Episode 38 Homes Under the Hammer


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Episode 38

Martin Roberts and Lucy Alexander visit a two-bed end-of-terrace in Telford, a semi-detached house in Kent and a property in Nottinghamshire.


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Transcript


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Even in the volatile property market, many of us are still

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-so interested in it.

-Lucy and I love the thrill of the auction room

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as do thousands of people who every year buy their homes under the hammer.

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We are constantly amazed by the stories from the auction room.

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Some real life dramas, some real life successes sometimes.

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Yes, and we've found three more stories for you today.

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Let's find out what they are.

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'I assess the damage to this two-bed end-of-terrace in Dawley near Telford.'

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So how bad's it going to be?

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Crikey.

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'This Kent semi-detached house is clinging to its 70s roots.'

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Look at this wallpaper! Fantastic!

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I think this has come back into fashion.

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'And in Nottinghamshire, this perfectly presentable property had a very low guide price.'

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What could possibly be wrong? Wait and see.

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

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'when they went under the hammer.'

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'The new town of Telford in Shropshire was built in the 1960s and 1970s.

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'Drive just ten minutes east of there and you'll find the quiet town of Dawley.

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'Despite the fact that Telford is just a stone's throw away,

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'Dawley has retained its own distinct character, making it a popular place to live.'

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So this is Rhodes Avenue and from the outside at least,

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the property I'm here to see looks like it's seen better days.

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Lots and lots of evidence of smoke damage coming up from that lower window there.

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The actual property itself is boarded up. That could explain the guide price, which was £30,000.

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How bad is it inside? Better go and find out, I suppose.

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'The previous owner escaped the fire but the damage was pretty serious.'

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So how bad's it going to be? Oh. Crikey.

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I don't have to go very far to see the state of the damage here.

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That is the electricity consumer unit and it's just completely melted.

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Wow. So into what was, I imagine, the living room.

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And, as you can see, it is in a right old state.

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The windows have gone. Could have been smashed out by the fire brigade to get in here.

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At the moment, the ceiling's being supported by these acro props.

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And it's just a classic case of extreme fire damage.

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Not a bad size space, though. Let's try and get back to some basics.

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We like the amount of room here. And then through into the kitchen.

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'No surprises in here. The damage continues, but again, the room is a very good size.

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'Obviously, an entire new kitchen is needed,

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'but you would probably put one in anyway if you were renovating the place.'

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Upstairs, it carries on looking absolutely horrendous.

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What have we got underneath here, though? We've got two bedrooms and a bathroom.

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Clearly, they are in a right old state,

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but what kind of state? That is what we've got to decide,

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because that will make a massive difference to how much it's going to cost to get this sorted.

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Downstairs, definite serious fire damage. Up here, my thoughts are that this is largely smoke damage.

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Although it looks horrendous, structurally I don't think it's too much of a problem.

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And it could work in your favour, because most people walking round here would be very put off by this.

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'But if you can see past the smoke damage and make an informed assessment,

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'you could be onto a real winner. However, I would definitely suggest getting a structural engineer in

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'to examine the extent of the damage and how any potential repairs will affect the renovation costs.

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'The electrics and plumbing also need to be safety-checked.

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'Replacing these should be a consideration when calculating the budget.

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'But this property has possibilities, and if you look beyond the results of the fire,

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'that £30,000 guide price does start to look more attractive.

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'What does a local estate agent think?'

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This particular house needs quite significant work.

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It's seen better years and it's completely burnt out.

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It's nicely situated towards the end of the cul-de-sac,

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so with young families, young children, you're not on a busy main road.

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'But it needs a lot of work. Let's talk numbers.'

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The cost of getting this into some sort of order and repairing the fire damage

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could vary considerably depending on whether it needs any structural work.

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Therefore, I estimate it's going to cost at least £15,000 to somewhere between £25,000.

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'Once you've made your investment, would it be worth it?'

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When the works have been fully completed and if a driveway is put in at the front,

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I'd estimate a resale value of £85,000.

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'Could be a tidy profit, depending on the purchase price.

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'How about as an ongoing concern?'

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I would estimate a rental value of £475 per calendar month.

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-HE COUGHS

-It's nice to get a bit of fresh air after being in that house.

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But benefiting here from a really nice sized garden

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and the fact that it is an end terrace means that you've got this open aspect.

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That said, you are taking on a bit of a project with this one

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and not one for the first-timer, I would hazard a suggestion.

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Let's find out who went for it when it went to the auction.

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Lot number five is a two-bed end townhouse

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and it has suffered substantial fire damage.

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30,000 start me here.

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30,000 I'm bid. Standing right at £30,000. 35, is it?

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35 is it? 35,000.

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40 is it? £40,000.

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At £40,000. Standing right at £40,000.

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I'll take one if it helps. 41 at the back.

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42. 43.

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44. 45.

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46?

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At 45,000. In the doorway at 45. New bidder, 46.

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47. 48. 49.

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50, sir? 50.

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51. Shaking his head. In the doorway at £51,000.

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52 anywhere else?

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He's back in, 52.

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In the doorway, 53? 53 in the door.

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New bidder, 54, seated. 55?

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Shaking his head. With you, sir, first bid, £54,000.

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55 anywhere else? New bidder. 55.

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56.

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57. 58, sir?

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58. Shaking his head.

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Still with you, sir. £58,000.

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Are we all done now?

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58, then, for the first time. 58 for the second time.

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Third and final time at £58,000.

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-HAMMER BANGS

-It's your lot, sir. Well done.

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'The successful bid came from Norman.

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'He owns a roofing company but hopes to move into property development full-time.

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'Norman paid £58,000 at auction. Does he know what's in store for him?'

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Norman, congratulations. Lovely to meet you.

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-It's a mess, isn't it?

-Just a bit! THEY LAUGH

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-Tell me why you wanted to buy it.

-Erm, I particularly liked the position of it, really.

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And the work on it, it looks a lot worse than it actually is.

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-It's actually mostly smoke damage.

-Right.

-And very little structural damage, other than windows and doors.

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-How do you know that?

-I had a good look round it twice before we went to auction,

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worked out the budget then and figured we could make some money out of it.

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-Have you done this kind of thing before?

-Yes. I do it quite regularly.

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-I've been doing it for 30 years.

-What specifically?

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Renovations, buy and sell property. I've always bought and sold my own houses.

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Bought them with work on and made money that way.

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So the fact that it does, at first glance, look to be in a right old state,

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-do you think that worked in your favour?

-Yes, I think so.

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I think it would put quite a few people off,

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but most of the people that have a good knowledge of the building trade would see it's mostly cosmetic.

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How can you tell the difference between something that's superficial, to a degree,

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and something which is seriously nasty and has affected the structure of the building?

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The first thing to look at is where the fire was. This was in the lounge.

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It was either a sofa or a sofa bed. So you look at the immediate vicinity

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and the floor joists weren't particularly charred.

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There's a little bit of damage running up the staircase and upstairs it's smoke damage.

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The lounge window has been smashed out, probably by the fire service, just to get access in.

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But other than that, it is just purely cosmetic.

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-Have you taken on a project like this before?

-Not this badly damaged.

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But buildings that require a lot of attention I've done. But not specifically fire damage, no.

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'Thankfully, Norman isn't put off by the effects of the fire and blackened walls,

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'though I would still advise getting experts in to assess the true extent of the damage.

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'Meanwhile, what will it take to transform this place into a fully-functioning family home?'

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We'll replace all the plaster to the walls, all the ground floor doors and door frames want replacing,

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the kitchen would've needed updating anyway, but that's quite badly smoke and fire damaged.

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First floor is a new bathroom suite and new plastering

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and then it's just decoration, carpet, finishes.

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And then externally, we'll put a new driveway in

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and just make a nice garden.

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-Couple of weeks work, then.

-Well, about ten weeks, I think.

-Ten weeks to get it sorted.

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-And what kind of cost to do that?

-The budget's between £16,000 and £20,000.

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And that gives us about a £2,500 to £3,000 contingency.

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-And have to incorporated in redoing all the electrics?

-Yes. I've allowed for a rewire

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because, if you look as you go through the front door,

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the consumer unit's disappeared. I thought it was an electrical fire at first, but it's just melted away.

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And the heating is quite old, so we've allowed for new plumbing and heating throughout.

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'Norman's under no illusion, it seems, as he's really done his homework for the job in hand.

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'But does he have a solution for the external appearance?'

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What about the smoke damage on the front of the property?

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I think we'd probably just power-wash it, or if it still won't come off,

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we'll acid clean it or maybe a light sandblast.

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-So it's not too much of an issue?

-I don't think so. It's cosmetic.

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It does look bad, but it's just the way the smoke's billowed out from the window

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when they've smashed the glass, I think. So, yeah, shouldn't be a problem.

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'Norman plans to do all the work himself with the help of his son, who's a construction worker.

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'He'll get specialists in for the electrics and plumbing

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'and to maximise his profit margin, given the current climate.

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'He'll rent the house out once the work is complete.'

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-Congratulations.

-Thanks.

-Good luck with it all.

-Thank you.

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-Look forward to seeing how you get on.

-Yes.

-I'm sure we'll notice a big difference!

-It should be.

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Well, Norman not too daunted by the project ahead.

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And it's lovely to think that this house will be turned back into a liveable home.

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However, I am a bit concerned. You really don't know what kind of damage has been done

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until you get into the fabric of the house, so I hope he doesn't unearth too many nasties when he starts.

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You can find out how he gets on later in the show.

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'This is Hythe in Kent,

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'four miles west of Folkestone, overlooking the English Channel.

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'Over the years, Hythe has grown from a fishing village into a popular seaside town,

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'but that popularity has meant the demand for properties often outstrips the supply.'

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Well, this is Hillside Street. It's just a few roads back from Hythe High Street.

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Now, I'm here to see this 70s semi,

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which is tucked right down here behind this wall.

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Now, one issue I can see straight away

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is that it's going to be a bit of a nightmare trying to park around here.

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So getting materials and workmen to this site could be pretty tricky.

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'Fortunately, the house does have a garage at the bottom of the garden at the back.

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'But if anything, access is more restricted there, and you'd have to lug everything through the garden.

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'Still, the guide price was £115,000 to £120,000,

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'low for a three-bed detached house in this area.

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'But judging by the state of the outside, I'm beginning to understand why.'

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Once you've actually managed to get down those stairs...

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It's quite an uninviting space to walk into, I have to say.

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And look at this wallpaper! Fantastic!

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I think this has come back into fashion!

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I don't think this one has just yet.

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But it's quite open, this property.

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And you can see, it just needs everything doing to it.

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You've got a hot-air heating system, so there's obviously no radiators.

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Do you think this is the kitchen? Yes. Quite interesting.

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All you've got in here is a sink. I doubt this house is even mortgageable.

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But look. It is in a right old state. It's filthy.

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This is the first room I've seen, and if this is anything to go by,

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I'm not looking forward to the rest of the house.

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# I'm falling to pieces

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# I'm falling to pieces

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'Oh, dear. This place hasn't been occupied for a number of years

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'and it not only looks it, but you can smell it, too.

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'It really is starting to fall to pieces.

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'The reception room stretches across the entire width of the property,

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'divided by the chimney breast, but at least this side's lighter and brighter than the dingy hallway.'

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This house is in a bit of a dark dip

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so if you wanted to open this space up to let some light in, well, you can't,

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because this here is an old rag-stone medieval wall and it's listed.

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So that wall is here to stay.

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# You've got me up against the wall

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'Yes, you can't go knocking down medieval walls. You're just going to have to live with it.

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'It's nice to have a little history in the garden,

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'but there is one piece of history in the master bedroom that's not worth preserving.'

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This is the master bedroom and it's brilliant, because on a clear day,

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you can almost see across the Channel and beyond.

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But before you get carried away with those sea views,

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I want to show you something. Look up there.

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That is a pretty deep crack and warrants further investigation.

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# I'm falling to pieces

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'There are not only cracks in the bedroom, there's an ominous one in the bathroom.

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'And it's in a dreadful state. As is the area outside.'

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When you come out into this very overgrown garden,

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you can see this wall here is just collapsing.

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And this garden and the steps, they're just all over the place,

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obviously caused by some ground movement.

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Now, that in itself may not be a cause for concern.

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This damage may be historical. It may have even happened ages ago

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and the property itself may not be affected.

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But after seeing that crack upstairs in the back bedroom,

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I would be a little bit worried.

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I've done a bit of asking around and I've discovered that there is a geological fault line

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which runs across Hillside Street.

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So a proper structural survey needs to be done here

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to make sure this house itself isn't suffering from subsidence.

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Because if it is, then getting a mortgage may be next to impossible.

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'To find out more and hear a valuation for the property,

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'I spoke to a local estate agent.'

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Hythe in particular does suffer in certain parts

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from geological fault lines

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and Hillside Street is one of those locations and we would obviously, therefore, recommend

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that a possible buyer investigates fully before committing themselves.

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'Guided at £115,000 to £125,000,

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'if this house's shortcomings were sorted, could it work as an investment?'

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A typical rental price for this property would be in the region of about £750 per calendar month.

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Once the work on the property is completed,

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you'd put a value on this property of around £235,000, £240,000.

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'So correcting the faults here could pay dividends.'

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There's no escaping the fact that that nearby geological fault line is a cause for concern.

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And this house does need everything doing to it.

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But it's in a great location with those sea views.

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So let's see who bid for this one as we head for auction.

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Semi-detached house for total refurbishment.

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Start me at £115,000, lower end of the guide.

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115 I've got. 120 now do I see? 120.

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120. And 5. 125.

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130. 130 anywhere? 130. And 5.

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135. And 140. 140 do I see? And 5.

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145. 150.

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155 can I say? 55.

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Fill it up to 60. 160 I'm bid. 160.

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At 160,000 then for the first time.

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£160,000 for the second time.

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If we're all done. All had your chance. It's with you at 160,000.

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Can I have your number, make sure you're not bidding against yourself. What is the number?

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Yep. So I've got £160,000 for the first time.

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£160,000 bid for the second time.

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Third and final time at £160,000.

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Are we all done? It's yours at 160. The number again, please.

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8843. No, it's the number in front that I've taken cos you didn't hold your number up.

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8843 is the one I'm taking. And that's £160,000.

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That's the number I asked to be held up. You didn't hold your number up. That's the one I'm taking.

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'Oh, dear. There was some confusion there.

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'The auctioneer took the final bid from the chap in front.

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'It's a very rare occurrence, but as with a sports referee,

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'the auctioneer's word is final.

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'So for £160,000, the new owners of the house

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'are Ashford-based joiner David and his wife Carol.

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'They bought this as their first investment property after David was made redundant.'

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-So why have you bought this property?

-Hopefully to make some money.

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-So is this an investment opportunity?

-Investment. Most definitely, yes,

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'David worked for 45 years in the construction industry as a carpenter-joiner.

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'He's owned and worked for various different businesses over the years

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'so he's no rookie at the building game.'

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David, why have you chosen to take on such a project?

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Because this is a big job.

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Is it a big job? I've done it all my life.

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-You have got that rather large crack up in the bedroom.

-Yes.

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-Do you think that is subsidence?

-What I can see upstairs, I don't think it's subsidence.

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There's some movement there, certainly, but looking around the house,

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on the exterior I can see no signs of any movement at all.

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What did you think when you went outside and you saw all the uneven terrain,

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you've got lots of steps, walls crumbling, the walls are bowed,

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what did you think when you saw that?

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-We didn't know about the walls, did we?

-We didn't know about the walls.

0:20:370:20:41

When we viewed the property, the grass was quite a lot higher.

0:20:410:20:46

There was pampas grass covering 90 percent of the path.

0:20:460:20:51

-Yeah.

-We didn't see it. I didn't see it.

0:20:510:20:54

'So David did miss a few things, but with those 45 years' experience in construction,

0:20:550:21:00

'he does know how to sort them out and doesn't seem too worried by them.'

0:21:000:21:04

And how much do you intend spending on this, David?

0:21:040:21:07

I budgeted around about 27, 28, so let's say a budget of £30,000.

0:21:070:21:13

If we got to £30,000, alarm bells would ring.

0:21:130:21:16

Hopefully, we should stick to budget.

0:21:160:21:19

-What is it you do?

-I'm an accountant.

0:21:190:21:21

-So you're the lady that does the money!

-Yes. And the buying, probably.

0:21:210:21:25

-And what I tell her to do.

-Yes.

-Is that right?

-I'm the labourer.

0:21:250:21:29

-On this project, I'm the labourer.

-As a team, do you think you'll work well together?

0:21:290:21:34

We've worked probably for... We've been married 39 years

0:21:340:21:38

-so we've probably worked together for two thirds of that.

-At least, yeah.

0:21:380:21:43

Are you really excited to get started? Is this something you really want to do?

0:21:430:21:48

Oh, yes! We've wanted to do this as a business for a number of years.

0:21:480:21:54

-But other well-paid jobs have come in the way.

-Yeah.

0:21:540:21:59

'So after years of patiently waiting,

0:21:590:22:01

'they've now got a chance to take on their own project.'

0:22:010:22:04

-# Take me on

-# Take on me

0:22:040:22:10

At a time when most people are looking forward to taking it easy,

0:22:100:22:14

David is hoping to start new career as a property developer.

0:22:140:22:18

There's no doubt they both have the skills and the knowledge to do this work that's needed,

0:22:180:22:23

but property developing is never straightforward,

0:22:230:22:26

especially with possible subsidence issues.

0:22:260:22:29

So will they get the work done in time and on budget?

0:22:290:22:33

Keep watching and you can find out later on in the programme.

0:22:330:22:37

'Coming up, on closer inspection, I'm baffled by the low guide price for this house in Shirebrook.'

0:22:380:22:44

Still nothing untoward to report.

0:22:440:22:47

'In Kent, it seems the earth did move at this 1970s throwback.'

0:22:470:22:52

Folkestone had an earth tremor or quake and it probably stems from that.

0:22:520:22:58

'But first, in Shropshire, the fire damaged property turned out to be heavy work.'

0:23:000:23:04

They took 80 tonnes of rubbish off here.

0:23:040:23:07

'I'm back in Telford, Shropshire, where this two-bed end-terrace

0:23:120:23:16

'had suffered some bad fire and smoke damage.

0:23:160:23:19

'Norman bought it at auction for £58,000. He owns his own roofing business

0:23:190:23:25

'but is looking to move into his other career, property development, full-time.

0:23:250:23:30

'Luckily, he knew what he was getting into.'

0:23:300:23:33

It does, at first glance, look to be in a right old state.

0:23:330:23:36

Do you think that works in your favour?

0:23:360:23:39

Yes, I think so. I think it would probably put quite a few people off.

0:23:390:23:42

But most of the people that have a good knowledge of the building trade would see it's mostly cosmetic.

0:23:420:23:48

'Cosmetic does seem a bit of an understatement for what this house has suffered.'

0:23:490:23:54

# In the big, black smoke

0:23:540:23:57

# In the big, black smoke

0:23:580:24:02

'So, it's just ten weeks later, and judging by the outside,

0:24:040:24:08

'I'm guessing there's quite a transformation inside.'

0:24:080:24:11

# Wow, wow, wow, wow

0:24:110:24:15

# Wow, wow

0:24:150:24:17

# Unbelievable

0:24:170:24:20

'The sitting room was the source of the fire, but is now unrecognisable

0:24:200:24:25

'with freshly plastered walls and a lighter colour scheme.

0:24:250:24:29

'UPVC double-glazed windows have been installed here

0:24:290:24:32

'and throughout the property.

0:24:320:24:35

'Due to the level of damage inflicted by the fire,

0:24:360:24:39

'all the electrics in the house were replaced.

0:24:390:24:42

'Through to the back is the kitchen, which is now unrecognisable from before.'

0:24:450:24:50

In here was very badly smoke damaged.

0:24:520:24:54

All the units were quite old, so we decided to replace the whole kitchen.

0:24:540:24:58

New radiators, new central heating boiler, which originally was upstairs.

0:24:580:25:02

And we're very pleased with the way it's turned out. It's brightened it up and made a nice job of it.

0:25:020:25:08

'A nice job indeed. The transformation continues upstairs,

0:25:110:25:15

'starting with the staircase itself.

0:25:150:25:18

'Both bedrooms have been brought back to life, replastered and painted.

0:25:200:25:24

'There are new windows, radiators and doors.

0:25:260:25:32

'The nightmare that had been the bathroom is now clean and contemporary

0:25:320:25:37

'with brand new fixtures and fittings.

0:25:370:25:41

'So that's the interior renovations. How about the exterior?'

0:25:410:25:46

OK, outside was very badly smoke damaged.

0:25:460:25:50

The windows had melted and the brickwork was badly marked.

0:25:500:25:54

So we steam-cleaned the brickwork and generally cleaned all the front up,

0:25:540:26:00

added new porches to the front and the side, just to brighten the property up,

0:26:000:26:04

with turf and the stone paths, as you can see.

0:26:040:26:08

'Norman really has achieved so much with this development in difficult circumstances.

0:26:080:26:13

'And those are reflected in the name he's given it.'

0:26:130:26:16

We're going to call it Molly's Cottage, cos unfortunately, my mum passed away

0:26:160:26:20

a couple of days after we filmed the first part unexpectedly,

0:26:200:26:25

so just in her memory, really. She was a big influence on all her children

0:26:250:26:29

and I just wanted to do that in her memory more than anything.

0:26:290:26:34

'Molly's Cottage also had a garden that needed attention.

0:26:400:26:44

'Originally piled high with rubbish, this has now been cleared

0:26:440:26:47

'to reveal perhaps more than just a garden.'

0:26:470:26:50

We took an awful lot of rubbish off here. There was sheds and all sorts.

0:26:510:26:56

We took 80 tonnes of rubbish off here.

0:26:560:27:00

When we cleared it, we thought we've probably got a plot big enough to have a small detached house,

0:27:000:27:05

a similar size to the one we've just renovated.

0:27:050:27:08

So that's what we've done. We've got an unofficial opinion from Telford and Wrekin, it was quite positive,

0:27:080:27:13

and over the next fortnight, we're going to apply for full planning consent

0:27:130:27:17

for a detached dwelling with off-road parking for this new house and the property next door.

0:27:170:27:24

'Well, grand plans that could certainly make quite a few grand.

0:27:240:27:29

'Norman's confident that the proposed tightening of regulations

0:27:290:27:33

'on building on garden plots won't affect this project.

0:27:330:27:36

'But did all this impact on his costs?'

0:27:360:27:39

The original budget was £16,000, 16 to 20,

0:27:390:27:44

and it came in just under the top end of the budget at about £19,500.

0:27:440:27:48

'So just within budget. It seems as though Norman has realised

0:27:480:27:52

'the full potential of this property and there could be healthy profits.

0:27:520:27:56

'We asked a couple of local estate agents for their thoughts.'

0:27:560:28:00

It's a lovely property. I think the guy's done a fantastic job considering the state it was in.

0:28:020:28:07

Throughout he's used contemporary fittings, it's very modern,

0:28:070:28:12

nice and light, so it should be pretty popular.

0:28:120:28:14

First impressions, nice quality finish, there are nice touches with door furniture,

0:28:170:28:22

stainless steel handles, good quality sanitary fittings.

0:28:220:28:25

Overall, a nice job.

0:28:250:28:27

'Norman bought the place for £58,000

0:28:280:28:31

'and has spent just under £20,000 renovating it.

0:28:310:28:34

'So with a total spend of almost £78,000,

0:28:340:28:37

'what kind of profit could he be looking at?'

0:28:370:28:39

In the current market, I think you'd probably be looking in the region of £80,000 to £85,000.

0:28:390:28:45

I would go to the market today, in its current state, at £95,000.

0:28:450:28:50

95 is more like it, I think. The 80 to 85 sounds far too cheap.

0:28:500:28:55

'Let's hope so, otherwise the profit Norman could make is only a little over £2,000.

0:28:560:29:02

'What would it be worth as a rental?'

0:29:020:29:05

I'd expect roughly around £475 per calendar month.

0:29:050:29:09

I would suggest in the region of £500 to £525 per calendar month.

0:29:090:29:14

That's exactly what we were thinking.

0:29:140:29:16

'Good. But how about the ace up Norman's sleeve, the garden plot?

0:29:160:29:21

'On its own and with planning permission, it will be worth around £40,000.

0:29:210:29:26

'He reckons his build costs for a two-bedroom house would be around 50 grand.

0:29:260:29:30

'How much could he sell it for?'

0:29:300:29:32

A two-bedroom detached dwelling on that size of plot

0:29:320:29:35

I think will achieve in the region of £100,000 to £105,000.

0:29:350:29:38

Depending on finish, I think you could be looking anywhere in the region of £120,000.

0:29:380:29:43

I was thinking around 105, something like that,

0:29:430:29:46

but 120 sounds on the good side, so that would be good.

0:29:460:29:50

'In this scenario, Norman's total spend would be around £128,000

0:29:500:29:56

'and based on these valuations,

0:29:560:29:58

'he could be in for a tidy pre-tax profit of £50,000 to £90,000.

0:29:580:30:03

'He's certainly spotted a perfect opportunity here.'

0:30:030:30:06

# Oh, there's a lot of opportunities

0:30:060:30:11

# If you know when to take them

0:30:110:30:14

'Fantastic news for Norman.

0:30:150:30:18

'If planning permission comes through, he stands to clean up very satisfactorily here.

0:30:180:30:22

'And he's not finished yet.'

0:30:220:30:25

# You've got the brawn, I've got the brains

0:30:250:30:28

# Let's make lots of

0:30:280:30:31

We've bought another property in Wellington, about fives miles from here.

0:30:310:30:35

It's very badly smoke damaged but no real fire damage,

0:30:350:30:38

so it's just back to decoration as the plaster, hopefully, won't have to come off.

0:30:380:30:43

'Norman expects to get informed approval from the local planners very soon,

0:30:430:30:48

'then he can apply for full planning permission. He's confident it'll all go ahead. And we wish him luck.'

0:30:480:30:55

'Today I've come to Shirebrook in Nottinghamshire.

0:30:590:31:03

'It's a former pit town located in the Leen Valley.'

0:31:030:31:06

This is Leen Valley Drive, a residential part of Shirebrook. Looks fairly pleasant.

0:31:060:31:12

I'm here to see a house which on the face of it looks absolutely marvellous.

0:31:120:31:16

Three-bedroom, modern-built semi-detached.

0:31:160:31:19

Had a guide price of £68,000. What could possibly be wrong?

0:31:190:31:23

Wait and see.

0:31:240:31:26

# Suspicion torments my heart

0:31:260:31:30

# Suspicion keeps us apart

0:31:300:31:34

'From the outside, first impressions are good.

0:31:340:31:37

'The windows are all double-glazed, there's a drive and a modest front garden.

0:31:370:31:41

'All very pleasant.

0:31:410:31:43

'But with the average house on the street selling for around £105,000,

0:31:430:31:48

'there must be a reason for that £68,000 guide price. Let's investigate.'

0:31:480:31:53

What have we got? On the face of it, looks pretty good. Living room. Laminate flooring.

0:31:530:31:58

Bay window, nice to have. Not sure about the fireplace.

0:31:580:32:01

Possibly a little bit too grand for the style of house.

0:32:010:32:04

But that's not a big problem.

0:32:040:32:07

Through to the kitchen and, again, I actually quite like this little area.

0:32:070:32:11

Lots of light from the windows, views out onto the garden and onwards.

0:32:110:32:16

A useful dining area there.

0:32:160:32:18

The kitchen itself, the units aren't brilliant

0:32:180:32:21

but if you're renting the place out, you could get away with those.

0:32:210:32:26

So all in all, downstairs,

0:32:260:32:29

very practical, not too bad. So far.

0:32:290:32:33

# Suspicion, why torture me?

0:32:330:32:37

'Admittedly, that view from the kitchen is of an untidy stretch of ground

0:32:380:32:42

'disguised as a garden. The shed has certainly seen better days.

0:32:420:32:46

'However, it's all a reasonable size.'

0:32:460:32:48

So, upstairs how does it fare? Well, not too bad.

0:32:510:32:55

We've got a bathroom and loo, two double bedrooms and a box room.

0:32:550:32:59

The carpet could do with replacing, but that's trivial. Needs a bit of paint.

0:32:590:33:03

Again, fairly inexpensive and trivial.

0:33:030:33:06

So, nope.

0:33:060:33:08

Still nothing untoward to report.

0:33:080:33:12

'The bathroom is pretty cramped, but the essentials are all there.

0:33:120:33:16

'The two main bedrooms are spacious, although in need of redecoration.

0:33:160:33:20

'As is the box room. There are radiators already fitted throughout.

0:33:220:33:27

'So, all in all, this semi-detached built in 1981 has much to recommend it.'

0:33:270:33:33

So what could possibly be wrong with this house? Well, it's the dreaded S word.

0:33:360:33:42

Subsidence. I've been doing my research, talking to local estate agents,

0:33:420:33:46

and I've discovered that this area, in particular this street,

0:33:460:33:49

has got a history of subsidence due to the mining that went on in this area.

0:33:490:33:53

And I've found out something really interesting.

0:33:530:33:56

That is number 46.

0:33:560:33:59

That is number 42.

0:33:590:34:02

And the subsidence was so bad in number 44...

0:34:020:34:05

..they had to knock it down.

0:34:060:34:09

This house itself has had subsidence in the past

0:34:090:34:12

but it's had remedial work to sort it out.

0:34:120:34:14

But in today's market conditions, with mortgage lenders being so precise about what they'll lend on,

0:34:140:34:20

it could give you a problem. If you're not prepared for it, you could find yourself in big trouble.

0:34:200:34:25

'This house is now in good condition

0:34:250:34:28

'but the history of the area will always impact on its value.

0:34:280:34:32

'So to find out if this is a gold mine or just a hole in the ground,

0:34:320:34:37

'I asked a local estate agent to shed some light.'

0:34:370:34:40

With Shirebrook being a former colliery community,

0:34:400:34:43

yes, there were some mining subsidence issues,

0:34:430:34:46

in particular with this property. Directly to the side of it

0:34:460:34:51

there is a geological fissure which activated round about 1991.

0:34:510:34:56

There was quite a lot of money spent on this property with underpinning

0:34:560:35:00

and then subsequent repairs by the Coal Board, who bought the property

0:35:000:35:05

and undertook the repairs themselves.

0:35:050:35:07

The knock-on effect is, because of the amount of works that would have been done,

0:35:070:35:12

there is a possibility that this property is no longer mortgageable.

0:35:120:35:17

'So whoever buys this probably needs to pay cash.

0:35:170:35:20

'Does that make it a good buy-to-let proposition? If so, what kind of rental might it earn?'

0:35:200:35:25

The property would be well-received to the rental market

0:35:250:35:29

and I would be looking for £495 to £525 per calendar month.

0:35:290:35:33

'If at some point the new owners decided to sell on,

0:35:330:35:36

'what kind of price could they hope to achieve?'

0:35:360:35:39

This particular property I would be looking to value in the region of £85,000.

0:35:390:35:44

Because of its history, there may be problems with resale

0:35:440:35:48

with the mortgage eligibility,

0:35:480:35:51

and so I would suggest rental rather than resale.

0:35:510:35:54

So, a nice enough house, for sure, but one that has a chequered history

0:35:560:36:00

that could affect getting a mortgage and its resale value.

0:36:000:36:04

So buyer beware, check out the area, read the legal pack

0:36:040:36:08

and then let's see who bought it at the auction.

0:36:080:36:11

Where do you want to be? Start me where you will. 74, may I suggest?

0:36:150:36:19

Start me at 65, then.

0:36:190:36:21

Make progress. 65,000.

0:36:210:36:24

65 is bid. Thank you. At £65,000.

0:36:240:36:27

66 to move it on. 66 is bid on the left.

0:36:270:36:30

At £66,000. 67.

0:36:300:36:33

67 is bid.

0:36:330:36:35

68 is bid. At 68,000.

0:36:350:36:37

At £68,000. I'll take the half if it'll help you.

0:36:370:36:41

68 and a half. At 68 and a half. £69,000?

0:36:410:36:46

£68,500 is the bid. 69 somewhere else?

0:36:460:36:50

I've got you. Thank you. 69.

0:36:510:36:54

At 69,000. 500. 69,500. 70 for you, sir?

0:36:540:36:59

70,000.

0:36:590:37:01

500?

0:37:010:37:03

£70,000 is bid against you. 70 and a half?

0:37:030:37:06

At £70,000, then. We're going to sell. 70 and a half.

0:37:060:37:10

71. 71,500.

0:37:100:37:13

72,000.

0:37:130:37:15

72,500. 73,000.

0:37:150:37:18

73,500?

0:37:180:37:21

£73,000. 500.

0:37:210:37:23

74 is bid.

0:37:230:37:25

At 74. The bids are all yours. 74,500?

0:37:250:37:29

At £74,000, we'll sell. Once, twice, third time.

0:37:290:37:34

Second thoughts? Sold to you, sir, 74,000.

0:37:340:37:38

'With that final bid of £74,000, the new owner is Lee.

0:37:380:37:42

'He was born in Shirebrook and worked in the pits for 13 years until they closed.

0:37:420:37:47

'He then moved away, but now he's returned and wants to embark on a career as a property developer.'

0:37:470:37:53

-Lee, congratulations.

-THEY LAUGH

-Why do you want to buy the house?

0:37:550:38:00

Well, I like the position it's in. I've lived in Shirebrook for a long time

0:38:000:38:05

and I've always wanted a place up here.

0:38:050:38:09

-What is it about Shirebrook that you like so much?

-Well, it's where I was born and bred.

0:38:090:38:14

Erm, I know more or less everyone that lives around this area.

0:38:140:38:19

So why did you buy it? Is it for you to live in or an investment?

0:38:190:38:23

Well, both. Investment, I'm going to live in it,

0:38:230:38:28

but it was up at the auction and the price it was going for,

0:38:280:38:33

-I thought it was time to buy, and this was the perfect property to get.

-Right.

0:38:330:38:38

So you know about the area, then?

0:38:380:38:40

-You know about the history of subsidence in properties in this area, then?

-Yeah.

0:38:400:38:44

It doesn't worry me. Cos I think anything can be sorted. The pit's been shut over ten years now.

0:38:440:38:51

I think the ground has probably settled.

0:38:510:38:53

If there was subsidence in this property, we'd have seen it by now.

0:38:530:38:56

'When the Shirebrook pit closed, Lee moved to Whitby and retrained as a bus driver.

0:38:560:39:03

'He spent seven years living and working in York,

0:39:030:39:05

'but then suffered some ill health that meant a change of direction.'

0:39:050:39:09

About a year ago, I discovered I'd got a bit of a brain tumour.

0:39:100:39:15

-A bit of a brain tumour?

-A brain tumour, which stopped me from driving.

0:39:150:39:20

So now, I've thought, well, sell my house in York, which has gone up quite a lot,

0:39:200:39:25

and buy a property hopefully to renovate, sell on, and try and make a living.

0:39:250:39:32

So what happened on the whole health front?

0:39:320:39:36

Well, it's been took out now and I've been given the all-clear.

0:39:360:39:39

I'm generally on the mend again. Got to wait a couple of years to get my licence back.

0:39:390:39:44

And, er, take it from there, decide what to do then.

0:39:450:39:49

-I don't suppose any problems you'd encounter here could be anything in comparison, really.

-Nothing can. No.

0:39:490:39:54

-Did you buy this with cash, then?

-I did, yeah.

-So you didn't have to get a mortgage?

0:39:540:39:59

-No.

-No. That's great. What are you going to do with it, then?

0:39:590:40:03

Generally, erm, everything what you can see in it, at the moment, is going.

0:40:030:40:09

New floorings everywhere, new kitchen, take the bathroom out,

0:40:090:40:13

retile the bathroom and put the bathroom back in cos it's a new bathroom.

0:40:130:40:17

And, erm, the garden, probably turf it all, pebble it. I'm not sure yet.

0:40:170:40:23

-Fantastic! So, what kind of budget have you got?

-Roughly between £8,000 and £10,000 should do it.

0:40:230:40:30

-Will you do a lot of the work yourself?

-Yeah. I'd say, probably 70 percent of it.

-Right.

-Yeah.

0:40:300:40:37

So in terms of timescales?

0:40:370:40:39

-Probably about eight weeks. Something like that.

-To get it all sorted.

0:40:390:40:44

-And then the idea is that you move into it?

-Yeah. Yeah.

-Well, we wish you the best,

0:40:440:40:49

and delighted that you're fully recovered health-wise. Good luck with this.

0:40:490:40:54

Well, there you go. Lee giving a poignant reminder that, compared to your health,

0:40:560:41:02

any problems that you may encounter when it comes to a property are trifling in comparison.

0:41:020:41:08

We wish him all the best with the renovation and you can find out how he gets on later in the show.

0:41:080:41:14

Well, time and tide wait for no man. And in the property world, time usually means money.

0:41:180:41:24

So let's go back and see how that time, and cash, has been spent.

0:41:240:41:28

'We've returned to Hythe in Kent, where this three-bed semi-detached

0:41:320:41:36

'sold at auction for £160,000, to David and his wife Carol.

0:41:360:41:41

'David's a professional joiner and carpenter

0:41:410:41:44

'with 45 years experience in the building trade under his belt and Carol's an accountant.

0:41:440:41:49

'Together they plan to develop properties, David doing the heavy work, Carol in charge of the books.

0:41:490:41:55

'However, his experience was put to the test as soon as he saw this place.'

0:41:550:42:00

What did you think when you went outside and you saw all the uneven terrain,

0:42:000:42:04

you've got lots of steps, walls crumbling, the walls are bowed down there.

0:42:040:42:07

What did you think when you saw all that?

0:42:070:42:10

-We didn't know about the walls, did we?

-We didn't know about the walls.

0:42:100:42:13

When we viewed the property the grass was quite a lot higher,

0:42:130:42:18

and to be perfectly honest, we didn't see it. I didn't see it.

0:42:180:42:23

'The garden was hiding evidence of movement, as were the lintels in the upstairs bedroom.

0:42:230:42:29

'That could have been because this street is built over a fault line.

0:42:290:42:33

# These little earthquakes

0:42:340:42:38

'All in all, the property was in quite a state.'

0:42:390:42:44

# Then you came

0:42:440:42:48

# To save the day

0:42:480:42:50

'We've come back four months later to see how David got on.'

0:42:500:42:54

# Now I'm not alone

0:42:540:42:57

# It's like I'm born again

0:42:570:43:01

# It's like I can breathe again

0:43:010:43:06

# And the sun is coming up

0:43:060:43:10

# For the very first time

0:43:100:43:12

'The main hallway used to be a vivid throwback to the 1970s.

0:43:140:43:18

'But now, on entering, I'm just amazed by how much light he's poured into the former dingy den.

0:43:180:43:25

'Upstairs, the old bathroom had definitely seen better days,

0:43:330:43:37

'but now it's been brought bang up-to-date

0:43:370:43:40

'with a cool, contemporary look, featuring modern fixtures and fittings.

0:43:400:43:44

'All three bedrooms, which had been in dire need of redecoration, have had a total makeover,

0:43:500:43:56

'with new plaster, paint, carpets, and UPVC windows throughout.

0:43:560:44:01

'Signs of movement have been eradicated as David got to the bottom of the problem.'

0:44:040:44:10

Folkestone had an earth tremor or a quake, whatever you want to call it,

0:44:110:44:16

two or three years ago. And it probably stems from that.

0:44:160:44:20

At the end of each lintel, and I had this all the way through the house,

0:44:200:44:25

there was something like a 40 mil gap

0:44:250:44:30

that had been filled with some plaster substance,

0:44:300:44:34

that was very soft and you could just rake out,

0:44:340:44:37

which I did, cleaned it out, made good block work where it needed.

0:44:370:44:43

It's all OK.

0:44:430:44:46

'The house now has a solid structure and David has seen no further evidence of movement anywhere else.

0:44:470:44:53

'Downstairs, the original kitchen was completely dilapidated.

0:44:550:44:58

'It even had holes in the floor where rats were coming and going.

0:44:580:45:02

'Now the kitchen has been completely transformed,

0:45:040:45:07

'with new units...

0:45:070:45:09

'..worktops...

0:45:110:45:13

'..and appliances, complemented by bold tiling,

0:45:150:45:20

'and new oak laminate flooring.

0:45:200:45:22

'Thankfully, this is now no place for a rat.

0:45:240:45:27

'The sitting room has also been brought back to life.

0:45:280:45:33

'And the 70s fireplace removed.

0:45:330:45:37

'And where once the garden had been trying to get in through the door,

0:45:380:45:42

'now there are patio doors that lead out into the garden.

0:45:420:45:46

# I built this garden for us

0:45:460:45:50

'And that derelict garden has been cleared and re-turfed.'

0:45:500:45:54

# I built this garden for us

0:45:540:45:56

'Al fresco dining is now an option on the new decking...'

0:45:560:46:01

# I built this garden for us

0:46:010:46:03

'..with lovely views over the Hythe rooftops towards the sea.'

0:46:030:46:07

# I built this garden for us

0:46:070:46:10

'At the bottom of the garden, the steps and walls

0:46:110:46:14

'that used to show worrying indications of movement have been rebuilt and restored.'

0:46:140:46:19

When we first took it over, where I'm walking now, you couldn't see.

0:46:190:46:25

We've discovered that there was a path here, which extended down to the steps here,

0:46:250:46:31

which were all higgledy-piggledy, out of level, all been taken out and renewed.

0:46:310:46:37

The garden itself was a total mess,

0:46:370:46:41

brambles, small ash trees growing here, there and everywhere.

0:46:410:46:47

Just running wild, really.

0:46:470:46:49

So we've levelled it, turfed it,

0:46:490:46:53

put the laurels in,

0:46:530:46:55

just really made it look as nice as we can.

0:46:550:46:58

# In this garden

0:46:580:47:02

# This lovely garden

0:47:020:47:05

'An incredible transformation and a real labour of love.

0:47:050:47:08

'But has the high quality of finish taken its toll on the outlay?'

0:47:080:47:12

First off, we had a budget of £30,000.

0:47:120:47:16

On the house, no problems at all.

0:47:160:47:21

I've overspent on the garden.

0:47:210:47:25

But, again, I'm using that as a marketing tool.

0:47:250:47:28

Because if you don't, it's going to be off-putting.

0:47:280:47:32

You want something to entice people into the inside of the house, get them over the threshold.

0:47:320:47:38

'Good thinking, David.

0:47:400:47:42

'He bought the place for £160,000. He spent 30 grand on the house.

0:47:420:47:48

'And a further £1,500 on the garden, making a total of just over £190,000.

0:47:480:47:55

'So, how much value could he have added?'

0:47:550:47:59

It's a very saleable property because of the fact that

0:48:000:48:03

it's near the sea, and views, and near the town centre.

0:48:030:48:08

The garden is really super. I saw it before they did the work.

0:48:080:48:11

It's been a total transformation.

0:48:110:48:14

You've got the decking right the way across the back,

0:48:140:48:17

fabulous south-facing garden, take full advantage of that sun in the summer.

0:48:170:48:22

The property has changed beyond belief. It's quite incredible to see the changes that can be made.

0:48:220:48:29

Last time we were here, when you came inside the property there was evidence of rats,

0:48:290:48:34

it had been damp, everything needed doing.

0:48:340:48:36

Of course, now we come back to what is almost a brand new home.

0:48:360:48:41

It's quite astounding.

0:48:410:48:43

'Very positive comments on the development.

0:48:440:48:47

'How much do they think it could be worth if sold?'

0:48:470:48:50

I would recommend marketing the property

0:48:500:48:53

in the region of £235,000 to £240,000.

0:48:530:48:59

I think we'd be recommending it came to the market at £250,000.

0:48:590:49:04

Oh! The 250 surprises me, to be honest.

0:49:040:49:09

It's a nice surprise though, isn't it? HE LAUGHS

0:49:090:49:12

'It certainly is!

0:49:120:49:15

'Taking the more optimistic valuation, that's a pre-tax profit of just short of £60,000,

0:49:150:49:20

'minus the usual selling fees. What about rental?'

0:49:200:49:24

We'd be looking at a rental value of

0:49:240:49:27

between about £800 to £825 per calendar month.

0:49:270:49:31

The property would easily rent out for a price in the region of

0:49:310:49:35

around about £750 per month.

0:49:350:49:39

More or less exactly what we thought.

0:49:390:49:42

So we must have done our sums right. HE LAUGHS

0:49:420:49:47

'Since filming, David has accepted an offer of £234,000,

0:49:470:49:52

'a profit of over 40 grand,

0:49:520:49:55

'and is looking for his next investment property.

0:49:550:49:58

'I've got to hand it to you, David, you've done an amazing job.

0:50:000:50:04

'Congratulations!'

0:50:040:50:07

'We're back in Shirebrook, where this three-bed end-of-terrace

0:50:130:50:17

'was sold at auction for £74,000 to Lee.

0:50:170:50:21

'He used to be a bus driver, but decided to go into property developing

0:50:210:50:25

'after recovering from a brain tumour.

0:50:250:50:27

'As a former resident of Shirebrook, he knows the area's mining history,

0:50:270:50:32

'its associated issues with subsidence, and the impact on property values.'

0:50:320:50:37

So, you know about the area, then?

0:50:370:50:39

-Oh, yeah.

-You know about the history of subsidence of properties in this area?

0:50:390:50:44

It doesn't worry me because I think anything can be sorted.

0:50:440:50:48

The pit's been shut over ten years now. And I think the ground has probably settled.

0:50:480:50:54

'Let's hope Lee is correct on that.

0:50:560:50:58

'His plan was to upgrade the property by redecorating,

0:50:580:51:02

'installing a new kitchen and clearing the garden.

0:51:020:51:06

'We've come back six months later to see how he's got on.

0:51:080:51:12

'The living room was in fairly good condition, but needed updating.

0:51:130:51:17

'Lee has achieved this by decorating the place,

0:51:170:51:20

'laying a neutral carpet, and installing a modern gas fire.

0:51:200:51:24

'Through in the kitchen is where Lee has done most work, completely changing the layout.'

0:51:320:51:38

The main door as you walked in was there. And it had a breakfast bar going along here

0:51:410:51:47

which meant there were no units there.

0:51:470:51:50

So what I decided to do, so we could have a square kitchen, was to brick the main door up,

0:51:500:51:56

brick the pantry up, and put the main doors over that way.

0:51:560:52:01

So I could have the kitchen fitted like a square.

0:52:010:52:05

'Outside the kitchen, through the new patio doors, Lee has totally cleared the garden.

0:52:050:52:11

'So he can really enjoy those fantastic views.'

0:52:110:52:16

# I can see for miles and miles

0:52:160:52:19

# And miles and miles

0:52:190:52:23

# And miles

0:52:230:52:26

'Upstairs, Lee has completely redecorated the three bedrooms in neutral colours.

0:52:260:52:32

'In the bathroom, the suite has stayed the same, but it's all been retiled and a new floor laid.

0:52:360:52:43

'Now that most of the work has been completed after many gruelling six and seven day weeks,

0:52:460:52:51

'has Lee decided whether he's going to live here, rent it out or sell the property?'

0:52:510:52:56

I'm going to stay in it for a while.

0:52:560:52:59

It's been six months, but it's been six months hard work,

0:52:590:53:03

so it's time to sit back and relax for a while.

0:53:030:53:07

And then look at it in probably three months' time.

0:53:070:53:10

'So now the job's almost over, how did he get on with his budget of £8,000 to £10,000?'

0:53:130:53:19

The budget is, it's gone round about 10,000 or 11,000,

0:53:190:53:24

but that's because we've had to buy all the tools to do the work with.

0:53:240:53:29

Skill saw and things like that, they don't come cheap.

0:53:290:53:33

'They certainly don't, but they are an investment

0:53:330:53:37

'if Lee goes on to develop more properties in the future.

0:53:370:53:40

'Lee bought the house for £74,000 and has spent £11,000 on the renovation,

0:53:460:53:51

'making a total outlay of around £85,000.

0:53:510:53:55

'How have his efforts affected the value?

0:53:550:53:58

'We asked a couple of local estate agents for their opinions.'

0:53:580:54:02

The layout, with removing the breakfast bar, has been good.

0:54:050:54:08

Whether the removal of the door will work in future, we'll wait and see.

0:54:080:54:12

The property has undergone a recent course of improvements in terms of redecoration.

0:54:160:54:21

It offers light and spacious accommodation.

0:54:210:54:24

I like the view from the upstairs bedroom window.

0:54:240:54:27

'So in the current market, how much could Lee rent it out for?'

0:54:270:54:32

Similar properties in this area we are currently renting out for £450 to £475 per calendar month.

0:54:320:54:38

For this type of property, I would be looking between £475 and £495 per calendar month,

0:54:380:54:44

and yes, there is a good demand at this moment in time.

0:54:440:54:47

'That's a potential yield of between six and seven percent.

0:54:470:54:51

'It would make the house a nice little earner. Is Lee tempted?'

0:54:510:54:55

No, I would not rent it out, erm,

0:54:550:54:58

and if I did, it would be for about £550. I know I could get that for it.

0:54:580:55:04

'If Lee doesn't want to rent the house out, he either needs to live here or sell it on.

0:55:060:55:11

'And that could be the problem. This area has suffered from subsidence in the past.

0:55:110:55:16

'But he's confident he's done his research.'

0:55:160:55:19

I've looked into the history of this property and it's been underpinned,

0:55:190:55:23

it's had all the work done. So there's no problem with it.

0:55:230:55:27

The property does have subsidence history, and I would need to know fully the facts concerning that

0:55:270:55:32

before I could commit to the mortgageability of the property.

0:55:320:55:35

I honestly believe that this property would not sell easily

0:55:350:55:40

on the open market, if at all, because of its history.

0:55:400:55:43

'That subsidence problem doesn't want to go away. And even if Lee is right,

0:55:460:55:51

'these previous issues can sometimes stick, rendering the property unmortgageable.

0:55:510:55:56

'But what about cash purchaser, which is how Lee bought it at auction.

0:55:560:56:00

'What could its resale value be in that case?'

0:56:000:56:04

Assuming it has to be for a cash buyer, we'd be looking at offers probably in the region of £70,000.

0:56:040:56:10

As a cash buyer at this moment in time, I would be looking £80,000 to £85,000.

0:56:100:56:15

Obviously they haven't done their homework at all, where I have.

0:56:150:56:20

I did my homework before I bought it.

0:56:200:56:24

I mean, I've got a friend three doors up, his house is up for £115,000.

0:56:240:56:30

'Lee plans to live here for the moment so these valuations are not really an issue for him.

0:56:330:56:38

'He's ended up with a lovely new home in the town where he grew up.

0:56:380:56:43

'And he's gained vital experience for his future developments.'

0:56:430:56:47

Well, we hope you've enjoyed today's property portfolio.

0:56:520:56:55

-Join us next time for more brave buyers' stories on Homes Under The Hammer.

-We'll see you then.

-Goodbye.

0:56:550:57:02

Subtitles by Red Bee Media Ltd

0:57:030:57:07

E-mail [email protected]

0:57:070:57:11

.

0:57:110:57:11

Martin Roberts and Lucy Alexander visit a two-bed end-of-terrace in Telford, a semi-detached house in Kent and a property in Nottinghamshire.

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