Episode 20 Homes Under the Hammer


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Episode 20

Martin Roberts and Lucy Alexander visit a house in Derby, a chapel in Chelmsford and a flat in London, and find out how much they sold for at auction.


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Transcript


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Hello. Buying property isn't always as easy as it seems.

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It can have its highs and lows, especially when you're stuck in a chain.

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But you can eliminated that process when you buy at an auction.

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-There are all sorts of properties being sold at auction.

-And their buyers have all kinds of plans

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to sort them out, and all sorts of budgets.

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So let's see what's up for grabs on today's show.

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'I uncover some hidden period treasures in Derby.'

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Oh, wow!

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'This chapel in Chelmsford has real potential.'

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It's quite exciting to think what you could do with a space like this.

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'And you're unlikely to lose your shirt investing in this London flat, but you may lose some weight.'

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Ooh! Well, climbing up all those stairs would certainly keep you fit.

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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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'I'm in Derby, renowned for its Georgian and Victorian architecture.

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'The city is now adding a modern twist.

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'Derby is moving forward whilst also celebrating its past.

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'Ten minutes' walk from the city centre is the property I'm here to see.'

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These red-brick Victorian properties are very typical of the area.

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You're close to the local schools and facilities, so they make great places to live,

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or maybe as a buy-to-let investment.

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Here's the one that I'm going to see. Guide price was 55,000 quid.

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Let's take a look.

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Nice that you've got the double glazing before you start. Good news.

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Straight into the living room. Very standard layout.

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Open fire, we like that. But if ever you come into a property and the carpet has been peeled back,

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you should start to investigate a bit further.

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Oh, blimey. Yes, the floor is actually moving pretty badly.

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That's not good. That needs investigation.

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In fact, I don't think I can look at very much more of this property

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without finding out what's going on there and maybe... A-ha! The cellar.

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I think the answer's down there.

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'Let's see what horrors lie beneath in the basement.'

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# Don't be afraid of the dark

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Now, intrinsically, cellars are a wonderful thing to have in a property.

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They can make great games rooms or additional space, cinemas, et cetera,

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but they can also be the source of major problems, and as you can see, the...

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The joists are absolutely rotten.

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I better not pull too much more otherwise I might end up having that come down on my head.

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What has happened is that, basically, the air vents to this cellar have been blocked off

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and this has become the perfect place for the formation of both wet and, more seriously, dry rot.

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And the annoying thing is, it could've all been prevented

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by just having an air flow, some air bricks so you can get a flow of air.

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If you've got a cellar, do me a favour, go down there, make sure you can feel a breeze

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and that your cellar isn't as dank as this one is and you can avoid these problems.

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As it is, for the person who buys this, they'll have to spend a bit of money sorting that out.

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'For the cellar to be converted into a liveable space, it will need to be water- and damp-proofed.

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'This process is known as tanking.

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'Meanwhile, back on the ground floor is the back sitting room and the kitchen.

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'Both are in poor condition. I'd recommend getting the plumbing checked and also the electrics.

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'Let's head up top.'

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So, upstairs, I like the look of that.

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That's a roof light. Stick something in the roof itself

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to bring in a bit of natural light, that would be lovely. A big double bedroom at the front.

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Down this corridor, another double bedroom at the back, two really good size rooms.

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And another bit of good news, upstairs bathroom and loo,

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it's old, it's dated, it needs sorting out, but at least it's in the right place.

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'Like the rest of the house, the bathroom needs modernising.

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'But, in contrast with the rest of the property, upstairs feels spacious and bright.'

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One of the nice things about the property is that a lot of the original features are still here.

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You've got the doors, which I'd strip. Some of these old skirting boards are nice, too.

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And look, behind here, there is, I hope, an old fireplace.

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This has probably been covered up like this for 20, 30 years.

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What could possibly be behind here?

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Ready?

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Oh, wow!

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Look at that! And, listen, just hang on a second.

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I wonder if we can see what date it is on this newspaper?

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Fantastic. Daily Mirror, Friday November 13th, 1959.

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# I used to be a headline

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# Now I'm just old news

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'A blend of period detail, modern design and comfort can successfully be achieved.

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'It would be a travesty if these fireplaces were simply ripped out and thrown in a dark cellar.

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'I invited the auctioneer who sold it to shed some light

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'on this property, which had a guide price of £55,000.'

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From first glance outside, you think it looks in quite good order.

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That's because it's had new windows put in.

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But when you get inside, you see what hasn't been done over a course of many years.

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So it needs quite a bit of hard work doing to it, really.

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'Once the property has been renovated, what could be the value if it was sold on?'

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Renovated to a good standard, it would have a market value, on today's market, of around £90,000.

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'And the rental value?'

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Assuming full renovation and good standard,

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its rental value would be about £450 per calendar month.

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Well, you are going to have to set aside a reasonable chunk of your budget

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to sort out the dry rot problem and, of course, the floor.

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But apart from that, this is a really good little house.

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All the rooms are in the right place and either as a place to live

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or a buy-to-let investment, it's a good one to go for.

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Let's see who spotted it at the auction.

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Guide price is 55-plus. Would someone like to start me at 58?

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58,000.

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58. 56? Start me where you like.

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56, thank you very much. 56,000 I have at the back.

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At £56,000. 57 I've got on a proxy bid.

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At 57,000. 58, sir? 58 is bid.

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59 is bid on a proxy.

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59,000. £60,000, thank you very much.

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At £60,000 only bid. £60,500? £60,500.

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At £60,500. 61? 61,000.

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61,500. 61,500.

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62? £62,000. 62,500. It's in the market, the bids are yours. 63.

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63,500. 64,000. 64,500.

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65,000. 65 and a half. 66?

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66 is bid.

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At £66,000. 500 somewhere else?

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It's in the market, we're selling. The bid is £66,000.

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500. He's had second thoughts. 67, sir? 67.

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At 67,000 again.

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67,500. 68,000.

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68,000, definite? At £68,000, going for the first time.

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Second time. Any higher bid?

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-All done at £68,000?

-HAMMER BANGS

-Sold at 68,000. Thank you.

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'The happy chap there with his successful bid of 68,000 was Roger.

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'He's a car industry consultant and I met him back at his new property.'

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# Jump in my car

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# I wanna take you home

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-Roger, lovely to meet you.

-And you, Martin.

-Congratulations.

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-Thanks very much.

-A great little house. Tell me why you wanted to buy it.

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Well, I needed somewhere to live and I didn't want to have a mortgage

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and I've been to auction before many, many years ago

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and I started looking at houses at auction and I ended up with this one.

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I just want a house for me. Occasionally, my youngest son will stay with me

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or my other son will come up from London and stay,

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so I just wanted a house big enough, didn't want a big garden,

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-and I wanted something that's a project.

-Right.

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And this is. Not a big project, but it's enough of a project.

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'Whoops. Be careful where you stand, Roger.

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'The first job will be fixing the rotten floors caused by the dry rot in the cellar.'

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I knew about the floor, I knew what state that was in

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because I was bouncing up and down on the floor when I came to look at it the first time

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-and the estate agent said, "Don't do that!"

-Never a good sign!

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-Yeah.

-"Don't walk to heavily on the floorboards," always sets those alarm bells ringing.

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-Yeah. And then lots of other things to do to it.

-Talk me through exactly what you're going to do.

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Right, well, obviously, a new floor.

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New floor in here and in the kitchen.

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And the bedrooms will just need decorating and rewiring, central heating,

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the normal run-of-the-mill things on top of that. I'd like, if I can afford to, have the cellar tanked.

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But we've got to look into the cost of that.

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-Would be a good extra room.

-It would, yeah.

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-Cinema!

-Yes.

-Pool table!

-I would think more of a Scaletrix.

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-Yeah! Really?

-Yeah.

-Oh, fantastic!

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Yeah. My boys love Scaletrix and we've always had one

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and I had them when I was little and we love it.

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-So you'd have a permanent Scaletrix track in the cellar? Oh, whoa!

-Yeah.

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# Toys for boys

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# Toys for boys

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# Play with us

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'Racing cars in the basement would be very cool.

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'But does Roger face a race of his own to get this job done on time and on budget?'

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What kind of budget have you got?

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I've got 20 with a contingency of five and then another contingency of five on top of that.

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Wow. Why are you calling it two lots of five rather than ten?

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I don't want to spend the second one at all, to be quite honest.

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'A £30,000 budget is certainly not to be sniffed at,

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'but what about his schedule?'

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-What kind of timescales to get this sorted?

-Three months.

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-OK.

-I would like to be, by the end of the three months, actually living in the property.

-Right.

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-Who's doing the work?

-I've got a builder lined up. He's a friend and he'll project-manage it all.

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Oh, great. What do you do when you're not doing this?

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-I'm a motor industry consultant.

-Ooh. What does that mean?

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Well, I work with larger dealer groups improving the business, the customer service

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-and also incentives with manufacturers and programmes, network planning.

-Right.

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-So cars in your work and cars in your play with your Scaletrix.

-Yeah.

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I know what I prefer! The cars in play!

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I'm going to have to come back and have a play!

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-If I've got it, yeah, you can do!

-Listen, congratulations.

-Thank you.

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-Well done. We look forward to seeing how you get on.

-Lovely.

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# Jump in my car

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I think Roger's got a great place here,

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but do you honestly think that he will sort out other parts of the property

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before he tanks his cellar and gets his slot car racing stuff installed?

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I don't think so! Find out how he gets on later in the show.

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Today I'm in a very peaceful part of Chelmsford in Essex.

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To be precise, I'm in a graveyard and I'm here to see a chapel,

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a museum, a lodge and over 0.2 acres of land.

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Better get started or we'll never get time to see it all!

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'The chapel and the lodge alongside were built in 1886.

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'The grand and dark cloister is awe-inspiring,

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'and while the view of the cemetery may not be to everybody's taste,

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'I find it quite beautiful on this cold and crisp winter's morning.

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'The guide price for this vast auction lot was £400,000.

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'There's a great deal to see here,

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'so let's begin by exploring inside the chapel.'

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This would've been the original chapel of rest.

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Wow! What an incredible space.

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You've got fantastic ceiling height in here. It's really echoey.

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And these beautiful big windows letting all this light in.

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Look at these. Big old stone pillars here.

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It does seem a bit strange to have all of this machinery in here,

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but once you've cleared it, you've got a really big room.

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It's quite incredible to have a look around. Over here there's some old stained glass.

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That would originally have sat over there in the doorway.

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If you rip all the boards off that window, you've got a beautiful stained-glass window.

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I did go round the outside and have a look at it.

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It's a big room and it's quite exciting to think what you could do with a space like this.

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# Hallelujah

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# Hallelujah

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'The stonemasonry here is craftsmanship of the highest order.

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'Whatever happens to this building, I'd like to see as much of its character retained as possible.

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# Hallelujah

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'Opposite the chapel is the lodge.

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'This property has recently been used as an office

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'but was originally the cemetery-keeper's house.

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'There are three rooms downstairs and three upstairs

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'and once again, there are some lovely original features.

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'Converting a church into a residential property is quite common

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'and extremely popular, but can be a mixed blessing.

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'The grand architecture churches offer can sometimes mean compromised living spaces.

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'And as heavenly as stained-glass windows are, they are draughty,

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'meaning it will cost more to heat your home.

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'Tucked in between the archway and the lodge is the cemetery waiting room

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'with yet more beautiful stained-glass windows and an imposing fireplace.

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'Adjoining the lodge is what was previously a museum

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'for the Chelmsford Archaeological Trust. And it's huge!

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'This extension was built in 1991

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'but was designed to complement the Victorian gothic style of the lodge and the chapel.'

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This place is amazing! But you and I know it can't stay this way.

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It must have planning permission to convert it, right?

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Well, yes, it does.

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It comes with planning for the conversion of the existing building

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to provide five two-bedroom cottages,

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one three-bedroom house which is here

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and three one-bedroom duplex apartments.

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So you can see, this is going to be one big old project! But an exciting one.

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'So, planning permission has been granted to turn the old museum into five two-bedroom cottages.

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'The lodge will become a three-bedroom house.

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'The chapel will become two one-bedroom duplex apartments.

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'And the cemetery waiting room will also be a one-bedroom duplex apartment.

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'This auction lot had a guide price of £400,000.

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'I invited a local estate agent

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'to give us his opinion on the place.'

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The property is excellent. Exactly what Chelmsford needs.

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We have a lot of modern housing estates, so a conversion like this

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would be high in demand.

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'How much could the one-bedroom duplex apartments,

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'the two-bedroom cottages and the three-bedroom house be rented out for?'

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For the one-bedroom properties, the rental value would be £700 per calendar month.

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For the two-bedroom properties, the rental value would be £850 per calendar month.

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The three-bedroom house we could rent for £1,100 per calendar month.

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'That's a combined rental income of £7,450 per calendar month. What about sell-on valuations?'

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The one-bedroom properties we'd start from £150,000.

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The two-bedroom properties we'd start from £205,000.

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We would put the three-bedroom house on the market for £300,000.

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'That adds up to a tidy total sale valuation of just over £1.7 million.'

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A massive project but a lucrative one if all goes to plan.

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The return will be quite staggering, so I think it's a fabulous one to go for,

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but living beside a graveyard isn't going to be for everybody.

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Let's find out who wanted this as we head to auction.

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375,000. As good a place as any. Thank you.

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375. 385?

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Yep, 385. 390.

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395. 400.

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410. 415. 420.

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425. 430.

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435. 440. 445.

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And 50. 55. And 60.

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And 65. And 70.

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And 75. And 80.

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And 85. And 90.

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And 95.

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500, sir.

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And 5. No?

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Fresh place, 505.

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510. 515. 520.

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525.

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And 30. 35.

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535. 540. And 45.

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You sure? 540, still with you in the blue shirt. For the first time. Second time.

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-Third and final time at £540,000. Got to go. Sure?

-HAMMER BANGS

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'Holding his nerve to win the day was Peter with his bid of £540,000.

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'Peter and his business partner Ryan are specialists in converting barns and period and listed buildings.

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'They have a little history with this property.

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'I met them back at the lodge to find out more.'

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-Guys, congratulations.

-Thank you very much.

-This is really good news for both of you.

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-Peter, you were the brave bidder on auction day.

-Yes, I was indeed.

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-How did that work out?

-It was good. We knew where we were going to go with it, or what level.

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We didn't think we'd get so much opposition when it got to a figure we would've liked it to have been.

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But there's always someone comes in on the late side and pushes you up for that extra few quid.

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How much would you have paid for this site?

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Probably between six and a half to seven.

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-So you got a bargain!

-Hopefully so.

-Didn't you?

-Yeah, we feel so.

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I'm intrigued, Ryan. How did you stumble across this?

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About two years ago, we were doing a barn conversion down the road

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and we happened to drive by going to our architect's and spotted a board up and made a couple of phone calls

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and liaised with the agent, came down to have a viewing

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and we were going to put an offer in, but due to financial restraints

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and the way the market had turned, we were unwilling to proceed.

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And we didn't expect it to come back up.

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By chance, coming across the bridge, we saw the board back up.

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-And that's two years on?

-Yeah.

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We were sad we couldn't bid on it in the first place, but it came round again.

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-It was meant to be, boys!

-Absolutely!

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'Perhaps destiny has played a part in bringing Peter and Ryan to this divine chapel.

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'I'm keen to hear about their vision for this property.'

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So what is the big old plan with this site?

0:21:320:21:36

At the moment, with the structures as they are,

0:21:360:21:40

we're going to get nine residential units out of it.

0:21:400:21:43

That'll be five two-bed apartments, one three-bed house, which is a part of what we're standing in now...

0:21:430:21:48

Which is beautiful. It's going to be stunning.

0:21:480:21:51

And three one-bed apartments.

0:21:510:21:55

So it lends very well to what it is

0:21:550:21:57

and it keep the external of the building as it was

0:21:570:22:02

and enhances the internal, particularly the likes of the chapel, which will be two lovely apartments.

0:22:020:22:08

It's 25-foot-high ceilings, so that'll be wonderful.

0:22:080:22:12

-We'll restore everything back to its original state.

-Are these buildings listed?

0:22:120:22:16

-No.

-They're not listed. So how far can you go with ripping them apart, taking the windows out?

0:22:160:22:23

-How far can you go?

-We don't like to rip out any of the beauty already in existence.

0:22:230:22:28

Work with it, enhance it, make it a feature of the property and bring it along.

0:22:280:22:33

Rather than take the heart out of it, retain it and make use of what's existing on the footprint.

0:22:330:22:41

'The duo have a passion for property

0:22:420:22:44

'and will try to develop this site respectfully

0:22:440:22:47

'with sensitivity to its heritage and location.'

0:22:470:22:51

How long do you think it'll take to develop this site?

0:22:540:22:58

Probably six months we'd expect to get some of them finished and done.

0:22:580:23:03

We'll see how the market goes, see what interest we get over the next few months and go from there.

0:23:030:23:08

Bearing in mind, it's all internal works, so we can start it immediately.

0:23:080:23:13

What's your budget for the total project? How much do you have to spend?

0:23:130:23:16

-Well, do we have to disclose that?

-Yes!

0:23:160:23:19

How much will it cost you to develop something like this?

0:23:190:23:22

Because you really are starting from scratch.

0:23:220:23:25

Yes, but the structures are already there, so it's internal finishings and that.

0:23:250:23:29

We're probably talking well under half a million.

0:23:290:23:32

Guys, I think this project had your name on it. It's very exciting.

0:23:320:23:35

I can't wait to see what they all look like.

0:23:350:23:37

-It's been lovely meeting you. Ryan, thank you very much. Peter, well done. Good luck.

-Thank you.

0:23:370:23:43

This lovely collection of buildings has certainly fallen into the right hands.

0:23:450:23:50

Now, it is a major project for them, but will they do it in just six months

0:23:500:23:53

and how will the property market be? Will they sell or will they rent?

0:23:530:23:58

You can find out what happens later on in the programme.

0:23:580:24:01

'Coming up, I'm charmed by the kooky but cosy corners of this flat in London.'

0:24:030:24:09

It's a likeable little one-bedroom flat.

0:24:090:24:12

'Have Peter and Ryan succeeded in keeping the character of this period property in Chelmsford?'

0:24:130:24:19

We don't want just straight boxes for anybody. We'd rather have something quirkier and more interesting.

0:24:190:24:25

'But first, Roger's happy to have bagged a bargain on his fixtures and fittings.'

0:24:250:24:30

I got a cracking deal on those.

0:24:300:24:32

'Let's return to Derby and this two-bed terraced house.

0:24:390:24:42

'Roger purchased the property for £68,000

0:24:450:24:49

'and he planned to turn this house into his home.

0:24:490:24:52

'Already plans were being hatched about converting his cellar.

0:24:570:25:02

'I had a suggestion or two of my own as to what it could be used for.'

0:25:020:25:07

-Cinema!

-Yes!

-Pool table!

-No, I would think more of a Scaletrix.

0:25:070:25:12

-Yeah! Really?

-Yeah.

-Fantastic!

0:25:120:25:14

My boys love Scaletrix and we've always had one.

0:25:140:25:17

-So you'd have a permanent Scaletrix track in the cellar? Oh, whoa!

-Yeah.

0:25:170:25:21

'So, has Roger revved up the renovation or has it broken down and is in need of a jump start?

0:25:230:25:30

'Four months later, we're back to find out.

0:25:340:25:37

'Not much change outside, but let's head on in to see what's happening inside.

0:25:370:25:43

'The once tired and tatty rear sitting room and kitchen

0:25:490:25:53

'is now a stylish living room and kitchen area.'

0:25:530:25:57

I think a good kitchen is worth having and worth spending the money on.

0:25:590:26:03

But I was very careful where I sourced the units from and so on,

0:26:030:26:07

and I've made some great savings on the internet with that.

0:26:070:26:11

'Roger has maximised the space in the living area

0:26:150:26:18

'by removing the chimney breast.

0:26:180:26:20

'Let's take a look upstairs.

0:26:200:26:23

'The two drab and dreary bedrooms are now bright and bold.

0:26:250:26:30

'In the front bedroom, I uncovered a wonderful Victorian fireplace

0:26:310:26:36

'which I felt, once restored, would make a fantastic period feature.

0:26:360:26:42

'I'm sorry to see it's gone.

0:26:420:26:44

'But although Roger did attempt to revive the fireplace, he found it beyond repair.

0:26:440:26:49

'Let's see what he's been up to in the bathroom.

0:26:510:26:54

'Roger and his team of builders have worked wonders.

0:26:570:27:01

'They have managed to find room not only for a full-size bath but a shower cubicle, as well.

0:27:010:27:06

We turned the bath round, put it under the window

0:27:060:27:11

and so that allowed us to have a corner shower unit and the wash basin.

0:27:110:27:15

Again, looking round, searching for prices,

0:27:150:27:19

I got a cracking deal on those.

0:27:190:27:21

'Roger likes a bargain but he's not a penny pincher.

0:27:220:27:25

'He's been good to himself and his new home by buying quality.

0:27:250:27:30

'So has he managed to stick to his £30,000 budget?'

0:27:300:27:34

I spent more than my budget. I'm about £4,000 over the original cost.

0:27:340:27:40

But it's because we've done things properly, I think,

0:27:400:27:44

and I'm going to live in it, so nobody's to blame but me.

0:27:440:27:48

# Be good to yourself

0:27:490:27:53

# When nobody else will

0:27:530:27:56

'In the downstairs front reception room, work is ongoing,

0:27:560:28:01

'but the rotten floor has been replaced.

0:28:010:28:04

'As I discovered, this was caused by dry rot in the cellar.'

0:28:040:28:07

The joists are absolutely rotten.

0:28:100:28:14

'Roger has treated the dry rot and also carried out major structural work.

0:28:160:28:22

'A supporting wall was knocked down and replaced by a support beam

0:28:220:28:26

'and he has dug down to give an extra seven inches of floor-to-ceiling height.

0:28:260:28:31

'But never mind all that, when does the model car racing track get fitted?'

0:28:310:28:35

My youngest son wants a gambling den down there.

0:28:350:28:38

He has his four friends that he plays poker with.

0:28:380:28:41

'Oh, no! Where will the racing track go?'

0:28:410:28:44

The Scaletrix track will go up in the roof.

0:28:440:28:47

We're going to board the floor out, build studded walls

0:28:470:28:50

and make that a self-contained room.

0:28:500:28:52

'So a poker table in the basement and racing cars in the loft.

0:28:520:28:56

'Fantastic!'

0:28:560:28:58

'Roger is three weeks behind with his three-month schedule

0:28:590:29:03

'and has spent £102,000 so far buying and renovating this place.

0:29:030:29:08

'We inviting two local property experts

0:29:110:29:14

'to give us their opinion on Roger's home.

0:29:140:29:16

'Let's begin by finding out what the auctioneer who sold it thinks of its transformation.'

0:29:160:29:23

It's a delight to come through the door of a house you've seen before.

0:29:230:29:26

You're intrigued to see what's changed. This is quite impressive.

0:29:260:29:30

It's interesting because, in this instance, he's doing it for his own occupation rather than to rent out

0:29:300:29:36

or to sell on, and therefore I think you give a lot more attention to detail and quality.

0:29:360:29:42

First impressions of the property are fantastic.

0:29:440:29:47

I like the use of space in the kitchen and dining area.

0:29:470:29:51

Taking out the party wall and having it open-plan means it's a more useable space.

0:29:510:29:57

The bathroom's very impressive. It's quite amazing what you can get into a small space.

0:29:590:30:04

A standard four-piece suite, and including a large bath,

0:30:040:30:08

I think is almost bordering on the miraculous, but it's really good.

0:30:080:30:12

'So the experts are impressed.

0:30:120:30:15

'This super-stylish and contemporary home

0:30:150:30:18

'is undoubtedly worth a great deal more than the £68,000 Roger paid for it at auction.

0:30:180:30:24

'He spent £34,000 on the renovation, meaning a total outlay of £102,000 so far.

0:30:240:30:31

'So has he crashed through the ceiling price for property in the area?'

0:30:310:30:35

In terms of resale value, sensibly I think you'd put this on the market at about £105,000.

0:30:350:30:41

I would expect to achieve a sale price of around £107,000 to £110,000.

0:30:410:30:47

That's what I was hoping for, to be quite honest,

0:30:470:30:50

because that means I'd get my money back and a little bit of profit.

0:30:500:30:53

So I'm happy with that. The 110 one would be nice.

0:30:530:30:58

But, yeah, that's fine, I'm pleased with that.

0:30:580:31:01

'It's been a pleasure to see so much hard work and heart and soul

0:31:010:31:07

'poured into the place to make it a home.

0:31:070:31:09

'And it appears that Roger's neighbours have taken an interest in his renovation.'

0:31:090:31:14

As people say, a terraced house is a terraced house. It's what's inside it.

0:31:140:31:19

A lot of people in the street have been really pleased that I'm actually going to live in it

0:31:190:31:23

and it's not going to be rented out to students.

0:31:230:31:27

And a lot of people, the neighbours, are dying to get inside here.

0:31:270:31:32

But they're not coming in till it's finished.

0:31:320:31:35

'I'm in Catford in the borough of Lewisham, Southeast London.

0:31:430:31:47

'And just as the name would suggest, on Catford high street

0:31:470:31:51

'there's a giant cat over the entrance to the shopping centre built in 1974.

0:31:510:31:57

'The area has experienced a lot of rebuilding in the 1960s

0:31:570:32:01

'and the 1990s, and with all this development, it's a busy place.

0:32:010:32:05

'So, for finding a bargain, could it be the purr-fect location?'

0:32:050:32:10

The property I'm here to see is certainly great for transport connections.

0:32:100:32:15

You've got a train station there about three minutes' walk, that'll take you into central London.

0:32:150:32:20

Five minutes from the town centre. However, this is a very busy main road,

0:32:200:32:26

so I wonder if that will put people off, because this is what I'm here to see,

0:32:260:32:30

or rather, a flat in this building.

0:32:300:32:32

'That main road is just off the busy South Circular so it's no wonder it's hectic.

0:32:340:32:39

'The flat itself is a one-bed that came guided at £80,000.

0:32:390:32:43

'Unfortunately, it's up three flights of stairs. Yep, right up there.'

0:32:430:32:49

Whoo! Well, climbing up all those stairs will certainly keep you fit.

0:32:490:32:53

This is a top-floor flat, of course,

0:32:530:32:56

but in this instance, I think that's not a bad thing cos you are furthest away from the road and the noise.

0:32:560:33:01

So up this final set of stairs into this little kind of lobby area.

0:33:010:33:05

Faced with a wall, which is a bit of a strange old layout,

0:33:050:33:08

and then something quite unusual, because for a one-bedroom flat,

0:33:080:33:12

you would expect a fairly small kitchen, but not in this instance.

0:33:120:33:15

It's actually quite a nice sized space.

0:33:150:33:19

It's tired and it needs sorting out, but you've got the room to do it.

0:33:190:33:22

And reasonable head height, as well.

0:33:220:33:25

So, spend a bit of money on this and you will transform this little area.

0:33:250:33:28

I wonder if there's anything you can do to get rid of that wall.

0:33:280:33:33

It is only a stud partition, which is good news, so it wouldn't be too much effort to take it out.

0:33:350:33:40

However, the thing I did notice, it's got electric light switches,

0:33:400:33:43

and worse than that, it's got the main fuse board,

0:33:430:33:46

and that'll be where the main electricity supply comes into the flat.

0:33:460:33:50

So that could be quite expensive to get rid of.

0:33:500:33:54

Worth doing though, I think, cos it would really open up this area.

0:33:540:33:58

Actually, for a one-bedroom flat, this is pretty spacious.

0:33:580:34:02

This is your main living room area. Two windows, lots of light flooding in,

0:34:020:34:06

reasonably high ceilings, a bit of detail from the fact that you're in the attic of the building.

0:34:060:34:11

Yeah, it's a good size space. Let's see if it carries on.

0:34:110:34:16

'So, the flat's relatively spacious, light and airy

0:34:160:34:20

'and the short commute into London City Centre is undoubtedly a selling point.'

0:34:200:34:25

Back into the little foyer area and you've got your loo there.

0:34:260:34:31

Bit of a shame because it isn't in that good a condition.

0:34:310:34:34

I'm wondering if there's any way of maybe increasing the size

0:34:340:34:37

by changing the position of that stud partition wall to create a slightly bigger toilet and loo.

0:34:370:34:42

That needs some attention. Then through into the one bedroom.

0:34:420:34:45

It's on the front of the property so I might be susceptible to noise from that road,

0:34:450:34:51

but being on the top floor, that is mitigated slightly. Not a bad size.

0:34:510:34:55

To sum up, it's a likeable little one-bedroom flat.

0:34:550:34:58

'If you get the bathroom sorted and you redecorate and refurbish those rooms,

0:35:000:35:04

'at that guide price of £80,000, this flat really has got something going for it.

0:35:040:35:10

'And it doesn't end there. It comes with a decent size patch of garden out the back

0:35:100:35:15

'and down the lane at the side of the house.

0:35:150:35:17

'It doesn't look like it's seen a lawnmower for some time.

0:35:170:35:20

'Still, it's definitely a bonus.'

0:35:200:35:22

# It's you and me

0:35:220:35:25

# We just lay down in the garden

0:35:250:35:30

'But has it got what it takes to impress Catford's property market?

0:35:320:35:36

'I asked along a local estate agent to give us his thoughts on this one-bedroom flat.'

0:35:360:35:43

First impressions, the overall building is very attractive.

0:35:430:35:46

The flat itself is a good size.

0:35:460:35:48

Obviously need a bit of TLC

0:35:480:35:51

but once it's done, it'll attract a lot of attention.

0:35:510:35:54

The convenient thing with this property is it also benefits from a garden, a massive selling feature.

0:35:550:36:00

The fact that you can have some outside space will make it very saleable.

0:36:000:36:04

'So, at around that £80,000 guide price, how could this add up?'

0:36:040:36:10

I believe the resale, once it's renovated, will be in the region of £150,000.

0:36:100:36:15

'And the rental figures?'

0:36:150:36:18

Once the property's been renovated, I anticipate a rental income of around £750 per calendar month.

0:36:180:36:23

What do you think, for £80,000 as a guide price, this one-bedroom flat?

0:36:260:36:31

Well, good connections, bit of a noisy main road, doesn't need much work doing to it.

0:36:310:36:35

All in all, I think it's a great one to go for. Let's see who agreed when it went under the hammer.

0:36:350:36:40

Lot 28. Who'd like to start?

0:36:430:36:45

50,000. I'll take it, you're bidding. 50,000.

0:36:460:36:49

55 anywhere? 55. 60.

0:36:490:36:53

60. 65.

0:36:530:36:56

70. 75 at the back. 75 elsewhere?

0:36:560:37:02

75, new spot. 80.

0:37:020:37:04

80. 81.

0:37:040:37:07

82. Back to you at £81,000.

0:37:070:37:11

82, new spot.

0:37:110:37:14

83. 84. 85.

0:37:140:37:18

86. 85 in the room. Looking for 86.

0:37:180:37:23

If not, 85 on my left.

0:37:230:37:25

First time. Second time.

0:37:250:37:28

86 at the back.

0:37:280:37:30

87. 88.

0:37:300:37:33

89. 90.

0:37:340:37:37

89 on... 90, yes. 91.

0:37:370:37:41

92.

0:37:410:37:44

91 on my left. First time. Second time. Third and last time, if you're all done.

0:37:440:37:48

-HAMMER BANGS

-Sold, 91,000.

0:37:480:37:52

'The successful bidder was Peter, who snapped up the lot for £91,000.

0:37:520:37:57

'He's a building surveyor who spotted the potential of this little flat.

0:37:570:38:01

'I met him back at his purchase to find out more.'

0:38:010:38:05

-Peter, lovely to meet you.

-Nice to meet you, too.

-Congratulations.

-Thank you.

0:38:050:38:09

Nice little flat. Tell me why you wanted to buy it.

0:38:090:38:11

Well, I know the area cos I travel through here to get to work,

0:38:110:38:16

so I know it fairly well and I looked at the auction catalogue

0:38:160:38:20

and it looked fairly cheap so I thought I'd go along and have a look at it

0:38:200:38:24

-and give it a go to try and buy it.

-Right. So why have you bought it?

0:38:240:38:28

I'm looking for an investment, really, so looking to do it up

0:38:280:38:32

and then hopefully sell it. If that's not possible

0:38:320:38:35

or not feasible, then I'll probably look to let it out.

0:38:350:38:40

-You're a building surveyor.

-Yes, that's right.

-That sounds like an ideal job to do what you're doing.

0:38:400:38:45

It is useful, yeah. We don't do the regular building surveying valuations and things like this,

0:38:450:38:50

we do project work, so we renovate whole estates on a grand scale.

0:38:500:38:55

-What kind of thing?

-The Decent Homes scheme, which is run at the moment by the government,

0:38:550:39:02

renovating run-down estates and estates which need regeneration.

0:39:020:39:06

Internally, kitchens and bathrooms,

0:39:060:39:08

externally, the fabric of blocks of buildings.

0:39:080:39:12

-Is this the first time you're doing something like this for yourself?

-Yes. So I'm a little bit nervous.

0:39:120:39:19

Now it's my money I'm spending, so I'm going to have to be a little bit more careful and do it property,

0:39:190:39:24

so I'm putting my neck on the block and giving it a go.

0:39:240:39:27

'Peter may be putting his head on the block here,

0:39:270:39:30

'but I reckon that with his experience, he won't be losing his head about what to do.

0:39:300:39:34

# Where's your head at?

0:39:340:39:37

'So, what plans does he have to execute a good renovation?'

0:39:370:39:42

Well, really, it's not too bad. So kitchen and bathroom definitely need doing

0:39:420:39:48

and lots of woodchip wallpaper everywhere, on the ceiling, as well,

0:39:480:39:52

which is going to be a nightmare, but I'm going to get a steamer this afternoon and get started.

0:39:520:39:57

So there could be a lot of skimming and plastering once that comes off.

0:39:570:40:01

-Why are you taking it off?

-Well, I just don't like it.

0:40:010:40:05

-I can't stand it.

-Is the house for you?

-No.

-Right.

0:40:050:40:08

But if I'm going to sell it, I want it to look decent.

0:40:080:40:12

-Have you ever tried to strip this stuff?

-No, I haven't.

0:40:120:40:15

Think as bad as it could possibly be. I guarantee, in an afternoon, you'll clear a square metre.

0:40:150:40:20

-Really?

-It's a nightmare. It's there for life.

0:40:200:40:23

-I'll do a square metre, then.

-Time it. Set the stop watch. Steamer, forget it.

0:40:230:40:29

'Peter has a generous budget of £10,000 and an equally generous schedule of eight weeks.

0:40:290:40:36

'But with only evenings and weekends to dedicate to the project,

0:40:360:40:40

'that time could disappear quickly, unlike the woodchip.

0:40:400:40:45

'He plans to sell the flat on when the renovation's complete.

0:40:450:40:48

'I reckon this is a sound investment, especially given the bonus he wasn't aware of at first.'

0:40:480:40:54

With the sale, they had an amendment to the auction catalogue

0:40:550:40:59

which said it came with a garden, as well, which I didn't know. That was a real bonus.

0:40:590:41:03

So I checked in the legal pack and it's got the lease with it marked, how much of the garden I've got.

0:41:030:41:09

It's about a quarter of it, cos there's four flats here. It's quite nice.

0:41:090:41:13

-Great. A real bonus.

-Yeah, a real surprise.

0:41:130:41:15

-Congratulations. Good luck and we look forward to seeing how you get on.

-Thank you.

0:41:150:41:20

So, Peter finally realising that his professional skills can be used to personal use

0:41:210:41:27

in terms of knowing about properties. Building surveyors certainly should.

0:41:270:41:32

How is he going to get on with this place? He seems to have the right ideas

0:41:320:41:35

but will we come back to find a man destroyed from trying to get the woodchip off?

0:41:350:41:40

You can find out later in the show.

0:41:400:41:43

Well, it's been a while since we saw those purchases.

0:41:460:41:49

Have the new owners been racing through the work?

0:41:490:41:52

-Have they been or has everything ground to a complete halt?

-Let's go back and find out.

0:41:520:41:57

'Let's return to this vast auction lot in Chelmsford

0:42:000:42:03

'which sat adjacent to a cemetery.

0:42:030:42:06

'It consisted of the cemetery chapel with its vaulted ceilings,

0:42:070:42:12

'magnificent stonemasonry and grand windows,

0:42:120:42:16

'and there was also the cemetery-keeper's lodge and the cemetery waiting room

0:42:160:42:21

'with lovely stained-glass windows.

0:42:210:42:23

'The lodge and chapel are connected by the grand arch cloister

0:42:280:42:31

'and were built in 1886.

0:42:310:42:34

'An extension was added in 1991

0:42:360:42:39

'as a museum for the local archaeological trust.

0:42:390:42:43

'Peter and Ryan purchased all of this at auction for £540,000.

0:42:430:42:49

'They specialise in converting period and listed properties

0:42:490:42:52

'and strive to retain the original character of the buildings they develop.'

0:42:520:42:56

So how far can you go with ripping them apart, taking the windows out?

0:42:570:43:02

-How far can you go?

-We don't like to rip out any of the beauty that's already in existence.

0:43:020:43:07

Work with it, enhance it, make it a feature of the property, rather than take the heart out of it.

0:43:070:43:12

'11 months later and we're back to see if this pair's passion for property

0:43:130:43:18

'enabled them, as Ryan said, to keep the heart of this building.'

0:43:180:43:22

# You keep my heart alive

0:43:240:43:28

'Let's begin with what was once the museum,

0:43:340:43:36

'where Peter and Ryan planned to create five two-bedroom cottages.

0:43:360:43:40

'The ground floor's an open-plan living and kitchen area

0:43:430:43:47

'and the French doors flood the room with natural light.

0:43:470:43:50

'A brushed-steel handrail and glass up the staircase are further stylish additions.'

0:43:530:43:59

Being a listed building contractor, cos that's where our experience comes from,

0:43:590:44:03

he's tried to introduce some contemporary things, like contemporary handrails, glass,

0:44:030:44:09

which it never had before, just to give it some more light.

0:44:090:44:12

And light paint and light carpets.

0:44:120:44:15

So we've just tried to give it a bit of a contemporary feel.

0:44:150:44:19

They're quirky buildings, we're making them more liveable and enjoyable.

0:44:190:44:23

'The stairs link to the first floor, where there are two bedrooms and a bathroom.

0:44:260:44:30

'New windows have been added to the building and the light and airy decoration continues.

0:44:300:44:36

'The bathroom has no windows, but its all-white finish gives the impression of space.

0:44:380:44:44

'And in a change to the original plans,

0:44:460:44:49

'Peter and Ryan have added a second floor.

0:44:490:44:52

'The master bedroom has a staircase which leads to a dressing area

0:44:520:44:56

'and an en suite shower room.

0:44:560:44:58

'Each of the five cottages has the same floor plan

0:44:580:45:02

'but the pair put these properties on the market at the design stage,

0:45:020:45:05

'which allowed potential purchasers options on finishes.'

0:45:050:45:09

We were able to give customers the choices of ranges of kitchens,

0:45:090:45:14

carpets, tiles, white goods, et cetera.

0:45:140:45:17

It gives the purchasers coming in more chance to bespoke their own property.

0:45:170:45:23

That's what happened here and we got a lot better response from people coming to look at it.

0:45:230:45:27

'They certainly did get a good response.

0:45:290:45:32

'In fact, all five cottages are already sold.'

0:45:320:45:35

We knew if we kept a good standard of work, that would set us aside from other developers.

0:45:360:45:42

We've done them a little bit better. The quality of workmanship shows. Quite surprised how quick they sold.

0:45:420:45:48

'On now to what was previously the cemetery-keeper's lodge.

0:45:540:45:58

'Peter and Ryan have created a modern three-bedroom house

0:46:030:46:06

'within this Victorian property.

0:46:060:46:09

'The mix of contemporary and period styles

0:46:120:46:15

'sit sympathetically side by side

0:46:150:46:18

'with the seemingly contradictory styles enhancing the beauty here.'

0:46:180:46:23

We've tried to keep as many original features as we can

0:46:240:46:27

so we can just enhance the beautiful character of the building.

0:46:270:46:30

'The cemetery waiting room is being converted into a one-bedroom duplex apartment.

0:46:310:46:37

'They've achieved this by extending into the roof space

0:46:410:46:45

'to create a bedroom and a bathroom.

0:46:450:46:48

'By extending into the cloister, they've created a kitchen.

0:46:510:46:55

'This is undoubtedly a clever use of space,

0:46:550:46:59

'but I feel the extension has diminished the once spectacular archway and stained-glass windows.

0:46:590:47:05

'However, as with the two-bedroom cottages and the lodge,

0:47:070:47:11

'they have already sold this apartment.

0:47:110:47:14

'Peter and Ryan are 11 months into this development

0:47:150:47:18

'and had hoped to be further ahead at this stage.'

0:47:180:47:21

We set a timescale to do it and we've got slightly out of that

0:47:220:47:25

because we applied for some additional planning

0:47:250:47:28

and that held the scheme back from where we were going.

0:47:280:47:31

So we're probably two to three months over where we wanted to be.

0:47:310:47:37

'This delay is most noticeable in the chapel,

0:47:380:47:42

'which is being converted into two one-bedroom duplex apartments.

0:47:420:47:46

'The stained-glass windows have been beautifully restored

0:47:530:47:56

'and the high vaulted ceilings have been retained.

0:47:560:47:59

'I think Peter and Ryan are doing a particularly good job on these apartments,

0:48:000:48:04

'both of which have already been sold from plan.

0:48:040:48:07

'The original budget for this project was between £500,000 and £600,000

0:48:090:48:15

'but now, including their £540,000 purchase price,

0:48:150:48:20

'they estimate they've spent closer to £1.5 million.

0:48:200:48:24

'Let's find out from two local estate agents

0:48:310:48:34

'what they believe the value of each of the properties to be

0:48:340:48:37

'and how much Peter and Ryan actually sold them for.'

0:48:370:48:40

It's really contemporary inside now, so what they've done with the character is really good.

0:48:410:48:46

The way that it's been developed is the correct amount of units

0:48:460:48:49

and the correct amount of different styles of property.

0:48:490:48:53

I think they've done a really good job.

0:48:530:48:55

They've embraced the building. It's got a lot of character.

0:48:550:48:59

The finishes are high-end, good quality kitchens and ceramics,

0:48:590:49:03

all these little things that make it stand out.

0:49:030:49:06

'What do the estate agents estimate the sale value of the two-bedroom cottages to be?'

0:49:060:49:11

The resale values for these would range from £210,000

0:49:120:49:17

up to £225,000.

0:49:170:49:19

The two-beds, I would expect to get anywhere between 210 and 225.

0:49:190:49:25

Yeah. Obviously, each one of them is slightly different, but for that sort of level,

0:49:250:49:31

that's where we wanted to be in the beginning and that's where we've ended, so we're happy.

0:49:310:49:36

'And the three one-bedroom duplex apartments,

0:49:380:49:41

'two in the chapel and one in the former cemetery waiting room.'

0:49:410:49:45

I think the one-bedroom duplex apartments would range from £150,000 up to £160,000.

0:49:450:49:53

I would put the one-bedroom units on the market between £150,000 and £160,000.

0:49:530:49:58

Yeah, we achieved on that. And that's what we sold them for.

0:49:580:50:01

So we're quite happy with that. Very good.

0:50:010:50:03

'Good going so far. So, lastly, the three-bedroom house.'

0:50:030:50:09

The resale value for the three-bedroom house would be £300,000.

0:50:090:50:13

I would put the three-bedroom house on the market between £280,000 and £300,000.

0:50:130:50:18

-We got a couple of quid under the 300, so we're quite happy with that one.

-Yeah.

-Yeah, very good.

0:50:180:50:25

'That's a combined total sell-on value of between £1,800,000

0:50:260:50:33

'and £1,905,000.

0:50:330:50:37

'That gives Peter and Ryan an estimated pre-tax profit

0:50:370:50:42

'of between £300,000 and £405,000.

0:50:420:50:46

'This property developing duo thrive on a challenge

0:50:460:50:50

'so what's next on the horizon for them?'

0:50:500:50:52

We don't want to do just straight boxes for anybody.

0:50:530:50:56

We'd rather have something quirkier, much more interesting.

0:50:560:50:59

It's been enjoyable, it's been fun to do.

0:50:590:51:01

It's not been a hair-puller, it's been really good, can't ask for a better project, really.

0:51:010:51:08

# Keep my heart alive

0:51:080:51:12

'We're back in Catford, Southeast London now to catch up with Peter

0:51:170:51:23

'who bought this one-bed flat for £91,000.

0:51:230:51:27

'He's a building surveyor by profession, but this is his first solo project.

0:51:270:51:32

'The idea was to renovate and sell this property quickly,

0:51:320:51:36

'although his plan to remove the woodchip wallpaper was an ambitious one.'

0:51:360:51:40

-I just don't like it.

-Have you ever tried to strip this stuff?

-No, I haven't.

0:51:400:51:44

Think as bad as it could possibly be.

0:51:440:51:46

'Peter set himself a schedule of eight weeks to get the work done.

0:51:490:51:53

'So, two months later, we return to find out whether removing that woodchip wallpaper

0:51:530:51:58

'also stripped him of his enthusiasm.'

0:51:580:52:00

'Well, on first impressions, it looks like Peter's done a good job.

0:52:070:52:11

'The flat's been redecorated and recarpeted

0:52:110:52:14

'and he's also given the kitchen some serious attention.'

0:52:140:52:18

OK, in the kitchen, we've completely replaced all the units in here,

0:52:200:52:25

just totally redesigned it, as well.

0:52:250:52:27

So we've actually swapped the sink with the oven

0:52:270:52:30

cos I wanted a little bit of worktop by the side of the oven and also the sink,

0:52:300:52:34

so you can stack your dishes and stuff before you wash up.

0:52:340:52:37

And also put units on this side, as well, just to give some extra storage space

0:52:370:52:42

and just give a bit of a galley style to the kitchen, which I think works well.

0:52:420:52:47

'The bathroom is looking great.

0:52:490:52:52

'Peter used larger tiles to create a more spacious feel

0:52:520:52:55

'and it's now the perfect place to have a relaxing soak.

0:52:550:52:59

'Not so relaxing was the prospect of removing that woodchip wallpaper.'

0:53:000:53:05

Removing the woodchip wallpaper was a bit of an issue

0:53:080:53:10

because, as Martin said, it was going to be a bit of a problem.

0:53:100:53:14

We did remove it in the kitchen because I had to replace the whole thing, and the bathroom.

0:53:140:53:19

All that was taken down. We kept the woodchip wallpaper and just painted and freshened it up.

0:53:190:53:24

'So Peter did listen to my advice after all.

0:53:240:53:28

'And the woodchip which he hasn't stripped away, he's painted.

0:53:280:53:31

'That has given the flat a fresh feeling.'

0:53:310:53:34

# Old paint is peeling

0:53:340:53:37

# This is that fresh, that fresh feeling

0:53:370:53:41

'But fresh wasn't exactly how Peter felt

0:53:410:53:44

'when combining his day job with renovating the flat.'

0:53:440:53:47

Grabbing weekends and evenings sounds like a good idea but it is actually very tiring.

0:53:470:53:53

But it's something that I was prepared to do, and I'd be prepared to do it again,

0:53:530:53:57

so I was happy with it, but a lot harder work than I initially thought.

0:53:570:54:02

'It's been hard graft, but Peter's done a grand job

0:54:020:54:06

'ensuring the flat was ready to rent within his eight-week schedule.

0:54:060:54:10

'But did he make any savings on his ten grand budget?'

0:54:100:54:14

I think renovating the actual flat is going to come in round about £5,000 to £6,000.

0:54:140:54:19

But I was quite fortunate because the boiler didn't need changing.

0:54:190:54:23

And most of the electrics were OK. Only the bathroom and the kitchen needed rewiring.

0:54:230:54:28

-I had a few savings there.

-'Even including legal fees and mortgage repayments,

0:54:280:54:33

'Peter's total outlay is still under £100,000.

0:54:330:54:38

'So does he plan to sell or rent it out?'

0:54:380:54:42

I want to sell it. I want to get rid of it, move on to the next one.

0:54:420:54:46

But if I have to rent, then I'll do that, so it depends on the valuations.

0:54:460:54:53

'Here are some experts to help Peter make up his mind.

0:54:560:55:00

'We asked two local estate agents to tell us whether Peter's investment will pay off.'

0:55:000:55:04

The property, compared to what it was like last time,

0:55:070:55:10

massive transformation. Before, it needed everything doing,

0:55:100:55:14

and he's replaced everything that needed to be done.

0:55:140:55:17

The standard of finish could've been a little bit better in places.

0:55:170:55:20

But the kitchen and bathroom more than makes up for that.

0:55:200:55:23

'The flat seems to get the thumbs-up from the estate agents.

0:55:230:55:27

'So what could a resale achieve?'

0:55:270:55:30

I believe the property would resale for £150,000.

0:55:300:55:34

This property could resale for £150,000.

0:55:340:55:37

Wow! 150,000. That's very good.

0:55:370:55:41

That's a lot more than I thought it was going to be, so I'm very, very pleased with that.

0:55:410:55:46

'On his first attempt at property developing,

0:55:460:55:49

'Peter could make a pre-tax profit of around £50,000.

0:55:490:55:52

'So I reckon that's helped make up his mind here.'

0:55:520:55:56

In terms of selling it, yeah, I'm definitely going to be looking to do that first.

0:55:560:56:01

I'll probably take an offer of something reasonable on that

0:56:010:56:04

and move on and hopefully get onto the next one as soon as possible.

0:56:040:56:07

'But even if Peter sticks with the flat, the estate agents reckon he could make a rental income

0:56:070:56:13

'of up to £775 per calendar month.

0:56:130:56:16

'That would give him a possible annual yield of over nine percent.

0:56:160:56:20

'You won't earn that from any high street bank.

0:56:200:56:23

'After the sale of this flat, he plans to get another small apartment to renovate

0:56:230:56:27

'and the success of this one means he's going back to you-know-where.'

0:56:270:56:32

I'll definitely buy property at auction again. I found the whole thing really exciting on the day

0:56:320:56:37

and you can sometimes get a bit of a bargain, hopefully. I'll definitely do it again.

0:56:370:56:44

The world of property is never static or boring.

0:56:460:56:49

You need to know what you're doing. And we can help with that.

0:56:490:56:52

So join us next time for more cautionary tales and success stories from the nation's auction rooms

0:56:520:56:57

-on Homes Under The Hammer.

-See you then.

-Goodbye.

-Goodbye.

0:56:570:57:00

Subtitles by Red Bee Media Ltd

0:57:020:57:06

E-mail [email protected]

0:57:060:57:10

.

0:57:100:57:10

Martin Roberts and Lucy Alexander visit a house in Derby, a chapel in Chelmsford and a flat in London. All of these properties have been sold at auction; Martin and Lucy find out who bought them and what was paid for them when they went under the hammer.