0:00:02 > 0:00:05Hello and welcome! Buying a property can be a long-drawn-out process,
0:00:05 > 0:00:07but not when you buy at auction.
0:00:07 > 0:00:11You should have the keys to the property you want in just 28 days.
0:00:11 > 0:00:15Yes. It really is that quick, buying your home under the hammer.
0:00:41 > 0:00:43Buying at auction can be a bit of a gamble,
0:00:43 > 0:00:46but not if you do your research first.
0:00:46 > 0:00:49So, are the buyers today on a winning streak?
0:00:49 > 0:00:50Here's what they bought.
0:00:51 > 0:00:56In Greater Manchester, there's a two-bed mid-terrace which has a room with a view.
0:00:56 > 0:01:00An added advantage - an outside loo.
0:01:01 > 0:01:05In Southeast London, this ground- floor flat shows great potential.
0:01:05 > 0:01:09What is I like about this flat is you can definitely add value.
0:01:09 > 0:01:10There's lots of scope.
0:01:11 > 0:01:15And this three-bed end house in Littleover, Derby,
0:01:15 > 0:01:17definitely wins me over.
0:01:17 > 0:01:20You know, sometimes you try to find problems in properties...
0:01:20 > 0:01:22and there aren't any.
0:01:22 > 0:01:28All these properties have been sold at auction. We found out who bought them and what they paid for them
0:01:28 > 0:01:31- when they went under the hammer. - Sold at 161 and a half.
0:01:36 > 0:01:39I'm just a few miles outside Manchester
0:01:39 > 0:01:43in the old industrial heartland of northwest England.
0:01:43 > 0:01:46The traditional industries are long gone,
0:01:46 > 0:01:50but when you look around, you still very much get a sense of the past.
0:01:50 > 0:01:52I'm in Gorton, Greater Manchester.
0:01:52 > 0:01:56Like many places around here, a strong industrial heritage.
0:01:56 > 0:01:59Things like the old factories and mills still remain.
0:01:59 > 0:02:03And in fact, the property I'm here to see in this row of terraces
0:02:03 > 0:02:05would probably have been lived in by one of the workers.
0:02:05 > 0:02:09Now, here's an interesting fact. Often in these terraces,
0:02:09 > 0:02:11there was no garden in the front. Do you know why that was?
0:02:11 > 0:02:16It was so the factory or mill foreman would come along in the morning with his stick
0:02:16 > 0:02:19and wake the workers up. Isn't that fascinating?
0:02:20 > 0:02:22Well, those days are long gone,
0:02:22 > 0:02:27but these houses are standing as strong and popular as ever.
0:02:27 > 0:02:32The guide price was 35,000 quid, which for a two-bed terrace
0:02:32 > 0:02:35seems pretty good value in anyone's books to me.
0:02:35 > 0:02:38What have we actually got, then? Fairly traditional layout,
0:02:38 > 0:02:41through the front door straight into your living room.
0:02:41 > 0:02:45Don't know what's going on there. Need to take a look at that.
0:02:45 > 0:02:47Hopefully that's not damp. Not a bad-size space.
0:02:47 > 0:02:51Very dated. Everything is dated. The fireplace wants to come out,
0:02:51 > 0:02:54as does the fire. Open that up, make a central feature there.
0:02:54 > 0:02:57It's pretty much what you'd expect so far.
0:02:57 > 0:03:00Through to the back, and exactly as I might have expected,
0:03:00 > 0:03:05this is your kitchen. Well, a kitchen - it's got a sink,
0:03:05 > 0:03:07so it has got that much going for it.
0:03:07 > 0:03:11But it is a very traditional style, I have to say,
0:03:11 > 0:03:14apart from the fact that I might have expected a loo here.
0:03:14 > 0:03:16There isn't. That bodes well. Let's go upstairs.
0:03:18 > 0:03:22Interesting to have the stairs at the very rear of the property,
0:03:22 > 0:03:26but what it's actually done is created more space.
0:03:26 > 0:03:28In fact... Yeah. Fantastic.
0:03:28 > 0:03:31The loo is up here. There's only a shower, not a bath,
0:03:31 > 0:03:34but it's good that it is at least upstairs.
0:03:34 > 0:03:37And then two bedrooms. The one at the front is pretty big,
0:03:37 > 0:03:40the one at the back is not exactly massive.
0:03:40 > 0:03:43You'd get a single bed in here or maybe bunk beds.
0:03:43 > 0:03:45All in all, it's a good little house.
0:03:45 > 0:03:50For the guide price of £35,000, it really is a lovely little house.
0:03:51 > 0:03:55At the rear of the property, this little courtyard, funnily enough,
0:03:55 > 0:03:58is almost in better condition than the house.
0:03:58 > 0:04:00Nice shrubs, and it just shows, with a bit of effort,
0:04:00 > 0:04:04you can create a nice space in these little courtyards.
0:04:04 > 0:04:07So big plus, and an added advantage...
0:04:08 > 0:04:10..an outside loo.
0:04:10 > 0:04:13Useful when you're gardening or having a barbie!
0:04:15 > 0:04:17When you've got to go, you've got to go,
0:04:17 > 0:04:21and that loo certainly needs to go to make the most of this little pad.
0:04:21 > 0:04:24Time to hear a local estate agent's opinion.
0:04:24 > 0:04:28Gorton's quite a family area, really.
0:04:28 > 0:04:30You're about a mile and half from the city centre.
0:04:30 > 0:04:33If you were to drive from here in the other direction,
0:04:33 > 0:04:36you could quite possibly be at the airport within 15 minutes,
0:04:36 > 0:04:39so it's got quite a lot to offer.
0:04:39 > 0:04:43Sounds promising so far, but what about the property itself?
0:04:43 > 0:04:46I would suspect there is possibly some damp in the property,
0:04:46 > 0:04:49some timber problems, so you're going to do quite a lot on it.
0:04:49 > 0:04:52Kitchen, bathroom, decor, heating...
0:04:52 > 0:04:55Maybe the electrics might need some attention.
0:04:55 > 0:04:58You could spend up to £20,000 renovating the property.
0:04:58 > 0:05:01It's certainly not going to be a quick job,
0:05:01 > 0:05:05so let's cut to the chase. What can it be worth after all that work?
0:05:05 > 0:05:10Fully modernised, you would be likely to get about £72,000 for this particular property.
0:05:10 > 0:05:12Could it bring in a decent rental income?
0:05:12 > 0:05:16Rental values around here tend to be quite static and steady.
0:05:16 > 0:05:19You will get between £400 per calendar month
0:05:19 > 0:05:22to £425 per calendar month.
0:05:24 > 0:05:25Well, yes, there's work to be done,
0:05:25 > 0:05:28but I reckon spend ten or 12 grand on this place
0:05:28 > 0:05:33and you'll end up with a really lovely little rental property or a nice place to live.
0:05:33 > 0:05:36Let's see who agreed when it went under the hammer.
0:05:37 > 0:05:39The guide is £35,000.
0:05:40 > 0:05:43Who's going to start me off, then?
0:05:43 > 0:05:4635. 35,000.
0:05:47 > 0:05:50It's in the market at 35,000.
0:05:50 > 0:05:53Who's going to give me 36? 36,000?
0:05:53 > 0:05:5637. 38.
0:05:56 > 0:05:5839.
0:05:58 > 0:05:5940.
0:05:59 > 0:06:0141.
0:06:01 > 0:06:0342. 42.
0:06:04 > 0:06:0743 anywhere? Lady seated,
0:06:07 > 0:06:12at £42,000, then. Any advance on 42? 42 and a half? New bid at the back.
0:06:12 > 0:06:14It's going to be a bit of a fight, I think, this one.
0:06:14 > 0:06:1742 and a half by the door. 43.
0:06:17 > 0:06:2143. 43 and a half. 43 and a half. 44.
0:06:21 > 0:06:2344. 44 and a half? No.
0:06:23 > 0:06:26At £44,000. Are we all done?
0:06:26 > 0:06:3044,000, then, for the first time. Second time at 44,000.
0:06:30 > 0:06:34Third and final time at 44... Oh!
0:06:34 > 0:06:3844 and a half. 45? 45,000.
0:06:38 > 0:06:41Reach out. You might be able to knock him out.
0:06:41 > 0:06:4345,000 seated. At 45 and a half, sir?
0:06:43 > 0:06:47Lady's bid, 45 and a half. 46.
0:06:47 > 0:06:4946. 46 and a half?
0:06:51 > 0:06:5546,000 for the first time. Second time at 46,000.
0:06:55 > 0:06:58Are we all done and dusted? It's yours. There you go. How's that?
0:06:58 > 0:07:02The successful bid of 46,000 was placed by Mimi
0:07:02 > 0:07:06and her husband Paul, who are both dance teachers.
0:07:06 > 0:07:10SONG: "I Wanna Dance With Somebody" by Whitney Houston
0:07:11 > 0:07:15# With somebody who loves me #
0:07:15 > 0:07:18I'm at the back of the property to find out
0:07:18 > 0:07:21if this purchase had left them tap-dancing with joy.
0:07:22 > 0:07:25- Mimi, Paul, lovely to meet you both. - Yeah. To meet you too.
0:07:25 > 0:07:27- Congratulations.- Thank you.
0:07:27 > 0:07:30Tell me why you wanted to buy this place.
0:07:30 > 0:07:33Well, location and price, really.
0:07:33 > 0:07:37We were looking at a few houses in the catalogue,
0:07:37 > 0:07:41and I saw this one, and I thought, "Well, it's a good location,
0:07:41 > 0:07:43it's a good price, and we need to get it."
0:07:43 > 0:07:47Right. So is this what you do - buy and sell property, or...
0:07:47 > 0:07:49Well, we do now.
0:07:49 > 0:07:52- My wife has been doing it for the past ten years...- Yeah.
0:07:52 > 0:07:56- ..in China.- In China? - Yeah, with the whole of my family,
0:07:56 > 0:07:58- my parents.- Whereabouts in China?
0:07:58 > 0:08:03- Er, Beijing, capital.- Gosh! So you've been buying and selling there?
0:08:03 > 0:08:06Yeah. Buy property and do it up and sell it,
0:08:06 > 0:08:10so I know about this business. Just now turned the place to here.
0:08:11 > 0:08:14Paul was working in China as a dance teacher when he met Mimi.
0:08:14 > 0:08:18They recently relocated to England to be close to Paul's family.
0:08:18 > 0:08:22Mimi has years of property-developing experience
0:08:22 > 0:08:25in China, and is keen to get started in the UK.
0:08:27 > 0:08:31We were thinking, in the future, if we have kids and stuff,
0:08:31 > 0:08:34it's going to be easier here than in China,
0:08:34 > 0:08:38so we thought we'll come over here. We've still got property in China,
0:08:38 > 0:08:41which is obviously getting money for us,
0:08:41 > 0:08:44so we just want to set up base in both countries.
0:08:44 > 0:08:47Wow! And tell me about how you two met.
0:08:47 > 0:08:50Um... I was... Well, in 2003 I got a call-up
0:08:50 > 0:08:53to say would I like to work in China for four months,
0:08:53 > 0:08:56- and I said, "Yes, I'll do that." - As a what?
0:08:56 > 0:08:59A teacher, teaching dance in a school in Beijing.
0:08:59 > 0:09:03- Wow! What kind of dance? - Tap-dancing and jazz,
0:09:03 > 0:09:05street jazz, and also choreographing as well.
0:09:05 > 0:09:08Um, so...four months turned into seven years.
0:09:08 > 0:09:10HE GASPS
0:09:10 > 0:09:13- And that's when I met my wife. - Yeah.- Fantastic!
0:09:13 > 0:09:16I'm a dance teacher too, just Chinese dance.
0:09:16 > 0:09:19- Right! - That was why we met each other.
0:09:19 > 0:09:21# I just wanna dance with you...
0:09:22 > 0:09:26This dancing duo hope to combine their business acumen
0:09:26 > 0:09:30with artistic flair, to give this place some pizzazz.
0:09:30 > 0:09:34We're going to rewire the place, gas central heating,
0:09:34 > 0:09:36sort out the walls, new skimming and stuff.
0:09:36 > 0:09:40New kitchen, new bathroom, get rid of the toilet outside
0:09:40 > 0:09:42and keep that as a storage-space shed.
0:09:42 > 0:09:46And that's it, really. Just a complete overhaul of the place.
0:09:46 > 0:09:49What kind of budget have you got for the work?
0:09:49 > 0:09:52£6,000.
0:09:52 > 0:09:54- £6,000? Well, a bit tight! - Yes.- Yeah!
0:09:54 > 0:09:57- THEY LAUGH - Central heating as well?
0:09:57 > 0:09:59- Yes.- Yeah.- Right!
0:09:59 > 0:10:02We've got some good bargains so far,
0:10:02 > 0:10:06because we've got the Chinese mentality of getting prices down.
0:10:06 > 0:10:09Really? You're a shrewd negotiator, are you?
0:10:09 > 0:10:11- Yeah.- She's the best.- Really?
0:10:11 > 0:10:13Have you got some quotes for this work?
0:10:13 > 0:10:16I'm a bit worried about this 6,000 quid.
0:10:16 > 0:10:19- We have got some quotes. - It seems it should be okay.
0:10:19 > 0:10:22- Really?- Yeah. - We've got some good quotes.
0:10:22 > 0:10:26I need you to come and negotiate at my properties.
0:10:26 > 0:10:27THEY LAUGH
0:10:28 > 0:10:32They'll definitely need to be creative to make that £6,000 budget
0:10:32 > 0:10:35cover all the work that needs doing here,
0:10:35 > 0:10:38but there seems to be no stopping them.
0:10:38 > 0:10:41We're going to live in the property for at least a year,
0:10:41 > 0:10:44and then we're going to rent it out.
0:10:44 > 0:10:46And what is the plan, the bigger plan?
0:10:46 > 0:10:50You're going to live in it, and in that time buy more properties?
0:10:50 > 0:10:53Yes. We've already had a look at the next catalogue,
0:10:53 > 0:10:57and we've seen something, so we're going to buy some more properties,
0:10:57 > 0:11:01because we've got a couple of properties in the centre of China
0:11:01 > 0:11:05that the price now has gone sky-high cos there's a new subway,
0:11:05 > 0:11:08so we're going to sell a couple of properties in China
0:11:08 > 0:11:13and then transfer the money. We aim to have another two properties
0:11:13 > 0:11:16within the next four to five years.
0:11:16 > 0:11:20And in the meantime, work-wise... Are you working,
0:11:20 > 0:11:23- or will this be your full-time job? - We'll still have our own work,
0:11:23 > 0:11:27like me now teaching dance every weekend.
0:11:27 > 0:11:30Saturday and Sunday, I have regular classes,
0:11:30 > 0:11:34and then during weekday, I normally go to, like, primary schools
0:11:34 > 0:11:38to the workshop, Chinese dance and a culture workshop.
0:11:38 > 0:11:41- Oh, great!- Yeah.- I'm going to go back into the acting world.
0:11:41 > 0:11:44- Acting!- That's what I did before I went to China.
0:11:44 > 0:11:47- Tell me more! - Yeah. I started when I was a kid.
0:11:47 > 0:11:51I was fortunate enough to do lots of work.
0:11:51 > 0:11:54I did a lot of work in the late '70s with Les Dawson.
0:11:54 > 0:11:57- Oh, really? - I did that until I was about 15,
0:11:57 > 0:12:01then went back into education, went to drama school
0:12:01 > 0:12:04and graduated in '93, then continued with the acting,
0:12:04 > 0:12:06again, TV, commercials and theatre,
0:12:06 > 0:12:10and in 2003, that's when I got the call.
0:12:10 > 0:12:13I asked my agent, "Is that OK?" He said, "Yeah, that's fine."
0:12:13 > 0:12:14THEY LAUGH
0:12:14 > 0:12:17And, um, yeah - the rest is history.
0:12:19 > 0:12:23Let's hope this showbiz couple can perform wonders on this property.
0:12:23 > 0:12:26They've given themselves three months to get everything done,
0:12:26 > 0:12:29including buying furniture and moving in.
0:12:30 > 0:12:33And what inspired you to go to the auction?
0:12:33 > 0:12:37Oh, it was last year, first time I saw this programme.
0:12:37 > 0:12:40- Which programme? - Home Under Hammer.- Oh!
0:12:40 > 0:12:42- That's why! - This is what my wife said to me.
0:12:42 > 0:12:45She saw the programme, because there's no auctions in China.
0:12:45 > 0:12:49She said, "I want to buy a house and be on Homes Under The Hammer."
0:12:49 > 0:12:51- THEY LAUGH - So...- Yeah!
0:12:51 > 0:12:54- That's what she said. - It's become true.
0:12:54 > 0:12:58There you go. We're delighted to have helped out. Brilliant!
0:12:58 > 0:13:01Well, listen, great story. Welcome back.
0:13:01 > 0:13:06Good luck with your project, and we look forward to seeing how you get on. Nice to meet you.
0:13:06 > 0:13:08- Thank you.- Cheers. Thank you.
0:13:08 > 0:13:11# Oh, I just wanna dance with you #
0:13:12 > 0:13:14Well, what a lovely story -
0:13:14 > 0:13:17Paul and Mimi extending their property portfolio
0:13:17 > 0:13:20from Beijing to Gorton in Greater Manchester.
0:13:20 > 0:13:23But even with Mimi's expert negotiating skills,
0:13:23 > 0:13:26can they really sort this place out for just £6,000?
0:13:26 > 0:13:29You can find out later in the show.
0:13:31 > 0:13:35"An almost perfect example of a Victoria suburb"
0:13:35 > 0:13:39is how East Dulwich was described by a local historian,
0:13:39 > 0:13:42and many would argue it's actually an almost perfect place to live.
0:13:42 > 0:13:45But it hasn't always been this way.
0:13:45 > 0:13:48Before the 1990s, it was a bit of a forgotten village,
0:13:48 > 0:13:51until those priced out of other postcodes moved in
0:13:51 > 0:13:55and carefully renovated the beautiful Victorian housing stock.
0:13:55 > 0:13:59Today the area is highly desirable, with a bit of an arty edge.
0:13:59 > 0:14:03So if it's period property you're after and organic lattes,
0:14:03 > 0:14:05well, look no further.
0:14:07 > 0:14:10With its happening high street and peaceful wide-open spaces,
0:14:10 > 0:14:13East Dulwich in the Borough of Southwark, Southeast London,
0:14:13 > 0:14:17has the best of both worlds. It's family-friendly
0:14:17 > 0:14:20but with a youthful vibrancy and vitality.
0:14:23 > 0:14:27The only thing that lets this spot down is its transport.
0:14:27 > 0:14:29Deep in the heart of these Victorian streets,
0:14:29 > 0:14:31you really are a brisk 20-minute walk
0:14:31 > 0:14:35to the nearest over-land station - not unthinkable as a commute,
0:14:35 > 0:14:38but well worth remembering.
0:14:38 > 0:14:40SONG: "Itchycoo Park" by The Small Faces
0:14:43 > 0:14:45Unfortunately the property I'm here to see
0:14:45 > 0:14:49is not this delightful Victorian terrace
0:14:49 > 0:14:52but a one-bedroom conversion on its lower ground floor.
0:14:52 > 0:14:55It had a guide price of 150,000.
0:14:55 > 0:14:59I love the fact with this flat you get your own front door.
0:14:59 > 0:15:01You really feel sort of self-contained.
0:15:01 > 0:15:04But I don't love that it is quite dark in here,
0:15:04 > 0:15:07a little bit oppressive. The ceilings aren't terribly high.
0:15:07 > 0:15:11This was ex-local authority. You can tell by the flooring.
0:15:11 > 0:15:14Not a bad-size lounge. It's got beautiful windows.
0:15:14 > 0:15:17But again, the wallpaper needs to come off.
0:15:17 > 0:15:19You need to add flooring, a fireplace,
0:15:19 > 0:15:24and, um, this, in London, is an incredible waste of space!
0:15:24 > 0:15:27I mean, I think you'd call this a bedroom in London.
0:15:27 > 0:15:30I would definitely want to do something about this,
0:15:30 > 0:15:34and see if you could change it, maybe a tweak with the layout.
0:15:34 > 0:15:38Now, through here is the bedroom, the only bedroom in the flat,
0:15:38 > 0:15:41and I think it's really, really small.
0:15:41 > 0:15:44But the good thing is, there is a solution.
0:15:44 > 0:15:48You've got all that space out there. You could push this wall back
0:15:48 > 0:15:51and open it up tremendously. It would look fantastic,
0:15:51 > 0:15:53really add some nice decoration.
0:15:53 > 0:15:55Bit of a worry - loads of water here,
0:15:55 > 0:15:58but I'm hoping there's just been a leak,
0:15:58 > 0:16:02because all the windows are double-glazed, so that is a big plus point.
0:16:02 > 0:16:05What I really like about this flat is, you can definitely add value.
0:16:05 > 0:16:07There's lots of scope.
0:16:08 > 0:16:11And scope is the developer's dream,
0:16:11 > 0:16:13the opportunity to add value.
0:16:13 > 0:16:17The chimney breast could also be removed to create more space.
0:16:17 > 0:16:22Alongside is a shower room. I'd have to get the tape-measure out
0:16:22 > 0:16:24to check whether you could sneak a bath in here.
0:16:24 > 0:16:29It would be tight fit! And the kitchen's to the rear.
0:16:29 > 0:16:33The kitchen is really squeezed in at the back as an afterthought.
0:16:33 > 0:16:37Hmm. Now, this layout is just not working for me,
0:16:37 > 0:16:40especially since you have that wonderful garden out there
0:16:40 > 0:16:44that's part of this lot. That means not only outside space
0:16:44 > 0:16:49but an opportunity to make this flat much, much more special.
0:16:50 > 0:16:52They say money doesn't grow on trees,
0:16:52 > 0:16:56but this garden could transform this little flat into a big earner.
0:16:56 > 0:17:00Extending over the side return, like the properties next door,
0:17:00 > 0:17:02could create a kitchen/dining area.
0:17:02 > 0:17:05However, if you extended even further out,
0:17:05 > 0:17:08you could convert this one-bedroomed flat
0:17:08 > 0:17:10into a spacious two-bedroom apartment,
0:17:10 > 0:17:12still with a good-size garden.
0:17:12 > 0:17:17For that, people in London would be prepared to pay a premium price.
0:17:22 > 0:17:25Let's ask a local estate agent for her opinion on this location
0:17:25 > 0:17:29and property, which had a guide price of 155,000.
0:17:31 > 0:17:34Prices have trebled in the last ten years
0:17:34 > 0:17:37as more people have realised this is a great place to be.
0:17:37 > 0:17:40It used to be a cheap place to move to and start a family.
0:17:40 > 0:17:45It's now a not-so-cheap but great place to move to and start a family.
0:17:47 > 0:17:51Once renovated, how much could this place achieve if sold on?
0:17:54 > 0:17:57This property, refurbed, without an extension,
0:17:57 > 0:18:00a pure tart-up, would be in the region of £240,000.
0:18:00 > 0:18:04And if an extension were built on the side return,
0:18:04 > 0:18:06creating a kitchen/dining area?
0:18:06 > 0:18:08If you extend the property,
0:18:08 > 0:18:13you would get in the region of £280,000
0:18:13 > 0:18:16to £310,000, depending on spec.
0:18:17 > 0:18:19How might it fare as a rental?
0:18:20 > 0:18:22As a tarted-up one-bed,
0:18:22 > 0:18:26this property would get between £900 and £1,000 a month.
0:18:26 > 0:18:29As an extended one-bed with all the bells and whistles,
0:18:29 > 0:18:32it could achieve up to £1,100 a month.
0:18:34 > 0:18:38At that guide price, this flat is a hot, hot property.
0:18:38 > 0:18:41There's room for improvement, scope for extension,
0:18:41 > 0:18:45and it could make somebody some decent cash, or a lovely home.
0:18:45 > 0:18:47So let's see who went for it at the auction.
0:18:48 > 0:18:50170, anyone?
0:18:50 > 0:18:52170?
0:18:53 > 0:18:56OK, start the other way. 130.
0:18:56 > 0:18:58Not going to go below 130. 130.
0:18:58 > 0:19:00135 anywhere?
0:19:00 > 0:19:03Got 130 here. 135.
0:19:03 > 0:19:06140. 145.
0:19:06 > 0:19:08150.
0:19:08 > 0:19:11155. 160.
0:19:12 > 0:19:14161 on the phone.
0:19:14 > 0:19:17162. 163 on the phone.
0:19:18 > 0:19:21164. 165 on the phone.
0:19:23 > 0:19:25166 in the room.
0:19:25 > 0:19:27167. 167 on the phone.
0:19:27 > 0:19:31168. 169.
0:19:32 > 0:19:35170. 171 to the phone?
0:19:35 > 0:19:38170 in the room.
0:19:38 > 0:19:41First time... Second time...
0:19:41 > 0:19:43Third and last time at 170...
0:19:44 > 0:19:50And it was Mansur who made the final bid of £170,000.
0:20:00 > 0:20:02Mansur's a full-time developer,
0:20:02 > 0:20:05and, judging by the gleam of his shiny sports car,
0:20:05 > 0:20:07a very successful one, I'd guess.
0:20:07 > 0:20:10Let's discover the secret of that success.
0:20:10 > 0:20:12- Mansur, congratulations.- Thank you.
0:20:12 > 0:20:15- How well do you know this area? - Extremely well.
0:20:15 > 0:20:18I started up in this area back in 2003,
0:20:18 > 0:20:20buying houses to subdivide into flats,
0:20:20 > 0:20:23and that was very early on, before the area started to kick off.
0:20:23 > 0:20:26- People really rave about East Dulwich.- Yes, they do.
0:20:26 > 0:20:29Everybody thought I was bonkers when I came down here.
0:20:29 > 0:20:31They said, "You need Peckham or Camberwell."
0:20:31 > 0:20:35But now it's very much up-and-coming, and it's pretty well established.
0:20:35 > 0:20:38- What sort of properties do you develop?- We look for a nice house
0:20:38 > 0:20:42which will give us at least three units. Less than that,
0:20:42 > 0:20:44and it doesn't stack up as a deal.
0:20:44 > 0:20:49And we predominantly build a two, one and a three-bed flat.
0:20:49 > 0:20:52We'll sell the three-bed flat, retain the other two units.
0:20:52 > 0:20:55You've got to get added value. This particular unit,
0:20:55 > 0:20:57we hope to achieve, with planning consent,
0:20:57 > 0:21:00a two-bedroom from a one-bedroom flat.
0:21:00 > 0:21:03Worst-case scenario, we retain it as a one-bedroom unit,
0:21:03 > 0:21:06but there's enough meat on the bone to justify us doing it.
0:21:06 > 0:21:09Have you applied for planning to extend this?
0:21:09 > 0:21:11We put the application in soon after the auction.
0:21:11 > 0:21:15We do this on a regular basis. It's pretty much the same routine
0:21:15 > 0:21:18on everything we touch, and the same format.
0:21:18 > 0:21:20The planning application went in straight away.
0:21:20 > 0:21:22Hopefully at the end of the transaction
0:21:22 > 0:21:25we'll have a one- or two-bedroom flat which we can sell.
0:21:25 > 0:21:27If we can't sell it, we'll rent it out.
0:21:27 > 0:21:30So, talk me through your vision for a two-bedroom flat.
0:21:30 > 0:21:34We'll make it almost a reverse accommodation,
0:21:34 > 0:21:37so living accommodation will be at the front,
0:21:37 > 0:21:40bathroom in the middle, and two bedrooms at the rear.
0:21:40 > 0:21:42And then a nice big garden.
0:21:42 > 0:21:46Mansur plans to create an open-plan living-and-kitchen area
0:21:46 > 0:21:49at the front. He'll do this by removing the dividing wall
0:21:49 > 0:21:52between the living room and hallway,
0:21:52 > 0:21:54and taking space from the current bedroom,
0:21:54 > 0:21:57with the leftover becoming an internal bathroom.
0:21:57 > 0:22:00This could be a sacrifice worth making,
0:22:00 > 0:22:03as it means there'll be two double bedrooms in the proposed side-return
0:22:03 > 0:22:06and garden extension.
0:22:06 > 0:22:10Of course, this all depends on planning permission being approved.
0:22:18 > 0:22:20So, Mansur, if you don't get planning permission
0:22:20 > 0:22:24to extend out the back, will you still think about
0:22:24 > 0:22:27- potentially extending to the side? - Absolutely.
0:22:27 > 0:22:30- And how would you change it then? - If we don't get consent
0:22:30 > 0:22:33to go out the back, only out to the side,
0:22:33 > 0:22:35in keeping with the rest of the street,
0:22:35 > 0:22:38that would make it a very large one-bedroom flat.
0:22:38 > 0:22:40And you think it's worth doing that work
0:22:40 > 0:22:42- just to have a bigger bedroom? - Absolutely,
0:22:42 > 0:22:46because again, what a lot of people don't take into account,
0:22:46 > 0:22:49you may not get the extra uplift in the value
0:22:49 > 0:22:53that you spend on the extension, but you'll sell it quicker,
0:22:53 > 0:22:57pay the bank back and move on to the next development.
0:22:57 > 0:22:59You've got to keep an ongoing production line.
0:22:59 > 0:23:03It's not absolutely imperative to get top money.
0:23:03 > 0:23:05It's imperative to get the units done quickly,
0:23:05 > 0:23:08efficiently, correctly, and move the cash on.
0:23:08 > 0:23:11Exactly. Sell them, move on to the next project.
0:23:11 > 0:23:17If you don't get the extra bedroom, it will be a very small one-bedroom flat, but a very sexy one.
0:23:17 > 0:23:20SONG: "SexyBack" by Justin Timberlake
0:23:21 > 0:23:25I do admire Mansur's desire to ensure high spec,
0:23:25 > 0:23:29high-style finish, while never forgetting it's all in aid
0:23:29 > 0:23:33of one thing - a high return on his investment.
0:23:33 > 0:23:36It's not just sexy. It's also sound business sense.
0:23:38 > 0:23:40You said your one-bedroom flat would be incredibly sexy.
0:23:40 > 0:23:43What sort of spec do you give your flats?
0:23:43 > 0:23:46We use the same spec on all of them, which is solid-wood flooring,
0:23:46 > 0:23:50Italian kitchens, Italian bathrooms, porcelain tiling,
0:23:50 > 0:23:54high-chrome finish where necessary, flat-screen TV,
0:23:54 > 0:23:57and that's about as far as you can go.
0:23:57 > 0:24:01Very neutral but very, um, desirable when you walk in.
0:24:01 > 0:24:03What sort of budget have you in mind?
0:24:03 > 0:24:06A total build, without the extension, of 30K.
0:24:06 > 0:24:08With the extension, add another ten.
0:24:08 > 0:24:10- Timescale-wise?- 14 weeks.
0:24:10 > 0:24:14- Well, I'll hold you to that. - OK.- Good luck with this.
0:24:14 > 0:24:16Thank you.
0:24:16 > 0:24:20Mansur is a man who knows what he's doing,
0:24:20 > 0:24:23and I like the way he feels the key to success
0:24:23 > 0:24:27is saleability, not milking every penny from property.
0:24:27 > 0:24:30And I really hope he gets that planning,
0:24:30 > 0:24:33because then this flat could nearly double in value.
0:24:33 > 0:24:37You can find out how it goes later in the programme.
0:24:39 > 0:24:43Coming up - in Littleover, Derby, I'm bowled over
0:24:43 > 0:24:45by this three-bed end terrace.
0:24:45 > 0:24:47All in all, it's great!
0:24:48 > 0:24:50In this one-bed flat in Southeast London,
0:24:50 > 0:24:55Mansur is confident all his experience will pay dividends.
0:24:55 > 0:24:59When you've been doing it this long, you can't get it wrong. Or you shouldn't!
0:24:59 > 0:25:03But first, in Greater Manchester, Paul can't wait to do it all again.
0:25:03 > 0:25:06I'm going to be ready in the next month or so.
0:25:06 > 0:25:08Oof! THEY LAUGH
0:25:12 > 0:25:15We're back in Gorton, Greater Manchester,
0:25:15 > 0:25:18to check on progress at this two-bed mid-terrace
0:25:18 > 0:25:21which dance teachers Mimi and Paul bought at auction
0:25:21 > 0:25:23for 46,000.
0:25:23 > 0:25:26The property was in a fairly sorry state,
0:25:26 > 0:25:28and their plan was to give it
0:25:28 > 0:25:31a much-needed head-to-toe refurbishment.
0:25:31 > 0:25:34We're going to rewire the place, gas central heating,
0:25:34 > 0:25:37sort out the walls, skimming and stuff,
0:25:37 > 0:25:40new kitchen, new bathroom, and that's it, really.
0:25:40 > 0:25:42Just a complete overhaul of the place.
0:25:42 > 0:25:45The couple had recently returned from living in China,
0:25:45 > 0:25:49where Mimi is from originally. Both buying a property at auction
0:25:49 > 0:25:51and, indeed, appearing on this programme
0:25:51 > 0:25:54was something of a dream come true for Mimi.
0:25:54 > 0:25:58This is what my wife said to me. "I want to buy a house in auction,
0:25:58 > 0:26:00and I want to be on Homes Under The Hammer."
0:26:00 > 0:26:04This dancing duo had a budget of £6,000
0:26:04 > 0:26:07to do all the work, which I thought was pretty tight,
0:26:07 > 0:26:10but they had faith it would be enough.
0:26:10 > 0:26:13Five months later we're back to see if that belief carried them through.
0:26:15 > 0:26:18# Don't stop believin'
0:26:20 > 0:26:23# Hold on to that feeling
0:26:23 > 0:26:26# Streetlight, people
0:26:26 > 0:26:29# Oh, oh, oh #
0:26:33 > 0:26:37I'd say these guys have definitely got a talent for renovation.
0:26:37 > 0:26:40This mid-terrace is almost unrecognisable.
0:26:40 > 0:26:44When I first came here, this house was very dark,
0:26:44 > 0:26:49and inside very dirty, like, old curtains and dust everywhere.
0:26:49 > 0:26:53But this good size and the high ceiling,
0:26:53 > 0:26:55I think that this house got potential.
0:26:55 > 0:26:59I could imagine when it done, it would be very good.
0:26:59 > 0:27:04There's little doubt that Paul and Mimi have realised the potential
0:27:04 > 0:27:08of this two-bed mid-terrace, but it has taken a fair bit of effort.
0:27:08 > 0:27:12OK. Um, kitchen before was a complete mess.
0:27:12 > 0:27:14There was a lot of things that needed to be done.
0:27:14 > 0:27:17One of the main concerns was the chimney breast.
0:27:17 > 0:27:21Obviously we got rid of that because it creates much more space in the kitchen.
0:27:21 > 0:27:25And, um, new fitted kitchen.
0:27:25 > 0:27:27The ceiling had to be taken down as well,
0:27:27 > 0:27:30because there were problems with damp and stuff like that,
0:27:30 > 0:27:33so we've got new ceiling. The floor has been taken away
0:27:33 > 0:27:37and we've got new tiles here. There's a new boiler here, as well,
0:27:37 > 0:27:40because there was no central heating in the property.
0:27:40 > 0:27:42Everything's pretty much new in the kitchen,
0:27:42 > 0:27:46and it's created much more space. It's light, it's bright.
0:27:46 > 0:27:48So I'm quite happy with it.
0:27:48 > 0:27:51Addressing the damp in the ceiling upstairs
0:27:51 > 0:27:55turned out to be a bigger job than they'd anticipated.
0:27:56 > 0:27:59# Oh, what a feeling
0:27:59 > 0:28:02# When you're dancing on the ceiling #
0:28:02 > 0:28:05The first ceiling that we saw that we needed to change
0:28:05 > 0:28:09was the bedroom one, and that's where the leak from the roof was coming from.
0:28:09 > 0:28:13So the ceiling literally was being held together by the wallpaper.
0:28:13 > 0:28:17So once we took that down, we thought, "Let's check the others,"
0:28:17 > 0:28:20and there were little problems with the other ceilings,
0:28:20 > 0:28:23so our builder advised us to... If you're going to do it,
0:28:23 > 0:28:26get rid of all the ceilings, so that's what we did in the end.
0:28:26 > 0:28:30But the good news is that Mimi's negotiating skills
0:28:30 > 0:28:32have been put to good use,
0:28:32 > 0:28:36especially when it came to the all-new gas central heating.
0:28:36 > 0:28:40The central heating total price is 2,200,
0:28:40 > 0:28:45include everything. Labour's free and the materials,
0:28:45 > 0:28:49and for five rooms. I think that's really good.
0:28:49 > 0:28:52I think that's pretty good, too.
0:28:52 > 0:28:55But did their overall budget stretch as far as they'd hoped?
0:28:56 > 0:29:00The original budget was £6,000, and I think we would've stuck to that
0:29:00 > 0:29:04if we'd come to the original plans of keeping the chimney breast
0:29:04 > 0:29:08and taking down one ceiling. But because the house is so old
0:29:08 > 0:29:10and there needed to be so much work,
0:29:10 > 0:29:13we needed to do all these extra repairs to the house,
0:29:13 > 0:29:16and that obviously pushed the budget up.
0:29:16 > 0:29:19So in the end the budget reached closer to 10,000,
0:29:19 > 0:29:23but it was OK. It was still good value for what needed to be done,
0:29:23 > 0:29:24so that was OK.
0:29:24 > 0:29:28Their three-month timescale has slipped to four and a half months.
0:29:28 > 0:29:32But Paul and Mimi have moved in, and are making this their home.
0:29:33 > 0:29:37We asked two local estate agents to look around the property
0:29:37 > 0:29:39and give us their thoughts.
0:29:39 > 0:29:44'Having seen it last time round, I have to say the new owners have done a fantastic job.
0:29:44 > 0:29:46'It's nice. It's clean. It's bright throughout.'
0:29:46 > 0:29:49When we last came here it was quite dull, dingy
0:29:49 > 0:29:51and smelly. They've done a great job.
0:29:51 > 0:29:54New shower room, new bathroom,
0:29:54 > 0:29:56bright colours throughout. It's lovely.
0:29:56 > 0:29:59I like the property. The refurb they've done is to a good standard.
0:29:59 > 0:30:03I like that it's nice and bright. It's a nice job of the kitchen
0:30:03 > 0:30:06and the shower room upstairs in particular.
0:30:06 > 0:30:09Paul and Mimi's total spend, including the purchase price
0:30:09 > 0:30:13of 46,000, is £56,000.
0:30:13 > 0:30:15What could it sell for now?
0:30:15 > 0:30:19This particular property would be marketed and sold
0:30:19 > 0:30:20for around £65,000.
0:30:20 > 0:30:24I would put this property on the market today at £65,000.
0:30:24 > 0:30:27Those resale valuations could mean a pre-tax profit
0:30:27 > 0:30:31of £9,000 for Paul and Mimi, which isn't bad at all.
0:30:31 > 0:30:34What might it fetch on the rental market?
0:30:35 > 0:30:39This property itself would rent for £425 per calendar month.
0:30:39 > 0:30:44This property would rent for approximately £450 per calendar month.
0:30:44 > 0:30:48What do Paul and Mimi make of that?
0:30:49 > 0:30:50- Good?- Yeah.- Yeah.
0:30:50 > 0:30:53That's what we think. Yeah. That's good.
0:30:53 > 0:30:56At the moment we're not going to sell the property.
0:30:56 > 0:30:59We'll keep it, and if we do move on to another project,
0:30:59 > 0:31:02we'll rent it out. It's good. We're very happy. Pleased.
0:31:02 > 0:31:04Yeah. It's good.
0:31:05 > 0:31:11When do they think they might embark on their next renovation project?
0:31:11 > 0:31:14We're already planning maybe later this year
0:31:14 > 0:31:19to get another one, so... But we need a little bit break,
0:31:19 > 0:31:22and then the work we can start again.
0:31:22 > 0:31:26I think I'm going to be ready in the next month or so.
0:31:26 > 0:31:28Oof! THEY LAUGH
0:31:28 > 0:31:31- Yeah. - THEY LAUGH
0:31:35 > 0:31:38I'm in the village of Littleover, a suburb of Derby
0:31:38 > 0:31:42in the East Midlands. It's a much- sought-after place to live,
0:31:42 > 0:31:45which prides itself on its warm community atmosphere.
0:31:45 > 0:31:49Well, location-wise, you're definitely not going to go far wrong
0:31:49 > 0:31:52with the property I'm here to see. Close to Derby city centre,
0:31:52 > 0:31:55Littleover village not too far away, and the hospital,
0:31:55 > 0:31:59so rental potential. This is it - three-bed semi-detached,
0:31:59 > 0:32:03at a guide price of 120,000 quid. Let's take a look inside.
0:32:03 > 0:32:06Even on a damp and dreary day like today,
0:32:06 > 0:32:09this is still a lovely-looking house,
0:32:09 > 0:32:12with a pleasant little garden path leading to the door.
0:32:14 > 0:32:17Well, let's hope it's as positive news inside.
0:32:17 > 0:32:20You know what? Doesn't look too bad.
0:32:20 > 0:32:22Fairly standard layout for a semi like this.
0:32:22 > 0:32:25Little hallway here, stairs up to your bedrooms.
0:32:25 > 0:32:28Down here, lots of light coming in through the glass there
0:32:28 > 0:32:31to the living room, but you've got, um, kitchen.
0:32:31 > 0:32:35It's in a bit of a state. Needs a bit of work, I would say.
0:32:35 > 0:32:38But lovely thing to find here,
0:32:38 > 0:32:41and basically I think two rooms knocked into one.
0:32:41 > 0:32:45Absolutely love that. And then you've got this little lean-to area
0:32:45 > 0:32:48with double doors out onto the garden.
0:32:48 > 0:32:51So all in all... Yeah, it's great!
0:32:58 > 0:33:02This house had an auction guide price of 120,000.
0:33:02 > 0:33:04It was built in the late 1930s,
0:33:04 > 0:33:06and many of the period features remain.
0:33:06 > 0:33:10But I'd like to see it transformed into a modern family home,
0:33:10 > 0:33:14so I'd knock down the lean-to and build a kitchen extension.
0:33:14 > 0:33:18This is a highly desirable area of Derby,
0:33:18 > 0:33:21so I think that would really add value here.
0:33:23 > 0:33:27Well, upstairs, no nasty surprises, only pleasant ones.
0:33:27 > 0:33:30Your bathroom there - yes, it could do with a bit of refurbishment.
0:33:30 > 0:33:33Maybe put a white suite in there to freshen it up a bit,
0:33:33 > 0:33:37but it's a good size. Three bedrooms - two really decent-sized ones
0:33:37 > 0:33:41and a bit of a box room, but this is your master.
0:33:41 > 0:33:44You've got this bay window, which is really good. It's a good size.
0:33:44 > 0:33:47Bay window, double glazing...
0:33:47 > 0:33:50You know, sometimes you try to find problems in properties,
0:33:50 > 0:33:54and there aren't any. That's certainly the case here.
0:33:54 > 0:33:56# If it ain't broke, don't fix it
0:33:56 > 0:34:00# If it's mixed, don't try to mix it
0:34:01 > 0:34:05# It always helps to make it easy on yourself...
0:34:05 > 0:34:09There don't seem to be any fundamental problems with this place -
0:34:09 > 0:34:11just a bit of updating required.
0:34:11 > 0:34:14I'd like to see this fireplace brought back to life
0:34:14 > 0:34:16with a new mantelpiece and inset,
0:34:16 > 0:34:21and the three bedrooms should be given a contemporary but cosy style.
0:34:21 > 0:34:24So the house is great.
0:34:24 > 0:34:26The garden going to be a bit of a let-down?
0:34:26 > 0:34:28It so isn't. Look at that.
0:34:28 > 0:34:31Goes all the way back to the trees at the far end there,
0:34:31 > 0:34:34and especially autumn like this, it's gorgeous.
0:34:34 > 0:34:38I like the fact it's tiered. A real selling feature for the house.
0:34:38 > 0:34:42# And if it's short, don't make it long
0:34:42 > 0:34:44# If it's right, don't make it wrong
0:34:45 > 0:34:50# It always helps to make it easy on yourself #
0:34:51 > 0:34:54We asked the auctioneer who sold it to give us his opinion
0:34:54 > 0:34:59on this house, which had a guide price of 120,000.
0:35:00 > 0:35:03This is quite a sought-after residential area.
0:35:03 > 0:35:07It's established, and the garden at the back, south-facing,
0:35:07 > 0:35:12very secluded. So a nice feel to it, nice touch to it, really,
0:35:12 > 0:35:15but internally probably slightly outdated.
0:35:15 > 0:35:19If this was my property, I would spend some money on upgrading it,
0:35:19 > 0:35:22and then I would sell it,
0:35:22 > 0:35:26because even though the market may not be as good as it could be,
0:35:26 > 0:35:29this is an area that's in demand, and it would sell,
0:35:29 > 0:35:32and it would sell at quite an advantageous price.
0:35:32 > 0:35:36However, if it didn't, then, I would rent it out, in the short term.
0:35:37 > 0:35:40Once renovated, what could it achieve as a rental?
0:35:41 > 0:35:44It would have a rental value when renovated,
0:35:44 > 0:35:48I think probably around £700 to £750 a calendar month.
0:35:48 > 0:35:50And if sold on?
0:35:51 > 0:35:54Once renovated, I think it would have a market
0:35:54 > 0:35:57probably near to 200,000.
0:35:59 > 0:36:03So, a really nice house in a good area.
0:36:03 > 0:36:05What is there not to like about this place?
0:36:05 > 0:36:08Let's see who fancied it when it went under the hammer.
0:36:08 > 0:36:11135 to start me.
0:36:11 > 0:36:13135.
0:36:13 > 0:36:15130 is bid. Thank you.
0:36:15 > 0:36:17135. 140.
0:36:17 > 0:36:19140.
0:36:19 > 0:36:2245. 145.
0:36:22 > 0:36:23150.
0:36:23 > 0:36:25150. 52.
0:36:25 > 0:36:27154.
0:36:28 > 0:36:31156. Against you at the back.
0:36:31 > 0:36:3358. 500.
0:36:33 > 0:36:35158 and a half. 59.
0:36:35 > 0:36:3859.
0:36:38 > 0:36:41500. 160.
0:36:41 > 0:36:43500. 61.
0:36:43 > 0:36:45At 161 and a half.
0:36:45 > 0:36:48161 and half thousand pounds.
0:36:48 > 0:36:50Once, twice...
0:36:50 > 0:36:54Third time... Sold at 161 and a half.
0:36:54 > 0:36:57It was Carl who made the successful bid
0:36:57 > 0:37:00of £161,500.
0:37:02 > 0:37:05He and his partner Mary have bought the property
0:37:05 > 0:37:07as a buy-to-let investment.
0:37:07 > 0:37:09Carl owns a packaging-supply company,
0:37:09 > 0:37:12so will he be boxing clever with this purchase?
0:37:14 > 0:37:17- Good to meet you both. - And you, Martin.- Congratulations.
0:37:17 > 0:37:20- Thank you very much. - Why did you want this place?
0:37:20 > 0:37:23Mainly for investment, I think, with the market the way it is
0:37:23 > 0:37:26at the moment. But it's a good time to buy.
0:37:26 > 0:37:30- Right. So why this particular house? - The area. Superb area,
0:37:30 > 0:37:35very close to town. Very quiet area. The street's absolutely beautiful,
0:37:35 > 0:37:37and the house has got great potential.
0:37:37 > 0:37:41- Are you happy with what you paid? - I am, yes. I think it's a good buy.
0:37:41 > 0:37:43Mary, have you done this kind of thing before?
0:37:43 > 0:37:48No, I haven't. I'm just here supporting my partner...
0:37:48 > 0:37:50Right.
0:37:50 > 0:37:52..with the cosmetic side.
0:37:52 > 0:37:56- Right. - Obviously he'll do the main...
0:37:57 > 0:37:59..er, structure of the bathroom and the...
0:37:59 > 0:38:02- Kitchen and stuff like that. - ..conservatory, etc.
0:38:02 > 0:38:06Right. And you're going to swan in and do the fun stuff?
0:38:06 > 0:38:10- Yeah, basically.- What are the plans for it? What are you going to do?
0:38:10 > 0:38:13Initially it needs a new kitchen, it needs a new bathroom.
0:38:13 > 0:38:16- We've already been out and bought the bathroom.- Have you?
0:38:16 > 0:38:20Ready for fitting. There's wiring that needs to be done as well.
0:38:20 > 0:38:23That's contractors I'll get outside.
0:38:23 > 0:38:27But predominantly the bathroom, kitchen, we can do ourselves.
0:38:27 > 0:38:30Any plans for any major structural changes at all?
0:38:30 > 0:38:34I can't see any structural changes needed in the property.
0:38:34 > 0:38:36It's more cosmetic, more than anything.
0:38:36 > 0:38:40What's the bigger picture for it? Will you sell it on or rent it out?
0:38:40 > 0:38:43I think it's a long-term investment more than anything.
0:38:43 > 0:38:47We have got potential renters for the property already.
0:38:47 > 0:38:49- Oh!- That might be short term,
0:38:49 > 0:38:52and then perhaps in two, three years' time,
0:38:52 > 0:38:56reintroduce it back to the market and hopefully pick up a profit from it.
0:38:56 > 0:39:00I should hope so! It's a lovely property,
0:39:00 > 0:39:03and its enchanting back garden is a great selling point.
0:39:10 > 0:39:13What did you think when you first saw it?
0:39:13 > 0:39:17From the outside, I knew I loved it, without even seeing it inside.
0:39:17 > 0:39:22It's just the location, the privacy, the area itself
0:39:22 > 0:39:24that I loved.
0:39:24 > 0:39:28- One of the joyous features is the garden.- Garden's superb, yes.
0:39:28 > 0:39:31It's stepped, fruit trees at the back,
0:39:31 > 0:39:33nice paths either side.
0:39:33 > 0:39:36That has got great potential, as well.
0:39:36 > 0:39:40- Any plans for the garden, Mary? - Obviously it's overgrown in parts.
0:39:40 > 0:39:42I do like gardening. I'd get lost in it.
0:39:42 > 0:39:45But haven't done a lot in recent years
0:39:45 > 0:39:47with having a family, you know.
0:39:47 > 0:39:50Didn't get much time. But I'm looking forward to that.
0:39:51 > 0:39:55While Mary brings the garden into full bloom,
0:39:55 > 0:39:57Carl will be hard at work on the interior.
0:39:58 > 0:40:00So what's the budget?
0:40:00 > 0:40:0210,000 to 12,000.
0:40:02 > 0:40:06That's what I'm hoping to keep inside. I think it's achievable.
0:40:06 > 0:40:08And what kind of timescale?
0:40:08 > 0:40:11Timescale... It's going to be between three and four months.
0:40:11 > 0:40:15- OK.- Because I'm obviously operating the businesses I have,
0:40:15 > 0:40:19your normal life. This is an in-between,
0:40:19 > 0:40:24and it's not something I can obviously allocate full time to.
0:40:24 > 0:40:29So, er, it's achievable in three to four months, I would say.
0:40:29 > 0:40:31So what do you do when you're not doing this?
0:40:31 > 0:40:34I'm a managing director to a company.
0:40:34 > 0:40:36We supply throughout the country,
0:40:36 > 0:40:40- packaging supply...- Oh, right!
0:40:40 > 0:40:42So, done that for the last 20 years, and enjoy it.
0:40:42 > 0:40:47- My daughters run the business now, so it gives me time to do things like this.- Oh, great!
0:40:47 > 0:40:50- It is quite enjoyable. - Any other family members
0:40:50 > 0:40:53- you're going to get involved? - I'm sure my daughters will.
0:40:53 > 0:40:56My eldest one in particular, she's got quite a flair,
0:40:56 > 0:41:00so she's quite excited about getting down and having a look at the place,
0:41:00 > 0:41:03and obviously put her mark on it, I'm sure.
0:41:03 > 0:41:06- Mary, what are you most looking forward to?- Seeing it completed,
0:41:06 > 0:41:11and looking at how it was, and...what it will be then
0:41:11 > 0:41:14once we're done, and having achieved something,
0:41:14 > 0:41:18and getting the gratification and satisfaction,
0:41:18 > 0:41:21- putting in a lot of hard work. - Well, good luck with it.
0:41:21 > 0:41:24- Thank you.- We'll look forward to seeing how you get on.- Thank you.
0:41:27 > 0:41:29This really is a lovely house to start with,
0:41:29 > 0:41:33and it can only be enhanced by what Carl and Mary are planning.
0:41:33 > 0:41:36You can see the changes they make later in the show.
0:41:39 > 0:41:44Well, time has passed. Let's return to find out what happened to those properties.
0:41:44 > 0:41:47Are we confident they will look as good as new?
0:41:47 > 0:41:48Let's find out.
0:41:51 > 0:41:55Back now to Southeast London, and East Dulwich in particular,
0:41:55 > 0:41:59where a one-bed flat in this grand Victorian house
0:41:59 > 0:42:03sold at auction for 170,000.
0:42:03 > 0:42:05No, I'm afraid it wasn't one of those up there
0:42:05 > 0:42:07but that one down there.
0:42:10 > 0:42:13But the small, dark and tired rooms
0:42:13 > 0:42:15didn't put off successful developer Mansur.
0:42:15 > 0:42:20He was all ready to apply his tried-and-tested formula to the property.
0:42:20 > 0:42:23Have you applied for planning to extend this?
0:42:23 > 0:42:26We put the application in soon after the auction.
0:42:26 > 0:42:30We'll have either a one- or two-bed flat which we'll be able to sell.
0:42:30 > 0:42:33If we don't get the extra bedroom, it will be a small, one-bedroom flat,
0:42:33 > 0:42:36but it will be a very sexy small, one-bedroom flat.
0:42:36 > 0:42:38# I'm bringing sexy back, yeah #
0:42:38 > 0:42:42Mansur felt that he and his team only needed 14 weeks
0:42:42 > 0:42:45to turn this place around, and true to his word,
0:42:45 > 0:42:48when we returned, the one-bed flat
0:42:48 > 0:42:50was near the end of its transformation.
0:42:50 > 0:42:53And, boy, is the difference impressive!
0:42:53 > 0:42:56It's not exceptional from the outside,
0:42:56 > 0:42:58but inside...
0:43:00 > 0:43:02..the old flat has been gutted,
0:43:02 > 0:43:05to create a large open-plan kitchen/dining area.
0:43:08 > 0:43:12The rear part of the old bedroom is now an amazingly stylish bathroom.
0:43:18 > 0:43:22Out back, Mansur has got his rear extension out to the side
0:43:22 > 0:43:24and out into the garden.
0:43:27 > 0:43:30The extension houses two good-size bedrooms,
0:43:30 > 0:43:33buffed up and ready for the sales market.
0:43:36 > 0:43:38Mansur arrived on foot this time
0:43:38 > 0:43:42to tell us how he achieved such an amazing transformation,
0:43:42 > 0:43:44starting with the kitchen/diner.
0:43:44 > 0:43:47As you can see, we've put a fully fitted kitchen here
0:43:47 > 0:43:50with all the appliances - a washer/dryer integrated there,
0:43:50 > 0:43:54a coffee machine, a microwave oven, a wine chiller.
0:43:54 > 0:43:57You've got all the structural work that we did,
0:43:57 > 0:43:59the majority in the front half of the house.
0:43:59 > 0:44:02You've got steel beams going through this way and that way,
0:44:02 > 0:44:04and then on the back of this kitchen wall,
0:44:04 > 0:44:07that's the supporting wall which is the main member
0:44:07 > 0:44:10going up through the centre of the building.
0:44:17 > 0:44:20This open-plan living area and bathroom really works well,
0:44:20 > 0:44:24but getting this space meant saying goodbye to the original layout.
0:44:26 > 0:44:29The first job was to shore up the building
0:44:29 > 0:44:32and remove all internal walls. We took everything out -
0:44:32 > 0:44:35all the plasterwork, all the old electrical fittings,
0:44:35 > 0:44:38all the old pipe work, ripped it back to the bare essentials.
0:44:38 > 0:44:41We usually start with a blank canvas and follow through.
0:44:41 > 0:44:45Our initial ideas were to make this into a two-bedroom flat.
0:44:45 > 0:44:48What I had to do, because we didn't have planning permission at the time,
0:44:48 > 0:44:53I had to arrange it in such a way that if we didn't get all the planning permission through,
0:44:53 > 0:44:56whatever work we had done up to that point wasn't going to be undone.
0:44:56 > 0:45:00So it's a bit of a jigsaw to start with.
0:45:02 > 0:45:05But those pieces seem to have come together brilliantly
0:45:05 > 0:45:07at the back of the flat.
0:45:09 > 0:45:13This is the master bedroom. This is where we got the side extension,
0:45:13 > 0:45:16we got the planning consent for. It finished here,
0:45:16 > 0:45:19the original flat. We've extended to the full width of the house,
0:45:19 > 0:45:23so you've got a nice big space, and the patio doors going out into the garden.
0:45:23 > 0:45:26We managed to put in two extra skylights to give it more light.
0:45:26 > 0:45:30But the biggest bonus here, which we're very pleased about,
0:45:30 > 0:45:33is having this lovely wet room which we have created,
0:45:33 > 0:45:35which gives it an added feel factor.
0:45:36 > 0:45:39The whole property has been beautifully put together,
0:45:39 > 0:45:42with the clean, neutral colours hitting it off
0:45:42 > 0:45:45with the natural tones of the wood flooring.
0:45:45 > 0:45:47Mansur intends to sell the flat,
0:45:47 > 0:45:50and knows what sort of market he's targeting.
0:45:51 > 0:45:54I've seen a lot of flats in this area, and houses,
0:45:54 > 0:45:59so we have got a predominantly middle-class market with two people who are professional,
0:45:59 > 0:46:04so we've got a very high-standard finish, plasma-screen TVs, coffee machines, wine chillers,
0:46:04 > 0:46:08and it's designed for the modern person for modern-day living.
0:46:08 > 0:46:10# This is the life
0:46:11 > 0:46:14# Here's where the living is #
0:46:14 > 0:46:16Mansur clearly knows his market,
0:46:16 > 0:46:18and I reckon he's scored a bull's eye here.
0:46:18 > 0:46:23As for the timescale, apart from a few days needed to finish off the garden,
0:46:23 > 0:46:26the renovation's been done in its scheduled 14 weeks.
0:46:26 > 0:46:29So another target met, and it's all down to experience.
0:46:29 > 0:46:32'We always try and work to a set programme.
0:46:32 > 0:46:35'The team's been with us for many years.'
0:46:35 > 0:46:38We know exactly what we're going to do when we come into a building,
0:46:38 > 0:46:43and there's only two, three ways you can cut and carve a flat like this,
0:46:43 > 0:46:46so your budget is pretty much spot-on.
0:46:46 > 0:46:50If you've been doing it this long, you can't get it wrong. Or you shouldn't!
0:46:50 > 0:46:53Mansur planned a 40-grand budget for an extended flat.
0:46:53 > 0:46:56So was he right again?
0:46:56 > 0:47:00I think my final spend would be between 42 and 44,
0:47:00 > 0:47:03and that's mainly because we've added a wet room at the rear,
0:47:03 > 0:47:06which was an extra £2,500, plus some additional work
0:47:06 > 0:47:11on the structural side. So we've come pretty much close in to the penny.
0:47:13 > 0:47:16For such a radical overhaul,
0:47:16 > 0:47:19I reckon Mansur must be pleased that the overspend is so low.
0:47:19 > 0:47:23Add to that his 170 grand purchase price,
0:47:23 > 0:47:25and the total outlay on the flat
0:47:25 > 0:47:28will be a possible 214,000.
0:47:28 > 0:47:32Time to find out what two local estate agents think of the renovation.
0:47:33 > 0:47:37First impressions are it's a very nicely refurbed property.
0:47:37 > 0:47:40Done all the usual things, which is white walls, keep it bright,
0:47:40 > 0:47:44open-plan lounge, kitchen to expand the space, get maybe an extra bedroom or so.
0:47:44 > 0:47:48I think the finish is very good. It's built to last.
0:47:48 > 0:47:51The smoothness... It's retained some period features,
0:47:51 > 0:47:53which is great.
0:47:53 > 0:47:56In East Dulwich, the gardens are postage stamps generally,
0:47:56 > 0:48:00but to have a flat with a garden that's a good 30 or 40 feet
0:48:00 > 0:48:04is a real bonus, so that will make the property move very quickly on the market.
0:48:04 > 0:48:10The layout of the property is designed with lifestyle in mind,
0:48:10 > 0:48:13so we've got a combined kitchen/diner
0:48:13 > 0:48:17and reception room, which is where most of the living will be done,
0:48:17 > 0:48:20and that will be really appealing for younger clients.
0:48:20 > 0:48:22With Mansur aiming to sell the flat,
0:48:22 > 0:48:24what could he expect to get in return?
0:48:24 > 0:48:28Remember, his total spend so far is 214,000.
0:48:28 > 0:48:31So what would its market value be?
0:48:31 > 0:48:36I would say the resale value was £300,000 to £315,000.
0:48:36 > 0:48:38I think the resale value of this property
0:48:38 > 0:48:42should lie somewhere between £310,000
0:48:42 > 0:48:44and £315,000.
0:48:44 > 0:48:47Pretty much spot-on. It's actually on the market at 310,
0:48:47 > 0:48:50and we did receive a close-to- asking-price offer yesterday,
0:48:50 > 0:48:54but not close enough yet. The person who's interesting in purchasing it
0:48:54 > 0:48:59is going to have come and a second look now the flat's almost completed and finished.
0:48:59 > 0:49:01Well, at Mansur's asking price,
0:49:01 > 0:49:04selling it could make him a pre-tax profit
0:49:04 > 0:49:06of £96,000.
0:49:11 > 0:49:14It's an incredible return on his investment,
0:49:14 > 0:49:17and another example of his successful format.
0:49:17 > 0:49:19Although it's a tried-and-tested formula,
0:49:19 > 0:49:23it doesn't mean he can't have any fun with his renovations.
0:49:23 > 0:49:27Oh, immensely, because every time you come onto a new project,
0:49:27 > 0:49:30you have a small opportunity to be a bit more creative.
0:49:30 > 0:49:34But it is a challenge, because you've got to be well organised,
0:49:34 > 0:49:36and I do like organising things.
0:49:39 > 0:49:43Back now to the desirable Derby suburb of Littleover,
0:49:43 > 0:49:46where this three-bed semi sold at auction
0:49:46 > 0:49:49for £161,500.
0:49:49 > 0:49:52It was bought by Carl and his partner Mary.
0:49:52 > 0:49:54Paul owns a packaging-supply company,
0:49:54 > 0:49:57and was hoping he'd wrapped up a good investment.
0:49:57 > 0:50:01What's the bigger picture? Will you sell it on or rent it out?
0:50:01 > 0:50:05We have got potential renters for the property already.
0:50:05 > 0:50:09- Oh!- That might be short term, and perhaps in two, three years' time,
0:50:09 > 0:50:12reintroduce it back to the market,
0:50:12 > 0:50:15and hopefully pick up a profit from it.
0:50:15 > 0:50:19So, have they managed to make the most of this beautiful house?
0:50:19 > 0:50:22We're back just under five months later
0:50:22 > 0:50:24to see how they've got on.
0:50:29 > 0:50:32They've completely revamped the sitting room
0:50:32 > 0:50:35by replastering the walls, fitting a new carpet,
0:50:35 > 0:50:38and decorating in warm tones. Worryingly,
0:50:38 > 0:50:42when they looked at the French doors that led out to the conservatory,
0:50:42 > 0:50:45they discovered there was no support for them.
0:50:45 > 0:50:48They've installed a lintel and fitted some new doors,
0:50:48 > 0:50:50so thankfully it's now safe.
0:50:51 > 0:50:55As far as decor goes, it now feels so much more homely
0:50:55 > 0:50:58and inviting - a big improvement.
0:50:59 > 0:51:02They've not quite finished the conservatory yet,
0:51:02 > 0:51:06but it's been rewired, and the roof and windows have been replaced.
0:51:06 > 0:51:09Once the floor's been laid and some personal touches added,
0:51:09 > 0:51:12this will be a lovely relaxing spot to enjoy the garden,
0:51:12 > 0:51:14come rain or shine.
0:51:15 > 0:51:18The kitchen needed a complete overhaul,
0:51:18 > 0:51:22so it's now been entirely ripped out and a new one fitted instead.
0:51:22 > 0:51:25The door that once led out to the conservatory
0:51:25 > 0:51:28has been removed to make more space for the cabinets.
0:51:29 > 0:51:31They've also rewired, not only in here
0:51:31 > 0:51:33but throughout the whole house.
0:51:34 > 0:51:38The kitchen, we first started with removing the boiler
0:51:38 > 0:51:42and moving that into the garage. That freed us a lot of space
0:51:42 > 0:51:46for the design of the kitchen. Doorway we had here,
0:51:46 > 0:51:48which we've blocked up, as you can see.
0:51:48 > 0:51:52We've put a window in, again giving us a lot more work surfaces,
0:51:52 > 0:51:56and moving the sink across to this window
0:51:56 > 0:51:59has allowed us to have beautiful views into the garden.
0:51:59 > 0:52:02When they lifted the carpet in the hallway,
0:52:02 > 0:52:05they found the original 1930s tiled floor,
0:52:05 > 0:52:07which is absolutely beautiful.
0:52:07 > 0:52:10Oh, wow! I picked the carpet up
0:52:10 > 0:52:14to discover these beautiful mosaic tiles.
0:52:14 > 0:52:18Originally these properties were built in the 1930s,
0:52:18 > 0:52:24and that's all back in fashion now. So I was delighted.
0:52:25 > 0:52:29A fresh paint job and new carpet have spruced up the stairs
0:52:29 > 0:52:32and landing, giving them a much more modern look.
0:52:34 > 0:52:36The bathroom has been completely changed,
0:52:36 > 0:52:39with light and fresh tiling, a beautiful big bath
0:52:39 > 0:52:41and new suite.
0:52:41 > 0:52:45They also removed an airing cupboard to install a shower in here.
0:52:45 > 0:52:47It really is a great bathroom now.
0:52:50 > 0:52:53The first bedroom has been redecorated
0:52:53 > 0:52:57with new laminate flooring, and looks much more modern and inviting.
0:52:58 > 0:53:01The box room has been brightened up
0:53:01 > 0:53:04with a lick of paint and a new carpet.
0:53:05 > 0:53:08And the master bedroom has been given a makeover,
0:53:08 > 0:53:11with a new carpet and a bright paint job.
0:53:12 > 0:53:15They've tidied up the garden too,
0:53:15 > 0:53:17with some of the trees being cut back,
0:53:17 > 0:53:20but there's still some landscaping to do.
0:53:20 > 0:53:23Carl and Mary have done a great job here,
0:53:23 > 0:53:26and made it seem pretty straightforward. But was it?
0:53:26 > 0:53:30I would say the kitchen and bathroom have been the hardest.
0:53:30 > 0:53:32Lot of work involved in both those rooms,
0:53:32 > 0:53:35as opposed to the rest of the house
0:53:35 > 0:53:37where it was general decorating, really.
0:53:37 > 0:53:41There's a lot of electrical and plumbing works,
0:53:41 > 0:53:45and time-consuming, far more than the other rooms.
0:53:46 > 0:53:48Now all the hard work's behind them,
0:53:48 > 0:53:51how do they think they've worked as a team?
0:53:51 > 0:53:53- There has been heated moments. - Heated moments.
0:53:53 > 0:53:56- Yeah.- And stress times, but, um...
0:53:56 > 0:54:00- in general... - In general...- ..it's been very good.
0:54:00 > 0:54:03The couple's three- and-a-half-to-four-month schedule
0:54:03 > 0:54:06has slipped to five months, with a bit of work still to do.
0:54:06 > 0:54:09But they have done up another property in that time,
0:54:09 > 0:54:12so we'll let them off. Carl had originally hoped to spend
0:54:12 > 0:54:15between £10,000 and £12,000 on the renovation,
0:54:15 > 0:54:19so now that most of the job is done, how much have they spent?
0:54:20 > 0:54:23We've gone on to about 17 and a half, I would say,
0:54:23 > 0:54:25to where we are at this present time,
0:54:25 > 0:54:30and probably another 800 to 1,000 to finish the conservatory.
0:54:30 > 0:54:33Carl and Mary paid 161 and half thousand pounds
0:54:33 > 0:54:37for the property at auction, and by the time the conservatory's complete
0:54:37 > 0:54:41they will have spend a further 18 and a half thousand pounds
0:54:41 > 0:54:44on the refurbishment. They also had to spend two and a half grand
0:54:44 > 0:54:48on the usual fees and expenses, making their total investment
0:54:48 > 0:54:50182 and a half thousand pounds.
0:54:53 > 0:54:56So, have they made any money on the purchase?
0:54:56 > 0:54:59We asked two local property experts to give us their views.
0:55:01 > 0:55:04My first impressions of the property are that it looks very appealing.
0:55:04 > 0:55:07It's clean, it's tidy, it's neatly presented,
0:55:07 > 0:55:11well fitted, and... yeah, it looks good.
0:55:11 > 0:55:14First impressions, the property's a nice, bay-fronted,
0:55:14 > 0:55:18semi-detached home that's had some good work carried out to it.
0:55:18 > 0:55:21Carl and Mary have kept the property in the family
0:55:21 > 0:55:23by letting Mary's two sons stay there.
0:55:23 > 0:55:26But if they were to advertise for tenants,
0:55:26 > 0:55:28how much could the house achieve?
0:55:28 > 0:55:33The rental value of this property is about £650 a calendar month.
0:55:33 > 0:55:36The owners could look at a rental return
0:55:36 > 0:55:39of around about £690 a calendar month.
0:55:39 > 0:55:42- That's excellent.- Gosh! Very good. - That's great news.
0:55:42 > 0:55:44It's what I think we thought.
0:55:44 > 0:55:46If they were to change their minds and sell up
0:55:46 > 0:55:48as soon as all the works were complete,
0:55:48 > 0:55:51how much could they expect for this house?
0:55:52 > 0:55:56Assuming time wasn't important, I would put this on the market
0:55:56 > 0:55:57at £205,000.
0:55:57 > 0:56:02The property's likely to sell now for between £200,000 and £210,000.
0:56:02 > 0:56:04- Wow.- Wow!
0:56:04 > 0:56:06- That's very good news.- Yes.
0:56:06 > 0:56:11- Absolutely fantastic.- It certainly makes all the hard work worthwhile.
0:56:11 > 0:56:13- Yeah.- Absolutely.
0:56:13 > 0:56:14Gosh!
0:56:14 > 0:56:17They have every right to feel pleased.
0:56:17 > 0:56:20Those valuations would put Carl and Mary in line
0:56:20 > 0:56:25for a pre-tax profit of between £17,500 and £27,500.
0:56:25 > 0:56:29So will we see them at an auction house again any time soon?
0:56:30 > 0:56:33Well, I think after this project, we're going to have a little rest.
0:56:33 > 0:56:36- A little rest for a while. - Perhaps a holiday, and...
0:56:36 > 0:56:39- Maybe in the future. - Maybe in the future, certainly.
0:56:39 > 0:56:42- Yeah.- We'd tackle another one. - Yeah.- Definitely.
0:56:45 > 0:56:49We'll be back next time to whet your appetite with more auction properties.
0:56:49 > 0:56:52And we hope we've inspired you and given you an insight
0:56:52 > 0:56:57- into the world of auctions here on Homes Under The Hammer. - We'll see you then!- Goodbye.
0:56:57 > 0:57:01Subtitles by Red Bee Media Ltd
0:57:01 > 0:57:05E-mail subtitling@bbc.co.uk