0:00:02 > 0:00:04- Hello and welcome. - For many people, buying at auction
0:00:04 > 0:00:07gives the chance to buy properties which are in need of renovation.
0:00:07 > 0:00:10Yes, people like to put their own stamp and style on a property
0:00:10 > 0:00:12and hopefully make a profit along the way.
0:00:12 > 0:00:16You might be able to do that by buying your home under the hammer.
0:00:41 > 0:00:44We love the buzz and the excitement of the auction room.
0:00:44 > 0:00:47You can really sense the hope and frustration in the air.
0:00:47 > 0:00:50Yes, and you never know how it's going to go until the final second.
0:00:50 > 0:00:53So, what tempted the buyers on today's show?
0:00:53 > 0:00:59Who fancied this rather compact Cornish cottage?
0:00:59 > 0:01:01Look at this corridor!
0:01:01 > 0:01:04It's so narrow and cramped, it's horrible.
0:01:04 > 0:01:08This London flat really accentuated the positive,
0:01:08 > 0:01:10but it's not all good news.
0:01:10 > 0:01:14The big negative for me here is that second bedroom.
0:01:14 > 0:01:19While this quirky Yorkshire terrace conceals lots of surprises.
0:01:19 > 0:01:21Then here, more storage?
0:01:21 > 0:01:24Oh, no...stairs!
0:01:25 > 0:01:27All these properties went to auction.
0:01:27 > 0:01:31We'll find out who bought them and what they paid for them
0:01:31 > 0:01:33when they went under the hammer.
0:01:33 > 0:01:34Congratulations.
0:01:45 > 0:01:48Today, I'm in Redruth, in Cornwall.
0:01:48 > 0:01:51And here, just off the high street, is Murdoch House,
0:01:51 > 0:01:55named after William Murdoch, who, around 200 years ago,
0:01:55 > 0:01:59pioneered the production and storage of gas.
0:01:59 > 0:02:00And in fact,
0:02:00 > 0:02:03this was probably the first house ever in the world
0:02:03 > 0:02:05to be lit by coal gas -
0:02:05 > 0:02:08a shining example of man's ingenuity.
0:02:08 > 0:02:11# I see your lamplight
0:02:11 > 0:02:13# Shining from your window
0:02:13 > 0:02:15# Babe, I see your lamplight... #
0:02:15 > 0:02:20Redruth is a busy town with a deep sense of history and lots
0:02:20 > 0:02:22of artistic flair.
0:02:22 > 0:02:24And who would've thought you could have made
0:02:24 > 0:02:27such good use of Welly boots?
0:02:28 > 0:02:32Well, it seems that Redruth is quite the place for creative types.
0:02:32 > 0:02:36Mick Fleetwood, the drummer from Fleetwood Mac, was born here.
0:02:36 > 0:02:39So, will the property I'm here to see inspire Big Love,
0:02:39 > 0:02:43will it be a place of my Dreams or full of Little Lies?
0:02:43 > 0:02:47Well, this is it. It's a three-bedroom mid-terrace.
0:02:47 > 0:02:49Now, the guide price is 70,000 quid.
0:02:49 > 0:02:53Let's go inside, or should I say, Go My Own Way.
0:02:53 > 0:02:58# You can go your own way
0:02:58 > 0:02:59# Go your own way! #
0:02:59 > 0:03:03Built in 1899, this stone-built mid-terrace
0:03:03 > 0:03:05reflects the history of the area.
0:03:05 > 0:03:09Unfortunately, so does that roof, which looks like
0:03:09 > 0:03:12it could become an Albatross round a buyer's neck.
0:03:12 > 0:03:13Oh, well.
0:03:13 > 0:03:17And you could have a Long Way To Go to find your car.
0:03:17 > 0:03:20This is a busy road with double yellow lines right outside,
0:03:20 > 0:03:24so with no outside parking, that could be an issue.
0:03:26 > 0:03:28Look at this corridor!
0:03:28 > 0:03:30It's so narrow and cramped, it's horrible. But anyway,
0:03:30 > 0:03:33over to the left, a front sitting room.
0:03:33 > 0:03:37It's nice it's got an open fire, but it does look to be in a fairly
0:03:37 > 0:03:40sort of old and in need of love and attention kind of state.
0:03:40 > 0:03:42Rear area here. This actually looks quite nice.
0:03:42 > 0:03:44You've got the beams
0:03:44 > 0:03:46and it looks like it's been recently decorated,
0:03:46 > 0:03:47which is quite good.
0:03:47 > 0:03:50The stairs leading to upstairs, we'll explore that in a minute.
0:03:50 > 0:03:53But again, it's just really, really cramped.
0:03:53 > 0:03:55Through to the rear of the property.
0:03:55 > 0:03:59Some kind of extension, single storey here.
0:03:59 > 0:04:00This is the kitchen.
0:04:00 > 0:04:02And worse than that, this is the bathroom.
0:04:02 > 0:04:07Now, your kitchen and your bathroom, your two really important rooms
0:04:07 > 0:04:08in a house.
0:04:08 > 0:04:12And they're both a little bit...lacking.
0:04:12 > 0:04:17# You're no good, good, good You're no good. #
0:04:17 > 0:04:19It's all about space.
0:04:19 > 0:04:23There's been no lack of effort in some of the cosmetic work
0:04:23 > 0:04:25with a brand-new toilet and walk-in shower.
0:04:25 > 0:04:28So, it's more like a wet room than a bathroom.
0:04:28 > 0:04:30But it can't disguise the fact
0:04:30 > 0:04:32that this is a very cramped house
0:04:32 > 0:04:34and the layout just does not work.
0:04:34 > 0:04:38The kitchen units are fine as far as they go, but there's still
0:04:38 > 0:04:43a lot to do to this house that was guided at £70,000 plus.
0:04:44 > 0:04:47Well, upstairs,
0:04:47 > 0:04:50desperately hoping for some improvements.
0:04:50 > 0:04:54And straightaway those hopes are dashed.
0:04:54 > 0:04:55This is one of your bedrooms.
0:04:55 > 0:04:57It's a nice size, but it has a low ceiling
0:04:57 > 0:04:59and it has a bow in it, as well.
0:04:59 > 0:05:02And I don't like the fact that on the staircase,
0:05:02 > 0:05:06you've got all these little semi-landing areas,
0:05:06 > 0:05:08very dangerous.
0:05:08 > 0:05:10Come out, step down, don't know what's coming.
0:05:10 > 0:05:12In the middle of the night, going to the loo, quite disastrous.
0:05:12 > 0:05:16Bedroom over there looks to be all over the place.
0:05:16 > 0:05:18This is not looking good.
0:05:18 > 0:05:20And this is the final bedroom up here.
0:05:20 > 0:05:23And straightaway, again, I mean, just look everywhere.
0:05:23 > 0:05:25Look at the ceiling, there's stuff going on there.
0:05:25 > 0:05:30It's got a bow in it. And... Oh, wow, what's going on here?
0:05:30 > 0:05:33In this corner, the floor looks like it's...
0:05:36 > 0:05:37Oh, right.
0:05:39 > 0:05:41Tread carefully here,
0:05:41 > 0:05:43for there are serious problems.
0:05:43 > 0:05:44Look at this crack.
0:05:44 > 0:05:48This really is not looking good, dear property lovers.
0:05:48 > 0:05:51In fact, I think it's about time I left.
0:05:51 > 0:05:54# I think I better leave right now
0:05:54 > 0:05:57# Before I fall any deeper
0:05:57 > 0:05:59# I think I better leave right now. #
0:06:01 > 0:06:04A good clue to the problems of this property lie
0:06:04 > 0:06:06in that statue of a miner in the town.
0:06:06 > 0:06:08Where there are mines, there will be
0:06:08 > 0:06:12the dreaded mining works lurking underneath.
0:06:12 > 0:06:15I would seek expert advice and obtain a mining report,
0:06:15 > 0:06:19otherwise you could be facing a Landslide.
0:06:19 > 0:06:23OK, that's my last Fleetwood Mac reference, I promise!
0:06:23 > 0:06:26Out the back, apart from the extension,
0:06:26 > 0:06:30the walls look OK and the walled garden is a nice surprise.
0:06:30 > 0:06:33We've invited a local estate agent
0:06:33 > 0:06:36to come and look around this mid-terrace that was guided
0:06:36 > 0:06:40at £70,000 plus to discover a bit more about the potential for it.
0:06:40 > 0:06:44Just what are the problems visible here?
0:06:44 > 0:06:46It's a downside, really, that the bathroom is downstairs.
0:06:46 > 0:06:49Potentially, it would be better to go upstairs.
0:06:49 > 0:06:53You know, definitely parking to the front would be a big benefit.
0:06:53 > 0:06:54If changes were made to the house
0:06:54 > 0:06:56and it was given a full refurbishment,
0:06:56 > 0:07:00how much could it achieve on the rental market?
0:07:00 > 0:07:02Rental for the property, I would be looking
0:07:02 > 0:07:07at between £650 to £700 per calendar month.
0:07:07 > 0:07:09And the potential resale figure?
0:07:09 > 0:07:11I would like to market it
0:07:11 > 0:07:13at approximately £135,000.
0:07:13 > 0:07:17Well, not one for the faint hearted, this.
0:07:17 > 0:07:22Structural issues and internal layout problems galore.
0:07:22 > 0:07:24Still, if you get it at the right price,
0:07:24 > 0:07:26it could still be worth taking on.
0:07:26 > 0:07:29Let's find out what that price was when it went under the hammer.
0:07:29 > 0:07:33So, this is a two-storey, three-bedroom mid-terrace cottage.
0:07:33 > 0:07:36Needing improvement.
0:07:36 > 0:07:38We start at 70,000 on the phone.
0:07:38 > 0:07:4265,000 here. 65. 66 now. At 66.
0:07:42 > 0:07:4667? 67. 68?
0:07:46 > 0:07:4968. 69. 70,000 on the phone.
0:07:49 > 0:07:5171.
0:07:51 > 0:07:5271 here, seated.
0:07:52 > 0:07:55And two. 73.
0:07:55 > 0:07:58A half? It is a half.
0:07:58 > 0:08:0072.5. 73 now.
0:08:00 > 0:08:0473. 75? 74, then.
0:08:04 > 0:08:0674.5?
0:08:06 > 0:08:10I took a half from you, I have to take a half from them. 75. Yes?
0:08:10 > 0:08:1475 here. 75.5. And 76.
0:08:14 > 0:08:17Right, £76,000 seated.
0:08:17 > 0:08:20Half here or no? Are we done? No.
0:08:20 > 0:08:22At £76,000.
0:08:22 > 0:08:25Final time, the bid is with you. Are we sure we're all done?
0:08:27 > 0:08:29Yours at £76,000.
0:08:29 > 0:08:33That final bid of 76,000 was made by Peter.
0:08:33 > 0:08:37He's been a full-time property developer for the last ten years
0:08:37 > 0:08:39and has owned a hotel in the past.
0:08:39 > 0:08:43I met up with him to hear about his plans for this place.
0:08:45 > 0:08:48- Peter, good to meet you. - Morning, Martin.- Congratulations.
0:08:48 > 0:08:51- Thank you very much.- I hope you're a man that likes a challenge, then.
0:08:51 > 0:08:54Yeah, I think we're going to have to rise to this one.
0:08:54 > 0:08:56There's a bit of work to do.
0:08:56 > 0:08:59Which bit of work are you aware of?
0:08:59 > 0:09:04Well, we're pretty sure that we're going to have to move the stairs,
0:09:04 > 0:09:06which means we're going to have the flight
0:09:06 > 0:09:08going in the opposite direction,
0:09:08 > 0:09:10so that we can then move
0:09:10 > 0:09:13the rec room, which is now in part of the kitchen,
0:09:13 > 0:09:17upstairs and still retain the three bedrooms.
0:09:17 > 0:09:19And then we need to sort out the kitchen
0:09:19 > 0:09:21and get that better organised.
0:09:21 > 0:09:23And then we've got to decorate, obviously.
0:09:23 > 0:09:26You haven't mentioned the sort of saggy,
0:09:26 > 0:09:30subsidence-y, sort of cracky, bitty things.
0:09:30 > 0:09:33We'll take down the stud walls on the inside
0:09:33 > 0:09:35and we're hoping to raise the roof upstairs
0:09:35 > 0:09:37and, at the same time,
0:09:37 > 0:09:40get rid of the sagging bit, shall we say.
0:09:40 > 0:09:45Wow, Peter's plan sounds like an ambitious project -
0:09:45 > 0:09:49to move the staircase, relocate the bathroom and keep three bedrooms.
0:09:49 > 0:09:53But he's not as concerned as me about the sagging roof.
0:09:53 > 0:09:56According to him, a just needs a lot of attention.
0:09:58 > 0:10:00Tell me more about you, then. Are you a builder?
0:10:00 > 0:10:03Well, our company is a development company.
0:10:03 > 0:10:07- OK.- But we've, over the last two or three years, with the recession,
0:10:07 > 0:10:10gone towards restoration of older properties,
0:10:10 > 0:10:12either for a client or we buy it ourselves,
0:10:12 > 0:10:14redo it up and resell it,
0:10:14 > 0:10:16which is what we're doing in this case.
0:10:16 > 0:10:19- OK.- We always research the property first, that's a must.
0:10:19 > 0:10:21We won't buy blind at auction.
0:10:21 > 0:10:23You say you do research, have you had a mining report?
0:10:23 > 0:10:26- Yes, we have a mining report.- And?
0:10:26 > 0:10:31One says that originally there might have been mine shafts down this road.
0:10:31 > 0:10:32Right.
0:10:32 > 0:10:37But the other one says they probably weren't under this property,
0:10:37 > 0:10:39they were further south or north.
0:10:39 > 0:10:43- Huh.- Now, this property, we know, has been built over 100 years.
0:10:43 > 0:10:49- We've already got an original deed from 1899.- Wow.
0:10:49 > 0:10:52In parchment. If it was standing that long,
0:10:52 > 0:10:54- there isn't too many issues to worry about.- Right.
0:10:54 > 0:10:56But you have to secure that knowledge,
0:10:56 > 0:10:58ready for a mortgage company.
0:10:58 > 0:11:02For any investor looking for funds, that's imperative.
0:11:02 > 0:11:05Outside, Peter plans to add off-street parking,
0:11:05 > 0:11:08but what changes will his builders make to the downstairs layout
0:11:08 > 0:11:11of this three-bedroom terrace?
0:11:13 > 0:11:15At the front,
0:11:15 > 0:11:17we're going to take down all the doors
0:11:17 > 0:11:19- that you've come through.- Right. - And, obviously,
0:11:19 > 0:11:20the stairs will go.
0:11:20 > 0:11:24We'll widen the stairs, bring them down into the hallway,
0:11:24 > 0:11:26- further up towards the door.- Right.
0:11:26 > 0:11:29Down here, we're hoping to put a pair of French doors in
0:11:29 > 0:11:31- behind where you're standing. - Oh, right.
0:11:31 > 0:11:33And then we'll extend the kitchen to the left,
0:11:33 > 0:11:37where the wet room is at the moment, and block up the original door.
0:11:37 > 0:11:39How much is all that going to cost, then?
0:11:39 > 0:11:41- We're budgeting on 30,000.- Wow.
0:11:41 > 0:11:44That's working on the costings that we've already done on the property.
0:11:44 > 0:11:48So, we think we're safe on that, but we'll see.
0:11:48 > 0:11:50Well, listen, there are a few challenges ahead,
0:11:50 > 0:11:52- but good luck. - Thank you very much.
0:11:52 > 0:11:55- We'll see how you get on. - Nice to meet you.- You, too.
0:11:55 > 0:12:00Well, I'm delighted that Peter is smiling about the whole thing,
0:12:00 > 0:12:03because there are some challenges ahead with this one, aren't there?
0:12:03 > 0:12:07Not least whether or not it's actually built on a mineshaft.
0:12:07 > 0:12:08That would be bad.
0:12:08 > 0:12:11In terms of inside, it's going to be a complete rip-out job.
0:12:11 > 0:12:13Luckily, he's got the experience,
0:12:13 > 0:12:15otherwise that 30-grand budget, no chance.
0:12:15 > 0:12:20You can find out how he transforms this place later in the show.
0:12:23 > 0:12:26For the next property that's sold under the hammer,
0:12:26 > 0:12:29I'm in a London suburb south of the river.
0:12:29 > 0:12:31Ten years ago exactly,
0:12:31 > 0:12:34there was an article in the Evening Standard
0:12:34 > 0:12:35that called Balham
0:12:35 > 0:12:38one of the fastest-improving neighbourhoods in the capital.
0:12:38 > 0:12:39They weren't wrong.
0:12:39 > 0:12:42Balham became popular with London City bankers
0:12:42 > 0:12:45who grew out of their bachelor pads in Clapham, became dads
0:12:45 > 0:12:48and bought houses here for the growing family.
0:12:48 > 0:12:51Now, the high street just transformed and filled
0:12:51 > 0:12:55with boutiques, bars and bistros and the prices...
0:12:55 > 0:12:57Well, as you can imagine, they skyrocketed.
0:12:57 > 0:13:01# Just lift off
0:13:01 > 0:13:04# Up, up and away Just lift off! #
0:13:04 > 0:13:07And right through the roof of those houses.
0:13:07 > 0:13:09They've nearly doubled in value and gone into orbit,
0:13:09 > 0:13:13with three- or four-bedroom houses costing nearly a million.
0:13:13 > 0:13:17So, could the property I'm here to see be about to shoot up
0:13:17 > 0:13:19in value, as well?
0:13:21 > 0:13:23A ten-minute walk from the tube station
0:13:23 > 0:13:26and I am on a lovely, leafy street,
0:13:26 > 0:13:29exactly what young professional Balhamites are after.
0:13:29 > 0:13:30Good start!
0:13:30 > 0:13:32The property itself is this -
0:13:32 > 0:13:35a purpose-built, ground-floor, two-bedroom flat,
0:13:35 > 0:13:40which had a guide price of £225,000.
0:13:40 > 0:13:44Now, I know that's a huge amount of cash for a smallish home,
0:13:44 > 0:13:48but when you consider two beds in Balham can go for double that,
0:13:48 > 0:13:50I am entitled to be excited.
0:13:50 > 0:13:52# I'm so excited
0:13:52 > 0:13:54# I'm a detective I'm all over you. #
0:13:54 > 0:13:59This flat looks really smart and inviting from the outside, but
0:13:59 > 0:14:03that guide price hints that I may feel a little deflated once inside.
0:14:05 > 0:14:08As I expected, very dated. In fact, it's a pale yellow,
0:14:08 > 0:14:12woodchip haze everywhere.
0:14:12 > 0:14:16So, a lot of stripping back to do, but super proportions in this room.
0:14:16 > 0:14:19I mean, what a lovely lounge.
0:14:19 > 0:14:23Good-sized bedroom, as well. Sadly, no beautiful features to speak of.
0:14:23 > 0:14:26You can see they've all been covered up.
0:14:26 > 0:14:28You've got a really long, long corridor here.
0:14:28 > 0:14:31Nice storage space under the stairs, I like to see that.
0:14:31 > 0:14:33You've got a bathroom.
0:14:33 > 0:14:36A little bit on the small side, but you could work with that.
0:14:36 > 0:14:40Oh! Bedroom number two, really disappointing.
0:14:40 > 0:14:43Small. Not only that, it's a rather odd shape,
0:14:43 > 0:14:46so I'm not quite sure how you would even fit a bed in there.
0:14:46 > 0:14:49A bit awkward. And at the back of the property...
0:14:49 > 0:14:53Now, I really like this. You've got a nice dining area and a kitchen.
0:14:53 > 0:14:55Now, this is absolutely fantastic.
0:14:55 > 0:14:58The big negative for me here is that second bedroom.
0:14:58 > 0:15:01It's an odd shape, it's small.
0:15:01 > 0:15:04What I have seen other people do is convert the front room,
0:15:04 > 0:15:08the lounge, into a bedroom, but I think that would be a waste
0:15:08 > 0:15:09and I don't think you need to do that here.
0:15:09 > 0:15:12I would concentrate on that second bedroom,
0:15:12 > 0:15:14probably pinch a bit of space from the bathroom to make it
0:15:14 > 0:15:17a bit bigger, and then I think it would work.
0:15:17 > 0:15:19That's what you'll need to do with this property.
0:15:19 > 0:15:22# Sweet like chocolate
0:15:22 > 0:15:26# You bring me so much joy
0:15:26 > 0:15:29# You're sweet like chocolate. #
0:15:29 > 0:15:33Well, this full-fat chocolate suite might have been the sweetest thing
0:15:33 > 0:15:36in the '70s, but it's time it melted away
0:15:36 > 0:15:39into something a little more up-to-date.
0:15:39 > 0:15:41Talking of sweets,
0:15:41 > 0:15:44let's have some pastel colours in here.
0:15:44 > 0:15:47I reckon the loo could go over to the other wall
0:15:47 > 0:15:51and this space could go to the bedroom.
0:15:51 > 0:15:56There's a challenge in the teeny-weeny kitchen, as well.
0:15:56 > 0:15:59You'd need new units, definitely, and to lose the panelling.
0:15:59 > 0:16:01That's a no-brainer.
0:16:01 > 0:16:03And also get the boiler moved
0:16:03 > 0:16:08and a large window installed to enjoy the view at the back.
0:16:08 > 0:16:11Why should this fox family have all the fun?
0:16:11 > 0:16:13And I've got another question.
0:16:13 > 0:16:16When is a garden not a garden?
0:16:16 > 0:16:18When it's a communal space, of course.
0:16:18 > 0:16:21I come across this time and time again in London.
0:16:21 > 0:16:24You assume the ground-floor flat has the garden,
0:16:24 > 0:16:27but actually it's shared with upstairs.
0:16:27 > 0:16:29So, do you leave it all open and risk having
0:16:29 > 0:16:32your upstairs neighbour sitting with you on a sunny weekend?
0:16:32 > 0:16:35Do you fence it off so you have half each?
0:16:35 > 0:16:39Then, you have to work out who gets which side.
0:16:39 > 0:16:41There is never an easy answer here.
0:16:41 > 0:16:44But like any property, people want to know what they own
0:16:44 > 0:16:46and where it starts and ends.
0:16:46 > 0:16:49So, personally, I would take advice from a local agent,
0:16:49 > 0:16:53chat to your neighbour and see if you can come to a compromise.
0:16:53 > 0:16:56So, what does a local property expert think of this two-bedroom
0:16:56 > 0:16:59flat with its 125-year lease
0:16:59 > 0:17:04and auction guide price of £225,000?
0:17:04 > 0:17:07My first impression of this property is that it is
0:17:07 > 0:17:11one of the most popular sort of flats, a garden flat.
0:17:11 > 0:17:13It's got the two bedrooms, which is great,
0:17:13 > 0:17:15but the second bedroom is not a great double.
0:17:15 > 0:17:18Needs a lot of work, but it will be lovely when it's finished.
0:17:18 > 0:17:22What about the garden? How should that be divided up?
0:17:22 > 0:17:26In this case, I would advise it being split horizontally,
0:17:26 > 0:17:30with the upstairs flat having the rear part of the garden.
0:17:30 > 0:17:33They'd come down their stairs, have a little path at the side.
0:17:33 > 0:17:35And it means the people on the ground floor
0:17:35 > 0:17:37would be able to open their kitchen door
0:17:37 > 0:17:39straight out onto their own section of garden.
0:17:39 > 0:17:40That seems a good idea.
0:17:40 > 0:17:43How much could the flat achieve in resale or rental
0:17:43 > 0:17:45after a full refurbishment?
0:17:47 > 0:17:49When it's finished, these properties
0:17:49 > 0:17:52go for 450,000 to 460,000.
0:17:52 > 0:17:57I would expect it to achieve between 1,500 and 1,600 per calendar month.
0:17:57 > 0:18:03A cracking flat in a fantastic area with a staggering guide price.
0:18:03 > 0:18:06Let's see who snapped this one up at the auction.
0:18:06 > 0:18:08Right, lot one is a good-sized
0:18:08 > 0:18:10four-room, purpose-built flat.
0:18:10 > 0:18:13Obviously, Balham, hot area. 250?
0:18:13 > 0:18:16Well done, 250. 255?
0:18:18 > 0:18:20255. 260.
0:18:20 > 0:18:24265. 270. 275. 280.
0:18:24 > 0:18:30285. 290. 295.
0:18:30 > 0:18:32300. 305.
0:18:32 > 0:18:36Well, this was a very popular lot which attracted several bidders.
0:18:36 > 0:18:38We rejoin the auction a little later.
0:18:38 > 0:18:42337, don't be shy. 337. 338?
0:18:42 > 0:18:45338. 339? Yeah?
0:18:45 > 0:18:49340? Yeah? 340. 341?
0:18:50 > 0:18:51342.
0:18:51 > 0:18:54343.
0:18:54 > 0:18:56343, another spot. 344.
0:18:56 > 0:18:58It's a good lot, yeah?
0:18:58 > 0:19:01345. 346.
0:19:01 > 0:19:04347. 348.
0:19:04 > 0:19:07349. 350.
0:19:07 > 0:19:10351, sir. 352.
0:19:10 > 0:19:14351, standing up. Anyone else?
0:19:14 > 0:19:16351, first time. Second time.
0:19:16 > 0:19:19Third and last time. Are we all done?
0:19:20 > 0:19:22Sold, 351. Well done.
0:19:23 > 0:19:26Clearly, I wasn't the only one to be excited.
0:19:26 > 0:19:28A thumbs-up from Dirk.
0:19:28 > 0:19:32He must be pleased with the 351,000 he paid.
0:19:34 > 0:19:38Dirk's originally from Berlin and is a climate change consultant.
0:19:38 > 0:19:41# Let me be your wet-weather man. #
0:19:43 > 0:19:46Although he's currently on a career break.
0:19:46 > 0:19:49He's bought investment properties in the past, but this
0:19:49 > 0:19:51is his first purchase since the recession.
0:19:51 > 0:19:53I met up with him back at the flat
0:19:53 > 0:19:55to hear about his plans.
0:19:57 > 0:20:00- Dirk, congratulations.- Hi, thanks.
0:20:00 > 0:20:03This is a super flat. Tell me why you wanted to buy it.
0:20:03 > 0:20:06Well, I was very attracted to this flat.
0:20:06 > 0:20:08I lived in the area
0:20:08 > 0:20:10when I moved to the UK, so I know it very well.
0:20:10 > 0:20:15I did some property development in the past when I came to the UK,
0:20:15 > 0:20:17and was straightaway infected by the property bug
0:20:17 > 0:20:19that's going on here.
0:20:19 > 0:20:21So, yeah, I was keen to invest in London.
0:20:21 > 0:20:24You've bought this obviously not to live in.
0:20:24 > 0:20:29No, no, it is a pure investment, basically, to do it up
0:20:29 > 0:20:31and either rent it out, get some equity out of it,
0:20:31 > 0:20:32or just sell it on.
0:20:32 > 0:20:35So, it's timed quite nicely for you that you happen to be
0:20:35 > 0:20:37on a career break and this has come up just at the right time.
0:20:37 > 0:20:38Yes.
0:20:38 > 0:20:41Well, you know, things don't happen just by chance,
0:20:41 > 0:20:45so end of last year, personal life took a little bit of a dip,
0:20:45 > 0:20:49so I thought I have to re-inject a bit of passion into my life.
0:20:49 > 0:20:55So, I decided to do a bit of property development and travelling.
0:20:55 > 0:20:58So, I asked my management
0:20:58 > 0:21:00for a career break and they were very supportive.
0:21:00 > 0:21:04- So, what is it that you do? - I'm a meteorologist, originally,
0:21:04 > 0:21:08and I'm working for a big consultancy in the Midlands
0:21:08 > 0:21:12as a climate change analyst and environmental consultant.
0:21:13 > 0:21:16Well, maybe meteorologist Dirk will be able
0:21:16 > 0:21:19to predict where the sunny side of the garden will be.
0:21:20 > 0:21:23# I want to be your wet-weather man. #
0:21:25 > 0:21:28But he's going to leave that for the new owners to negotiate
0:21:28 > 0:21:30with the upstairs neighbours.
0:21:30 > 0:21:32I definitely don't want to rain on his parade,
0:21:32 > 0:21:35but he has quite a challenge on his hands to bring
0:21:35 > 0:21:38this ground-floor, two-bedroom flat into the present.
0:21:40 > 0:21:42What are you going to do to turn this space around?
0:21:42 > 0:21:44First of all, some basic renovation,
0:21:44 > 0:21:47so really take down these PVC tiles, which are pretty ugly,
0:21:47 > 0:21:49skim the walls.
0:21:49 > 0:21:52There are nice floorboards, actually, below these carpets,
0:21:52 > 0:21:55so sand that, lacquer it.
0:21:55 > 0:22:00Rip down this wall here and open that up to a big kitchen-diner.
0:22:00 > 0:22:05Double doors here and make that very desirable and a nice family flat.
0:22:05 > 0:22:07I think that would look great. It's wonderful
0:22:07 > 0:22:10to walk into a space and be able to see that beautiful garden.
0:22:10 > 0:22:12- Exactly.- Now, all you see is an ugly boiler
0:22:12 > 0:22:14hanging off the wall, and it definitely needs
0:22:14 > 0:22:16- some rearrangement in here.- Yeah.
0:22:16 > 0:22:18Also, a negative for me is the second bedroom.
0:22:18 > 0:22:21- It's incredibly small. It's just a bit too small.- That's right.
0:22:21 > 0:22:23It's not really a bedroom at the moment.
0:22:23 > 0:22:26So, what we're going to do is to actually take
0:22:26 > 0:22:28that corner that is there,
0:22:28 > 0:22:30which belongs to the bathroom,
0:22:30 > 0:22:33take that out and then move the toilet.
0:22:33 > 0:22:35That should all fit quite nicely.
0:22:35 > 0:22:39Well, I'm going to give Dirk the thumbs up now.
0:22:39 > 0:22:41I reckon he's made the right call to leave
0:22:41 > 0:22:43the lounge as it is and concentrate on maximising the potential
0:22:43 > 0:22:45of the second bedroom.
0:22:45 > 0:22:48And I'm getting all excited again about the prospects
0:22:48 > 0:22:49for that kitchen.
0:22:49 > 0:22:52I can't wait to see how that one turns out.
0:22:52 > 0:22:54How much has he set aside to spend here?
0:22:56 > 0:23:01I hope to come in within 20K for the whole project.
0:23:01 > 0:23:03So, the whole project, £20,000?
0:23:03 > 0:23:05£20,000 in six weeks, yeah.
0:23:05 > 0:23:08I would like to think you could do it for £20,000. In fact,
0:23:08 > 0:23:09if you could do it for £20,000,
0:23:09 > 0:23:13- you could add a lot of value to this property.- I agree.- Good luck.
0:23:13 > 0:23:16- It'll be really exciting seeing how you turn this place around.- Yeah.
0:23:16 > 0:23:20- Congratulations.- I can't wait. - Thank you.- Thanks.
0:23:21 > 0:23:26So, our English property obsession has infected native German Dirk.
0:23:26 > 0:23:27It's inevitable, I'm afraid.
0:23:27 > 0:23:31And what a great property to reignite the passion in his life.
0:23:31 > 0:23:34But six weeks and 20 grand? I hope he manages it.
0:23:34 > 0:23:38You can see if he does later in the show.
0:23:38 > 0:23:42Coming up, there are so many options in this Yorkshire terrace
0:23:42 > 0:23:44and so much space.
0:23:44 > 0:23:48Why not think about actually bringing the kitchen down here?
0:23:48 > 0:23:50We return to Balham
0:23:50 > 0:23:54to see if Dirk's plans have gone off the straight and narrow.
0:23:54 > 0:23:56It's a great learning curve,
0:23:56 > 0:23:58and I'm going to use that knowledge to do my next project.
0:24:00 > 0:24:01And talking of narrow,
0:24:01 > 0:24:04how did Peter get so many builders in a cramped Cornish cottage?
0:24:04 > 0:24:08We have a team... Probably about 20 guys in total.
0:24:11 > 0:24:15# You can go your own way
0:24:15 > 0:24:17# Go your own way! #
0:24:17 > 0:24:19Back now to Redruth, in Cornwall,
0:24:19 > 0:24:22a town with a rich seam of mining history
0:24:22 > 0:24:25and some well-heeled modern sculptures.
0:24:26 > 0:24:29It's where earlier in the programme we met Peter,
0:24:29 > 0:24:31a full-time property developer.
0:24:31 > 0:24:36He paid £76,000 for this stone cottage.
0:24:36 > 0:24:40He wasn't looking to let it, but before he could sell it,
0:24:40 > 0:24:43he and his builders had a lot of work to do.
0:24:43 > 0:24:47I hope you're a man that likes a challenge, then.
0:24:47 > 0:24:51Yeah, I think we're going to have to rise to this one.
0:24:51 > 0:24:52There's a bit of work to do.
0:24:52 > 0:24:54Mm, yeah, just a bit.
0:24:54 > 0:24:58I love a developer who doesn't get fazed.
0:24:58 > 0:25:00Peter planned to move the stairs,
0:25:00 > 0:25:05relocate the bathroom upstairs and keep the three bedrooms.
0:25:07 > 0:25:12Three and a half months later, we met Peter back at the cottage.
0:25:12 > 0:25:15The sagging roof has lost its chimney.
0:25:15 > 0:25:21And the garden has lost the wall, so there's now space for a car.
0:25:21 > 0:25:25The staircase has been turned around - 180 degrees, in fact.
0:25:25 > 0:25:27And the narrow corridor is gone.
0:25:27 > 0:25:29So, I'm delighted.
0:25:29 > 0:25:31Look at this corridor!
0:25:31 > 0:25:33It's so narrow and cramped, it's horrible!
0:25:33 > 0:25:36The ground floor has really been opened up.
0:25:36 > 0:25:40Just look what a difference it's made to the former dining room
0:25:40 > 0:25:41at the back.
0:25:43 > 0:25:46Peter's created an archway in the thick rear wall
0:25:46 > 0:25:51of the house, straight out into the refurbished extension,
0:25:51 > 0:25:54where a stunning new kitchen has been installed with extra
0:25:54 > 0:25:59space gained by removing the wall to the former wet room.
0:26:01 > 0:26:05And there's been an added benefit to losing the original entrance,
0:26:05 > 0:26:09as Peter explains.
0:26:09 > 0:26:12Well, in the kitchen area, it used to have a door to the right,
0:26:12 > 0:26:16which led you into a partly finished kitchen.
0:26:16 > 0:26:21There was then a stud wall across and you had a wet room downstairs.
0:26:21 > 0:26:24We've ripped all of that out to give us a utility room
0:26:24 > 0:26:28for the boiler, dishwasher and tumble dryer
0:26:28 > 0:26:31and a downstairs toilet for the people that are living here.
0:26:31 > 0:26:34On top of that, we've got the kitchen finished.
0:26:34 > 0:26:38It is now ready for somebody to move in
0:26:38 > 0:26:41and add their own freezer and fridge.
0:26:41 > 0:26:44What an incredible effect just relocating the stairs
0:26:44 > 0:26:46has had on this property.
0:26:46 > 0:26:50The ground floor now flows seamlessly from one room to another.
0:26:53 > 0:26:56The front living room is just as impressive.
0:26:56 > 0:27:01Well, this room wasn't quite as big as it is now.
0:27:01 > 0:27:04There was a narrow hallway here, which we've totally got rid of.
0:27:04 > 0:27:07And, of course, you've got the stairs this side,
0:27:07 > 0:27:10whereas before they were the other side.
0:27:10 > 0:27:14Upstairs has a new layout, too.
0:27:14 > 0:27:17Removing the corridor between the small front bedroom
0:27:17 > 0:27:21and the larger double has created extra space.
0:27:21 > 0:27:23And with the stairs moved,
0:27:23 > 0:27:28Peter was able to relocate the bathroom upstairs, as promised.
0:27:28 > 0:27:33It's small and there's only a shower, but, hey, it is upstairs.
0:27:35 > 0:27:37And there are still three bedrooms.
0:27:37 > 0:27:41The back bedroom lost some space to the bathroom,
0:27:41 > 0:27:43but it's still a decent size.
0:27:43 > 0:27:45How involved has Peter been here?
0:27:45 > 0:27:47I was on site every day.
0:27:47 > 0:27:52We have a team... Probably about 20 guys in total.
0:27:52 > 0:27:55And we've replaced all of the plumbing.
0:27:55 > 0:27:57We've replaced all of the electrics.
0:27:57 > 0:28:02And, obviously, we've had to replace the floors and the ceilings.
0:28:04 > 0:28:07Peter's team have only just started to tackle outside,
0:28:07 > 0:28:10but the sagging roof has been sorted
0:28:10 > 0:28:13and Peter got two further mining reports,
0:28:13 > 0:28:15which stated the house was safe.
0:28:15 > 0:28:18Phew! So, those original deeds were a good omen.
0:28:19 > 0:28:24How much has it all cost? Did he keep to the 30 grand he budgeted?
0:28:26 > 0:28:30We are, at this point, and we still have some bills to come in,
0:28:30 > 0:28:32around 42 to 45,000.
0:28:32 > 0:28:38Well, if it does top out at 45,000, added to the £76,000 he paid,
0:28:38 > 0:28:43that will take Peter's total investment to £121,000.
0:28:43 > 0:28:47What will two local estate agents think of the place?
0:28:47 > 0:28:50It's time to find out.
0:28:50 > 0:28:52My first impression of the property
0:28:52 > 0:28:55is it's been well refurbished
0:28:55 > 0:28:58to a quite high standard. The kitchen works really well
0:28:58 > 0:29:00and it's in keeping with the age of the property.
0:29:00 > 0:29:03And also that they've put the shower room upstairs.
0:29:03 > 0:29:05I think the developer has done an excellent job on the renovation.
0:29:05 > 0:29:07I think there's three
0:29:07 > 0:29:09real benefits that he's brought into the property.
0:29:09 > 0:29:11Firstly, removing the wet room from the ground floor,
0:29:11 > 0:29:13installing a shower room upstairs.
0:29:13 > 0:29:17Secondly, he's provided an off-road parking area to the front.
0:29:17 > 0:29:20And lastly, really removing the inner hallway has brought
0:29:20 > 0:29:22a lot more light and space to the living accommodation.
0:29:22 > 0:29:24Peter says he'll sell,
0:29:24 > 0:29:27but I wonder how much the rental income could be.
0:29:27 > 0:29:29It might persuade him to keep it.
0:29:29 > 0:29:33I would suggest marketing it at £650 per calendar month.
0:29:33 > 0:29:35I think the rental income we could possibly achieve
0:29:35 > 0:29:37on this property would be in the region of £650
0:29:37 > 0:29:39per calendar month.
0:29:39 > 0:29:42So, there could be a yield here of over 6.5%.
0:29:42 > 0:29:44Could Peter be tempted by that?
0:29:44 > 0:29:49That's interesting, but we tend to steer away from the rental market,
0:29:49 > 0:29:52purely because of the amount of management costs involved.
0:29:52 > 0:29:54OK, so what's the house worth?
0:29:54 > 0:29:59More than the £121,000 that Peter's invested here?
0:29:59 > 0:30:02I would suggest a marketing price of £135,000.
0:30:02 > 0:30:07I'd estimate a sale in the region of £140,000 to £145,000.
0:30:07 > 0:30:11That's £14,000 to £24,000 gross profit
0:30:11 > 0:30:12before expenses and taxes.
0:30:12 > 0:30:15Is that the sort of margin he had in mind?
0:30:15 > 0:30:20We know that probably the market is around 140,
0:30:20 > 0:30:25but with the amount of work we've done, we would hope to get 150.
0:30:25 > 0:30:29Well, fingers crossed, because Peter and his team have invested
0:30:29 > 0:30:33a lot of time and effort in turning this house around.
0:30:33 > 0:30:35And the results are cracking.
0:30:35 > 0:30:39So, what's next for Peter, a new build or a renovation?
0:30:40 > 0:30:44Well, one we're about to start next week, which is a new build.
0:30:44 > 0:30:47And then we're looking at another renovation project
0:30:47 > 0:30:48to follow on from that.
0:30:48 > 0:30:51This mid-terrace certainly presented a challenge or two,
0:30:51 > 0:30:53so did Peter rise to it?
0:30:53 > 0:30:56I think we can safely say he did.
0:31:05 > 0:31:08This is Sowerby Bridge,
0:31:08 > 0:31:11in West Yorkshire, close to Halifax.
0:31:11 > 0:31:16Before the Industrial Revolution, this was just a marshy hamlet,
0:31:16 > 0:31:19but the arrival of the water mills changed that
0:31:19 > 0:31:24and Sowerby Bridge became a centre for the textile industry.
0:31:24 > 0:31:27Well, throw in the arrival of the canals and railways,
0:31:27 > 0:31:31and what you've got yourself here is a thriving Victorian town.
0:31:32 > 0:31:36The prosperity of the town continued long into the 20th century,
0:31:36 > 0:31:40although the canals are now just used for pleasure.
0:31:40 > 0:31:42So, will I find a prosperous property market or
0:31:42 > 0:31:44one that's out for a duck?
0:31:45 > 0:31:49# It's a kind of magic Magic, magic! #
0:31:49 > 0:31:51Now, I'm no conjuror,
0:31:51 > 0:31:54but I am going to show you something a little bit magic.
0:31:54 > 0:31:59How, dear viewer, do you squeeze four bedrooms into what,
0:31:59 > 0:32:02on the outside, looks like a pretty standard two-bedroom terrace?
0:32:02 > 0:32:04Follow me and find out.
0:32:06 > 0:32:09It's not a trick of the light, it's not two houses knocked into one
0:32:09 > 0:32:14and, no, it's not a typo in the auction catalogue either.
0:32:14 > 0:32:16This house had a guide price of £70,000
0:32:16 > 0:32:18to £80,000 and looks in pretty good condition.
0:32:18 > 0:32:22Like the neighbouring properties, it's on a very steep hill,
0:32:22 > 0:32:24with an interesting elevation,
0:32:24 > 0:32:28so maybe that explains the number of bedrooms.
0:32:29 > 0:32:33Through the front door, stairs up to the bedrooms there,
0:32:33 > 0:32:36and then down this corridor to a front sitting room,
0:32:36 > 0:32:38really nicely decorated.
0:32:38 > 0:32:40It's got a gas fire. You may want to take that away and see
0:32:40 > 0:32:43if there's an opportunity to have a real fire there.
0:32:43 > 0:32:46And then, joy of joys, towards the rear of the property,
0:32:46 > 0:32:51in fact, out the back, this amazing kitchen, a really nice-sized space.
0:32:51 > 0:32:52Not particularly well laid out here,
0:32:52 > 0:32:55with just this one long line of cupboards and stuff,
0:32:55 > 0:32:59but a really big window with views out cross the hills. We like that.
0:32:59 > 0:33:01And here, more storage?
0:33:01 > 0:33:05Oh, no...stairs!
0:33:06 > 0:33:09# I'm going deeper underground. #
0:33:09 > 0:33:14Down here, a kind of cellar/basement.
0:33:14 > 0:33:17Pretty much underutilised at the moment, I think.
0:33:17 > 0:33:21You've got some of these features, like this flagstone floor there.
0:33:21 > 0:33:24At the moment, it's a bit of a sort of utility area.
0:33:24 > 0:33:27You've got the boiler, a fridge, but you've got an open fire there
0:33:27 > 0:33:28which you could work with.
0:33:28 > 0:33:30But I'm thinking about something more dramatic.
0:33:30 > 0:33:33Out through that door, you've got a patio, so why not think about
0:33:33 > 0:33:36bringing in the kitchen down here,
0:33:36 > 0:33:40putting in some lovely patio doors there, opening out onto the patio?
0:33:40 > 0:33:43And that would be a really great use of this space.
0:33:43 > 0:33:46So far, we've seen two floors of this house,
0:33:46 > 0:33:50but don't forget there are four bedrooms still to find.
0:33:50 > 0:33:53This place is starting to remind me of a certain time traveller's
0:33:53 > 0:33:54phone box.
0:33:54 > 0:33:58How on earth can all those rooms fit in this space?
0:33:58 > 0:34:02So, up here maybe the mystery will be revealed.
0:34:02 > 0:34:06A bathroom there. It is quite small for this size of property.
0:34:06 > 0:34:08So, not ideal, but it's
0:34:08 > 0:34:11in good condition. Big double bedroom there.
0:34:11 > 0:34:14Another big double bedroom there.
0:34:14 > 0:34:18And then up these stairs to a third double bedroom
0:34:18 > 0:34:21and, finally, that fourth bedroom, how is it squeezed in?
0:34:21 > 0:34:22Well, it's here.
0:34:22 > 0:34:23It is small, though.
0:34:23 > 0:34:26A single, or possibly bordering on a box, room.
0:34:26 > 0:34:30Now, it is a lot of bedrooms for this size of property,
0:34:30 > 0:34:31so what are your options?
0:34:31 > 0:34:34Well, I'm a bit concerned about that bathroom, so maybe
0:34:34 > 0:34:38one option is actually to get rid of this bedroom
0:34:38 > 0:34:40and to turn this into a big family bathroom.
0:34:40 > 0:34:43It would then leave you with three nice-sized double bedrooms
0:34:43 > 0:34:44and two bathrooms.
0:34:44 > 0:34:47That might make this place more saleable,
0:34:47 > 0:34:50but if you're renting it out, maybe four bedrooms is worth having.
0:34:50 > 0:34:53It all comes down to what you're planning to do with the place.
0:34:54 > 0:34:57There is plenty of room to play with here, and of course, there is
0:34:57 > 0:35:01the added bonus of lots of exercise going up and down all those stairs.
0:35:03 > 0:35:07If you make it up to the top bedroom without the aid of an oxygen mask,
0:35:07 > 0:35:10you'll need to watch you don't bump your head on the eaves.
0:35:10 > 0:35:14But the mad angles are hardly a surprise
0:35:14 > 0:35:16when you look at the crazy roof.
0:35:16 > 0:35:18With a guide price of £70,000 to £80,000,
0:35:18 > 0:35:20this is a property well worth
0:35:20 > 0:35:22getting exercised about.
0:35:22 > 0:35:26What does a local estate agent make of it?
0:35:26 > 0:35:27When I got inside,
0:35:27 > 0:35:29I thought, "Yeah, it's a good size."
0:35:29 > 0:35:31A little bit tatty and neglected,
0:35:31 > 0:35:35but, basically, it looks sound. So, it should just be
0:35:35 > 0:35:39a case of doing a little bit of a refurb to make it pleasant
0:35:39 > 0:35:41to occupy again.
0:35:41 > 0:35:44What's the best use of that cellar space?
0:35:45 > 0:35:48If you were going to live in it,
0:35:48 > 0:35:50you would tank it out and make it
0:35:50 > 0:35:52into a dining kitchen, without a doubt.
0:35:52 > 0:35:54But tanking is expensive.
0:35:54 > 0:35:57So, as an investment property or to do a quick return,
0:35:57 > 0:36:00it probably isn't an option.
0:36:00 > 0:36:04Tanking, in this case, might mean laying membranes or a cement-based
0:36:04 > 0:36:08waterproof coating to prevent damp and water penetration.
0:36:08 > 0:36:12On top of the re-plumbing and electrics and patio windows,
0:36:12 > 0:36:16moving the kitchen wouldn't come cheap, that's for sure.
0:36:16 > 0:36:19So, how much is this house worth in its current condition
0:36:19 > 0:36:22and what could it achieve after a refurbishment?
0:36:22 > 0:36:27The value today I consider in the region of £75,000.
0:36:27 > 0:36:30And when refurbished, I would say in the region
0:36:30 > 0:36:33of £90,000 to £95,000.
0:36:33 > 0:36:36What about the rental potential?
0:36:37 > 0:36:39The property, in good condition, would rent out
0:36:39 > 0:36:44at £450 to £495 per calendar month.
0:36:47 > 0:36:52Well, deceptively spacious, yes, but lots of work to be done.
0:36:52 > 0:36:55Yes, lots of room, so it stacks up from a rental point of view,
0:36:55 > 0:36:56but all those stairs?
0:36:56 > 0:36:59Well, who fancied it? Let's find out when it went under the hammer.
0:36:59 > 0:37:02So, moving on to lot 21.
0:37:02 > 0:37:03Four-storey property, this one.
0:37:03 > 0:37:07Four bedrooms, two receptions, £70,000, ladies and gentlemen.
0:37:07 > 0:37:0960 then.
0:37:09 > 0:37:10Thank you. 60, we're in.
0:37:10 > 0:37:13At 60,000. Looking for 61 now. 61.
0:37:13 > 0:37:1662? 62. 63?
0:37:16 > 0:37:1863. 64?
0:37:18 > 0:37:2264 here. 65 now? 65. 66.
0:37:22 > 0:37:24It's going to be difficult, you're in line. 67.
0:37:24 > 0:37:2867, sir. 68. 69.
0:37:28 > 0:37:30At 69,000 with you.
0:37:30 > 0:37:3469.5. And 70.
0:37:34 > 0:37:35And 70.5.
0:37:35 > 0:37:37Shake of the head. £70,000 standing up.
0:37:37 > 0:37:42At £70,000. I'm going to sell for the first time. At 70,
0:37:42 > 0:37:45for the second time. At £70,000,
0:37:45 > 0:37:46third and final time.
0:37:46 > 0:37:48Congratulations, well done, sir.
0:37:48 > 0:37:52That final successful bid of £70,000, at the bottom end
0:37:52 > 0:37:57of the guide price range, was made by Malcolm, who lives in Halifax.
0:37:57 > 0:38:01He's worked in the motor trade for 20 years, but last year
0:38:01 > 0:38:03decided on a change of career.
0:38:03 > 0:38:06He's now started up as a property developer,
0:38:06 > 0:38:09and this is his second investment.
0:38:09 > 0:38:10# A change
0:38:10 > 0:38:12# A change will do you good
0:38:12 > 0:38:15# Will do you good... #
0:38:15 > 0:38:18I met up with him back at the house to hear about his plans.
0:38:20 > 0:38:22- Malcolm, great to meet you. Congratulations.- Thank you.
0:38:22 > 0:38:26£70,000, sounds like a bit of a deal for this place.
0:38:26 > 0:38:28Yeah, that's the first thing that attracted me to it,
0:38:28 > 0:38:30it seems like a lot of house for the money.
0:38:30 > 0:38:32And why did you want to buy it?
0:38:32 > 0:38:35Well, I wanted to have a go at returning the property
0:38:35 > 0:38:38to the market after redeveloping it, make some profit on it.
0:38:38 > 0:38:40If that doesn't work, send it out to rent,
0:38:40 > 0:38:42move onto the next project.
0:38:42 > 0:38:45- Right. Is this something you do? - It is. About 12 months ago,
0:38:45 > 0:38:48- I fancied a change in my career, so I gave up work.- Oh, wow.
0:38:48 > 0:38:51Started looking for my first project. Got one last year.
0:38:51 > 0:38:56Bought it, modernised it, put it back on the market, made a small profit.
0:38:56 > 0:38:59But learned a lot about the job.
0:38:59 > 0:39:01- But this is my first house I bought at auction.- Right.
0:39:01 > 0:39:02So, this was new ground for me.
0:39:02 > 0:39:05Tell me more about this lifestyle change, what happened?
0:39:05 > 0:39:08I just got bored of being in the motor industry all my life.
0:39:08 > 0:39:09What were you doing?
0:39:09 > 0:39:13I worked my way through from dealerships to manufacturers.
0:39:13 > 0:39:17I worked for some fancy car companies.
0:39:17 > 0:39:20And it was all the same game, really, so I just wanted a big change.
0:39:20 > 0:39:22Right. Have you got family, dependants?
0:39:22 > 0:39:24I've got a partner,
0:39:24 > 0:39:28- she's about a month and a half due on our first child.- Congratulations!
0:39:28 > 0:39:31Thank you very much. So, I've got a bit of pressure on, really.
0:39:31 > 0:39:34So, I've got to get it all done in eight weeks.
0:39:34 > 0:39:37- Gosh.- That's what I'm gunning for, really.
0:39:37 > 0:39:39Well, I admire Malcolm for being brave enough
0:39:39 > 0:39:42to make a complete career change.
0:39:42 > 0:39:45He clearly learnt a lot from his first project.
0:39:45 > 0:39:47I'm assuming he's gone into this
0:39:47 > 0:39:50because he's used to doing up his own houses and likes DIY.
0:39:53 > 0:39:55- Have you got skills which you can utilise?- No.
0:39:55 > 0:39:58- No?- None.- None at all?- None at all.
0:39:58 > 0:40:00Well, banging things and taking things out?
0:40:00 > 0:40:02Yeah, I can just about do that as long as somebody
0:40:02 > 0:40:03keeps their eye on me.
0:40:03 > 0:40:06- So, you don't get involved in any of the DIY kind of bit?- Not really.
0:40:06 > 0:40:09I mean, I'll do a bit of the labour side of things because
0:40:09 > 0:40:12I need to know more about the job if I'm going to value houses better,
0:40:12 > 0:40:17- but I have no skills.- So, why this house in particular then?
0:40:17 > 0:40:20Well, four-bedroom. It looked like a big house for the money.
0:40:20 > 0:40:23I came and had a look at it, blown away by the size of it
0:40:23 > 0:40:24and the condition of it.
0:40:24 > 0:40:27And found that I could make some money out of it.
0:40:27 > 0:40:30Under £110,000 there isn't another four-bedroom house
0:40:30 > 0:40:32- on the market.- Oh, wow. - So, that's why
0:40:32 > 0:40:34I want to develop it to a certain level
0:40:34 > 0:40:37and get it on the market with no competition whatsoever.
0:40:37 > 0:40:38Right. So, what are the plans for it?
0:40:38 > 0:40:42Starting in the living room, I'm going to do a new fireplace.
0:40:42 > 0:40:45A full new kitchen in here, new flooring.
0:40:45 > 0:40:47Upstairs, in the bathroom, I'll re-tile,
0:40:47 > 0:40:49keep the original suite that's in there.
0:40:49 > 0:40:54And then go downstairs, make it more into a utility room.
0:40:54 > 0:40:55There's a limit to what this house is worth.
0:40:55 > 0:40:58# Take it to the limit
0:40:58 > 0:41:01# One more time. #
0:41:01 > 0:41:04Malcolm is sure he knows the top limit on this house,
0:41:04 > 0:41:09so he's determined to keep to his budget of £7,500,
0:41:09 > 0:41:11with a 10% contingency.
0:41:11 > 0:41:13He does appear to have this sorted.
0:41:13 > 0:41:15You seem, without being patronising,
0:41:15 > 0:41:19extraordinarily well switched on and, bang, on the button with this,
0:41:19 > 0:41:21- considering you just started out. - You keep listening
0:41:21 > 0:41:25and you learn from your mistakes. You know, paying £70,000
0:41:25 > 0:41:28for a house is very small compared to the cars I was selling.
0:41:28 > 0:41:30You were selling cars more expensive than the house?
0:41:30 > 0:41:34- Oh, three, four times that.- Really? - Yeah, yeah. Three or four times that.
0:41:34 > 0:41:36So, again, it doesn't really faze me.
0:41:36 > 0:41:38I've bought and sold cars for far more than this.
0:41:38 > 0:41:41- Listen, congratulations. Good luck.- Thank you very much.
0:41:41 > 0:41:44- We look forward to seeing how you get on.- Absolutely.
0:41:45 > 0:41:49Well, how funny that Malcolm's less fazed about buying a house
0:41:49 > 0:41:51than he was about buying and selling cars.
0:41:51 > 0:41:53It's not normally like that.
0:41:53 > 0:41:56But the clock is now ticking for him with a new arrival on the way.
0:41:56 > 0:41:59How will he get on sorting this place out on budget
0:41:59 > 0:42:01and within that eight-week timeframe?
0:42:01 > 0:42:04You can find out later in the show.
0:42:06 > 0:42:10Finding good tradesmen is often the key to getting a project done up
0:42:10 > 0:42:13on time and on budget, but sometimes people
0:42:13 > 0:42:16take on the work themselves to maximise their profit.
0:42:16 > 0:42:21So, have our buyers been getting stuck in or just stuck?
0:42:21 > 0:42:22Let's find out.
0:42:22 > 0:42:26There's a variety of reasons why people buy at auction.
0:42:26 > 0:42:30But for meteorologist Dirk, who's originally from Berlin,
0:42:30 > 0:42:31this ground-floor,
0:42:31 > 0:42:35two-bedroom garden flat in Balham, south London, hit the mark,
0:42:35 > 0:42:37for several reasons.
0:42:37 > 0:42:39He knew the area, having worked in Balham
0:42:39 > 0:42:42before moving to Nottingham to work
0:42:42 > 0:42:43as a climate change analyst
0:42:43 > 0:42:47and he is currently taking some time off from the office.
0:42:50 > 0:42:52It's timed quite nicely for you that you happen to be
0:42:52 > 0:42:55on a career break and this has come up just at the right time.
0:42:55 > 0:42:58Yes. Well, you know, things don't happen just by chance.
0:42:58 > 0:43:02So, end of last year, personal life took a little bit of a dip,
0:43:02 > 0:43:06so I thought I had to re-inject a bit of passion into my life.
0:43:06 > 0:43:07So, I'm on a career break.
0:43:09 > 0:43:13It's now seven weeks later and back in Balham, it's not
0:43:13 > 0:43:16just the climate that's changed.
0:43:16 > 0:43:21Dirk has kicked up a storm with this previously rather dated flat.
0:43:23 > 0:43:25Removing the wall to the kitchen
0:43:25 > 0:43:30and adding an RSJ has created a fabulous L-shaped kitchen-diner.
0:43:32 > 0:43:34There's still units to fit,
0:43:34 > 0:43:37but this is a really impressive makeover already,
0:43:37 > 0:43:40as Dirk explains.
0:43:40 > 0:43:43Yeah, basically, this is obviously the space with the most changes.
0:43:43 > 0:43:45We took out the dividing wall here.
0:43:45 > 0:43:47And, yeah, put in...
0:43:47 > 0:43:49The kitchen, was kind of the question
0:43:49 > 0:43:52if we put it there or if the builder puts it in that corner.
0:43:52 > 0:43:55So, we ended up putting it actually here in this corner
0:43:55 > 0:43:59and to build additional units here, which makes it nice, open.
0:43:59 > 0:44:02And, you know, you do your washing up, which nobody likes to do,
0:44:02 > 0:44:06but at least you have a nice view to the garden, which is a nice asset.
0:44:06 > 0:44:08So, it works quite nicely, I think.
0:44:09 > 0:44:11You bet.
0:44:11 > 0:44:14To save money, Dirk decided against bifold doors,
0:44:14 > 0:44:20but this large window and separate door show off the garden just fine.
0:44:24 > 0:44:27In the master bedroom, Dirk has opened up the chimney breast,
0:44:27 > 0:44:32he sanded the floorboards and it's going to be a lovely room.
0:44:32 > 0:44:37What I'm most excited about is that poky second bedroom.
0:44:37 > 0:44:39Has he managed to change that?
0:44:41 > 0:44:42Well, the answer is yes.
0:44:42 > 0:44:45Stealing some space from the bathroom to make this room
0:44:45 > 0:44:48a better shape has really worked well.
0:44:48 > 0:44:51The lighter floorboards show where the loo was.
0:44:54 > 0:44:58Amazingly, he's managed to get more bathroom into a smaller space.
0:44:58 > 0:45:02He is a magician, because that can't have been easy.
0:45:02 > 0:45:06Yes, the bathroom was a tricky decision because we didn't want
0:45:06 > 0:45:09to lose the bath and there was no proper shower in it.
0:45:09 > 0:45:12So, we really thought about a lot of layout options
0:45:12 > 0:45:16before we then finally found this kind of layout to integrate
0:45:16 > 0:45:19the shower and all the pipework and that dividing wall.
0:45:19 > 0:45:23And that's the perfect bathroom for this kind of confined space
0:45:23 > 0:45:25that you deal with here.
0:45:25 > 0:45:27He's fitted more into this bathroom
0:45:27 > 0:45:29than you'd think possible.
0:45:29 > 0:45:32I'm really impressed with the whole flat. Retaining many
0:45:32 > 0:45:34of the original features has resulted in
0:45:34 > 0:45:36a really grand feel to the place.
0:45:36 > 0:45:39I'm curious to know how much Dirk has managed to do
0:45:39 > 0:45:42himself or who else has been involved.
0:45:43 > 0:45:46Well, I had a couple of builders on-site.
0:45:46 > 0:45:50My builders worked seven weeks straight
0:45:50 > 0:45:53and sometimes on weekends, as well. Me included.
0:45:53 > 0:45:57I was pretty much on-site every day, just to make decisions
0:45:57 > 0:46:01or sand the floorboards myself to save some money.
0:46:01 > 0:46:06But did his £20,000 budget lead him into stormy weather?
0:46:06 > 0:46:09# Let me be your wet-weather man. #
0:46:09 > 0:46:11How much has he had to splash out?
0:46:11 > 0:46:16As things stand, I spent 23,300,
0:46:16 > 0:46:19which, you know,
0:46:19 > 0:46:22I had to fight hard to keep it within that budget, to keep it that way.
0:46:23 > 0:46:26Dirk paid 351,000 at auction.
0:46:26 > 0:46:29So, with his increased spend, that means he has
0:46:29 > 0:46:33£374,300 invested here.
0:46:33 > 0:46:36It seems being involved in this project
0:46:36 > 0:46:40has helped him rediscover that passion he was looking for.
0:46:40 > 0:46:43He's now thinking of making his career break more permanent.
0:46:45 > 0:46:50Chances are that I fly solo and I'm probably not going back,
0:46:50 > 0:46:55do a bit more of property development or start my own company once I
0:46:55 > 0:46:58hopefully turn this around at a good price
0:46:58 > 0:47:04and make enough money to actually afford my own career and my business.
0:47:05 > 0:47:07Time to find out what two local estate agents
0:47:07 > 0:47:10think of this two-bedroom flat.
0:47:10 > 0:47:16Will Dirk's £374,300 investment get the thumbs up?
0:47:18 > 0:47:19I like the kitchen.
0:47:19 > 0:47:21It's very fresh, very contemporary feel,
0:47:21 > 0:47:24with the integrated appliances. I particularly like the bathroom.
0:47:24 > 0:47:26I think that the bathroom is a very good finish
0:47:26 > 0:47:30and he's found a very good solution to where to put the shower.
0:47:30 > 0:47:33It fits very well and it's got a good look, that bathroom.
0:47:33 > 0:47:36I like the garden, although it's shared.
0:47:36 > 0:47:39Perhaps there's the opportunity to petition
0:47:39 > 0:47:41it off and make a private area.
0:47:41 > 0:47:43I think that's quite a drawback,
0:47:43 > 0:47:45and I think it's a great shame he didn't split it.
0:47:45 > 0:47:50I wonder what effect that might have on the rental potential here.
0:47:50 > 0:47:53I think we could rent the property out per calendar month for a figure
0:47:53 > 0:47:55of between approximately £1,700 and £1,800.
0:47:55 > 0:47:58You could put this on the rental market in the region
0:47:58 > 0:48:02of £1,750 to £1,850 per calendar month.
0:48:02 > 0:48:05I'm happy with that but obviously that's not the aim of this project.
0:48:05 > 0:48:08This project, the aim is to actually sell it on.
0:48:08 > 0:48:11Time now for the all-important sale valuations.
0:48:11 > 0:48:17Is the flat now worth more than the £374,300
0:48:17 > 0:48:19that Dirk has invested here?
0:48:19 > 0:48:22Well, prices have moved a little bit since I first saw this property
0:48:22 > 0:48:25and I would now recommend putting it on the market
0:48:25 > 0:48:27in the region of £475,000.
0:48:27 > 0:48:31I think we can put the property on the market for a figure of £475,000.
0:48:31 > 0:48:38Wow, that could produce a gross profit of £100,700
0:48:38 > 0:48:41before the usual selling expenses and taxes.
0:48:41 > 0:48:44So, it sounds like it's all been worthwhile, Dirk.
0:48:44 > 0:48:48You work very hard for it, so you want to achieve the highest price,
0:48:48 > 0:48:51but, I mean, 475 is pretty much something I'm very happy about.
0:48:53 > 0:48:56Dirk took this career break to try and re-ignite his passion.
0:48:56 > 0:48:59He's certainly been bitten by the British property bug
0:48:59 > 0:49:04and is already looking forward to doing up his next property.
0:49:04 > 0:49:05It's a great learning curve
0:49:05 > 0:49:09and I can use that knowledge to do my next project in Streatham
0:49:09 > 0:49:13and I'm going to kick it even harder then and I will be bang on budget
0:49:13 > 0:49:14this time around. Hopefully.
0:49:19 > 0:49:22Back now to Sowerby Bridge, in West Yorkshire,
0:49:22 > 0:49:24a pretty place with water and walks,
0:49:24 > 0:49:29where earlier in the programme, this deceptive mid-terrace had a lot
0:49:29 > 0:49:32more on offer inside than you'd guess from the street.
0:49:32 > 0:49:35Four bedrooms to start with, but how did
0:49:35 > 0:49:38all those rooms fit in this quirky terrace?
0:49:38 > 0:49:41Up top there was a bedroom in the attic conversion.
0:49:41 > 0:49:44And down below, there was a cellar.
0:49:44 > 0:49:49And in the middle, three further bedrooms on the first floor.
0:49:50 > 0:49:52Malcolm bought it for £70,000.
0:49:52 > 0:49:57After 20 years in the motor trade, he decided that managing an Italian
0:49:57 > 0:50:00supercar showroom wasn't driving him enough.
0:50:00 > 0:50:05So, he'd taken a pit stop and moved into property developing.
0:50:06 > 0:50:11This was his second property, but his first auction purchase.
0:50:11 > 0:50:13- Have you got skills you can utilise? - No.
0:50:13 > 0:50:16- No?- None.- None at all?- None at all.
0:50:16 > 0:50:18Well, banging things and taking things out?
0:50:18 > 0:50:19Yeah, I can just about do that
0:50:19 > 0:50:21as long as somebody keeps their eye on me.
0:50:21 > 0:50:25Well, that could come in handy, but Malcolm had done his homework,
0:50:25 > 0:50:29so he knew this four-bedroom house had great potential.
0:50:29 > 0:50:31Under £110,000,
0:50:31 > 0:50:33there isn't another four-bedroom house on the market.
0:50:33 > 0:50:37- Oh, wow.- That's why I want to develop it to a certain level
0:50:37 > 0:50:40and get it on the market with no competition whatsoever.
0:50:40 > 0:50:43But he was going to need a fast lap to get it finished,
0:50:43 > 0:50:45because he and his partner, Jo,
0:50:45 > 0:50:49were expecting their first baby in just six and a half weeks.
0:50:49 > 0:50:54# Fast car, slow traffic Fast car, slow traffic. #
0:50:54 > 0:50:57Well, it's now three months later and back at the property,
0:50:57 > 0:51:00all four of the floors have been refurbished.
0:51:00 > 0:51:04But let's start in the kitchen, at the back of the ground floor.
0:51:06 > 0:51:09Malcolm kept the floor plan the same, but replaced the units
0:51:09 > 0:51:10and appliances.
0:51:10 > 0:51:13Just practical mid-range equipment,
0:51:13 > 0:51:15but I like how it looks
0:51:15 > 0:51:17and Malcolm is pleased with the finish.
0:51:17 > 0:51:20So, what we did is we took it back, re-skimmed,
0:51:20 > 0:51:23put a new kitchen in using the same format, cos it's very functional.
0:51:23 > 0:51:27New appliances went in. New flooring went down across.
0:51:27 > 0:51:29And we painted.
0:51:29 > 0:51:33And we've been left with a nice, bright, open, usable family kitchen.
0:51:33 > 0:51:37Malcolm has kept his business head on here and not let
0:51:37 > 0:51:38his heart overrule it.
0:51:38 > 0:51:41Keeping reins on that tight budget meant he opted to keep
0:51:41 > 0:51:43the kitchen layout the same.
0:51:43 > 0:51:45And another thing that hasn't changed
0:51:45 > 0:51:47is the great view across the hills.
0:51:47 > 0:51:49But he's maintained a high finish throughout.
0:51:49 > 0:51:52Just look at the living room.
0:51:52 > 0:51:56Again, similar to the kitchen, we took this back to the brickwork,
0:51:56 > 0:51:59replastered. We've decorated.
0:51:59 > 0:52:02We've put new carpets in and we've replaced
0:52:02 > 0:52:06the tired, old fireplace with an energy-efficient fire.
0:52:06 > 0:52:10Kept it fresh. Nice, usable living room.
0:52:10 > 0:52:14Up the two flights of stairs, at the very top of the house,
0:52:14 > 0:52:17Malcolm has changed the formerly vibrant colours.
0:52:17 > 0:52:23# Blue is the colour of the sky. #
0:52:23 > 0:52:27These neutral shades will appeal to the widest market possible -
0:52:27 > 0:52:28fresh and clean.
0:52:28 > 0:52:34# Green is the colour of the sparkling corn. #
0:52:34 > 0:52:38He's gone for a similar look in the three first-floor bedrooms.
0:52:38 > 0:52:42As Lucy and I know - neutral, magnolia
0:52:42 > 0:52:45and beige carpets can really open up a place.
0:52:47 > 0:52:50Although I had reservations the bathroom was quite small,
0:52:50 > 0:52:54using lighter tiles has definitely made it feel more spacious.
0:52:54 > 0:52:56Ever conscious of his budget,
0:52:56 > 0:52:59Malcolm has kept the original suite, which was good quality.
0:52:59 > 0:53:03So, how did the timescale pan out for him and his partner, Jo?
0:53:03 > 0:53:06Did they hit her delivery dates?
0:53:06 > 0:53:07It went very well.
0:53:07 > 0:53:09We sort of started at the top of the house
0:53:09 > 0:53:12and worked our way down into finishing the property.
0:53:12 > 0:53:14And we got as far as the door to the cellar,
0:53:14 > 0:53:17when my beautiful, little daughter turned up.
0:53:17 > 0:53:19I had three and a bit weeks off.
0:53:19 > 0:53:22It was very difficult to peel myself away. So, we got back.
0:53:22 > 0:53:27Although we said eight weeks, I think we've run over by about ten days.
0:53:27 > 0:53:30When Malcolm returned, work on the cellar continued
0:53:30 > 0:53:34and it's now a large utility and storage area.
0:53:34 > 0:53:37Painting the wall and floor has made such a difference.
0:53:37 > 0:53:41And to save money, he decided against putting in a patio door.
0:53:41 > 0:53:44We didn't want to go to the extent of tanking out.
0:53:44 > 0:53:47I had to resist the temptation to overdevelop this property,
0:53:47 > 0:53:51as the price I would end up putting it on the market for would then be
0:53:51 > 0:53:53into the competition.
0:53:53 > 0:53:56Getting the right price point has been the main consideration
0:53:56 > 0:54:00for Malcolm, and there have been some structural issues to deal with.
0:54:00 > 0:54:03The joists in the kitchen and the hall needed replacing
0:54:03 > 0:54:05and there has been some woodworm to treat.
0:54:05 > 0:54:08But outside, there's been very little change.
0:54:08 > 0:54:13The house had been recently rewired, so that was one saving.
0:54:13 > 0:54:16But Malcolm decided to skim all the walls. So, did he stick
0:54:16 > 0:54:19to his £7,500 budget?
0:54:19 > 0:54:23I ended up over budget, about £850 over budget,
0:54:23 > 0:54:28but I'm relatively pleased that it's come in within the 10% area.
0:54:28 > 0:54:31With the £70,000 he paid at auction,
0:54:31 > 0:54:34and his £8,350 spend,
0:54:34 > 0:54:39that'll take his total outlay to £78,350.
0:54:39 > 0:54:43We invited two local estate agents to come and tell us
0:54:43 > 0:54:47what they think of the prospects for this property.
0:54:47 > 0:54:48The property is good,
0:54:48 > 0:54:52it's a traditional turn-of-the-century terraced house.
0:54:52 > 0:54:55The bathroom is small, but the fittings are good.
0:54:55 > 0:54:57The kitchen is bigger.
0:54:57 > 0:54:59The changes to the property have been remarkable.
0:54:59 > 0:55:02It's bright, modern, fresh and clean.
0:55:02 > 0:55:05And the bathroom, again, is immaculate and fully tiled.
0:55:05 > 0:55:08And the basement is going to be really useful.
0:55:08 > 0:55:12Malcolm's already renting out his first investment property,
0:55:12 > 0:55:13but he intends to sell this house.
0:55:13 > 0:55:17So, do the estate agents think it will be worth more than
0:55:17 > 0:55:20the £78,350 he's invested here?
0:55:20 > 0:55:25We would estimate the sale value at approximately £100,000,
0:55:25 > 0:55:30with a suggested asking price of 99,995.
0:55:30 > 0:55:33I would value this property at £95,000.
0:55:33 > 0:55:36Those valuations would mean a gross profit for Malcolm
0:55:36 > 0:55:40of between £16,650
0:55:40 > 0:55:44and £21,650 before taxes and expenses.
0:55:44 > 0:55:47A little bit disappointed with it, a slightly lower figure.
0:55:47 > 0:55:51I think I'll stick to my game plan, which is put it on the market at 110.
0:55:51 > 0:55:55And if after 90 days it hasn't gone through,
0:55:55 > 0:55:57we'll move it out into the rental market
0:55:57 > 0:55:59and get a return on our investment that way.
0:55:59 > 0:56:02What rental income could the house generate?
0:56:02 > 0:56:04It makes a good rental property
0:56:04 > 0:56:08and we would expect around about £500 per calendar month.
0:56:08 > 0:56:13Renting for this, you are looking about £495 per calendar month.
0:56:13 > 0:56:18Based on those valuations, that's a yield of over 7.5%.
0:56:18 > 0:56:20Yeah, I think they're reasonable figures.
0:56:20 > 0:56:23We're currently getting 495 on our two-bedroom property down the road.
0:56:23 > 0:56:26I've certainly got interest from people paying
0:56:26 > 0:56:27slightly more than that.
0:56:27 > 0:56:30But it's in the ballpark, so I'm pretty happy with that.
0:56:30 > 0:56:34Since filming, he's sold it for £108,500,
0:56:34 > 0:56:36a pre-tax profit of over 30,000.
0:56:36 > 0:56:40But which was more fun, cars or property?
0:56:40 > 0:56:42Definitely houses, most evidently houses.
0:56:42 > 0:56:45Although I was a bit disappointed in the figures, there's a good margin
0:56:45 > 0:56:49in it for me, I'm my own boss and I keep...bar the tax,
0:56:49 > 0:56:51I keep all the profit.
0:56:54 > 0:56:55Well, that's it for now.
0:56:55 > 0:56:58Join us next time for more properties
0:56:58 > 0:57:01- that sold under the hammer. - See you then.- Goodbye.- Goodbye.
0:57:03 > 0:57:06Subtitles by Red Bee Media Ltd