0:00:02 > 0:00:05These are difficult times in property, so it's not surprising
0:00:05 > 0:00:07people are sitting tight to ride out the storm.
0:00:07 > 0:00:11That's right, the days of an easy profit appear to be on hold.
0:00:11 > 0:00:16- Today's purchaser needs their sums worked out and spreadsheets at the ready.- But you know what?
0:00:16 > 0:00:22If you do your research, there are still bargains to be had when you buy your home under the hammer.
0:00:47 > 0:00:51On Homes Under The Hammer, it's not just the properties that make the show.
0:00:51 > 0:00:55No, it's the people behind the bids that are just as interesting.
0:00:55 > 0:00:58Without the developers, we couldn't uncover the true potential
0:00:58 > 0:01:02or even the horrors that lurk inside some of the houses.
0:01:02 > 0:01:04Let's find out what's on today's show.
0:01:05 > 0:01:08Just what period IS this house?
0:01:08 > 0:01:12Georgian houses are all about elegance and symmetry.
0:01:12 > 0:01:14This house is neither.
0:01:15 > 0:01:19In this Kent flat, I check out the mod cons. Look at this -
0:01:19 > 0:01:22ironing board! Of course!
0:01:22 > 0:01:24Somewhere to iron your shirts.
0:01:25 > 0:01:28And, two years after it was sold at auction,
0:01:28 > 0:01:32we return to this plot of land in Cheshire to see if it went to plan.
0:01:36 > 0:01:41All these properties have been sold at auction and we'll find out who bought them and what they paid
0:01:41 > 0:01:44- when they went under the hammer. - Sold, 271. Well bought.
0:01:55 > 0:01:57This is the St Leonards area of Exeter,
0:01:57 > 0:02:00often described as a village within a city.
0:02:00 > 0:02:04It is absolutely beautiful. You've got some glorious houses,
0:02:04 > 0:02:07perfect examples of Georgian and Victorian architecture.
0:02:07 > 0:02:10And it is without doubt one of the most desirable postcodes
0:02:10 > 0:02:12in the city.
0:02:13 > 0:02:19If this property is as desirable as the postcode, we're in for real treat.
0:02:19 > 0:02:25So, what am I here to see? Well, it's a four-storey, three-bedroomed gentleman's residence.
0:02:25 > 0:02:28That's it - looks pretty reasonable.
0:02:28 > 0:02:31It's semi-detached with a guide price of £345,000,
0:02:31 > 0:02:35which sounds like a lot of money, unless you realise that a house
0:02:35 > 0:02:38in this street recently sold for over £800,000.
0:02:38 > 0:02:40So maybe it's a bit of a deal.
0:02:40 > 0:02:43However, all is not as it seems.
0:02:44 > 0:02:47It looks Georgian on the outside. I could be wrong,
0:02:47 > 0:02:50but something's not right.
0:02:50 > 0:02:52# I could be wrong
0:02:53 > 0:02:56# I could be right... #
0:02:56 > 0:03:02You see, the thing is, after you've seen as many houses as I have, you get a feeling.
0:03:02 > 0:03:06And you walk into this one and something isn't quite adding up.
0:03:06 > 0:03:11Through the front door, a narrow cramped entranceway, into the front sitting room.
0:03:11 > 0:03:14Obviously, a fairly hideous fireplace.
0:03:14 > 0:03:18The front window, yeah, sash, that's nicely in keeping.
0:03:18 > 0:03:21But I'm noticing some clues here.
0:03:21 > 0:03:23Look at the floorboards.
0:03:23 > 0:03:26There's no way that they are Georgian.
0:03:26 > 0:03:30Look at this window. It could have had rot or whatever, but the size of it is all wrong.
0:03:30 > 0:03:34They didn't build windows this size in Georgian times.
0:03:34 > 0:03:38Georgian houses are all about elegance and symmetry.
0:03:38 > 0:03:40This house is neither...
0:03:40 > 0:03:42so far.
0:03:42 > 0:03:45It doesn't get any better when you come into here.
0:03:45 > 0:03:48Again, it's just the wrong kind of feeling. It's all cramped,
0:03:48 > 0:03:52it's the wrong proportions, you come through into the kitchen and it gets worse.
0:03:52 > 0:03:56There's nothing good about this part of the house at all.
0:03:56 > 0:03:58It's a hotchpotch.
0:03:58 > 0:04:02More stairs going down to, obviously, an exterior area there.
0:04:02 > 0:04:03But you know what?
0:04:03 > 0:04:08There's no way this is an original Georgian or Victorian house.
0:04:08 > 0:04:14A Georgian-looking house on the outside that doesn't look Georgian inside. It's a mystery.
0:04:14 > 0:04:18There is actually very little period character in evidence.
0:04:18 > 0:04:20# It's a mystery
0:04:20 > 0:04:23# Oh, it's a mystery... #
0:04:23 > 0:04:25At the rear of the property,
0:04:25 > 0:04:29not only do you find a small walled garden, but this.
0:04:29 > 0:04:32It's actually a basement area, directly underneath the kitchen.
0:04:32 > 0:04:36But it's not connected to the rest of the house in any way.
0:04:36 > 0:04:39This really is a complete waste of space.
0:04:39 > 0:04:44If you could integrate it with the house somehow, I think that would create that extra room
0:04:44 > 0:04:46that the house could really do with.
0:04:46 > 0:04:50But then...that's a bit strange.
0:04:53 > 0:04:56There's a hole behind there!
0:04:56 > 0:04:59Clearly, there's some kind of hidden area there.
0:04:59 > 0:05:02So possibly even more space, and I'm thinking...
0:05:02 > 0:05:07a staircase from there up into the main part of the house.
0:05:09 > 0:05:11Well, we've been to the bottom, so let's go to the top.
0:05:11 > 0:05:17On the first floor there are two bedrooms and a bathroom, all in need of modernisation.
0:05:17 > 0:05:21Hang on, that's not the top. There's another one above that.
0:05:21 > 0:05:23# It's a mystery
0:05:23 > 0:05:25# Oh, it's a mystery.... #
0:05:25 > 0:05:30Here on the top floor is currently the third bedroom of the house.
0:05:30 > 0:05:35But really, once again, totally out of character with how it should be.
0:05:35 > 0:05:37Very, very bad conversion job.
0:05:37 > 0:05:41You've just got these tiny little doorways and it feels cramped.
0:05:41 > 0:05:46It's absolutely horrible. And it doesn't get any better through here because this is, I think,
0:05:46 > 0:05:51some kind of attic space that someone's had a go at opening up.
0:05:51 > 0:05:55They've put a roof light in there and, well, not a lot else.
0:05:55 > 0:06:02But there's space. You've got the stairs already, that room, do something here to convert this,
0:06:02 > 0:06:06that would give you a fourth bedroom. Perfect.
0:06:06 > 0:06:08But how perfect?
0:06:08 > 0:06:12I asked the auctioneer who sold it what he thinks.
0:06:12 > 0:06:15You've got slightly cottagey accommodation.
0:06:15 > 0:06:18It's OK, it's all there, but it's a little bit small.
0:06:18 > 0:06:21So it's got to be four beds,
0:06:21 > 0:06:22a garden, kitchen room.
0:06:22 > 0:06:26You've got off-street parking, you've got the address.
0:06:26 > 0:06:27It's a winner.
0:06:27 > 0:06:32Not perfect, but with a bit of work, it's a winner in a lovely area.
0:06:32 > 0:06:34This road, Wanford Road,
0:06:34 > 0:06:37is right up there with the Park Lane, Mayfair, of Exeter.
0:06:37 > 0:06:39You've got some beautiful houses.
0:06:39 > 0:06:42You've got the crescent down to the left of us here.
0:06:42 > 0:06:46It's just the place to be in the city if you want to be slightly posh.
0:06:46 > 0:06:49Being posh sounds good to me, but probably comes at a price.
0:06:50 > 0:06:53It could push the 500,000.
0:06:53 > 0:06:57Will it make much over five? With stamp duty kicking in at another percent at 500,
0:06:57 > 0:07:02you've actually got to make something worth 540, 550, 560,
0:07:02 > 0:07:05for it to come through the 500 barrier.
0:07:05 > 0:07:11But if the new owner targets him or herself at around half a million, they won't be far wrong.
0:07:11 > 0:07:13Half a million!
0:07:13 > 0:07:18With Exeter and the airport nearby, it may be worth renting it out.
0:07:18 > 0:07:21Renting's a piece of cake round here.
0:07:21 > 0:07:24But, you'll only get around £1,000 a month.
0:07:24 > 0:07:28So the yield on capital return will be fairly minor.
0:07:28 > 0:07:30# Money, money, money! #
0:07:30 > 0:07:34So with a bit of work, the house could be worth half a million pounds.
0:07:34 > 0:07:37But it's in a conservation area, which means any external changes
0:07:37 > 0:07:41need to be approved by the local authority.
0:07:41 > 0:07:46Well, this house may not be original and it does need one heck of a lot of work doing to it
0:07:46 > 0:07:48to get it into some kind of shape.
0:07:48 > 0:07:53However, what you're buying into in this house is the area and I know somebody will go for that,
0:07:53 > 0:07:56especially as its the first lot in the auction.
0:07:58 > 0:08:02This four-storey semi-detached property had a guide price of £345,000.
0:08:03 > 0:08:07Who will kick me off with, I don't know, 325?
0:08:07 > 0:08:10It's going to be 300, isn't it?
0:08:10 > 0:08:13300, thank you. 300 we have.
0:08:13 > 0:08:14305.
0:08:14 > 0:08:15310.
0:08:15 > 0:08:17315.
0:08:17 > 0:08:20320. He who hesitates! 320.
0:08:21 > 0:08:24325.
0:08:24 > 0:08:25330.
0:08:25 > 0:08:28335. 40. 340.
0:08:29 > 0:08:30345.
0:08:30 > 0:08:33347. 347.
0:08:33 > 0:08:36348.
0:08:36 > 0:08:37348 is the lady.
0:08:38 > 0:08:40At 348 for lot one.
0:08:40 > 0:08:42At 348 first time.
0:08:42 > 0:08:45348 second time.
0:08:45 > 0:08:48350. 352. They are picking on the lady!
0:08:48 > 0:08:51352. Madam, don't be put off. 354.
0:08:51 > 0:08:53356.
0:08:53 > 0:08:55358.
0:08:55 > 0:08:57358. 358.
0:08:57 > 0:08:59360. At 360.
0:08:59 > 0:09:05We're going to put the lady through it again? OK, at 360 first time.
0:09:05 > 0:09:07At 360 second time.
0:09:07 > 0:09:08At 360. Third and last time.
0:09:08 > 0:09:12The lady sat has it. Sure and done at 3-6-0.
0:09:12 > 0:09:15Madam, congratulations. Well done.
0:09:15 > 0:09:18Eleanor made the final bid of 360,000,
0:09:18 > 0:09:21which was 15,000 above the guide price.
0:09:21 > 0:09:24She's been living in rented accommodation since returning
0:09:24 > 0:09:29from New Zealand, where she ran her own garden centre for two years.
0:09:29 > 0:09:34She now manages it over the internet and only goes back there a couple of times a year.
0:09:34 > 0:09:38- This is a nice house, isn't it? - Yes, it will be very nice. - Why did you want to buy it?
0:09:38 > 0:09:43I wanted to buy it because I was looking for a base to have in Exeter when my daughter finishes school.
0:09:43 > 0:09:45She's got a couple more years to go.
0:09:45 > 0:09:49And I wanted something manageable that I could lock up and leave.
0:09:49 > 0:09:52And I wanted to do up my own house, cos I don't like buying houses
0:09:52 > 0:09:56that are allegedly done up, but then you find lots of problems.
0:09:56 > 0:09:59And I know this area quite well and I knew this was the only area,
0:09:59 > 0:10:03if I bought something in Exeter, that I would be in.
0:10:03 > 0:10:07The plan here, really, is to gut the whole thing.
0:10:07 > 0:10:11It needs starting again, really. Knocking down a few walls.
0:10:11 > 0:10:14Just making the absolute maximum space usable, really.
0:10:14 > 0:10:18And making it into a very modern interior and a modern back to the property.
0:10:18 > 0:10:24I've just discovered today that it's probably post-war, which I hadn't even realised.
0:10:24 > 0:10:28I knew that it had been messed around, but now I can understand, it makes sense.
0:10:28 > 0:10:31That it is a modern house, but it's in a conservation area.
0:10:31 > 0:10:33So it will have to be quite carefully done,
0:10:33 > 0:10:38keep the Georgian look at the front the house and probably going very modern at the back.
0:10:40 > 0:10:43Knocking down walls to make space could be a good idea,
0:10:43 > 0:10:46especially in that basement.
0:10:47 > 0:10:51We're going to have to get some big hammers out to see what's behind those walls.
0:10:51 > 0:10:56I've been to the house next door and they've opened everything out. So I'm hoping I can do the same.
0:10:56 > 0:11:01Cos if you end up with that very small room, then it would spoil some of my plans.
0:11:01 > 0:11:06'So my hunch that this house didn't seem really Georgian was right.
0:11:06 > 0:11:12'It was actually built in the late Forties or early Fifties, probably to replace one bombed in the war.
0:11:12 > 0:11:18'Eleanor's architect and friend Harriet is in charge of redesigning this modern home.'
0:11:18 > 0:11:21So you've got the job of converting this place back into something glorious?
0:11:21 > 0:11:23Yes, that's the idea!
0:11:23 > 0:11:28- What do think the biggest challenges are?- To get a greater sense of space on each floor.
0:11:28 > 0:11:33At the moment, the ground floor is divided into two rooms and she wants to knock that through.
0:11:33 > 0:11:36By moving the staircase over and consolidating it all the way up,
0:11:36 > 0:11:40we'll get a better sense of entrance and space by doing that.
0:11:40 > 0:11:43Eleanor would like to put the kitchen in the basement
0:11:43 > 0:11:46and then bring a conservatory/extension
0:11:46 > 0:11:47out here on ground level.
0:11:47 > 0:11:51Eleanor's idea is to make it modern and quite slick at the back,
0:11:51 > 0:11:55and have a modern feel to it. So that's quite exciting.
0:11:55 > 0:11:58Exciting it might be, but changing the exterior
0:11:58 > 0:12:02of a building in a conservation area can slow down the planning process.
0:12:02 > 0:12:05And for Eleanor, the clock is ticking.
0:12:05 > 0:12:10I'd like it done as soon as possible cos I'm renting and then I'll be paying a mortgage and renting.
0:12:10 > 0:12:12Have you given yourself a provisional budget?
0:12:12 > 0:12:17Not at this stage, because we haven't even done the planning or got anything.
0:12:17 > 0:12:21It depends on whether I'm going to put on the conservatory. Too early to say, really.
0:12:21 > 0:12:24I haven't been back in England enough to know what things cost.
0:12:24 > 0:12:26I'll probably be quite frightened when it comes to it!
0:12:26 > 0:12:30I'm still in Kiwi prices, where it's much cheaper to do things.
0:12:30 > 0:12:32So I can't...
0:12:32 > 0:12:37- really put my finger on a budget yet. - Great. Well, good luck with it all.
0:12:37 > 0:12:39- Thank you very much. - I hope it turns out...
0:12:39 > 0:12:44- I think you can turn it into something quite sensational. - It'll definitely be an improvement!
0:12:46 > 0:12:48Well, I reckon Eleanor is the perfect person to be
0:12:48 > 0:12:52taking on this project because she's doing up this house to be her home.
0:12:52 > 0:12:55And it is going to take a lot of effort.
0:12:55 > 0:12:57But she's willing to put it in.
0:12:57 > 0:13:01A few question marks. What's lurking down in the cellar behind that wall?
0:13:01 > 0:13:04We'll find out later in the show.
0:13:06 > 0:13:11I'm in Kent, but this is less garden of England than Greater London.
0:13:11 > 0:13:14Here in Coney Hill, West Wickham, we're still within the M25
0:13:14 > 0:13:17in the London borough of Bromley.
0:13:17 > 0:13:19Confusing? Yes, but throw away your maps.
0:13:19 > 0:13:26The important thing is, it's only a 35-minute train journey into London city centre.
0:13:26 > 0:13:31The separation of work and home life was the initial appeal of the suburbs.
0:13:31 > 0:13:37The dream was to escape the daily hustle and bustle of the city for a better quality of life,
0:13:37 > 0:13:39to own your own home and breathe clean air.
0:13:39 > 0:13:43To an extent, this still holds true today, and around one mile
0:13:43 > 0:13:47from two train stations is the property I'm here to see.
0:13:47 > 0:13:53It's a two-bedroomed 1930s flat and it's got a guide price of £130,000.
0:13:54 > 0:13:57These blocks are substantial and, I think, quite attractive.
0:13:57 > 0:13:59But where would you park a car?
0:13:59 > 0:14:03If you're lucky enough to find a space in this turning circle, you'd have to be sure you
0:14:03 > 0:14:07wouldn't need to get out in a hurry, since you could well be blocked in.
0:14:07 > 0:14:10Let's hope the flat is a little more practical.
0:14:11 > 0:14:15You know, it's a real bonus to have your own front door.
0:14:15 > 0:14:19It's got a great feeling about it already, this flat.
0:14:19 > 0:14:22I can see it's a little bit dated, it will need some work doing.
0:14:22 > 0:14:29But I love the idea that you've got this nice central landing area with all the rooms leading off it.
0:14:29 > 0:14:31Let's go and explore.
0:14:31 > 0:14:35As you can see, this is not a shiny modern designer kitchen.
0:14:35 > 0:14:39It's a little bit stuck in its time as you can see. But check this out.
0:14:39 > 0:14:43This is fantastic, it really does hark back from the olden days.
0:14:43 > 0:14:47You've got a big old unit here with cupboards to store your crockery,
0:14:47 > 0:14:50somewhere here to keep your bread, chop some bits and pieces.
0:14:50 > 0:14:53Very practical. I know I keep going on about that!
0:14:53 > 0:14:55But look at this -
0:14:55 > 0:14:57ironing board! Of course!
0:14:57 > 0:15:00Somewhere to iron your shirts.
0:15:00 > 0:15:03I'm not sure it's fully functional and working,
0:15:03 > 0:15:07but there you have it anyway. Sadly though, for today's standards,
0:15:07 > 0:15:11I think that's got to go. It would give you so much more room.
0:15:11 > 0:15:16And once you have done this kitchen up and put some lovely new units in, it will look fantastic.
0:15:16 > 0:15:2080 years ago, you couldn't knock this for practicality and style.
0:15:20 > 0:15:23But today it's more of a peek into history than an ideal kitchen.
0:15:23 > 0:15:27The two bedrooms, one at the front and one at the back, are well designed.
0:15:27 > 0:15:32They're not huge, but decently sized with built-in cupboards and double-glazing.
0:15:32 > 0:15:35So another tick there. The bathroom's a blast from the past.
0:15:35 > 0:15:41A past we'd rather forget. I think you could salvage the bath and sink, but the tiles certainly have to go.
0:15:41 > 0:15:43One room left.
0:15:46 > 0:15:51Well, this is a wonderful open space here and you can see this was once two rooms.
0:15:51 > 0:15:55It's been opened up and makes much more sense.
0:15:55 > 0:16:01But I do love this little flat's character features like these solid panelled doors. They're gorgeous!
0:16:01 > 0:16:04They still have the old-fashioned door plates on.
0:16:04 > 0:16:08You've got the original picture rails there, you can see there's a hook been left.
0:16:08 > 0:16:10And of course you have the fireplace.
0:16:10 > 0:16:14It's an old original surround, very Deco in its style. Gorgeous.
0:16:14 > 0:16:18But what really adds to this room are these modern 1930s windows.
0:16:18 > 0:16:21They're inspired by cruise liners.
0:16:21 > 0:16:26They were called suntrap windows and they were designed to let in as much light as possible.
0:16:26 > 0:16:32You can see they've been replaced by UPVC at some stage, which is much more energy efficient.
0:16:32 > 0:16:35But the nice curvy shape remains and they really are true
0:16:35 > 0:16:38to their name, with light just spilling into the room.
0:16:38 > 0:16:41Not quite a sea view, but not bad!
0:16:43 > 0:16:47If you're after a flat with a couple of cute cabins, this could be just the ticket.
0:16:47 > 0:16:52But it's not all plain sailing. You may have spotted that there's no central heating.
0:16:52 > 0:16:57There are just those small wall heaters, which may be enough, as there's double glazing,
0:16:57 > 0:17:01but I think those high ceilings mean it might be worth installing the real thing.
0:17:04 > 0:17:08But the flat is determined to pull one more rabbit out of the hat.
0:17:12 > 0:17:16You might have expected the top floor to sacrifice its garden.
0:17:16 > 0:17:20Not so! In fact you've got your own private plot.
0:17:20 > 0:17:24Again, it's wonderfully practical, it does need work, but it would be
0:17:24 > 0:17:29perfect in summer after that long commute back from a hot sticky city.
0:17:29 > 0:17:32I know it's not quite as manicured as the Joneses' next door,
0:17:32 > 0:17:35but in my opinion, it adds loads to this little lot.
0:17:35 > 0:17:38I spoke to a local estate agent to find out what she thinks.
0:17:41 > 0:17:44It's a very quiet area. A lot of 1930s properties.
0:17:44 > 0:17:47They're attractive from the outside and it's a well maintained close.
0:17:47 > 0:17:50There are issues with parking here.
0:17:50 > 0:17:52The road is very narrow.
0:17:52 > 0:17:57You do have amenities on the main road for parking, but I imagine that may put off some people.
0:17:57 > 0:18:02The garden with the property is fantastic. It's private, it's a nice bit of space.
0:18:02 > 0:18:04The gardens around it are very well maintained, which
0:18:04 > 0:18:08gives people a very good impression of the close when they come to view.
0:18:08 > 0:18:13The garden is overgrown so I would strongly suggest that that be tidied up.
0:18:13 > 0:18:15So an untidy garden and tricky parking,
0:18:15 > 0:18:19- but those aren't deal breakers. - It's quite a spacious property.
0:18:19 > 0:18:22Both bedrooms are good-sized double bedrooms.
0:18:22 > 0:18:25It does obviously need some work doing to it.
0:18:25 > 0:18:29But I think if someone were to come in and modernise the property,
0:18:29 > 0:18:33it would definitely be very saleable or rentable on the open market.
0:18:33 > 0:18:36There aren't a lot of flats in Coney Hill in general.
0:18:36 > 0:18:39It is the majority houses, three-bed semis, that sort of thing.
0:18:41 > 0:18:47And I would suggest a rental price, in good condition, of between £850 - £900 per calendar month.
0:18:47 > 0:18:50At the moment, if you were to put the property on the market,
0:18:50 > 0:18:54I would look to achieve a minimum of 150,000 as it is.
0:18:54 > 0:18:57If the property was done up to a good standard,
0:18:57 > 0:19:03I would suggest putting the property on the market at £195,000.
0:19:03 > 0:19:05And I would hope to get very close to that.
0:19:07 > 0:19:12This flat needs a bit of attention, but it's got style and space inside and out.
0:19:12 > 0:19:18It also pairs suburban living with excellent transport links and it offers great rental potential.
0:19:18 > 0:19:21Now who am I to argue with a property that ticks all the boxes?
0:19:21 > 0:19:23Let's see who agreed at the auction.
0:19:28 > 0:19:30Can I kick off...
0:19:31 > 0:19:34..with 100,000? 105?
0:19:36 > 0:19:38110. 115.
0:19:38 > 0:19:39120.
0:19:39 > 0:19:41125.
0:19:41 > 0:19:43130.
0:19:44 > 0:19:48New spot, 130 at the back. 130.
0:19:48 > 0:19:49135.
0:19:49 > 0:19:52Anyone else?
0:19:52 > 0:19:54140. New spot.
0:19:54 > 0:19:56145. 150.
0:19:58 > 0:19:59146.
0:20:00 > 0:20:01145 with you, sir, on the right.
0:20:03 > 0:20:05146 anywhere?
0:20:06 > 0:20:09If not, with you at £145,000.
0:20:09 > 0:20:11First time. Second time.
0:20:11 > 0:20:15Third and last time. Are you all done?
0:20:15 > 0:20:17Sold, 145.
0:20:17 > 0:20:21Local man Geoff made the winning bid of 145,000.
0:20:21 > 0:20:2415,000 above the guide price.
0:20:24 > 0:20:29He's bought and modernised property before and I think he's got a viable investment here.
0:20:29 > 0:20:34What was it about this little West Wickham flat that you liked enough to want to buy it at auction?
0:20:34 > 0:20:38I don't know, cos I never came here before the auction.
0:20:38 > 0:20:42I didn't see the place at all. I bought it unseen.
0:20:42 > 0:20:46- So you just bought it from the picture in the catalogue? - Yes. Basically, yes.- What?!
0:20:46 > 0:20:51It was a good price. I wouldn't have paid too much more, but it seemed a good price for what it was.
0:20:51 > 0:20:56- So you were prepared to pay £145,000 on a punt?- Yes.
0:20:56 > 0:20:59Did you not have any thoughts about perhaps doing a little drive by?
0:20:59 > 0:21:03Or did you not get the auction catalogue prior to the auction even?
0:21:03 > 0:21:06I did intend to drive by, but time just seemed to run out.
0:21:06 > 0:21:10I didn't get time to come down and have a look, although I'm fairly local to here.
0:21:10 > 0:21:14I just thought, "Oh, well, you know, go and do it. Always best."
0:21:14 > 0:21:20When you got the keys and you put them in the front door for the first time, you opened the door,
0:21:20 > 0:21:22what did you think and feel when you saw it?
0:21:22 > 0:21:25What a lot of junk mail they send round here!
0:21:25 > 0:21:27- Loads of mail on the floor!- Plenty.
0:21:27 > 0:21:31- What did you think of the property? - Pretty good. It's sound enough.
0:21:31 > 0:21:38I'm quite pleased with it. It wants a bit of cosmetic...treatment...
0:21:38 > 0:21:41- ..but I think it's pretty good. - You've been very lucky. Indeed.
0:21:41 > 0:21:45I mean, you must have sort of gone, "Phew, that's a bit of luck."
0:21:45 > 0:21:49I was pleased. The last one I bought 15 years ago, I had to knock it down and rebuild on the site.
0:21:49 > 0:21:54So that was probably quite a salutary lesson, not to do it again.
0:21:54 > 0:21:58But I did do it again and I think I've come out better this time than I did then!
0:21:58 > 0:22:03This is not a masterclass in how to buy property, ladies and gentlemen!
0:22:03 > 0:22:07Crossing your fingers and hoping for the best does not a good developer make.
0:22:07 > 0:22:09Geoff's been lucky. Even if a property looks
0:22:09 > 0:22:14sound in a picture, you can never be sure, and it won't show the location.
0:22:14 > 0:22:18This block could have been run-down and next to the local tip!
0:22:18 > 0:22:20OK, lesson over.
0:22:20 > 0:22:24He's given himself two months to do the work, but what about his budget?
0:22:24 > 0:22:29I'd like to spend 10, but I think that's possibly a little optimistic.
0:22:29 > 0:22:33Although new bathroom, new kitchen...
0:22:33 > 0:22:35..not a rewire, but new face plates.
0:22:35 > 0:22:38And decoration all the way through. So hopefully 10,
0:22:38 > 0:22:40but more likely a bit more than that.
0:22:40 > 0:22:44What is it that you like about this property as it stands at the moment?
0:22:44 > 0:22:47Well, I like it. It's a good area, and it's a solid property.
0:22:47 > 0:22:52It's as saleable one as well at the moment because it's just two bedrooms.
0:22:52 > 0:22:56It's the right end of the market to sell at the moment
0:22:56 > 0:22:58if I decide to sell and not rent.
0:22:58 > 0:23:01I haven't made my mind up yet.
0:23:01 > 0:23:06I think it's a fantastic little renter, this, because you're near to two train stations.
0:23:06 > 0:23:10People are looking for two-bedroom flats like this, it's ideal. It's got a bit of a garden.
0:23:10 > 0:23:15That's another plus. Somewhere to burn a few bangers, yeah!
0:23:15 > 0:23:20The historic kitchen won't be burning any more bangers though, as Geoff plans to modernise it.
0:23:20 > 0:23:27He also intends to take down the cupboard wall, which will open up the space and make it more chef friendly.
0:23:27 > 0:23:31- So is that the only structural work you're going to do here?- Yes.
0:23:31 > 0:23:33Although having said that, I might...
0:23:33 > 0:23:35block one of these doorways up.
0:23:35 > 0:23:38Three doorways into this room seems excessive.
0:23:38 > 0:23:43You've got to think about which door, because if you're going to use this as a dining room, this door
0:23:43 > 0:23:47- needs to be kept open because it's flowing into the kitchen.- Yes.
0:23:47 > 0:23:50I think you'd have to block up this door.
0:23:50 > 0:23:55But I see a nice big sofa going there. I see that as a sort of comfy living, lounge area.
0:23:55 > 0:23:59You're going to have to do a few drawing designs to see how it's going to work best.
0:23:59 > 0:24:03Guys are not very good at this sometimes. I've learnt that it's best to get a woman involved!
0:24:03 > 0:24:09You've got a lot better ideas on these things than most men, certainly than me anyway.
0:24:09 > 0:24:13- Absolutely, we'll have a chat later! - Please do, yes!
0:24:13 > 0:24:17I do wish people would learn from their mistakes!
0:24:17 > 0:24:23Even after his last auction disaster, Geoff didn't view this flat! He has got a good one, though.
0:24:23 > 0:24:26And this dated home could make him a pretty penny.
0:24:26 > 0:24:29Find out how he gets on later in the programme.
0:24:30 > 0:24:34Coming up, what a difference a year makes.
0:24:34 > 0:24:38See what's hatched on this plot of land in Cheshire since we last visited.
0:24:41 > 0:24:44It seems some things were best left alone in this Kent flat.
0:24:44 > 0:24:48£3,000 for the gas board
0:24:48 > 0:24:50seemed a bit excessive just to move a meter.
0:24:53 > 0:24:56But first, has this house sprung any more surprises?
0:24:56 > 0:25:00I just discovered today that it's probably post-war, which I hadn't even realised.
0:25:03 > 0:25:06At auction, in 2007,
0:25:06 > 0:25:12Eleanor bought this four-storey semi-detached house for £360,000.
0:25:12 > 0:25:17It was in the very sought-after area of St Leonards in Exeter.
0:25:17 > 0:25:21The plan here really is to gut the whole thing.
0:25:21 > 0:25:23It needs starting again, really.
0:25:33 > 0:25:37It turned out that it was rebuilt after the war because of bomb damage.
0:25:37 > 0:25:42Eleanor's clearly been busy transforming the place into a stylish and comfortable home.
0:25:42 > 0:25:45But two years ago, she was hit by a bombshell herself.
0:25:49 > 0:25:53I think I'd owned the house for about a month and a half and the architect was doing plans
0:25:53 > 0:25:57and I was in Bordeaux with somebody. I got this call and she said, "You won't believe it, Eleanor."
0:25:57 > 0:26:02I said, "What's the matter?" She said, "Your house is listed." I said, "Don't think so."
0:26:02 > 0:26:07Checking whether a house is listed on not is something that should be done before you buy.
0:26:07 > 0:26:11There were some papers that weren't produced till the day of the auction.
0:26:11 > 0:26:15I was lot number one, so all I was concerned with was sitting in the right place
0:26:15 > 0:26:17and getting ready to stick my hand up.
0:26:17 > 0:26:21And I took these papers, but I didn't read them, because my solicitor had done
0:26:21 > 0:26:26my work and I thought it would be something about drainage and things that are just not interesting.
0:26:26 > 0:26:29And then it transpired that it was listed.
0:26:29 > 0:26:33So not reading the paperwork gave Eleanor a lot of problems.
0:26:33 > 0:26:37She spent about a year dealing with architects and planners before any work could start.
0:26:37 > 0:26:44Basically we've done the whole ground floor, which used to be in two small, dark rooms.
0:26:44 > 0:26:49I wanted to open it up and I've got this sort of Mediterranean feeling in my blood, I think.
0:26:49 > 0:26:52So all my friends who walk in say, oh, love your beach house!
0:26:52 > 0:26:56So I put in these shutters, plantation shutters,
0:26:56 > 0:26:59just to give what's not a very attractive house a bit...
0:27:01 > 0:27:04..of a feel to it, really.
0:27:05 > 0:27:09Something else that certainly looks good now is the attic.
0:27:17 > 0:27:19This has been totally transformed.
0:27:19 > 0:27:25- It's now ideal for Eleanor's son, Harry, when he's home from Sydney, and daughter Olivia.- I love it.
0:27:25 > 0:27:29I feel spoiled. I feel guilty that I haven't let Mum have it!
0:27:29 > 0:27:33But it's really good cos I'm going to get a desk up here and I'll be able to work.
0:27:33 > 0:27:36A good place to come home to when I'm back from uni.
0:27:36 > 0:27:38From one bathroom to another,
0:27:38 > 0:27:41and this really needed some work to bring it up to scratch.
0:27:41 > 0:27:43Feels so good...
0:27:48 > 0:27:51And there's more to be proud of downstairs.
0:27:53 > 0:27:59This kitchen I did very simply and fairly reasonably, because I wasn't sure when I started the house
0:27:59 > 0:28:05whether I was going to have the kitchen downstairs or what the layout of the house was going to be.
0:28:05 > 0:28:11So I started off on a real budget kitchen, just got some really ordinary white units.
0:28:11 > 0:28:15Then as I was here longer I thought, "I've got to have something nice."
0:28:15 > 0:28:20So I spent money on lovely, beautiful tiles, which are made in Exeter, actually.
0:28:20 > 0:28:22And plenty of money on the flooring and things like that.
0:28:22 > 0:28:25And then bought some expensive handles for the units.
0:28:25 > 0:28:28So it looked a lot better than I was expecting, actually.
0:28:28 > 0:28:31And it's turned out to be quite nice. It's very light.
0:28:31 > 0:28:37And although it's very small, now that we've opened up the two rooms, it's very manageable.
0:28:37 > 0:28:40And we sort of live in here, really.
0:28:40 > 0:28:43I'm going to put a little table and a banquette to sit on.
0:28:43 > 0:28:45And it's worked very well.
0:28:45 > 0:28:52A rolled steel joist or RSJ had to be installed when the dividing wall was knocked down.
0:28:52 > 0:28:56Once the work's had a building regulations inspection, the kitchen can be finished.
0:28:56 > 0:29:03It's really nice having the through aspect and you can look out both ends. Yeah, it's a good space.
0:29:03 > 0:29:06One area that hasn't been dealt with yet is the basement.
0:29:06 > 0:29:11- So the mystery of the void has yet to be solved. - # It's a mystery... #
0:29:13 > 0:29:17- Another mystery was the budget. - It's virtually impossible to set a budget when you're doing a house.
0:29:17 > 0:29:23You've got to have an upper limit. Originally, when I was going to have the whole thing done and
0:29:23 > 0:29:29the extension done, I was thinking it could have cost about 120,000.
0:29:29 > 0:29:32And I had a quote a lot higher than that, in fact.
0:29:32 > 0:29:38Then obviously I couldn't do the planning I wanted so I've just done what I've described so far.
0:29:38 > 0:29:44And I suppose that's cost about 35,000.
0:29:44 > 0:29:49Money well spent, I'd say. But let's check with two local property experts.
0:29:51 > 0:29:56My first impressions of the house, they've made a pretty good solid start to the work.
0:29:56 > 0:30:00A few finishing-off touches, but they've made good use of the space.
0:30:00 > 0:30:04The open-plan living space on the ground floor is just wonderful.
0:30:04 > 0:30:09Very contemporary. And it's exactly on trend for a property of this type.
0:30:09 > 0:30:12They like it so far. Anything that really impresses?
0:30:12 > 0:30:19The attic room is a marvellous space, whether it's for a noisy youth or the parents of the house,
0:30:19 > 0:30:21it's a wonderful use of space.
0:30:21 > 0:30:26When you first walk into the attic room, it really has the wow factor, it punches you in the face.
0:30:26 > 0:30:28It's light, it's modern and airy.
0:30:28 > 0:30:30I love this room.
0:30:30 > 0:30:32So they certainly agree that's a success.
0:30:32 > 0:30:38Two years ago, Eleanor paid £360,000 for this property. Has the current market affected that?
0:30:38 > 0:30:44It's worth today probably in the region of £360,000-£380,000.
0:30:44 > 0:30:47You convert the lower ground floor into a space
0:30:47 > 0:30:52for the house and you are looking at probably even over £400,000.
0:30:52 > 0:30:54If I was to place the property on the market in its current condition
0:30:54 > 0:30:59I would expect it to achieve offers in the region of 395,000.
0:30:59 > 0:31:05With a converted basement, the figure could rise in the region of 450.
0:31:05 > 0:31:10Yeah, I think they're probably both fairly accurate, although I think
0:31:10 > 0:31:16the second one was probably more interesting! Yes, wait and see!
0:31:16 > 0:31:18Eleanor paid 360,000 for the house,
0:31:18 > 0:31:22and 35,000 for the work so far.
0:31:22 > 0:31:26It's now worth between £360,000 and £395,000.
0:31:26 > 0:31:31So due to the slump in property values, she hasn't made a profit.
0:31:31 > 0:31:34But she's on her way to having a lovely home.
0:31:34 > 0:31:39Once finished, the rental value of the property is in the region of £700 per calendar month.
0:31:39 > 0:31:45If I was to rent this property I'd expect it to achieve £895 per calendar month.
0:31:45 > 0:31:49Well, for 700, I'd probably rent it myself, cos I think that's incredibly cheap!
0:31:49 > 0:31:51But the other one is getting closer to the mark.
0:31:51 > 0:31:54Eleanor was unlucky, really.
0:31:54 > 0:31:58She didn't read the legal pack before the auction and then the property market plummeted
0:31:58 > 0:32:01and the planning department wouldn't let her do all she wanted.
0:32:01 > 0:32:04So was it worth all the trouble?
0:32:04 > 0:32:09It was definitely worth it because we're in a really lovely location and it's a comfortable house.
0:32:09 > 0:32:13It's not going to cost very much to heat as I couldn't put my extension on. So yes, it's been worth it.
0:32:13 > 0:32:19It's been a long hard slog, but I think Eleanor will thoroughly enjoy her superb new home.
0:32:25 > 0:32:31In 2007, with a buoyant property scene, there were tremendous opportunities to turn a profit.
0:32:31 > 0:32:36One of the most exciting ways was to develop land.
0:32:36 > 0:32:38This is Willaston near Nantwich
0:32:38 > 0:32:43in Cheshire, definitely a desirable place to live.
0:32:43 > 0:32:45A pretty little village. So when you hear about plots
0:32:45 > 0:32:50of land that are up for auction, there's money to be made.
0:32:50 > 0:32:52'There certainly is.
0:32:52 > 0:32:56'With excellent transport links and countryside atmosphere, prices remain high in this area.
0:32:56 > 0:33:01'To access the land, you need first to cross a driveway shared with the neighbours.'
0:33:01 > 0:33:06Plots of land always amaze me because intrinsically, they're just a bit of grass.
0:33:06 > 0:33:09And yet they have such value if they're in the right place.
0:33:09 > 0:33:11So what am I here to see?
0:33:11 > 0:33:16Well, a bit of land that might not actually be that much bigger than your garden.
0:33:16 > 0:33:19That's it there, up to where the orange fence is at the bottom.
0:33:19 > 0:33:25Not that big at all. But the key is that it's flat and got fantastic access through this way.
0:33:25 > 0:33:30Hence, the guide price was 150,000 quid.
0:33:30 > 0:33:32Makes you think, doesn't it?
0:33:32 > 0:33:33If you are now running to the window
0:33:33 > 0:33:38to see if your garden could be sold as a building plot, make sure you check the size and the access.
0:33:38 > 0:33:44Then perhaps employ an architect to draw up some plans, and who knows?
0:33:44 > 0:33:48A pot of gold might just be at the end of your garden.
0:33:49 > 0:33:51Well, a bit of history about the plot.
0:33:51 > 0:33:55Originally built here was the coach house belonging to that house there.
0:33:55 > 0:34:00That has now been demolished to create this really nice flat bit of land.
0:34:00 > 0:34:05You're probably still thinking, but come on, it's not worth 150,000 quid, for goodness' sake!
0:34:05 > 0:34:09Well, the reason that it is is because it's got that all-important thing - planning permission.
0:34:09 > 0:34:14In this case, planning permission for the construction of a detached four-bedroom, massive house.
0:34:14 > 0:34:172,300 square feet, for goodness' sake.
0:34:17 > 0:34:19Three bathrooms.
0:34:19 > 0:34:24So a builder comes along, he builds that in this neck of the woods, he's going to make a lot of money.
0:34:24 > 0:34:29The plans are pretty comprehensive for this four-bedroomed house.
0:34:29 > 0:34:33They include three bathrooms, a double garage, a utility area,
0:34:33 > 0:34:37large kitchen and very generous living spaces.
0:34:39 > 0:34:41Well, it makes you think, doesn't it? Maybe you've got a plot of land
0:34:41 > 0:34:46where you live that you could sell off and make some money like this.
0:34:46 > 0:34:49It sounds like a lot of money, but houses round here similar to the one
0:34:49 > 0:34:55there's planning permission for are going to sell for £450,000-£475,000.
0:34:55 > 0:34:57So there's money to be made on this one.
0:34:57 > 0:35:01Let's see who spotted the opportunity at the auction.
0:35:02 > 0:35:06Let's get on. 150,000 to start me off.
0:35:06 > 0:35:11120. £120,000 I've got. At 120,000.
0:35:11 > 0:35:15I'll take £5,000 bids.
0:35:15 > 0:35:17125, sir, thank you.
0:35:17 > 0:35:22At 125,000. 30.
0:35:22 > 0:35:24130.
0:35:24 > 0:35:26135.
0:35:26 > 0:35:28140. 145. 50.
0:35:28 > 0:35:34150. And five, sir? 155.
0:35:34 > 0:35:3760. At 160. And five.
0:35:37 > 0:35:4070. At 170. And five.
0:35:40 > 0:35:45175. 180. Yes? 180, thank you.
0:35:45 > 0:35:47At 180.
0:35:47 > 0:35:50Two-and-a-half now. 182½...
0:35:50 > 0:35:54185.
0:35:54 > 0:35:58At 185, the gentleman in the jacket. The gentleman in the jumper's out.
0:35:58 > 0:36:00At 185, I'm selling it then.
0:36:00 > 0:36:03At 185,000 once. Twice.
0:36:03 > 0:36:08For the third and final time at 185,000 with you, sir, in the jacket.
0:36:08 > 0:36:10There can be no mistake about it.
0:36:10 > 0:36:14At £185,000 for the third and final time. Yours, sir.
0:36:18 > 0:36:26So for £185,000, Cheshire-based John is the new owner of that building plot with its planning permission
0:36:26 > 0:36:28for a four-bedroomed house.
0:36:28 > 0:36:32We met up there to talk about why it appealed to him.
0:36:32 > 0:36:37John, congratulations. You've bought a very expensive bit of grass!
0:36:37 > 0:36:39Why did you want to buy it?
0:36:39 > 0:36:43Originally I was looking for a place to build for my son.
0:36:43 > 0:36:48I spoke to my wife about it and it was too far away, so I decided
0:36:48 > 0:36:51to build something and make some money on it, hopefully.
0:36:51 > 0:36:55- Is this what you do, are you a builder? - I've been a builder all my life.
0:36:55 > 0:36:59- Mainly on the civil side of things. - What do you mean by that?
0:36:59 > 0:37:04Motorways, deep drainage, I used to specialise in a lot of that stuff.
0:37:04 > 0:37:09You know, working for the big companies. But I decided to just make a change, really.
0:37:09 > 0:37:13Last year I did my sister's extension, I liked it, everybody else went round,
0:37:13 > 0:37:18said it was a great job and I just took it from there then, basically.
0:37:18 > 0:37:21John's background in civil engineering means he understands
0:37:21 > 0:37:25the complexities in installing services and drainage.
0:37:25 > 0:37:29This is invaluable for all the groundwork necessary for a new build.
0:37:32 > 0:37:34So talk me through the plan, then.
0:37:34 > 0:37:38- Is it to keep the plans exactly as they are?- Yes. I'm not going to vary from them at all.
0:37:38 > 0:37:42If you start varying from them, it's going to knock the time back,
0:37:42 > 0:37:46so you might as well just carry on with what you've got.
0:37:46 > 0:37:49- The design itself is quite pretty, isn't it?- It's quite nice, yes.
0:37:49 > 0:37:51Looks nice in the plan, anyway.
0:37:51 > 0:37:54Nice area like this, with the views at the back.
0:37:54 > 0:37:58Should be really nice for somebody who's going to buy it. I hope!
0:37:58 > 0:38:03Well, I think this really is as much of a sure thing as is possible in the property market.
0:38:03 > 0:38:07John certainly has the skills to carry out the build successfully.
0:38:10 > 0:38:15So are you overseeing the project? Have you got a team of builders? Have you got sub-contractors?
0:38:15 > 0:38:17- No, I'm overseeing and building it myself.- Literally hands-on?
0:38:17 > 0:38:20- Yes. All the time, yes.- And how much work will you actually do?
0:38:20 > 0:38:24I'll do all the foundation work up to slab level.
0:38:24 > 0:38:28Do all the drainage, the driveway, the whole lot. Landscaping.
0:38:28 > 0:38:31- And then just get some brickies in. - Do you mean you on your own?
0:38:31 > 0:38:35Me and a few lads I've got with me, you know.
0:38:35 > 0:38:37I've got four lads with me now at the moment.
0:38:37 > 0:38:41- How many more like this have you done?- I'm doing one at the moment.
0:38:41 > 0:38:44Another one in Flixton.
0:38:44 > 0:38:51I bought a single dwelling there with planning permission to knock down and put two semi-detached houses on it.
0:38:51 > 0:38:53It's nearly built now, they are.
0:38:53 > 0:38:57Despite doing this type of work for just 18 months, John's already shown
0:38:57 > 0:39:00he knows what he's doing where building is concerned.
0:39:00 > 0:39:04However, he appears to be a little more rookie at auctions.
0:39:04 > 0:39:08- So what was the auction like? - I thought this place would go for a lot more than what it went for.
0:39:08 > 0:39:13But it didn't. Anyway, I went down without a chequebook,
0:39:13 > 0:39:17passport, my licence!
0:39:17 > 0:39:21I said to him, I thought you got three days to give the money in.
0:39:21 > 0:39:24That's why I was going to come in on the Monday or the Saturday
0:39:24 > 0:39:29with utility bills and passport, licence and the cheque for the 10%.
0:39:29 > 0:39:32So what did you do?
0:39:32 > 0:39:35I got my sister to go and get it all!
0:39:35 > 0:39:39She came up with it then about half an hour after the event!
0:39:39 > 0:39:42John clearly wasn't a Boy Scout!
0:39:42 > 0:39:45Being prepared is the first thing you need to be at auction
0:39:45 > 0:39:48as you never know quite what's going to happen.
0:39:48 > 0:39:53So what was it about this particular plot that attracted you to it?
0:39:53 > 0:39:58I did a bit of market research, just what the houses were going for around here.
0:39:58 > 0:40:03I thought if it goes for about 200, you could make a nice butty, as they say!
0:40:03 > 0:40:09Talk me through the numbers then, how much do you think it's going to cost you to build it?
0:40:09 > 0:40:13Well, I've worked it out, I've had to do it for the banks. So I worked out about 200 building costs.
0:40:13 > 0:40:16So 185 for the plot plus your 200 build.
0:40:16 > 0:40:19Say 400, yeah.
0:40:19 > 0:40:21And how much do you reckon it's going to sell for?
0:40:21 > 0:40:23Well, the banks have valued it at 475.
0:40:23 > 0:40:27And looking at the local area, that's about the right price for something like this, you know.
0:40:27 > 0:40:31- So there's potentially about 75 grand in it for you?- Yes.
0:40:31 > 0:40:33Plus the work as well.
0:40:33 > 0:40:38Cos I'm building it and getting paid, so, you know.
0:40:38 > 0:40:41- That's good.- Yeah.
0:40:41 > 0:40:44Well, that was back in 2007.
0:40:44 > 0:40:49At the time it seemed John would win every way, with wages from the build
0:40:49 > 0:40:53and what seemed likely to be a decent return on selling the house.
0:40:53 > 0:40:56But then of course property prices dropped.
0:40:56 > 0:41:00When we returned one year later, not a brick had been laid and it was still a building site.
0:41:00 > 0:41:07But stay with us to see the very impressive house that stands there now.
0:41:10 > 0:41:15Well, time is money and some of that time has passed for our second property.
0:41:15 > 0:41:19So how did the work go there? Has it resulted in success or failure?
0:41:19 > 0:41:22We can't put off finding out any longer.
0:41:22 > 0:41:25Geoff bought this two-bedroom flat
0:41:25 > 0:41:31in West Wickham, Kent, for £145,000, £15,000 over the guide price.
0:41:31 > 0:41:35It had some lovely original features but did look as though it was stuck in a time-warp.
0:41:35 > 0:41:39Had he liked the look of it before he bought it?
0:41:39 > 0:41:42I never came here before the auction.
0:41:42 > 0:41:45I didn't see the place at all.
0:41:45 > 0:41:46I bought it unseen.
0:41:46 > 0:41:50When he did see the property, it was like travelling back in time.
0:41:50 > 0:41:53So he had to bring it back to the future!
0:41:55 > 0:41:58And he's certainly done that.
0:42:23 > 0:42:26Well, it was a bit dated, to say the least.
0:42:26 > 0:42:28It was a time capsule, really.
0:42:28 > 0:42:31An old pull-down ironing-board, a breeze block cupboard.
0:42:31 > 0:42:39An old meat safe and everything. I think it's probably a little bit different now!
0:42:45 > 0:42:51That's an understatement! It's a lot better now and it's not just the kitchen that's improved.
0:42:51 > 0:42:54The bathroom's quite a bit different to when we came here.
0:42:54 > 0:42:57There was an old wall-mounted cistern.
0:42:57 > 0:43:02A very old loo. A rotten old basin.
0:43:02 > 0:43:06So yeah, it's all been done, but there's still a bit more to do to it, a bit more to finish off.
0:43:06 > 0:43:09But it's 95% complete now.
0:43:09 > 0:43:14Geoff has brought the kitchen and bathroom into this century
0:43:14 > 0:43:19and after a lick of paint it's going to look great.
0:43:19 > 0:43:22Has he installed any more modern gadgets?
0:43:22 > 0:43:26We put central heating in, it didn't have central heating before.
0:43:26 > 0:43:29It just had a gas fire and a storage radiator.
0:43:29 > 0:43:33- So that's all new.- That should keep it warm.
0:43:33 > 0:43:37And to keep it safe the flat has been rewired and replumbed.
0:43:37 > 0:43:42But Geoff has tried to retain some of the 1930s character.
0:43:42 > 0:43:44Keeping the period features as well, the ones that were here.
0:43:44 > 0:43:46Just the picture rail, really, and the fireplace.
0:43:46 > 0:43:48I think that's quite good.
0:43:48 > 0:43:53People can take them out if they want to, but I'd rather leave them and leave that up to them.
0:43:53 > 0:43:56Personally I do like homes to have a bit of character.
0:43:56 > 0:44:00Geoff originally gave himself two months to complete this flat.
0:44:00 > 0:44:02But there still seems a bit to do.
0:44:02 > 0:44:06The timescale was probably a little bit optimistic.
0:44:06 > 0:44:10Trying to tie the trades in together was the problem.
0:44:10 > 0:44:14But once they were here, the job went quite quickly.
0:44:14 > 0:44:16It was just getting them all on site in the right order.
0:44:16 > 0:44:21Co-ordinating tradesmen can be a problem and expensive if you get it wrong.
0:44:21 > 0:44:23So it's worth doing some pre-planning.
0:44:23 > 0:44:27It's good to hear that once they were on site, everything went smoothly.
0:44:27 > 0:44:31- Didn't it? - The gas meter was a problem.
0:44:31 > 0:44:37I wanted it moved outside but the quote of £3,000 from the Gas Board
0:44:37 > 0:44:43seemed a bit excessive just to move a meter. I'd like to know how they managed to figure that one out.
0:44:43 > 0:44:45I decided to leave it where it was after that.
0:44:45 > 0:44:47Three grand to move a meter?!
0:44:50 > 0:44:54I know people who have smaller budgets for a whole renovation!
0:44:54 > 0:44:56My original budget was between 10 and 15.
0:44:56 > 0:45:02I think I probably ended up doing 15, 16 perhaps.
0:45:02 > 0:45:05So that's not too far out.
0:45:05 > 0:45:09Not bad at all. Only £1,000 over the original budget is good going.
0:45:09 > 0:45:12Geoff's obviously got a head for business.
0:45:12 > 0:45:18Well, I used to be a butcher a long time ago. Well, not that long ago I suppose, really.
0:45:18 > 0:45:22But I've always done this, anyway, even when I had my shops.
0:45:22 > 0:45:26The shops I bought often needed modernising, fitting out
0:45:26 > 0:45:28or closed.
0:45:28 > 0:45:32So even though I was in that trade, I still did this sort of thing on the side.
0:45:32 > 0:45:35Or as part of the butchery business as well.
0:45:35 > 0:45:38No wonder he made an impressive job of this joint!
0:45:38 > 0:45:44The flat also has a small garden - an advantage if you're aiming for the family market.
0:45:44 > 0:45:47Just to make sure Geoff's not making a pig's ear of this flat,
0:45:47 > 0:45:52- I asked two local estate agents to come and have a look.- It was like stepping into a time-warp.
0:45:52 > 0:45:58Original kitchens and bathrooms, the heating system was non-existent.
0:45:58 > 0:46:01It really needed an awful lot doing to it.
0:46:01 > 0:46:05They've really made massive inroads to improving the kitchen.
0:46:05 > 0:46:11It's fantastic. Really feels a lot bigger. A lovely bathroom suite in there and from what I see so far,
0:46:11 > 0:46:15the way they're going to be decorating it, it's a blank canvas
0:46:15 > 0:46:18for anyone to come in and put their own stamp on it.
0:46:18 > 0:46:24And the little bit of garden outside as well is a big bonus to anyone living in a flat.
0:46:24 > 0:46:27I like this property. Good-sized rooms, two double bedrooms,
0:46:27 > 0:46:31a modern kitchen, modern bathroom suite. And its own private garden.
0:46:31 > 0:46:35The estate agents seemed to like what Geoff's done.
0:46:35 > 0:46:41He paid 145,000 for the flat at auction and spent about £16,000 on bringing it up to date.
0:46:41 > 0:46:47So he'd definitely want valuations above 161,000.
0:46:47 > 0:46:52The market has moved quite considerably in the last three months and
0:46:52 > 0:46:57I would say you could possibly push the asking price up to about 215.
0:46:57 > 0:47:00With hopes to achieve a minimum of 200,000.
0:47:00 > 0:47:04The demand for stock in this area has really gone up quite considerably.
0:47:04 > 0:47:07And that lack of stock has really driven prices up.
0:47:07 > 0:47:11I would be looking to put this property on the market for £195,000.
0:47:11 > 0:47:13To achieve very close to that.
0:47:13 > 0:47:18Crikey! That's a potential pre-tax profit of between 34,000 and 54,000.
0:47:18 > 0:47:21Minus the usual deductions.
0:47:21 > 0:47:23Geoff must be pleased.
0:47:23 > 0:47:25215!
0:47:25 > 0:47:27I hope that's not optimistic.
0:47:27 > 0:47:31Yeah, that's very good news and more than I thought.
0:47:31 > 0:47:37195 is what I was hoping for, but 215 would be a major plus, yes. Lovely, thank you.
0:47:37 > 0:47:40Don't thank me, Geoff, you did all the work!
0:47:40 > 0:47:41Would it be worth renting out?
0:47:41 > 0:47:46It would be about £850-£900 per calendar month.
0:47:46 > 0:47:52In terms of rental you'd be looking to achieve between £800-£850 per month.
0:47:52 > 0:47:54I thought about 800-850, yes.
0:47:54 > 0:47:57So that's good. That's more or less what I thought.
0:47:57 > 0:48:01And if the 215 figure is right then that would be very good, yes.
0:48:01 > 0:48:05- Very pleased.- Great to see someone happy with their work.
0:48:05 > 0:48:08Especially when they've taken a bit of a chance.
0:48:08 > 0:48:12Well, I bought it without seeing it, which is probably not the ideal thing.
0:48:12 > 0:48:15But yes, I would do it again and it has turned out pretty well, I hope.
0:48:15 > 0:48:20Geoff's brought a flat that was in a time-warp into this century
0:48:20 > 0:48:25and he's made a potential pre-tax profit of 54,000 minus normal deductions.
0:48:25 > 0:48:29So I'd say it turned out pretty well.
0:48:29 > 0:48:34# Let's do the time warp again! #
0:48:39 > 0:48:42Back in 2007, ex-civil engineer turned builder John
0:48:42 > 0:48:45bought a building plot
0:48:45 > 0:48:51in the quiet Cheshire location of Willaston for £185,000.
0:48:51 > 0:48:56With planning permission already in place, it all seemed quite straightforward.
0:48:56 > 0:49:01- The design itself is quite pretty, isn't it?- It's quite nice, yeah.
0:49:01 > 0:49:03Looks nice on the plan, anyway.
0:49:03 > 0:49:05Nice area like this with the views at the back.
0:49:05 > 0:49:08Should be really nice for somebody who's going to buy it, I hope!
0:49:10 > 0:49:13The original plan was to crack on immediately.
0:49:13 > 0:49:16But when we returned a year later in 2008,
0:49:16 > 0:49:19it hadn't worked out like that.
0:49:19 > 0:49:23What do they say about the best laid plans of mice and men?
0:49:23 > 0:49:28Since we were last here I picked up another job so I had to do that and
0:49:28 > 0:49:31I really started on this site then about two-and-a-half weeks ago.
0:49:31 > 0:49:35As you can see. But it's out of the ground now.
0:49:38 > 0:49:43In the spring of 2009, we returned to see if it's any more than a pile of bricks now.
0:49:43 > 0:49:48And as the A-Team might say, I love it when a plan comes together!
0:49:50 > 0:49:54John's named the new five-bedroomed house the Coach House
0:49:54 > 0:49:57after the building that originally stood here.
0:49:58 > 0:50:02So the plans really have turned into reality.
0:50:02 > 0:50:07Now the house stands proudly where once there was just a piece of scrubland.
0:50:11 > 0:50:16Inside what is now a five-bedroomed house, there's a large modern kitchen.
0:50:27 > 0:50:33Then there are two reception rooms, both with patio doors leading out to the garden.
0:50:33 > 0:50:38And there's a downstairs cloakroom and some office space.
0:50:38 > 0:50:42- While upstairs... - This is one of the en-suites.
0:50:42 > 0:50:44Quite happy with the finishes. Nice big shower.
0:50:44 > 0:50:46Big double sinks there.
0:50:46 > 0:50:48Nice round window.
0:50:48 > 0:50:51This services bedroom two.
0:50:51 > 0:50:52And it also services...
0:50:54 > 0:50:56..bedroom three.
0:50:56 > 0:51:01Which, I know it as a Jack and Jill bathroom suite, which is a nice little touch.
0:51:01 > 0:51:05So the two smaller bedrooms share a high-spec shower room.
0:51:09 > 0:51:13While the master bedroom has its own en-suite.
0:51:15 > 0:51:21Although the fourth good-sized bedroom IS just a bedroom, it has easy access to a beautiful
0:51:21 > 0:51:25bathroom just down the hall, and it doesn't stop there.
0:51:26 > 0:51:31Originally it was a four-bedroom, but we managed to get a fifth bedroom in
0:51:31 > 0:51:34by increasing the pitch of the roof.
0:51:34 > 0:51:38Walk-in wardrobe, shower room, and I think it's turned out quite well.
0:51:38 > 0:51:44This addition to the original plans to get a fifth bedroom and the extra rooms has been really worthwhile.
0:51:44 > 0:51:48But John decided not to take up all his options.
0:51:48 > 0:51:53There was an option to buy extra land. But I thought I'd build the house first and see what the garden
0:51:53 > 0:51:58was like at the end of it. But I think it looks fine now. I don't think it needs any extra garden.
0:51:58 > 0:52:03But I think that option is still there if anybody wants to extend.
0:52:03 > 0:52:09With five bedrooms, three ensuites and two bathrooms, this is pretty impressive.
0:52:09 > 0:52:16How does it compare with sorting out drainage issues on the sort of projects John did before?
0:52:16 > 0:52:19It's quite easy to do, I think. What I'm normally used to, anyway,
0:52:19 > 0:52:25pressure, as regards programmes, people going, "You need to get this done, you need to do that."
0:52:25 > 0:52:29- I don't have that stress or worry! - But he's still the boss
0:52:29 > 0:52:36and project manager, so it's down to him to keep things going smoothly and make sure it's kept on track.
0:52:38 > 0:52:42Well, I have just little programmes in my head, I'll take two weeks to do that.
0:52:42 > 0:52:47Or one week. Or two days. And I hate it when it overruns then, you know!
0:52:47 > 0:52:52I just expect sometimes maybe too much from the lads to just stay on a bit and finish it.
0:52:52 > 0:52:54"Do you need that cup of tea?!"
0:52:55 > 0:52:59John might be very conscious of time going by,
0:52:59 > 0:53:05but now he's finished he can relax and perhaps soak in the bath
0:53:05 > 0:53:08while watching his favourite shows on the television!
0:53:08 > 0:53:13The budget was 200, and I've actually kept within that.
0:53:13 > 0:53:19The only thing that isn't in that is the deposit I put down, so in effect, it's near enough
0:53:19 > 0:53:2120,000 over-budget then.
0:53:23 > 0:53:26John's sunk nearly 220,000 into this new-build.
0:53:26 > 0:53:29With the land purchased at 185,000,
0:53:29 > 0:53:35his total expenditure with costs will be around 410,000.
0:53:35 > 0:53:40So has the current state of the property market killed hopes of seeing a return?
0:53:40 > 0:53:43What do two local estate agents think?
0:53:43 > 0:53:48I think the third visit here, the transformation is superb.
0:53:48 > 0:53:53I think he's done an amazing job and we have an excellent product available to market today.
0:53:53 > 0:53:56When I came last it was just the beginning, really.
0:53:56 > 0:54:00Just the block work was started and it was a building site.
0:54:00 > 0:54:04And I've come here today and it's a complete transformation.
0:54:04 > 0:54:09I think the house looks a quality built house
0:54:09 > 0:54:13of lovely, mellow brick which blends in with the neighbouring properties.
0:54:13 > 0:54:16I believe there's certain bits to the specification, like
0:54:16 > 0:54:20a television in the bathroom, it is quite a unique feature.
0:54:20 > 0:54:23And the wine cooler in the kitchen. Quirky things.
0:54:23 > 0:54:27But in this market, it's key to making something stand out.
0:54:27 > 0:54:32I feel the garden for this property is too small for the size of accommodation.
0:54:32 > 0:54:36So I feel it could be hard to sell on the present market.
0:54:36 > 0:54:39So I would advise him to rent the property.
0:54:39 > 0:54:42I believe the garden to be a really good size, actually.
0:54:42 > 0:54:44It was a concern in the building stages.
0:54:44 > 0:54:46He did discuss
0:54:46 > 0:54:48buying some extra land.
0:54:48 > 0:54:52But it has actually worked out really well for the house itself.
0:54:52 > 0:54:56The estate agents may not agree about the garden,
0:54:56 > 0:55:00but do they agree on whether John's invested his 410,000 wisely?
0:55:00 > 0:55:06The asking price, I would recommend between £375,000 and £385,000.
0:55:06 > 0:55:11I believe the property could be marketed to somewhere in the region of the early 400,000 mark.
0:55:11 > 0:55:14Between £400,000 to £425,000.
0:55:14 > 0:55:17So again, a division of opinion.
0:55:17 > 0:55:20One valuation sees a potential profit and the other a loss.
0:55:22 > 0:55:24What does John think about those estimates?
0:55:24 > 0:55:27I'd like a little bit more, but
0:55:27 > 0:55:32if it was less than 425, which it's on the market for now, I'd look at letting it.
0:55:32 > 0:55:35So renting it may be the way forward.
0:55:35 > 0:55:38What kind of returns could he expect from that?
0:55:38 > 0:55:44I believe the rental figures would be in the region of £1,000-£1,200 per month.
0:55:44 > 0:55:48We would be able to achieve a figure in the region of £1,000 per calendar month.
0:55:48 > 0:55:54In fact, John HAS decided to let the house out and is now getting £1,100 per calendar month.
0:55:54 > 0:56:00Although this hasn't been a big money spinner for him, it has kept him and his building team employed
0:56:00 > 0:56:03during a difficult time in the construction industry.
0:56:03 > 0:56:05So would he do it again?
0:56:05 > 0:56:12I'd like to do one myself, for myself, but I'd do it a lot higher spec, I'd really go to town on it!
0:56:12 > 0:56:18Well, if this is anything to go by, a higher spec than this would really be worth seeing.
0:56:18 > 0:56:21# Nothing but the best you can get
0:56:21 > 0:56:26# Nothing but the best you can get. #
0:56:33 > 0:56:36Well, we hope today's stories have inspired and entertained you.
0:56:36 > 0:56:40And maybe even tempted you into the auction room yourself.
0:56:40 > 0:56:44- So join us next time for more Homes Under The Hammer.- Goodbye.- Goodbye.
0:56:51 > 0:56:56Subtitles by Red Bee Media Ltd