0:00:00 > 0:00:04Hello. Welcome to the show. There's nothing quite like the thrill of the auction room.
0:00:04 > 0:00:09With those fast-paced bids and pounding hearts, it's electric.
0:00:09 > 0:00:12Join us now on the rollercoaster ride that is buying at auction,
0:00:12 > 0:00:15as we follow three properties that went under the hammer.
0:00:41 > 0:00:44Whether it's a flat in Faversham, a semi in Swindon
0:00:44 > 0:00:46or a bolt-hole in Bolton,
0:00:46 > 0:00:50it's probable you'll find what you're looking for at auction.
0:00:50 > 0:00:53Today we'll meet people hoping to have found their perfect property.
0:00:53 > 0:00:55Here's what tickled their fancy.
0:00:57 > 0:01:01In this Sheffield end-terrace, I get rather carried away with the cladding!
0:01:04 > 0:01:05Moving swiftly on!
0:01:06 > 0:01:10Things are looking up for this one-bed flat in west London.
0:01:11 > 0:01:13Oh, wow!
0:01:13 > 0:01:16What a fantastic full-height ceiling!
0:01:16 > 0:01:22And in snowy St Helens, I reckon this three-bed semi could do with a rethink.
0:01:22 > 0:01:26This bathroom isn't really big enough to have a bath in it!
0:01:28 > 0:01:33All these properties were sold at auction. We find out who bought them and what they paid
0:01:33 > 0:01:36- when they went under the hammer. - Sold. 371. Well bought.
0:01:39 > 0:01:44Mention Sheffield to most people and they'll think of steel.
0:01:44 > 0:01:47But this city has a lot more to offer than just cutlery.
0:01:47 > 0:01:50Recently, it's undergone a major regeneration
0:01:50 > 0:01:54and there are theatres, two universities and many large shopping centres.
0:01:54 > 0:01:59Beighton in Sheffield is a very desirable place to live.
0:01:59 > 0:02:04Great links into the city centre, a nice residential area. This is what I'm here to see.
0:02:06 > 0:02:11It's a three-bed end-of-terrace which went to auction at a guide price of 60,000.
0:02:11 > 0:02:14From outside, it looks in pretty good order.
0:02:16 > 0:02:18So, what have we got?
0:02:18 > 0:02:22Straight through into, I guess, the living room.
0:02:23 > 0:02:27Love the fake stonework on the chimney breast(!)
0:02:27 > 0:02:31Nice little alcoves. Not a bad sized room. Looking at the floorboards,
0:02:31 > 0:02:35they seem to be in reasonable nick, so get those stripped. Stairs.
0:02:35 > 0:02:37Through to a rear sitting room area.
0:02:42 > 0:02:45Moving swiftly on, more fake "rock".
0:02:45 > 0:02:49Nice sized space, though, doors onto the garden.
0:02:49 > 0:02:51Don't tell anybody!
0:02:51 > 0:02:53Through to the kitchen. Yes.
0:02:53 > 0:02:58It's... Oh, look - fake wood, fake brick!
0:02:58 > 0:03:00Fantastic(!)
0:03:00 > 0:03:05In terms of space, it's not bad. The whole place needs a bit of a re-work!
0:03:05 > 0:03:09Well, quite a bit of work to be done here to make it authentic.
0:03:09 > 0:03:13And whilst it's nice to refer to a kitchen as cracking,
0:03:13 > 0:03:15this isn't exactly what I had in mind.
0:03:16 > 0:03:22The house also benefits from outside space and the back looks in fairly decent nick, too.
0:03:22 > 0:03:26The guttering is intact, and although there are a few cracks,
0:03:26 > 0:03:28they don't look too serious.
0:03:28 > 0:03:31At the rear of the property, a really long, thin garden.
0:03:31 > 0:03:34You might look out and think, "Oh, that's nice."
0:03:34 > 0:03:39But until you read the legal pack, which you must always do,
0:03:39 > 0:03:42you don't realise that you are responsible as a new purchaser,
0:03:42 > 0:03:49for rebuilding this wall which is dividing this property from the garden next door.
0:03:49 > 0:03:51As you can see, it's in a right state.
0:03:51 > 0:03:56It's stipulated that whoever buys this has to repair it and within three months.
0:03:56 > 0:04:00Now, repairs to gardens and garden walls are notoriously expensive.
0:04:00 > 0:04:03So that could be a real shock to your budget.
0:04:05 > 0:04:08Apart from the crumbling wall, the house seems reasonably solid.
0:04:08 > 0:04:12On the first floor is a large master bedroom, a smaller second one
0:04:12 > 0:04:16plus a dated bathroom. And up top,
0:04:16 > 0:04:18there's a decent-sized attic bedroom.
0:04:19 > 0:04:23One additional complication to buying this place
0:04:23 > 0:04:25is that it's an ex council house.
0:04:25 > 0:04:30Any purchaser has to cover the legal and surveyor's costs of the council,
0:04:30 > 0:04:34which add up to nine per cent to the final auction value of the property.
0:04:34 > 0:04:39Time for the expert opinion of a local estate agent.
0:04:39 > 0:04:43Great area. Fantastic local schools round here. Fantastic transport links.
0:04:43 > 0:04:48We've got the Sheffield super-tram, a prime selling feature for a lot of properties.
0:04:48 > 0:04:53A lot of clients are looking for that for links into the city centre.
0:04:53 > 0:04:57That will be a great sales tool for getting the property to move.
0:04:57 > 0:04:59It all looks good so far.
0:04:59 > 0:05:04But is it worth the extra expense of sorting out that dodgy garden wall?
0:05:04 > 0:05:08Once it's done and landscaped, there are families either side,
0:05:08 > 0:05:12so it opens the market from first-time buyer to becoming a family house.
0:05:12 > 0:05:17Good schools in the area, so a nice long garden is a good sales feature for the property.
0:05:17 > 0:05:19OK. Time to cut to the chase.
0:05:19 > 0:05:25How much could this end-of-terrace be worth if someone sorts out the wall and renovates the house?
0:05:25 > 0:05:29Depending on the way the market moves over the next few months,
0:05:29 > 0:05:33but at the present time we'd be looking about 95 to 100 on it.
0:05:33 > 0:05:37Once renovated, would this three-bed house be a solid rental investment?
0:05:37 > 0:05:41The rental market is flying. We're desperate for properties.
0:05:41 > 0:05:47This would rent very quickly once it's done to a good finish. We'd hope to achieve 525 to 550 a month.
0:05:47 > 0:05:51Well, not one for a quick profit, this,
0:05:51 > 0:05:54especially when you factor in doing the works in the garden
0:05:54 > 0:05:58and also pay the costs of the seller.
0:05:58 > 0:06:00Still, it's a solid house in a good location.
0:06:00 > 0:06:03Let's see who fancied it when it went under the hammer.
0:06:04 > 0:06:08Very nice end-terrace house. Stone-fronted end-terrace house.
0:06:08 > 0:06:09Lots of potential offered.
0:06:09 > 0:06:15Start me at 60,000, somebody. £60,000. Do I have 60,000?
0:06:15 > 0:06:1850,000? Somebody start me at 50,000. Thank you. £50,000.
0:06:18 > 0:06:23Do we have 52? Thank you. 52 at the back. 54, sir?
0:06:23 > 0:06:2456?
0:06:24 > 0:06:2658.
0:06:26 > 0:06:3160? At the back of the room it's against you. £58,000. We're looking for 60. Thank you.
0:06:31 > 0:06:3362?
0:06:33 > 0:06:3561, then?
0:06:35 > 0:06:3961. Thank you. 62?
0:06:39 > 0:06:40Thank you.
0:06:40 > 0:06:4363? Thank you. New bidder.
0:06:43 > 0:06:47Sat down at £63,000. Done at the back? We're done there.
0:06:47 > 0:06:49No, he's not. At 64,000.
0:06:49 > 0:06:5165. 66.
0:06:51 > 0:06:5367.
0:06:53 > 0:06:5468?
0:06:54 > 0:06:58At £67,000. For the first time at 67.
0:06:58 > 0:07:02The second time at 67,000.
0:07:02 > 0:07:04The third and last time at £67,000.
0:07:04 > 0:07:05Sold. Well done.
0:07:05 > 0:07:09That successful bid of 67,000 came from Paul.
0:07:09 > 0:07:13He's a dentist who bought this place with his long-time friend,
0:07:13 > 0:07:16also called Paul, a quantity surveyor.
0:07:16 > 0:07:20I caught up with both Pauls back at their new purchase
0:07:20 > 0:07:24to find out whether this project would have them smiling or spitting teeth!
0:07:25 > 0:07:27Paul, Paul, good to meet you.
0:07:27 > 0:07:30- Hello.- How are you?- Very well, thank you.- Good.
0:07:30 > 0:07:33Congratulations. Why did you want to buy this place?
0:07:33 > 0:07:37It's a starter project. We haven't done anything like this before.
0:07:37 > 0:07:40It gave us a chance to get to know whether we could work together
0:07:40 > 0:07:44and we didn't want a simple job, we wanted a challenge.
0:07:44 > 0:07:47That's why we came looking for something like this.
0:07:47 > 0:07:52Whose idea was it to take the move from being friends into business partners?
0:07:52 > 0:07:56I suggested it first, but it's something we've talked about over the years.
0:07:56 > 0:07:59It's taken till now for the circumstances to fit together
0:07:59 > 0:08:04that we'd got the time and the inclination to take it on.
0:08:04 > 0:08:08It's a case of see how it goes and if we're still friends at the end of it.
0:08:08 > 0:08:11And take it from there, really.
0:08:11 > 0:08:15So will the friends be smiling broadly at the end of the renovation?
0:08:15 > 0:08:20As this Paul is a quantity surveyor, he knows all about running a project like this.
0:08:20 > 0:08:27Dentist Paul will be taking a back seat because he's more at home with tooth decay than rotting buildings.
0:08:27 > 0:08:33# You know I can't smile without you. #
0:08:33 > 0:08:39We're doing the planning together, but the actual work and timescales and sub-contractors
0:08:39 > 0:08:41is all Paul's department.
0:08:41 > 0:08:46- Are you happy to hand that over? - I am indeed. He knows a lot more about it than I do.
0:08:46 > 0:08:48What are you going to do to sort the house out?
0:08:48 > 0:08:51It'll be new kitchen, new bathroom,
0:08:51 > 0:08:57all the walls will be stripped off, get it all replastered.
0:08:57 > 0:08:59New doors, new fittings.
0:08:59 > 0:09:04It really is taking it back to basics. Starting again, really.
0:09:04 > 0:09:08- How much have you set aside to do the work?- We've set aside £35,000,
0:09:08 > 0:09:13- which hopefully should be easily enough.- That's a good chunk.
0:09:13 > 0:09:15A good chunk, indeed.
0:09:15 > 0:09:19The boys are putting over eight grand of that into fixing the garden wall.
0:09:19 > 0:09:23That's more than some people's entire renovation budget.
0:09:23 > 0:09:26Bearing in mind the purchase price of 67,000,
0:09:26 > 0:09:29I wonder if there'll be any room left for profit.
0:09:29 > 0:09:34We've not set about it to try and get ourselves into trouble.
0:09:34 > 0:09:38If we break even, we'll be happy because we'll have learnt from the experience.
0:09:38 > 0:09:41If we come in under budget, then fantastic.
0:09:41 > 0:09:44Any surprises in the purchase at all?
0:09:44 > 0:09:50There was the condition that we had to pay the vendor's legal fees, survey fees and searches.
0:09:50 > 0:09:54So that did add about nine per cent to the purchase price.
0:09:54 > 0:09:58- That could catch you out.- Yes. If you hadn't know about that, it's... Yeah.
0:10:01 > 0:10:06So, on top of the 67,000 that Paul and Paul paid for the end-of-terrace,
0:10:06 > 0:10:09they had to pay an extra £6,000 in fees.
0:10:09 > 0:10:13I do hope they told their wives about all that extra expense!
0:10:13 > 0:10:18We've tried to keep them sort of divorced from it, or we might end up divorced!
0:10:20 > 0:10:21Because, you know,
0:10:21 > 0:10:26they like to...have an opinion!
0:10:26 > 0:10:30- So...- You're really dancing around the issues, here!
0:10:30 > 0:10:33We are, a bit. We've got to be very careful here!
0:10:33 > 0:10:35Otherwise we might end up living in it!
0:10:35 > 0:10:38In ten or 12 weeks, we might end up living in this place!
0:10:38 > 0:10:44So between you and me, what were the issues? They want to get involved?
0:10:44 > 0:10:46They're concerned about what you're doing?
0:10:46 > 0:10:49- No, they're very supportive of it. - Yeah.
0:10:49 > 0:10:54It's something we've wanted to do and we've talked about. They consider it our mid-life crisis!
0:10:54 > 0:10:59- They're going to leave us to it! - Congratulations. Good luck. - Thank you.
0:10:59 > 0:11:03- We look forward to seeing how it turns out.- Thank you.- Thank you.
0:11:04 > 0:11:06So, instead of fast cars or motorbikes,
0:11:06 > 0:11:09Paul and Paul are buying a semi in Sheffield
0:11:09 > 0:11:12to soften the effect of their mid-life crisis!
0:11:12 > 0:11:17You know what, that budget, £8,000 just to sort out the garden,
0:11:17 > 0:11:21that's more than some people would spend sorting the house out as well.
0:11:21 > 0:11:26How are they going to get on? Are they going to spend all that £35,000?
0:11:26 > 0:11:28You can find out later in the show.
0:11:32 > 0:11:34I'm in central London, in Bayswater,
0:11:34 > 0:11:38set between its better-known neighbours Paddington and Notting Hill.
0:11:38 > 0:11:41This really is super-stylish London living.
0:11:48 > 0:11:52As far as houses go, there is nothing quite so grand
0:11:52 > 0:11:55as a row of Regency-style terraces.
0:11:55 > 0:11:57And these do not disappoint.
0:11:57 > 0:12:02Built mid-19th century, they're elegant and bold at the same time,
0:12:02 > 0:12:05with imposing height but delicate ironwork.
0:12:05 > 0:12:07Absolutely beautiful. I love them.
0:12:07 > 0:12:12The property I'm here to see, well, I can't see all of it through this scaffolding,
0:12:12 > 0:12:15and it's sadly not the whole building.
0:12:15 > 0:12:21Although from the guide price of 310,000, you'd be expecting at least a couple of floors.
0:12:21 > 0:12:24But no, sorry to disappoint you.
0:12:24 > 0:12:26It's just a one-bedroom flat!
0:12:27 > 0:12:31The top floor flat is on a 125-year lease.
0:12:31 > 0:12:34Let's hope that when the scaffolding comes off,
0:12:34 > 0:12:39it's every bit as pretty as its neighbours, rather than a renovation nightmare.
0:12:43 > 0:12:48To ensure there are no unforeseen expenses when buying at auction,
0:12:48 > 0:12:51always read the legal pack. If necessary,
0:12:51 > 0:12:53ask questions and get answers before bidding,
0:12:53 > 0:12:59and do check that any work being carried out has already been paid for.
0:12:59 > 0:13:03Inside, the communal area is well-kept and tidy.
0:13:03 > 0:13:06I love these long, curling banisters!
0:13:06 > 0:13:08But what about the flat itself?
0:13:09 > 0:13:12Oh, wow!
0:13:12 > 0:13:14What a fantastic full-height ceiling!
0:13:14 > 0:13:16Look at that lovely brickwork!
0:13:16 > 0:13:18I was not expecting that.
0:13:18 > 0:13:22I know the previous owner got planning permission to have that space
0:13:22 > 0:13:25and I think it's made a huge difference to this room.
0:13:25 > 0:13:28Wow, it's brilliant.
0:13:29 > 0:13:30Now, what is this?
0:13:30 > 0:13:33This is a rather weird space in here.
0:13:33 > 0:13:37I don't think it's a bedroom because it's internal without its own window.
0:13:37 > 0:13:41Now, out here, what a space!
0:13:41 > 0:13:44Look at these beautiful windows with the rooftop views.
0:13:44 > 0:13:48You are a world away from all that crazy madness going on below.
0:13:48 > 0:13:51I've got to say I'm charmed!
0:13:52 > 0:13:55Top-floor flats traditionally have a lower ceiling
0:13:55 > 0:13:59but taking it away to let the sun shine in through the roof windows
0:13:59 > 0:14:03gives this place a more open and spacious feel.
0:14:03 > 0:14:07# Let the sunshine
0:14:07 > 0:14:11# Let the sunshine in
0:14:11 > 0:14:15# The sunshine in. #
0:14:17 > 0:14:21I'm less charmed by the bathroom, with its ramshackle and rusty appearance.
0:14:21 > 0:14:24Could it start a new interior design fad
0:14:24 > 0:14:28for the fashion-conscious folk of London - shabby shabby!
0:14:33 > 0:14:36So this is the kitchen. Of sorts!
0:14:36 > 0:14:40I wouldn't exactly call it fitted. It does need a bit of work.
0:14:40 > 0:14:43And if you did want to go with that whole open-plan thing,
0:14:43 > 0:14:48all you need to do is just pull the blind open!
0:14:48 > 0:14:52And voila! You can see right the way through there!
0:14:52 > 0:14:56So we've seen the bathroom, the lounge, the kitchen.
0:14:56 > 0:14:58Where's the bedroom?
0:15:03 > 0:15:05This is your bedroom. Yes, this!
0:15:05 > 0:15:11It's got a bedroom, but the vendor's plan was to put a mezzanine sleeping area up there
0:15:11 > 0:15:15and have the rest of this space all wonderfully open.
0:15:15 > 0:15:20This kind of living, it's not for everyone. But what's the alternative?
0:15:20 > 0:15:24You could split this room down the middle as it probably once was. Look.
0:15:24 > 0:15:28It would be boxy, you would lose this fantastic openness.
0:15:28 > 0:15:32I've seen a sleeping platform idea in a warehouse before.
0:15:32 > 0:15:35And I think it could work really, really well.
0:15:35 > 0:15:37Unorthodox? Yes.
0:15:37 > 0:15:38Radical? Maybe.
0:15:38 > 0:15:41Exciting? Definitely!
0:15:41 > 0:15:45# Lying there and staring at the ceiling
0:15:45 > 0:15:50# Waiting for a sleepy feeling. #
0:15:53 > 0:15:55While the front may be under wraps,
0:15:55 > 0:15:57at the back there's an open communal garden.
0:15:57 > 0:16:00An oasis of calm in the centre of the city.
0:16:03 > 0:16:07Let's ask a local estate agent for his opinion on this property,
0:16:07 > 0:16:10which had a guide price of 310,000.
0:16:13 > 0:16:16Walking into the flat, my first impression was "Yuk!"
0:16:16 > 0:16:19But having spent a couple of moments looking round it,
0:16:19 > 0:16:22there is huge potential to create something.
0:16:23 > 0:16:28Does the estate agent have any thoughts on creating a mezzanine sleeping area?
0:16:30 > 0:16:33Having looked at the loft space, I don't think it would work very well.
0:16:33 > 0:16:37One, you're cutting into your living area with stairs.
0:16:37 > 0:16:42Two, the construction of the loft means head height would be very restricted.
0:16:42 > 0:16:45If the property was renovated to a high standard,
0:16:45 > 0:16:49and the layout re-jigged to create a one-bedroomed flat,
0:16:49 > 0:16:51what could it be worth if sold on?
0:16:51 > 0:16:56Correctly done, we'd be looking in the high three hundreds.
0:16:56 > 0:16:58375, 385, in that order.
0:16:59 > 0:17:01What about as a rental?
0:17:01 > 0:17:03If this property were to be rented out,
0:17:03 > 0:17:08I'd expect to achieve between 1,500 and £1,600 per calendar month.
0:17:08 > 0:17:12It's not often I view properties in the capital
0:17:12 > 0:17:14quite as central as this.
0:17:14 > 0:17:17Once you get your head around the numbers you're dealing with,
0:17:17 > 0:17:20I reckon there could be some money to be made from this flat.
0:17:20 > 0:17:23Certainly it's an extremely interesting one.
0:17:23 > 0:17:26I wonder who bought this at the auction?
0:17:28 > 0:17:32Who'd like to give me a start on this? OK, we'll start there.
0:17:32 > 0:17:34250 I've got. 255.
0:17:34 > 0:17:36260.
0:17:36 > 0:17:38265.
0:17:38 > 0:17:39270.
0:17:39 > 0:17:41275.
0:17:41 > 0:17:43280.
0:17:43 > 0:17:44285.
0:17:44 > 0:17:46290. 295.
0:17:46 > 0:17:49300.
0:17:50 > 0:17:51305.
0:17:51 > 0:17:53310.
0:17:53 > 0:17:56No? If not, it's 305 by the door.
0:17:56 > 0:17:58OK. 310 on the phone.
0:17:58 > 0:18:00315 by the door.
0:18:00 > 0:18:02320?
0:18:03 > 0:18:06316, yeah? 316.
0:18:06 > 0:18:08317. 318.
0:18:08 > 0:18:10319.
0:18:10 > 0:18:13With two very determined parties,
0:18:13 > 0:18:15the bidding continued at quite a pace.
0:18:15 > 0:18:19We rejoin the auction action at 365,000.
0:18:19 > 0:18:21365.
0:18:21 > 0:18:23366.
0:18:24 > 0:18:26367. 368.
0:18:26 > 0:18:29369.
0:18:29 > 0:18:30370.
0:18:30 > 0:18:33370. 371.
0:18:33 > 0:18:35372. No?
0:18:35 > 0:18:40Back to you, sir. Bid is £371,000. Anybody else?
0:18:40 > 0:18:44If not, 371 for the first.
0:18:44 > 0:18:46371 for the second.
0:18:46 > 0:18:50371 for the third and final time. All done.
0:18:50 > 0:18:57That successful bid of a whopping 371,000 came from laid-back Essex boy Lucas.
0:18:57 > 0:19:02He hadn't even viewed it before the auction!
0:19:02 > 0:19:05Lucas is a property developer who works with his father,
0:19:05 > 0:19:08mainly on large conversions in his native Essex.
0:19:08 > 0:19:11This is their first foray into the London market.
0:19:11 > 0:19:14So, will this capital investment prove successful?
0:19:14 > 0:19:16Or will it be a disappointment?
0:19:16 > 0:19:19'Lucas, congratulations.'
0:19:19 > 0:19:24What an amazing space. I walked in and thought, "Wow! I love this!"
0:19:24 > 0:19:28- Great flat you've got. - Yes, beautiful, isn't it?
0:19:28 > 0:19:31Tell me about your background. Are you a property developer?
0:19:31 > 0:19:35Yeah, we usually focus more on Grade II listed buildings.
0:19:35 > 0:19:42That kind of thing. Old manor houses, barn conversions and stuff. But I wanted to come to London.
0:19:42 > 0:19:45- It's a stepping stone.- What is it about London for you?
0:19:45 > 0:19:49I think it's just the buzz of it. It's so happening and lively.
0:19:49 > 0:19:51It's nice to get out of that scene.
0:19:51 > 0:19:56If you're being honest, do you think you bought this property with you in mind?
0:19:56 > 0:19:58Maybe. Maybe.
0:19:58 > 0:20:02It's a central London pad. I'm getting the vibe you want to be out and about.
0:20:02 > 0:20:06It depends. If we can rent it for the right money, we'll do that.
0:20:06 > 0:20:11Otherwise, it's a nice situation and we're going to work here anyway, so we'll do that.
0:20:11 > 0:20:18It seems lad about town Lucas has been attracted by the bright lights of the big city.
0:20:18 > 0:20:22But he's an experienced developer, so although it's not his "manor"
0:20:22 > 0:20:25he has researched the local property market.
0:20:27 > 0:20:31Tell me what you're going to be doing with this. As it stands, there's no bedroom!
0:20:31 > 0:20:33No, I know.
0:20:33 > 0:20:37We're going to reinstate a bedroom here.
0:20:37 > 0:20:40We're going to keep the whole open-plan effect
0:20:40 > 0:20:42by using a flexi glass.
0:20:42 > 0:20:44You press a button and it turns frosted.
0:20:44 > 0:20:47I've seen that and it is amazing.
0:20:47 > 0:20:50So you're going to reinstate this along here
0:20:50 > 0:20:52where it was once partitioned off.
0:20:52 > 0:20:54Which side is going to be the bedroom?
0:20:54 > 0:20:58The bedroom to the right side and the living space here.
0:20:58 > 0:21:03Then it'll run right through to the kitchen and bathroom which will also be glass doors.
0:21:03 > 0:21:06Lucas, a glass bathroom door? Hold on a minute!
0:21:06 > 0:21:09You'll be able to see straight through!
0:21:09 > 0:21:13Yeah, glass in the bathroom, glass in the kitchen, glass here. It all interlinks.
0:21:13 > 0:21:15But you'll be able to see people!
0:21:15 > 0:21:20- A silhouette of people. You won't actually see through. - I'm not happy with that!
0:21:20 > 0:21:25- You don't have to live here!- Will people that want to buy this want to see that?- It'll be beautiful.
0:21:25 > 0:21:29Lucas certainly has faith that his peep-show bathroom
0:21:29 > 0:21:32will attract the right sort of clientele.
0:21:32 > 0:21:35What does he think about a mezzanine sleeping area?
0:21:35 > 0:21:41What about mezzanine levels? What about adding something up here?
0:21:41 > 0:21:44- Like a sleeping area. - A sleeping area?
0:21:44 > 0:21:49I wouldn't put my dogs on a mezzanine floor, let alone human beings, to be honest!
0:21:49 > 0:21:53- Really?- No.- That surprises me. If it's done correctly,
0:21:53 > 0:21:57it does allow you to then have all the floor space as living space.
0:21:57 > 0:22:03- That just will be for sleeping. - Yeah, but if I would be happy to do that myself,
0:22:03 > 0:22:05and I definitely wouldn't.
0:22:05 > 0:22:09I wouldn't want to scuttle up to a little hole in the ceiling to go to sleep!
0:22:09 > 0:22:13Lucas knows what he likes, and a mezzanine level is not one of them!
0:22:13 > 0:22:18He has an eight-week schedule from when the work commences. What about budget?
0:22:18 > 0:22:24How much is your work going to cost? What sort of budget do you have in mind?
0:22:24 > 0:22:26When we were working it out,
0:22:26 > 0:22:31we budgeted around - for the total works - about 50,000.
0:22:31 > 0:22:35- Just under 50,000.- 50 grand is a big old budget for a one-bed flat.
0:22:35 > 0:22:40- There isn't that much space here. - No, but in this kind of location,
0:22:40 > 0:22:43with a flat like this, you need to put the highest spec going.
0:22:43 > 0:22:46Else you won't get the right return.
0:22:46 > 0:22:50- You've got full faith in that. - Definitely.- I can't wait to see it!
0:22:50 > 0:22:51Thank you.
0:22:53 > 0:22:57Lucas has far from ordinary plans for this unusual flat.
0:22:57 > 0:23:02But while you may be able to see from one room to another with all that glass,
0:23:02 > 0:23:05I'm worried he'll struggle to see a profit.
0:23:05 > 0:23:08Still, if you fancy a peek at a high-spec flat,
0:23:08 > 0:23:11with transparent bathroom doors,
0:23:11 > 0:23:12join me later in the show.
0:23:13 > 0:23:17Coming up: In St Helen's, this semi is showing its age.
0:23:17 > 0:23:22A bit tired, a bit dated, and it needs to be literally updated.
0:23:23 > 0:23:26In Bayswater, Essex lad Lucas
0:23:26 > 0:23:29has been up with the lark to overhaul this flat.
0:23:29 > 0:23:33Getting up at 4.00am is not me. I'm not a morning person!
0:23:34 > 0:23:37But first, in Sheffield, the two Pauls
0:23:37 > 0:23:40found a handy shortcut in their renovation.
0:23:40 > 0:23:43The plaster didn't take much taking off - it fell off!
0:23:48 > 0:23:50It's time to return to Sheffield.
0:23:55 > 0:23:59I saw this lovely-looking three-bed traditional end-of-terrace,
0:23:59 > 0:24:02with the not-so-lovely interior.
0:24:04 > 0:24:09It did have an exceedingly long back garden, though.
0:24:10 > 0:24:14It was purchased by two friends, both called Paul, for 67,000
0:24:14 > 0:24:18plus 6,000 vendor fees.
0:24:18 > 0:24:21They were first-time developers but long-time buddies.
0:24:22 > 0:24:28It seemed as though they both planned to keep their wives at arm's length for this project!
0:24:28 > 0:24:33We've tried to keep them divorced from it, or we might end up divorced!
0:24:35 > 0:24:40This Paul is a quantity surveyor and he was project managing the renovation.
0:24:42 > 0:24:48While this Paul is a dentist who wanted an old wreck to get their teeth stuck into.
0:24:48 > 0:24:52Let's hope they haven't bitten off more than they can chew!
0:24:54 > 0:24:59Five months later, we've returned and it would seem this pair of Pauls' friendship
0:24:59 > 0:25:05has managed to survive the stresses and strains of property renovation.
0:25:05 > 0:25:07Let's take a look inside.
0:25:19 > 0:25:24We did decide very early on in the process that if we were going to do a house in this state
0:25:24 > 0:25:26it had to be down well.
0:25:26 > 0:25:30So neither of us felt we could just patch up as we went along.
0:25:30 > 0:25:33We wanted to strip it back and do the job absolutely perfectly.
0:25:34 > 0:25:39The walls were stripped back to the brick, damp-proofed then plasterboarded and skimmed,
0:25:39 > 0:25:42giving smooth, clean lines.
0:25:42 > 0:25:46The concrete floor in the back reception room was dug out
0:25:46 > 0:25:48and a new wooden floor laid.
0:25:49 > 0:25:52All the plaster came off the walls.
0:25:52 > 0:25:56It didn't take much taking off - it fell off!
0:25:56 > 0:26:00We've really gone through everything, so it's all new.
0:26:02 > 0:26:06The quality craftsmanship of their tradesmen continues in the kitchen.
0:26:09 > 0:26:12We've really taken it back to basics.
0:26:12 > 0:26:15We took all the plaster off the walls, the ceiling down.
0:26:15 > 0:26:20We've taken the existing back door out and infilled that.
0:26:20 > 0:26:23One of the major problems was the floor.
0:26:23 > 0:26:27It was an existing concrete floor and it wasn't very good.
0:26:27 > 0:26:29So we took that out, put a new timber floor in,
0:26:29 > 0:26:33and then once we'd got it back to basics,
0:26:33 > 0:26:35we could put the kitchen in.
0:26:35 > 0:26:39We're really happy with it. We think it looks great.
0:26:40 > 0:26:45In the back garden, the boundary wall was close to collapsing.
0:26:47 > 0:26:50Now cleared of all the outbuildings and debris,
0:26:50 > 0:26:53this garden seems to go on and on.
0:26:53 > 0:26:57It will be a big attraction to a potential purchaser or tenants.
0:26:57 > 0:27:01We're really happy with the way the garden's worked out.
0:27:01 > 0:27:06When we first took the house on we felt intimidated by the length of the garden and the work involved.
0:27:06 > 0:27:10The wall on that side was falling down into the neighbour's garden.
0:27:10 > 0:27:14Then we had the outhouse here which was, again, falling over.
0:27:14 > 0:27:19So a lot of work to be done and we're really pleased with the way it's worked out.
0:27:19 > 0:27:22And on a morning like this, I think it looks fantastic.
0:27:22 > 0:27:26Let's take a look at the once dark and dreary upstairs,
0:27:26 > 0:27:31where there were two bedrooms, a bathroom and an attic conversion.
0:27:35 > 0:27:39The bathroom has been refitted and is looking great.
0:27:39 > 0:27:43Paul and Paul were determined to achieve a high-end finish,
0:27:43 > 0:27:47but has paying so much attention to detail come at a cost?
0:27:47 > 0:27:49The original budget was 35,000.
0:27:49 > 0:27:52We've ended up spending about 32,500 on it.
0:27:52 > 0:27:56We did have to spend more on the floors, taking the floors out.
0:27:56 > 0:28:00But that was offset by the fact we didn't have to rebuild the garden wall
0:28:00 > 0:28:04where we'd expected to have to take the whole wall down.
0:28:04 > 0:28:07Not having to do that has allowed us to come in under budget.
0:28:07 > 0:28:09Under budget they may be,
0:28:09 > 0:28:13but they've gone over their ten-week schedule by two weeks.
0:28:13 > 0:28:17More importantly, are Paul and Paul still best buddies?
0:28:17 > 0:28:21Paul's managed the project and overseen everything.
0:28:21 > 0:28:24We've been absolutely delighted with the way it's gone.
0:28:24 > 0:28:28- We're still speaking! - Yeah, it's good. Brilliant.
0:28:28 > 0:28:32- And our wives are still speaking to us.- Yes. Only just, though!
0:28:32 > 0:28:37The pair's total spend on this renovation including purchase price
0:28:37 > 0:28:40is a whopping 105,500.
0:28:40 > 0:28:45I fear they may have hit the ceiling price for houses such as this in this area.
0:28:45 > 0:28:49We have decided we'll probably never make any money out of property
0:28:49 > 0:28:52because we both like to do things absolutely spot on
0:28:52 > 0:28:56and once you start, you can get a bit carried away.
0:28:57 > 0:29:03So the perfectionist Pauls may feel they weren't as financially savvy as they could have been.
0:29:03 > 0:29:07But it's still been a worthwhile exercise and they've done a great job.
0:29:13 > 0:29:16Let's get the opinion of two local estate agents.
0:29:18 > 0:29:26It's a lovely property. Looking from the outside with the double-glazed window, stone-built, it's nice.
0:29:26 > 0:29:29I think they've done an absolutely fantastic job.
0:29:29 > 0:29:34It's a world apart from where it was. The finish is superb.
0:29:34 > 0:29:38Altogether, for the first project, it's a really good job.
0:29:39 > 0:29:41For me, the biggest change is the garden.
0:29:41 > 0:29:47The house looks superb, but the garden is such a dramatic change to what it was.
0:29:47 > 0:29:50It's such a good-sized garden, the position is great,
0:29:50 > 0:29:56with the woodland at the end of the garden, it's a real asset and it makes the property stand out.
0:29:57 > 0:30:00The rental market in the area is strong.
0:30:00 > 0:30:04What do the estate agents believe this property could achieve if let out?
0:30:08 > 0:30:13A property like this, we're looking at renting it out for £550 per calendar month.
0:30:13 > 0:30:17A property for rent in this area of this size and condition,
0:30:17 > 0:30:19we're looking £550 per calendar month.
0:30:19 > 0:30:25Those figures would give Paul and Paul a rental yield of between six and 6.5 per cent,
0:30:25 > 0:30:28which is better than leaving their money in the bank.
0:30:28 > 0:30:31The sell-on market in this area is slow,
0:30:31 > 0:30:34but growing, so what could this place achieve if sold?
0:30:37 > 0:30:42If we put this on the market, we'd be looking on putting it on at £110,000.
0:30:42 > 0:30:47They've done such a good job to the property, the finish is superb. We're looking at £110,000.
0:30:51 > 0:30:57If the house was sold for 110,000, Paul and Paul would make a pre-tax profit
0:30:57 > 0:31:02of just under five grand, minus the usual selling expenses and fees.
0:31:04 > 0:31:09'We've no plans to sell the property, and with the market as it is,'
0:31:09 > 0:31:11I think it's going to be a long-term rental.
0:31:11 > 0:31:15So 110,000 would cover what we've invested in it.
0:31:18 > 0:31:22This renovation has been an invaluable learning experience.
0:31:22 > 0:31:24I'm sure it will be a good long-term investment
0:31:24 > 0:31:28and Paul and Paul can take the lessons learnt onto their next project.
0:31:31 > 0:31:35I think we'd definitely do it again. It's been a good experience.
0:31:35 > 0:31:37You have to go through some pain, but it's worth it.
0:31:37 > 0:31:42It's been a learning curve, quite a steep one, sometimes,
0:31:42 > 0:31:46but it's not been too terrifying and we've enjoyed it and we're still speaking!
0:31:46 > 0:31:47It's good.
0:31:51 > 0:31:56I'm in the former mining area of St Helen's.
0:31:56 > 0:32:00The last mine here closed in the early 1990s.
0:32:00 > 0:32:03But they're not looking to the past, here.
0:32:03 > 0:32:06They're looking very much to the future,
0:32:06 > 0:32:11an attitude epitomised so beautifully in this incredible sculpture
0:32:11 > 0:32:12called Dream.
0:32:17 > 0:32:21This incredible and imposing artwork
0:32:21 > 0:32:23took 120 days to sculpt
0:32:23 > 0:32:26and stands more than 20 feet tall.
0:32:29 > 0:32:35It was commissioned by ex-miners who, far from wanting a mining monument,
0:32:35 > 0:32:41wanted a symbol of both mining heritage and post-industrial transformation,
0:32:41 > 0:32:44moving forward.
0:32:45 > 0:32:48Located midway between Manchester and Liverpool,
0:32:48 > 0:32:54St Helens is a large metropolitan town currently going through significant regeneration.
0:32:56 > 0:32:59So, lots of good things going on in the area.
0:32:59 > 0:33:03Will the property I'm here to see be a dream or a bit of a nightmare?
0:33:03 > 0:33:07It's a three-bed semi-detached. A guide price of 75 to 80,000 quid.
0:33:07 > 0:33:12Nice big garden, nice big corner plot. Let's take a look inside.
0:33:12 > 0:33:16The houses in this area were built in the 1930s
0:33:16 > 0:33:19and are popular with first-time buyers and families.
0:33:22 > 0:33:25What's on offer? A traditional layout, front door,
0:33:25 > 0:33:29stairs facing you up to the bedrooms.
0:33:29 > 0:33:31Into your main living room area.
0:33:31 > 0:33:35Straightaway you can see it's a bit tired and dated.
0:33:35 > 0:33:36It needs to be updated.
0:33:36 > 0:33:39Different wallpaper and so on.
0:33:39 > 0:33:43Then through into what I guess is the dining room area, and off that
0:33:43 > 0:33:45something which is an issue, the kitchen.
0:33:45 > 0:33:49It's not big and if you want this to be a family home,
0:33:49 > 0:33:53I'd try to enhance that by maybe taking out this wall here
0:33:53 > 0:33:58to create a kitchen/ dining room/ family area. That's what this house needs.
0:33:58 > 0:34:02But one good bit of news, patio doors out onto the garden.
0:34:02 > 0:34:04All in all, not bad, is it?
0:34:06 > 0:34:09The back garden is smaller than I expected
0:34:09 > 0:34:13which could put off potential purchasers looking for a family home.
0:34:13 > 0:34:17But I wonder if there's just enough space to extend the kitchen?
0:34:19 > 0:34:21Let's take a look up top.
0:34:24 > 0:34:28So, upstairs and small third bedroom.
0:34:28 > 0:34:34Medium-sized second bedroom, but here's another key room that is way too small - the bathroom.
0:34:34 > 0:34:40The kitchen is too small, this bathroom isn't big enough to have a bath in it.
0:34:40 > 0:34:44So you'd have to spend some money sorting the kitchen and bathroom out.
0:34:44 > 0:34:48But I think you'd recoup any money you put to those rooms
0:34:48 > 0:34:52definitely in terms of sale potential, et cetera.
0:34:52 > 0:34:56In here, the main bedroom. Nice to have the open fire.
0:34:56 > 0:35:00Big windows. Nothing to dislike in here. Just that kitchen and bathroom!
0:35:02 > 0:35:05This property could be a lovely family home.
0:35:07 > 0:35:11The kitchen could be enlarged by adding an extension.
0:35:13 > 0:35:16But the bathroom, or shower room, as it currently is,
0:35:16 > 0:35:19just won't cut it as a family-friendly bathroom.
0:35:22 > 0:35:26We asked a local estate agent for his opinion on this place
0:35:26 > 0:35:29which had a guide price of 75 to 80,000 quid.
0:35:32 > 0:35:36The pros and the cons for the property are
0:35:36 > 0:35:40it's a potentially good family home. Its corner position.
0:35:40 > 0:35:43Off-road parking. Quite a good area. Sought-after area.
0:35:45 > 0:35:49The cons are the small kitchen, small shower room,
0:35:49 > 0:35:52and certain elements of the wiring.
0:35:53 > 0:35:56Any solutions to these layout issues?
0:35:56 > 0:35:59The kitchen, you have two alternatives.
0:35:59 > 0:36:02Either knock the wall out and make it a kitchen/diner
0:36:02 > 0:36:05or you could extend slightly sideways,
0:36:05 > 0:36:10to make it a decent-sized kitchen and keep the two reception rooms.
0:36:10 > 0:36:14The shower room, you've got room to move into the main bedroom
0:36:14 > 0:36:17to make it into a full family bathroom
0:36:17 > 0:36:20because the bedroom is big enough to take a loss.
0:36:22 > 0:36:26If the kitchen was extended and the shower room expanded into the main bedroom,
0:36:26 > 0:36:29what could this property achieve if sold on?
0:36:29 > 0:36:33Once all the work's completed,
0:36:33 > 0:36:35to a high standard,
0:36:35 > 0:36:39between 105 and £110,000.
0:36:40 > 0:36:42How's the local rental market?
0:36:42 > 0:36:46It's quite a good market for rental.
0:36:46 > 0:36:51Rental properties of good calibre internally
0:36:51 > 0:36:53do not take long to rent out at all.
0:36:54 > 0:36:59When the property is renovated and work in the bathroom and kitchen is complete,
0:36:59 > 0:37:01how much could it rent out for?
0:37:01 > 0:37:06Rental value would be between 500 and £525 per calendar month.
0:37:11 > 0:37:15So a nice enough little house with a pretty decent guide price.
0:37:15 > 0:37:20A starter home, a family home, an investment property. It fits all the bills.
0:37:20 > 0:37:23So who bought it when it went under the hammer?
0:37:26 > 0:37:28This auction lot came up fairly late in the day
0:37:28 > 0:37:32which explains why the room was on the quiet side.
0:37:32 > 0:37:35The guide is 75 to 80. Start me at 60,000?
0:37:35 > 0:37:38Anybody bidding in the room over 60?
0:37:38 > 0:37:41Was that 50? I'll take £50,000 as an opening bid.
0:37:41 > 0:37:4551 at the table. You're just in my sight there. At 51.
0:37:45 > 0:37:4752.
0:37:47 > 0:37:4953. 54.
0:37:49 > 0:37:5155. 56.
0:37:51 > 0:37:54It's £57,000 at the table.
0:37:54 > 0:37:5558.
0:37:55 > 0:37:5859. It'll be 60. Got £60,000.
0:37:58 > 0:37:59Need 61. Taking 61.
0:37:59 > 0:38:0261. 62.
0:38:02 > 0:38:0363.
0:38:03 > 0:38:0563. Go to 64?
0:38:05 > 0:38:0964. Go 65, sir? Taking £65,000 seated at the table.
0:38:09 > 0:38:12£65,000. What about the phone?
0:38:12 > 0:38:14Out?
0:38:14 > 0:38:15£65,000.
0:38:15 > 0:38:17Are we done?
0:38:18 > 0:38:24And it was Tony who came in with the successful bid of 65,000.
0:38:29 > 0:38:33He's a local builder who has a little history with this house,
0:38:33 > 0:38:37having had a bid rejected when it was up for sale through an estate agent.
0:38:42 > 0:38:46- Tony, lovely to meet you.- Likewise. - Congratulations. Why did you want to buy this?
0:38:46 > 0:38:52Well, my mother-in-law lives up the road, and I'm quite familiar with the area.
0:38:52 > 0:38:55We saw this come on the market and we were interested.
0:38:55 > 0:38:57We made an offer and the offer was rejected.
0:38:57 > 0:39:00- What was the offer? - We offered £70,000.
0:39:00 > 0:39:02You must be happy, then?
0:39:02 > 0:39:05Well, very happy, yeah.
0:39:07 > 0:39:10- Saving yourself 5,000. - Which will go towards the renovation
0:39:10 > 0:39:15- and a little extension we're hoping to put on the side.- Right.
0:39:15 > 0:39:18As you've probably seen, the kitchen is a bit too small.
0:39:18 > 0:39:24When we came to look at the property, the options were either to put an extension on
0:39:24 > 0:39:29or to knock the dividing wall between the kitchen and the back living room
0:39:29 > 0:39:32and make a kitchen/diner.
0:39:32 > 0:39:37So we approached the planning department. We thought we might get permitted development
0:39:37 > 0:39:39to just go ahead and do it.
0:39:39 > 0:39:44But apparently with the extension, the projection of it going towards the highway,
0:39:44 > 0:39:49they said we'd need full planning application for it.
0:39:49 > 0:39:51So that's where we are.
0:39:55 > 0:40:00The size of the extension is within permitted development rules.
0:40:00 > 0:40:03However, because Tony's building it facing onto the road,
0:40:03 > 0:40:06at the side of the house rather than the back,
0:40:06 > 0:40:08he will need planning permission.
0:40:08 > 0:40:11What about the bathroom upstairs? It's tiny.
0:40:11 > 0:40:15Yeah, I'm a great believer in having a bath in a bathroom,
0:40:15 > 0:40:19which isn't possible with the size it is at present.
0:40:19 > 0:40:22So we've drawn up plans
0:40:22 > 0:40:26to take the wall down between the bathroom and the front bedroom
0:40:26 > 0:40:32and take 18 inches to two feet off the bedroom
0:40:32 > 0:40:35and make a reasonable sized bathroom.
0:40:35 > 0:40:39- Whoa.- Again, we've got to find out whether the wall is a structural wall
0:40:39 > 0:40:43because it could be holding up one of the purlins that supports the roof.
0:40:43 > 0:40:47So until we get to that point, we'll know what we've got to do.
0:40:49 > 0:40:53Tony has bought this as a long-term rental property.
0:40:53 > 0:40:57He plans to fit the renovation around his other building contracts
0:40:57 > 0:40:59so there's no fixed schedule here.
0:40:59 > 0:41:04He's set aside a budget of between seven and £10,000 to do the work.
0:41:04 > 0:41:08- Tell me a bit more about you. - Born and bred in St Helens.
0:41:08 > 0:41:13- I worked down the mines.- You did? - I was a coalface electrician
0:41:13 > 0:41:17for 15 years. On two strikes!
0:41:17 > 0:41:23And during the last strike I decided that it was imminent that the pit was going to shut
0:41:23 > 0:41:27so with being an electrician, I started fishing for work.
0:41:27 > 0:41:30I got in with three local builders
0:41:30 > 0:41:35at the time and thought I could do as good if not better a job
0:41:35 > 0:41:37and went into the building game.
0:41:37 > 0:41:40Which I've been doing now for 20-odd years.
0:41:40 > 0:41:43Gosh. What was it like down the mines as an electrician?
0:41:43 > 0:41:45It's a part of my life I'd never change.
0:41:45 > 0:41:48It was the best 14 or 15 years of my life.
0:41:48 > 0:41:54I'll never forget the times I had. A really good atmosphere and camaraderie.
0:41:55 > 0:41:59Tony clearly has fond memories of working down the pit.
0:41:59 > 0:42:03He's seen it all, having endured the strikes of the time.
0:42:03 > 0:42:08His second career as a builder hasn't been without its trials and tribulations,
0:42:08 > 0:42:13with the last recession in the early '90s hitting him hard.
0:42:13 > 0:42:18We nearly lost everything because I was building houses, just around the corner,
0:42:18 > 0:42:20four detached houses.
0:42:20 > 0:42:23And just as they were coming on the market,
0:42:23 > 0:42:27the recession hit us so nobody wanted to buy.
0:42:27 > 0:42:31So then the banks actually pushed me into a corner
0:42:31 > 0:42:34and I nearly lost everything at that time.
0:42:34 > 0:42:39So, again, it's made me a wiser person where property is concerned.
0:42:39 > 0:42:42It's a case of not risking everything
0:42:42 > 0:42:48but just going with what you can afford and not pushing too much.
0:42:48 > 0:42:53- It hasn't put you off but it's made you more cautious.- It has, yes. Very cautious.
0:42:53 > 0:42:57I'll never risk my home again, which I did at the time.
0:42:57 > 0:42:59I could have lost everything.
0:42:59 > 0:43:05But it made me, like you say, a wiser person where this kind of work is concerned.
0:43:05 > 0:43:11- Great. Congratulations.- Thank you. - Good luck. I look forward to seeing how you get on.- Thank you.
0:43:12 > 0:43:17So, will former coalface electrician Tony
0:43:17 > 0:43:20turn this place into a gold mine or not?
0:43:20 > 0:43:26It's a lot of effort to get that extension on with no guarantee it'll go through planning.
0:43:26 > 0:43:30But you can find out if he turns his dream into a reality
0:43:30 > 0:43:32later in the show.
0:43:34 > 0:43:37When we left our auction aficionados
0:43:37 > 0:43:41they had their fingers crossed and high hopes of success.
0:43:41 > 0:43:45- Have the purchasers been having sleepless nights?- Let's find out.
0:43:46 > 0:43:49Let's return to the central London area of Bayswater.
0:43:53 > 0:43:58I met developer Lucas who'd travelled from Essex to the bright lights of the big city
0:43:58 > 0:44:01to get involved in the London property market.
0:44:03 > 0:44:08He'd purchased a top-floor one-bed flat in this Regency-style terrace
0:44:08 > 0:44:11for 371,000.
0:44:12 > 0:44:18Lucas was intent on transforming the flat from shabby chic to uber-trendy,
0:44:18 > 0:44:23although I wasn't so sure about his plans for a peep-show bathroom.
0:44:23 > 0:44:27The living space here, then it'll run through to the kitchen and bathroom
0:44:27 > 0:44:29which will also be glass doors.
0:44:29 > 0:44:32Lucas, a glass bathroom door?! Hold on a minute!
0:44:32 > 0:44:35You'll be able to see straight through!
0:44:35 > 0:44:39I can't wait to see if Lucas has transformed this flat from filthy
0:44:39 > 0:44:40to fantastic!
0:44:40 > 0:44:44Four months later, we've come back to see what he's done.
0:44:44 > 0:44:48The scaffolding is down and the exterior looks great.
0:44:48 > 0:44:53But has Lucas managed to match this with his work on the interior?
0:44:59 > 0:45:01Well, it's looking fantastic, Lucas!
0:45:01 > 0:45:04You've certainly succeeded in impressing me!
0:45:07 > 0:45:11The first thing we did was take all the ceilings down. That was a major bit.
0:45:11 > 0:45:16After we'd ripped everything out, we looked at loads of ways to lay out the room
0:45:16 > 0:45:19but this was the best way to maximise the space.
0:45:19 > 0:45:23And despite Lucas being dead set against it,
0:45:23 > 0:45:24what is this I spy?
0:45:24 > 0:45:26A mezzanine floor?
0:45:29 > 0:45:33It's classed as storage, but because of the roof light
0:45:33 > 0:45:38and the staircase, it's quite a cosy little spot. So it's also an extra bit of living space.
0:45:39 > 0:45:43It's not as roomy as I imagined, but it's snug.
0:45:43 > 0:45:46I do like the stylish design of the space-saver staircase
0:45:46 > 0:45:51and the steel support beams have been encased in oak.
0:45:53 > 0:45:56However, I'm disappointed that Lucas's plan
0:45:56 > 0:46:00for a push-button frosted glass panel wall between the living room and bedroom
0:46:00 > 0:46:03never came to fruition.
0:46:03 > 0:46:05I had an interior designer look at the flat.
0:46:05 > 0:46:09She thought we should just put a sliding door for space
0:46:09 > 0:46:12and, to be fair, it worked out better.
0:46:12 > 0:46:15Not only look-wise, but also financially, too.
0:46:16 > 0:46:21Lucas had under-floor heating installed, which will keep your tootsies toasty.
0:46:23 > 0:46:27His team of tradesmen have completed the work to an excellent standard.
0:46:27 > 0:46:29Let's take a look in the kitchen.
0:46:38 > 0:46:42I worked with a designer on the kitchen so we could maximise the space
0:46:42 > 0:46:44to utilise everything in the best way.
0:46:44 > 0:46:50So we came up with integrating the washing machine, dishwasher, all into the actual worktop,
0:46:50 > 0:46:52underneath this granite.
0:46:53 > 0:46:57Compact it may be, but it's certainly chic and sleek.
0:46:59 > 0:47:02I'm sure Lucas won't let me down when it comes to the bathroom.
0:47:09 > 0:47:15To think only a short while ago, this flat had a bucket for a sink!
0:47:15 > 0:47:17And what about the bathroom door?
0:47:17 > 0:47:22Well, he's gone with glass. A little too revealing for me, I'm afraid, Lucas!
0:47:25 > 0:47:31The transformation was completed in only two months, bang on schedule and under budget.
0:47:31 > 0:47:36The renovation cost 35,000, rather than the 50 grand Lucas had set aside.
0:47:39 > 0:47:43Of course, he has also benefitted from the exterior's rejuvenation
0:47:43 > 0:47:46which was paid for and begun before he purchased this property.
0:47:48 > 0:47:51We didn't mean to, but we timed it perfectly, really.
0:47:51 > 0:47:56We started the flat as they were renovating the outside of the building and repainting it.
0:47:57 > 0:48:01One troublesome aspect has been the commute for Lucas and his team of tradesmen
0:48:01 > 0:48:03from their Essex base.
0:48:03 > 0:48:09We've been coming up here at four in the morning, feeling sorry for the neighbours,
0:48:09 > 0:48:13but to avoid the traffic from Essex to get here. It's been quite a slog.
0:48:13 > 0:48:17Getting up at 4.00am is not me. I'm not a morning person!
0:48:17 > 0:48:22Have the early rises put Lucas off further property purchases in London?
0:48:22 > 0:48:25I'd definitely work again in London.
0:48:25 > 0:48:27If I found the right place again, 100 per cent.
0:48:29 > 0:48:32Lucas's total spend on this development
0:48:32 > 0:48:34was 406,000.
0:48:37 > 0:48:43We asked two local estate agents to cast their eyes over the finished product.
0:48:43 > 0:48:47Walking in, I'm thinking, "Wow, what a transformation!"
0:48:47 > 0:48:50You walk in and it hits you as something that's modern,
0:48:50 > 0:48:54it feels light and spacious and has that "wow-ness" about it
0:48:54 > 0:48:57which is well appreciated in this area.
0:48:57 > 0:49:00I think it's been refurbished exceptionally well.
0:49:00 > 0:49:04They've take the basics of the flat and enhanced it with the finish
0:49:04 > 0:49:08and the fittings they've put in with the wood floors, the kitchen and bathroom.
0:49:08 > 0:49:14The layout is logical. Due to the size of the property, you don't have a huge choice of layout.
0:49:14 > 0:49:16He's used the space supremely well.
0:49:18 > 0:49:22Keeping in mind Lucas's spend on the purchase
0:49:22 > 0:49:26plus the renovation, totalling £406,000,
0:49:26 > 0:49:28how much could it sell for now?
0:49:28 > 0:49:34I think the resale value of the property is between 450 and £475,000.
0:49:34 > 0:49:41When the property comes to the market, I'd expect it to achieve in the region of 475 to 500,000.
0:49:41 > 0:49:43That's what I expected really.
0:49:43 > 0:49:45Well, he seems happy with that.
0:49:45 > 0:49:49If Lucas were to sell up now, he could be looking at a pre-tax profit
0:49:49 > 0:49:55of anything between 44 and £94,000, minus selling expenses.
0:49:55 > 0:49:58But that was never the plan. How will he fare if he goes with his gut
0:49:58 > 0:50:01and takes the rental option?
0:50:01 > 0:50:07I'd expect the property to achieve a rental income of £2,200 per month.
0:50:07 > 0:50:10I think the rental value of this property is between
0:50:10 > 0:50:151,950 and £2,250 per calendar month.
0:50:15 > 0:50:21That upper valuation of £2,250 per month would give Lucas a healthy yield
0:50:21 > 0:50:23of just over 6.5 per cent.
0:50:23 > 0:50:26The work he's done here is amazing,
0:50:26 > 0:50:32especially for the first dip of his toe into the London market. Will he go back to an auction for more?
0:50:32 > 0:50:36There's a few auctions we're looking at which we'll be heading back to.
0:50:36 > 0:50:40So it seems as though London will definitely be calling again soon
0:50:40 > 0:50:42for Lucas.
0:50:45 > 0:50:51Let's return to this three-bedroomed house in St Helens, Merseyside.
0:50:51 > 0:50:57While cosmetically outdated, the property was structurally sound.
0:50:59 > 0:51:02But the teeny-tiny kitchen and pokey little shower room
0:51:02 > 0:51:04could limit the value of the house
0:51:04 > 0:51:07in an area that's popular with families.
0:51:09 > 0:51:15It was purchased at auction by builder and property developer Tony for 65,000.
0:51:15 > 0:51:20He believed he'd bagged a bargain as he'd offered to buy it previously
0:51:20 > 0:51:23when it was up for sale through an estate agent.
0:51:24 > 0:51:29- We made an offer which was rejected. - What was the offer?- £70,000.
0:51:29 > 0:51:35- Right. You must be happy, then? - Well, very happy, yeah!
0:51:35 > 0:51:41Well, straight out of the starting gate, that's a £5,000 saving by purchasing at auction.
0:51:44 > 0:51:47To transform the cramped kitchen,
0:51:47 > 0:51:52Tony planned to build an extension. But he would need planning permission because it faced the road
0:51:52 > 0:51:55so it fell outside permitted development rules.
0:51:58 > 0:52:00Well, three months later, we're back.
0:52:00 > 0:52:05It would appear Tony has been successful with his planning application.
0:52:06 > 0:52:08Let's take a peek inside.
0:52:11 > 0:52:18As you can see in here, even though we've only doubled the size of the kitchen,
0:52:18 > 0:52:20it looks treble the size.
0:52:20 > 0:52:23The way the kitchen was before, it might have been modern units,
0:52:23 > 0:52:25but you couldn't swing a cat in it.
0:52:25 > 0:52:31We put brand new kitchen units in, new hob, hood and oven.
0:52:31 > 0:52:33A tiled floor,
0:52:33 > 0:52:38down-lighters, and it is a brand-new kitchen.
0:52:38 > 0:52:40It's very pleasing.
0:52:42 > 0:52:45The extension has enlarged the floor space
0:52:45 > 0:52:47and with a dining area alongside,
0:52:47 > 0:52:51Tony has created a family-friendly living and dining area.
0:52:51 > 0:52:55In the front reception room, he's stripped the wallpaper,
0:52:55 > 0:53:00replastered the walls and applied two-tone decoration in a modern style.
0:53:02 > 0:53:05He's been working on this project between building contracts.
0:53:05 > 0:53:09In the past four months, he's spent a total of ten weeks on the renovation
0:53:09 > 0:53:12with only a few finishing touches left to do.
0:53:12 > 0:53:16I didn't really do anything for the first month or two
0:53:16 > 0:53:18because I've had other commitments with my work.
0:53:18 > 0:53:23So it was the odd Saturday that we came in doing bits and pieces.
0:53:23 > 0:53:28But we started properly when my last job finished.
0:53:28 > 0:53:32But we've been very busy. We've damp-coursed the full property.
0:53:32 > 0:53:35I've rewired the property.
0:53:35 > 0:53:37So really it's been a full project.
0:53:37 > 0:53:43Tony needed to enlarge the shower room to create a family-sized bathroom
0:53:43 > 0:53:46so he planned to grab space from the master bedroom.
0:53:52 > 0:53:57We decided originally that we couldn't get a bath into the bathroom.
0:53:57 > 0:53:59Only a shower was in here when we bought it.
0:53:59 > 0:54:06But as you see, we've taken part of the main bedroom off, about two feet, if that.
0:54:06 > 0:54:12But it's allowed us to put a bath in, a shower in, and it's opened up the bathroom completely.
0:54:12 > 0:54:14I'm very pleased with the way it's turned out.
0:54:14 > 0:54:18It's smashing. Yes, very pleased with it.
0:54:22 > 0:54:28So quality craftsmanship in the bathroom. Although the master bedroom is smaller,
0:54:28 > 0:54:30I reckon it was a sacrifice worth making.
0:54:33 > 0:54:37Decoration-wise, the bedrooms have been given a fresh coat of paint
0:54:37 > 0:54:39which is all they needed.
0:54:39 > 0:54:43After all, Tony did have quite a tight budget here.
0:54:44 > 0:54:48Original budget, I think I said between seven and £10,000.
0:54:49 > 0:54:54And I've virtually fallen in line with the 10,000.
0:54:54 > 0:54:57It's thereabouts. Maybe a bit under, a bit over.
0:54:57 > 0:55:01Tony's total spend on this property, including his purchase price,
0:55:01 > 0:55:04is 75,000.
0:55:04 > 0:55:07The good news is that he's already let it out.
0:55:10 > 0:55:14Let's ask two local estate agents, including the one who viewed it previously,
0:55:14 > 0:55:19for their opinions and to find out how much rent Tony is charging.
0:55:19 > 0:55:24It's been modified mainly as I recommended, really.
0:55:25 > 0:55:31The decoration is OK. It's good for tenanting purposes.
0:55:31 > 0:55:33I'd say he's done quite a good job with the property.
0:55:33 > 0:55:37It's great. I like what they've done with the kitchen.
0:55:37 > 0:55:40That will appeal to the family market. It's a good-sized plot
0:55:40 > 0:55:44on the corner of the road. It's an ideal family home.
0:55:46 > 0:55:48What could this property achieve if sold?
0:55:50 > 0:55:55There have been several transactions round here, up to a sale price of £106,000.
0:55:55 > 0:55:59That would be a maximum resale value for this property as well.
0:55:59 > 0:56:04In today's sales market I would be confident in selling this property for 130,000.
0:56:06 > 0:56:08Quite a difference in valuations.
0:56:08 > 0:56:11Those figures would give Tony a pre-tax profit
0:56:11 > 0:56:14of between 31 and £55,000.
0:56:14 > 0:56:16He has already let this house out.
0:56:16 > 0:56:20But let's hear what it might have achieved on the rental market.
0:56:22 > 0:56:28In today's market, I would expect this to command about £600 per calendar month.
0:56:28 > 0:56:35Properties in this area are between 500 and 550 per calendar month.
0:56:37 > 0:56:42Tony has rented the house out for £520 a month, and he's quite happy with that.
0:56:42 > 0:56:45So, would he go to another auction soon?
0:56:45 > 0:56:47I think I've done enough now
0:56:47 > 0:56:51and I'm turning grey as well, so I think that's it for me now!
0:56:54 > 0:56:58That's it for today's show. Join us again for more thrilling auction action.
0:56:58 > 0:57:00- See you soon!- Bye!- Bye!
0:57:21 > 0:57:24Subtitles by Red Bee Media Ltd