, so they're surviving.
0:51:42 > 0:51:50- We were tickled pink when we found that.- We planted about 150 big trees and small hedging plants in all.
0:51:50 > 0:51:53With tree planting, fencing, and building the stables,
0:51:53 > 0:51:56they certainly haven't let the grass grow under their feet.
0:51:56 > 0:52:00They're also well on the way to getting mains water on site.
0:52:00 > 0:52:04The previous owner connected to a supply on the other land,
0:52:04 > 0:52:10put in a pipe for us, so we now have running water on this site.
0:52:10 > 0:52:16And tomorrow, we have a contractor coming in to lay water pipes
0:52:16 > 0:52:19right along the field, so we have troughs in each of the paddocks.
0:52:19 > 0:52:24I don't think Eric and Dusty could ask for much more -
0:52:24 > 0:52:31running water on tap, new stables to sleep in, plenty of food and room to roam -
0:52:31 > 0:52:36but Mary and Keith also have a new home, having moved from the coast in Dorset to inland Wiltshire.
0:52:36 > 0:52:39So how's that going?
0:52:39 > 0:52:41- We are settling.- Yes.
0:52:41 > 0:52:47We're not entirely settled just yet, it's really quite different to living by the sea, but it's...yes, it's...
0:52:47 > 0:52:49- It's fine.- It's fine, yes.
0:52:49 > 0:52:53And we've seen a fair bit more family since we've lived here as well,
0:52:53 > 0:52:55which is one of the reasons we moved up here.
0:52:55 > 0:53:00We've probably seen more of the family in the past three months than we normally see in a whole year.
0:53:00 > 0:53:03So that's fine, one of our reasons for being here.
0:53:03 > 0:53:10It seems Mary and Keith are beginning to settle in the area, but it has only been five months.
0:53:10 > 0:53:15It's always going to take a while to adjust, and moving usually is an expensive business.
0:53:17 > 0:53:23The stable cost around £7,000 - erected and all the work done.
0:53:23 > 0:53:26The base we're currently on cost £4,000,
0:53:26 > 0:53:31to have this concrete base put down, and then in addition to that, the fencing was about £3,500.
0:53:31 > 0:53:37The field shelter was about £1,600.
0:53:37 > 0:53:44We still have some work still to do - the water to be put down, which I think is £1,200 for the water
0:53:44 > 0:53:49to be laid and the troughs put in, and then the hard standing to be put in all around the concrete base.
0:53:49 > 0:53:52That wasn't something that we'd expected.
0:53:52 > 0:53:56It wasn't in our original budget, because we didn't realise just how
0:53:56 > 0:53:59muddy it was going to be, so that's an additional cost.
0:53:59 > 0:54:02So that's a about our expenditure, so it is quite a bit.
0:54:02 > 0:54:06Well, that little lot comes to around £20,000.
0:54:06 > 0:54:10So with the plot of land costing £60,000 at auction,
0:54:10 > 0:54:15rehousing their horses in Wiltshire has come with an £80,000 price tag.
0:54:15 > 0:54:20Should Keith and Mary have reined in their outlay or is it money well spent?
0:54:20 > 0:54:22What do two local property experts think?
0:54:22 > 0:54:26This is a suitable site for a pony paddock,
0:54:26 > 0:54:29and generally I think this is the best possible use
0:54:29 > 0:54:31that you could make of this land.
0:54:31 > 0:54:35Using this land for grazing for horses is ideal.
0:54:35 > 0:54:37The land itself is ridge and furrow,
0:54:37 > 0:54:44and the quality of soil is relatively poor, so the number of alternative uses are limited.
0:54:44 > 0:54:49The conditions and the amenities of the site - it is quite remote in some respects,
0:54:49 > 0:54:53being down the lane here, but on the other hand, it's close to the motorway junction,
0:54:53 > 0:54:56it's quite close to Wootton Bassett. So overall it's a very good spot.
0:54:56 > 0:54:59The stables are absolutely wonderful -
0:54:59 > 0:55:02they're built to very high specification,
0:55:02 > 0:55:05good area of yard, good area of concrete,
0:55:05 > 0:55:07close to the road for easy access,
0:55:07 > 0:55:11very, very good. Definitely improved the value of the site.
0:55:11 > 0:55:16So it's improved the value but by how much?
0:55:16 > 0:55:19Remember the couple have invested nearly £80,000 on this grazing land.
0:55:20 > 0:55:24As a whole, with the new building, I would estimate this site
0:55:24 > 0:55:26to make something in the region of £90,000 to £100,000.
0:55:26 > 0:55:33I would value the paddock land in its current condition with the stables at £100,000.
0:55:33 > 0:55:37Crikey, it just goes to show how much getting a permanent structure in place
0:55:37 > 0:55:40can add to the value of a piece of land.
0:55:40 > 0:55:42How do Keith and Mary feel about those valuations?
0:55:46 > 0:55:47Well!
0:55:47 > 0:55:48SHE CHUCKLES
0:55:48 > 0:55:51- That's pretty good.- Yes.- Yeah.
0:55:51 > 0:55:56This appears to have been a great purchase - not only has it been
0:55:56 > 0:56:00a good investment financially, but it seems to be just right for them.
0:56:00 > 0:56:03We can have fun with this bit of land.
0:56:03 > 0:56:05It's a project for us, it's something.
0:56:05 > 0:56:09We look forward to coming down here and getting on with it.
0:56:09 > 0:56:12When the weather is reasonable, it's great.
0:56:12 > 0:56:15Yes, it's good to be able to see it developing.
0:56:15 > 0:56:20There's some nice riding around here, and we've got to get out and explore it, haven't we?
0:56:20 > 0:56:22We certainly have.
0:56:27 > 0:56:31So, for Keith and Mary, there are exciting times ahead
0:56:31 > 0:56:33as they explore pastures new.
0:56:33 > 0:56:35We wish them well.
0:56:37 > 0:56:41So that's our trio of tantalising tales from the auction room today.
0:56:41 > 0:56:44Join us next time for more Homes Under The Hammer.
0:56:44 > 0:56:46- See you then.- Goodbye.- Goodbye.
0:57:03 > 0:57:06Subtitles by Red Bee Media Ltd