0:00:02 > 0:00:05Hello, and welcome to the show. There are many different reasons
0:00:05 > 0:00:07- why people buy their homes under the hammer.- It could be
0:00:07 > 0:00:11the speedy completion, the wide variety of properties on offer,
0:00:11 > 0:00:14or simply that you can just bag yourself a bargain.
0:00:14 > 0:00:15But whatever your motivation,
0:00:15 > 0:00:18the opportunity is there when you buy at auction.
0:00:43 > 0:00:46Now, the experience of going to an auction is like no other.
0:00:46 > 0:00:50The atmosphere can be really tense, with people buying a home they're desperate to live in,
0:00:50 > 0:00:54or a developer buying properties by the dozen to make a living.
0:00:54 > 0:00:57But when the hammer goes down, you are committed,
0:00:57 > 0:00:59and that is when the real work will begin.
0:00:59 > 0:01:03So what properties do we have lined up for you on today's show?
0:01:05 > 0:01:07First up, I'll be in Cornwall,
0:01:07 > 0:01:09revealing this cottage's secrets.
0:01:11 > 0:01:13You never know quite what to expect!
0:01:15 > 0:01:19I'll be in London, getting an eyeful of retro decoration.
0:01:19 > 0:01:21My, oh, my!
0:01:21 > 0:01:23Look at this wallpaper - wow!
0:01:25 > 0:01:27And fancy putting down roots in the West Midlands?
0:01:27 > 0:01:29Then this plot of land's blooming great.
0:01:29 > 0:01:31At least you know that if you're going to
0:01:31 > 0:01:34grow vegetables in your garden, they'll grow pretty well!
0:01:36 > 0:01:39All of these properties have been sold at auction.
0:01:39 > 0:01:42We'll find out who bought them and what they paid for them
0:01:42 > 0:01:43when they went under the hammer.
0:01:43 > 0:01:44Well done, you!
0:01:50 > 0:01:52I'm in deepest, greenest Cornwall,
0:01:52 > 0:01:54between Bodmin and Wadebridge,
0:01:54 > 0:01:57in a little hamlet called Washaway.
0:01:57 > 0:01:59Well, I don't know about washing away your blues,
0:01:59 > 0:02:01but if you had any washday blues,
0:02:01 > 0:02:04they wouldn't last long if you were surrounded by scenery like this.
0:02:06 > 0:02:07# Paradise... #
0:02:07 > 0:02:11The hamlet of Washaway consists of a few houses
0:02:11 > 0:02:14surrounded by beautiful Cornish countryside.
0:02:14 > 0:02:15The setting's a bit isolated,
0:02:15 > 0:02:18but very lovely.
0:02:19 > 0:02:22The property I'm here to see sounds absolutely charming on paper -
0:02:22 > 0:02:28a three-bedroom detached listed character cottage
0:02:28 > 0:02:31in over four acres of land.
0:02:34 > 0:02:36It looks fantastic! Let's have a look inside.
0:02:38 > 0:02:41It's gorgeous, but needs a lot of work
0:02:41 > 0:02:45and was guided at between £200,000 and £250,000.
0:02:49 > 0:02:51You never know quite what to expect!
0:02:51 > 0:02:53It looks a little bit, um...
0:02:53 > 0:02:56worn on the outside, and inside...
0:02:56 > 0:03:00er, yep...that definitely follows through.
0:03:00 > 0:03:03Obviously, it hasn't been lived in for some time.
0:03:03 > 0:03:05You've got the stone flagstone floors,
0:03:05 > 0:03:07you've got the low ceilings,
0:03:07 > 0:03:09you've got the solid walls -
0:03:09 > 0:03:14all things which equal quite a lot of expense when it comes to trying to sort them out.
0:03:14 > 0:03:17But also equal, at the same time, an immense amount of charm.
0:03:17 > 0:03:21I mean, look at it in here - this big old stove,
0:03:21 > 0:03:22and then at the back here,
0:03:22 > 0:03:27an old bread-baking oven. They call it a "clome oven" in Cornwall.
0:03:27 > 0:03:32You've got nice reveals on the windows.
0:03:32 > 0:03:34The old windows, obviously, probably fairly shot.
0:03:34 > 0:03:36You're going to have to replace those.
0:03:36 > 0:03:39It's Grade II listed, so you'll have to put wood back.
0:03:39 > 0:03:41Um, probably can't have double-glazed either.
0:03:41 > 0:03:43The floor is solid,
0:03:43 > 0:03:46they've probably got no damp-proof course,
0:03:46 > 0:03:49the walls will be solid - they won't have a damp-proof course either.
0:03:50 > 0:03:51Who cares?!
0:03:52 > 0:03:55# Falling in love Falling in love
0:03:55 > 0:03:57# Falling in love
0:03:57 > 0:04:00# With you... #
0:04:00 > 0:04:02I know, I know. I really should worry more
0:04:02 > 0:04:04about the cost of refurbishing this place.
0:04:04 > 0:04:06# Falling in love... #
0:04:06 > 0:04:08But I have fallen totally in love.
0:04:08 > 0:04:10And that's exactly the danger.
0:04:10 > 0:04:12And your buyer could easily blow their budget
0:04:12 > 0:04:14in the first five minutes.
0:04:15 > 0:04:18# Wise men say
0:04:19 > 0:04:21# Only fools rush in... #
0:04:23 > 0:04:26Another not-so-good feature is that the living room and second reception
0:04:26 > 0:04:28or dining room are separated by the kitchen.
0:04:28 > 0:04:30All lead through from each other
0:04:30 > 0:04:31and, yes, you've guessed it -
0:04:31 > 0:04:34the bathroom is at the back of the cottage
0:04:34 > 0:04:36behind the kitchen. Really not good.
0:04:36 > 0:04:38And while we're on plumbing matters,
0:04:38 > 0:04:42there are no mains sewers or mains water or electricity.
0:04:42 > 0:04:45# Falling in love with you... #
0:04:45 > 0:04:49Upstairs, the character, potential and problems are just as evident.
0:04:52 > 0:04:55Well, upstairs, a very traditional layout.
0:04:55 > 0:04:58Three bedrooms, basically the full width,
0:04:58 > 0:05:00front to back, of the property.
0:05:00 > 0:05:03And in a line, so you've got one bedroom over there,
0:05:03 > 0:05:04you've then got the stairs,
0:05:04 > 0:05:07into this room... And before I go any further,
0:05:07 > 0:05:10I've got to say - look at these amazing floorboards!
0:05:10 > 0:05:12In great condition,
0:05:12 > 0:05:14and how wide is that?
0:05:14 > 0:05:16I don't know - probably about 12 inches wide?
0:05:16 > 0:05:18Imagine those if they were stripped back.
0:05:18 > 0:05:20Absolutely superb.
0:05:20 > 0:05:22Um...
0:05:23 > 0:05:27But then, it's not ideal. It's though here into the third bedroom.
0:05:27 > 0:05:31So the only way to access this is by coming through that bedroom there.
0:05:31 > 0:05:32Not ideal at all,
0:05:32 > 0:05:34and I can't see an easy solution to it.
0:05:34 > 0:05:38Normally, I'd suggest putting a corridor in, but this is an absolutely ginormously thick wall,
0:05:38 > 0:05:41so you couldn't really get rid of that to open it up
0:05:41 > 0:05:43and I think you're pretty much going to have to...
0:05:43 > 0:05:45You have to live with it as it is.
0:05:46 > 0:05:49The cottage may be small inside,
0:05:49 > 0:05:51but the grounds are extensive,
0:05:51 > 0:05:53if very neglected.
0:05:53 > 0:05:564.4 acres in total.
0:05:56 > 0:05:59Down across the lane, you have a paddock and outbuildings,
0:05:59 > 0:06:02and around the cottage, there's a jungle of a garden.
0:06:02 > 0:06:04All this was on offer
0:06:04 > 0:06:08for a guide price of between £200,000 and £250,000.
0:06:09 > 0:06:12So, you are fairly limited with the amount of accommodation here,
0:06:12 > 0:06:15so one thing you might want to consider is some kind of an extension.
0:06:15 > 0:06:17Now, anything you do, of course,
0:06:17 > 0:06:20is going to have to have that planning permission,
0:06:20 > 0:06:23even if it's within permitted development, because this is a listed building.
0:06:23 > 0:06:26You're going to have to go through the rigmarole,
0:06:26 > 0:06:27even if it was just a small extension.
0:06:27 > 0:06:30But if you wanted to do it, you've certainly got the space.
0:06:30 > 0:06:34Despite all the problems and issues here,
0:06:34 > 0:06:37could this cottage still be a profitable venture?
0:06:37 > 0:06:39We asked the auctioneer who sold it
0:06:39 > 0:06:42for his thoughts on it and its location.
0:06:43 > 0:06:46It is a cottage, and almost whatever you do to it,
0:06:46 > 0:06:48it's going to be a cottage.
0:06:48 > 0:06:53They'll let the new owner put an extension that is subservient
0:06:53 > 0:06:55but kind of looks like this.
0:06:55 > 0:06:58What a fantastic home it will be!
0:06:58 > 0:07:01It seems both of us are smitten.
0:07:01 > 0:07:03But we should bear in mind that it's Grade II listed,
0:07:03 > 0:07:06so a myriad of obstacles are involved.
0:07:06 > 0:07:09So is it worth the heartache that could lie ahead?
0:07:09 > 0:07:13If you just made the very best of what's here,
0:07:13 > 0:07:17you could probably push its value on towards 400.
0:07:17 > 0:07:21If you could extend it and make it four bedrooms,
0:07:21 > 0:07:23and an en suite and a bathroom upstairs,
0:07:23 > 0:07:26that land could push it on towards...
0:07:26 > 0:07:29£550,000, £600,000.
0:07:30 > 0:07:31For a buy-to-let investor,
0:07:31 > 0:07:34how much rental income could the cottage generate?
0:07:35 > 0:07:38If you turned it into what it actually could be,
0:07:38 > 0:07:40I think you'd be seeing over £1,000 per calendar month.
0:07:40 > 0:07:42Well, if this cottage was a prince,
0:07:42 > 0:07:45it would without doubt be...charming!
0:07:45 > 0:07:48Who couldn't possibly fall in love with this place?
0:07:48 > 0:07:51Of course, the reality is lots of work to be done
0:07:51 > 0:07:54and you're also battling against that Grade II listing,
0:07:54 > 0:07:57which is going to limit exactly what you can do.
0:07:57 > 0:08:01Or rather, you're just going to have to go about it through the right process.
0:08:01 > 0:08:02Still, it's one of those projects -
0:08:02 > 0:08:04who wouldn't want to take it on?
0:08:04 > 0:08:07Let's see who bought it when it went under the hammer.
0:08:07 > 0:08:09A love affair with this cottage required patience,
0:08:09 > 0:08:11as it was the very last lot of the day.
0:08:11 > 0:08:15Charming detached cottage. Of course it needs a lot doing to it,
0:08:15 > 0:08:18but wow, what a home that is going to be for somebody.
0:08:18 > 0:08:20So, 200 I'll start us off at.
0:08:20 > 0:08:23Are you happy with it at 200? You ARE happy. 200 we've got.
0:08:23 > 0:08:25202.
0:08:25 > 0:08:29205. Fellas, I'm going to concentrate down here, for obvious reasons.
0:08:29 > 0:08:30205.
0:08:30 > 0:08:32208.
0:08:32 > 0:08:33210.
0:08:33 > 0:08:362...12?
0:08:36 > 0:08:37212.
0:08:37 > 0:08:38215.
0:08:38 > 0:08:40218?
0:08:40 > 0:08:41218.
0:08:41 > 0:08:44Front row, 218. I'm going to drift back to this gentleman.
0:08:44 > 0:08:45220. 222.
0:08:45 > 0:08:47225?
0:08:47 > 0:08:48225. 228?
0:08:48 > 0:08:50228.
0:08:50 > 0:08:51230.
0:08:51 > 0:08:52230.
0:08:52 > 0:08:53232?
0:08:53 > 0:08:54At 232.
0:08:54 > 0:08:562...35.
0:08:56 > 0:08:57235.
0:08:57 > 0:08:59238?
0:08:59 > 0:09:00238.
0:09:00 > 0:09:01240?
0:09:01 > 0:09:02240.
0:09:02 > 0:09:03242? Yeah?
0:09:03 > 0:09:05242.
0:09:06 > 0:09:07250.
0:09:09 > 0:09:10252.
0:09:10 > 0:09:12Oh, you surprise me!
0:09:12 > 0:09:15At 252 - is that enough for them to have the dream and you not?
0:09:15 > 0:09:16At 252.
0:09:17 > 0:09:20At 252, second time...
0:09:20 > 0:09:22At 252...
0:09:22 > 0:09:24the dream is going to the lady in the front.
0:09:24 > 0:09:27All done? Last chance at 252.
0:09:27 > 0:09:29Well done, you.
0:09:29 > 0:09:30252.
0:09:31 > 0:09:33And for £252,000,
0:09:33 > 0:09:37that very grateful and successful bidder was Vicky.
0:09:37 > 0:09:40She was accompanied by her builder friend, Neil,
0:09:40 > 0:09:43who will be the project manager on this cottage.
0:09:43 > 0:09:44Vicky's husband, Adrian,
0:09:44 > 0:09:48had to work on auction day, as he's a paramedic.
0:09:48 > 0:09:50Vicky runs a wedding dress shop.
0:09:50 > 0:09:54So why did the Cornish couple pick this particular property?
0:09:54 > 0:09:57I met Vicky, Adrian and their two dogs, Lara and Indy,
0:09:57 > 0:09:59back there to find out.
0:09:59 > 0:10:01- Adrian, Vicky, lovely to meet you both.- Hiya.
0:10:01 > 0:10:03What a house - wow!
0:10:04 > 0:10:06Tell me why you wanted to buy it.
0:10:06 > 0:10:09I've known the house for about 20 years.
0:10:09 > 0:10:13Um...I ride past here on my horse,
0:10:13 > 0:10:15and knew the guy that used to live in here.
0:10:15 > 0:10:17And it came up for auction,
0:10:17 > 0:10:19so we thought we'd go for it.
0:10:19 > 0:10:22We'd been looking for somewhere in the country for five or six years, on and off,
0:10:22 > 0:10:25and then it just all came together nicely.
0:10:25 > 0:10:28- So where do you live at the moment? - Bodmin, so not far.
0:10:28 > 0:10:32Just a normal house - detached, four-bedroom, normal, modern house!
0:10:32 > 0:10:34This is what we've always wanted, really.
0:10:34 > 0:10:36But we'd just gone for convenience.
0:10:36 > 0:10:38You know - kids at school, easy life.
0:10:38 > 0:10:40But now, something for us.
0:10:40 > 0:10:43- So is the idea, then - this is going to be your family home?- Yeah.
0:10:43 > 0:10:46It's our forever home, once we move out here.
0:10:46 > 0:10:50# Ever and ever Forever and ever
0:10:50 > 0:10:53# You'll be the one... #
0:10:53 > 0:10:55This dream hasn't come easy.
0:10:55 > 0:10:59The couple have previously tried and failed to buy this cottage twice,
0:10:59 > 0:11:02once by tender and once at a local auction.
0:11:02 > 0:11:04So, third time lucky.
0:11:04 > 0:11:08Vicky and Adrian already have a small rental portfolio,
0:11:08 > 0:11:11but this is the first time they've tackled a Grade II listed building.
0:11:11 > 0:11:15I'm excited to hear more about their plans.
0:11:15 > 0:11:17Our first phase is just to renovate what's here.
0:11:17 > 0:11:19Make it habitable, make it warm.
0:11:19 > 0:11:23Then as money comes, we'll put an extension on.
0:11:23 > 0:11:26The roof will come off, felt it, the roof will go on.
0:11:26 > 0:11:30Lift all the floors, membranes down, damp-proofing,
0:11:30 > 0:11:32underfloor heating.
0:11:32 > 0:11:34And then, just make it good and solid.
0:11:34 > 0:11:36A kitchen might be nice, and maybe some windows.
0:11:36 > 0:11:38The windows will all come out,
0:11:38 > 0:11:41go and be restored, and they'll go back in.
0:11:41 > 0:11:43It's just repair and restore all that's there.
0:11:43 > 0:11:45- We love it as it is.- Yeah.- Literally.
0:11:45 > 0:11:49# I love you just the way you are... #
0:11:49 > 0:11:52Phase one is to make the house habitable,
0:11:52 > 0:11:56but the layout will pretty much remain as it is.
0:11:56 > 0:11:58No knocking-through of rooms.
0:11:58 > 0:12:02They estimate they'll be able to move in in eight months
0:12:02 > 0:12:04with their teenage son and daughter,
0:12:04 > 0:12:06before they attempt phase two - the extension.
0:12:06 > 0:12:09And what are the plans for the extension?
0:12:09 > 0:12:13Large, open-plan, slate floor, vaulted ceiling.
0:12:13 > 0:12:15- Central wood-burning stove.- Wow!
0:12:15 > 0:12:19- Bi-fold doors.- Bi-fold doors that will look out across the valley.
0:12:19 > 0:12:20How big?
0:12:20 > 0:12:22About the same size as this,
0:12:22 > 0:12:24but all built on the other end.
0:12:24 > 0:12:26Oh, gosh, wow! That sounds fantastic.
0:12:26 > 0:12:29- That's the plan, but...- We'll see what they allow us.
0:12:29 > 0:12:32The money will come once we sell our place in Bodmin, and then go from there.
0:12:32 > 0:12:35In the meantime, what's the budget for the short term?
0:12:35 > 0:12:37- I've got £50,000.- OK.
0:12:37 > 0:12:41I know it's Grade II listed, and that will disappear fairly quickly,
0:12:41 > 0:12:45- but we'll get as far as we can with that.- You've obviously got four acres of land.- Mmm.
0:12:45 > 0:12:47So...do you know where it is?!
0:12:47 > 0:12:52- Yeah, somewhere over there! - Buried under brambles,
0:12:52 > 0:12:54bracken, um...
0:12:54 > 0:12:55goodness knows what else!
0:12:55 > 0:12:57- We know a nice man with a tractor. - You do?
0:12:57 > 0:12:59So he'll come and sort it for us.
0:12:59 > 0:13:01So what's the plans for the land?
0:13:01 > 0:13:03We'd like to keep some chickens.
0:13:03 > 0:13:07My daughter quite fancies keeping a little bit of everything, really.
0:13:07 > 0:13:12- So...- Goats and pigs?- Couple of pigs. - Llamas?- She'd quite like alpacas.
0:13:12 > 0:13:14I was joking when I said llamas!
0:13:14 > 0:13:17We're already researching alpacas
0:13:17 > 0:13:20and, um...she quite fancies an alpaca or two, maybe.
0:13:20 > 0:13:23So it's going to be a bit of a menagerie, really.
0:13:25 > 0:13:28- But one that you're so excited to... - Can't wait.
0:13:28 > 0:13:32- Can't wait.- Dream home, innit? - Yeah, definitely.
0:13:32 > 0:13:34- Definitely our dream home. - Oh, that's lovely.
0:13:34 > 0:13:36- Congratulations to you both. - Thank you.
0:13:36 > 0:13:38- Can't wait to see what you do to it. - Thank you.
0:13:38 > 0:13:41- I'll come back to a zoo in the future!- I think it will be.
0:13:43 > 0:13:45Well, for Adrian, Vicky and their family,
0:13:45 > 0:13:49this little cottage in Washaway is clearly a dream come true.
0:13:49 > 0:13:53But let's hope that the planning red tape
0:13:53 > 0:13:58doesn't stand in the way of turning this dream into a habitable reality.
0:13:58 > 0:14:01You can find out how they get on later in the show.
0:14:04 > 0:14:07# Well, everyone was inside, talking
0:14:07 > 0:14:10# In the cappuccino bar
0:14:12 > 0:14:15# Well, three cappuccinos and three croissants
0:14:15 > 0:14:17# Jonathan, Jonathan What do you want?
0:14:17 > 0:14:18# Well, not me... #
0:14:18 > 0:14:20I'm in Bowes Park in London,
0:14:20 > 0:14:24where I hope that great properties and relatively affordable prices
0:14:24 > 0:14:27mean you might be able to have your cupcake and eat it.
0:14:27 > 0:14:30A mile or so from extremely expensive Muswell Hill,
0:14:30 > 0:14:33and not far from fashionable Crouch End,
0:14:33 > 0:14:38this area has the fabulous Tube links those prime locations lack,
0:14:38 > 0:14:40without the horrendous property prices.
0:14:40 > 0:14:43And with Edwardian shopping streets like this one
0:14:43 > 0:14:45improving as we speak,
0:14:45 > 0:14:48I think it's clear it's certainly on the up.
0:14:49 > 0:14:51It all makes it an ideal hotspot
0:14:51 > 0:14:54if you want to make a property purchase in North London
0:14:54 > 0:14:58without having to stretch to the price tag of neighbouring areas.
0:15:00 > 0:15:03Five minutes is all it takes to walk to the Tube from here.
0:15:03 > 0:15:07And then it's under half an hour into Piccadilly Circus,
0:15:07 > 0:15:10so you can't complain about that for a commute to the shops!
0:15:10 > 0:15:14And the property itself? Well, it's this attractive two-bedroom terrace
0:15:14 > 0:15:18and it had a guide price of £240,000.
0:15:22 > 0:15:26Well, this house is already winning me over from what it looks like on the outside,
0:15:26 > 0:15:30but straight away, look - really, really springy floorboards.
0:15:30 > 0:15:33I think I'd get those looked at - may have a bit of woodworm,
0:15:33 > 0:15:36rotten joists - definitely worth getting a specialist in.
0:15:37 > 0:15:38My, oh, my!
0:15:38 > 0:15:40Look at this wallpaper - wow!
0:15:40 > 0:15:42Certainly dated.
0:15:42 > 0:15:46Lots of character. But a lovely little room there.
0:15:46 > 0:15:49You will need to replace the windows, cos they're fairly old.
0:15:49 > 0:15:51You've got the stairs, lots of orange...
0:15:51 > 0:15:53and the second reception room.
0:15:53 > 0:15:57I mean, it really is quite a cute little cottagey house.
0:15:57 > 0:16:00It's really lovely, but it needs everything doing.
0:16:00 > 0:16:01There's no central heating.
0:16:01 > 0:16:03You've got the kitchen through here.
0:16:03 > 0:16:06I would like to knock a big hole through there
0:16:06 > 0:16:08so you can see the garden.
0:16:08 > 0:16:10You've got the toilet there,
0:16:10 > 0:16:11literally in the kitchen.
0:16:11 > 0:16:14Not very hygienic - I think I'd like to change that.
0:16:14 > 0:16:17Lots to do, lots of money to spend on this place.
0:16:17 > 0:16:19But I do like it.
0:16:20 > 0:16:22# Counting flowers on the wall
0:16:22 > 0:16:25# That don't bother me at all
0:16:27 > 0:16:31# Playing solitaire till dawn With a deck of 51... #
0:16:32 > 0:16:35However, if the flowers on the wall do bother you,
0:16:35 > 0:16:37you've got your work cut out here.
0:16:37 > 0:16:40Out the back, the greenery is much more tasteful,
0:16:40 > 0:16:43and there's room to create a side return,
0:16:43 > 0:16:45subject to planning permission, of course.
0:16:45 > 0:16:50Because although there is plenty of living space downstairs for a two-bed terrace,
0:16:50 > 0:16:53I cannot get on board with the toilet being by the kitchen.
0:16:55 > 0:16:57What space does upstairs have on offer?
0:16:57 > 0:17:00Turn left and there's a very generous master bedroom
0:17:00 > 0:17:02with more flowers.
0:17:03 > 0:17:06To the right is the second bedroom.
0:17:06 > 0:17:08Very interesting colour scheme,
0:17:08 > 0:17:11but some amazing period features.
0:17:11 > 0:17:12Look - beautiful fireplace.
0:17:12 > 0:17:16Through here is the bathroom... No, it's not the bathroom.
0:17:16 > 0:17:20It's just another room. There's not even a bathroom in the whole house!
0:17:20 > 0:17:22But you have got a really nice little period fireplace in there.
0:17:22 > 0:17:24So...what to do?
0:17:24 > 0:17:25No bathroom.
0:17:25 > 0:17:27Obviously, we'd like to bring one upstairs.
0:17:27 > 0:17:29Bit of a problem with that,
0:17:29 > 0:17:32because the stairs are running this way up.
0:17:32 > 0:17:34In an ideal world,
0:17:34 > 0:17:37if you could turn the stairs around, so they're running that way up,
0:17:37 > 0:17:40you could then create a corridor along here,
0:17:40 > 0:17:43which would give you instant access into the bathroom.
0:17:43 > 0:17:47If you've got the dosh and you're going to stay here for long enough,
0:17:47 > 0:17:51I would say that really is the preferred option.
0:17:51 > 0:17:54I've seen it done before, and it's just so much better.
0:17:54 > 0:17:57You're looking at well over £10,000 to move those stairs around -
0:17:57 > 0:18:00admittedly, that's a lot of cash,
0:18:00 > 0:18:02but I think having a bathroom off the bedroom
0:18:02 > 0:18:05would make this place less attractive to the market.
0:18:05 > 0:18:07So I do believe it would be worth doing.
0:18:09 > 0:18:11We asked a local estate agent
0:18:11 > 0:18:13if these options were the right ones for this house,
0:18:13 > 0:18:15guided at £240,000.
0:18:20 > 0:18:21It needs work, of course,
0:18:21 > 0:18:23but it's perfect for somebody who wants to make a home.
0:18:23 > 0:18:28The property probably would need to have the staircase moved, depending on the people's taste.
0:18:28 > 0:18:30These sort of properties are in the hands of the owners
0:18:30 > 0:18:32for at least four, five, six years.
0:18:32 > 0:18:34Then they move on to the next level.
0:18:34 > 0:18:39So it would definitely appeal to the young couples who are just about to get married, or married.
0:18:40 > 0:18:42How does he reckon the numbers could work?
0:18:42 > 0:18:45Once it's renovated to a really good standard,
0:18:45 > 0:18:49it would be about £340,000 to £350,000 to sell.
0:18:49 > 0:18:51And the rental?
0:18:51 > 0:18:53Once this property has been fully refurbished,
0:18:53 > 0:18:56we think we can achieve between £1,300 to £1,400 per calendar month.
0:18:57 > 0:19:00Room for improvement? For sure.
0:19:00 > 0:19:01Room for a bathroom?
0:19:01 > 0:19:03I hope so.
0:19:03 > 0:19:06Room for this lot to increase in value?
0:19:06 > 0:19:09Yes - if bought for the right price, of course.
0:19:09 > 0:19:12Let's find out what that price was at the auction.
0:19:14 > 0:19:16Lot 90. Who's here for Bowes Park?
0:19:18 > 0:19:19Got a bid down here.
0:19:19 > 0:19:21250.
0:19:21 > 0:19:22255.
0:19:23 > 0:19:24260.
0:19:24 > 0:19:26265.
0:19:26 > 0:19:29And once they were off, there was no stopping them.
0:19:29 > 0:19:34So we rejoin as the hammer was about to fall at £302,000.
0:19:35 > 0:19:38302 first time...second time...
0:19:38 > 0:19:40303, new spot.
0:19:40 > 0:19:42304. 305.
0:19:42 > 0:19:44306.
0:19:45 > 0:19:46307.
0:19:46 > 0:19:47308.
0:19:49 > 0:19:50309.
0:19:50 > 0:19:52310.
0:19:52 > 0:19:54311, back in.
0:19:54 > 0:19:56312?
0:19:57 > 0:19:59311. With you, sir.
0:19:59 > 0:20:01First time, second time...
0:20:01 > 0:20:02third and last time.
0:20:05 > 0:20:07Beating off his opponents with that knockout bid
0:20:07 > 0:20:09of £311,000,
0:20:09 > 0:20:14weighing in £71,000 over the guide price, was Stavros.
0:20:15 > 0:20:18He took a ringside seat at the auction with his sister, Cleo.
0:20:18 > 0:20:20Unfortunately, he couldn't meet with us,
0:20:20 > 0:20:24but I'm now at the property with Cleo and her brother-in-law, Rory,
0:20:24 > 0:20:27to find out why they thought this house packed a punch.
0:20:28 > 0:20:30# The eye of the tiger... #
0:20:32 > 0:20:35- Cleo, Rory, congratulations. - Thank you.
0:20:35 > 0:20:39This is a great house. I mean, it's really lovely. It's so pretty to look at.
0:20:39 > 0:20:41But there's so much you can do with it.
0:20:41 > 0:20:44I'm dying to find out what you want to do with this.
0:20:44 > 0:20:47Initially, we obviously realise there's no plumbing,
0:20:47 > 0:20:51pretty much no electricity running upstairs.
0:20:51 > 0:20:53However, we did see the potential,
0:20:53 > 0:20:55primarily being the location of the property,
0:20:55 > 0:20:59being that there's a close Underground station, the rail station.
0:20:59 > 0:21:02But initially, we were thinking about leaving it as a house.
0:21:02 > 0:21:04But now we're thinking about two flats -
0:21:04 > 0:21:06two one-bedroom flats.
0:21:06 > 0:21:07- Really?!- Yes.
0:21:07 > 0:21:09That's interesting.
0:21:09 > 0:21:13Now, is it anything to do with the fact that you've paid £311,000 at auction?
0:21:13 > 0:21:17- Definitely!- Has that got to do with the fact that you're now turning them into flats?- Definitely.
0:21:17 > 0:21:23Obviously, to recover the costs. Leaving it as a house wouldn't really bring that much of an investment in.
0:21:23 > 0:21:25Two flats would kind of work.
0:21:25 > 0:21:26It would be worth our while.
0:21:26 > 0:21:28So, yeah, we are looking at doing that.
0:21:28 > 0:21:33Obviously, given the planning permission from the council, that's what we're hoping to do.
0:21:33 > 0:21:34How much research have you done?
0:21:34 > 0:21:37Please tell me you've spoken to lots of people, lots of estate agents!
0:21:37 > 0:21:39I have spoken to an estate agent,
0:21:39 > 0:21:42and he did say if you could put the property into two flats,
0:21:42 > 0:21:45it would be something that would be appealing to most people.
0:21:45 > 0:21:48Obviously, having the Underground station just down the road
0:21:48 > 0:21:49is one of the main reasons.
0:21:49 > 0:21:53Just a step into central, being in Zone 3.
0:21:53 > 0:21:55You have the railway station just down the road also,
0:21:55 > 0:21:58so there's a lot of transport links.
0:21:58 > 0:22:01But what about the fact you need planning permission?
0:22:01 > 0:22:05Is the council in favour of converting houses into flats?
0:22:05 > 0:22:09As we're aware, there is one house on the road which has been converted into flats.
0:22:09 > 0:22:12So there is a strong possibility we'll be able to do that.
0:22:12 > 0:22:14What happened on the day? Why did you pay £311,000 for this?
0:22:14 > 0:22:16- I guess...- You can blame her!
0:22:16 > 0:22:20Yeah! You can get quite excited and carried away in auction,
0:22:20 > 0:22:23- which is very true. I never believed it when people said that.- Oh, yes!
0:22:23 > 0:22:26# Because it's true what they say
0:22:26 > 0:22:29# You know, it's true what they say... #
0:22:29 > 0:22:34Well, Cleo and Stavros weren't the first and won't be the last
0:22:34 > 0:22:36to be gripped by auction fever,
0:22:36 > 0:22:37but they are also not alone
0:22:37 > 0:22:40in tackling the turnaround of this two-bed.
0:22:42 > 0:22:44So this is a family project. Tell me who's involved.
0:22:44 > 0:22:46I'm involved, Rory, my brother-in-law,
0:22:46 > 0:22:49and my actual brother and sister also in the project.
0:22:49 > 0:22:54It's more from the basis that we're building a portfolio as a family together.
0:22:54 > 0:22:57- But that's great, because you can all spread the workload.- Absolutely.
0:22:57 > 0:23:01That sounds like a great way to project-manage here,
0:23:01 > 0:23:03as long as they can all agree.
0:23:04 > 0:23:08But having worked in the family's fine foods business for several years,
0:23:08 > 0:23:11hopefully, they're experts at the art of reaching a compromise.
0:23:12 > 0:23:16That's something they'll need if they want to get planning permission
0:23:16 > 0:23:18to turn this house into two flats.
0:23:20 > 0:23:22Two flats! You've really thrown me there.
0:23:22 > 0:23:24I actually thought family house -
0:23:24 > 0:23:26a lot you could do with the upstairs.
0:23:26 > 0:23:29Obviously, you'd need to get the bathroom up there,
0:23:29 > 0:23:31- but you now don't have to go down that road.- No.
0:23:31 > 0:23:36It actually eliminates the problem upstairs with the...actually not having a corridor.
0:23:36 > 0:23:39So it will be ideal turning the upstairs into a flat, really,
0:23:39 > 0:23:43because we wouldn't actually have to structurally touch the property upstairs.
0:23:43 > 0:23:46Obviously, downstairs, there is a bit of a problem,
0:23:46 > 0:23:49being that it's a bit of an awkward layout with the stairs,
0:23:49 > 0:23:51in the location where they are currently.
0:23:51 > 0:23:54If we can keep the stairs there,
0:23:54 > 0:23:58we will. We've got a really good architect, who's done loads of properties
0:23:58 > 0:24:00and he was busy scratching his head!
0:24:00 > 0:24:03The verdict seems to be
0:24:03 > 0:24:05stairs being moved.
0:24:05 > 0:24:09We want to avoid it, but if we have to go down that road, we're not scared to go down that...
0:24:09 > 0:24:12So what's your budget to turn the place around?
0:24:12 > 0:24:14Currently, we're on a very tight budget,
0:24:14 > 0:24:16obviously, having spent more than we estimated.
0:24:16 > 0:24:18It's £40,000.
0:24:18 > 0:24:23- OK.- But we'll see what happens as well.- It's going to be challenging.
0:24:23 > 0:24:26Um...and we have to be quite carful what we do
0:24:26 > 0:24:29with furnishings and fittings.
0:24:29 > 0:24:35Guys, tell me something - do you regret paying £311,000? In hindsight, would you do it again?
0:24:35 > 0:24:39I would. Purely for the reason that I really am familiar with the area.
0:24:39 > 0:24:42It's somewhere I am close to.
0:24:42 > 0:24:45I can, as Rory said, jump in, pop in, see what's going on.
0:24:45 > 0:24:48I know the ins and outs of schools.
0:24:48 > 0:24:50I know what this area has to offer.
0:24:50 > 0:24:53- And you are confident it's set to rise?- It is.
0:24:53 > 0:24:58- It definitely is.- Guys, good luck with this project. I can't wait to see whether it's flats or a house
0:24:58 > 0:25:00- and what you do with it.- Thank you. - That's great.- Good luck.
0:25:00 > 0:25:02- Thank you.- Thank you.
0:25:03 > 0:25:07I'm not surprised that they're planning to turn this house into flats
0:25:07 > 0:25:08after paying over the odds at auction.
0:25:08 > 0:25:12But I do think it's a shame to carve this lovely house up.
0:25:12 > 0:25:14And the planning?
0:25:14 > 0:25:15Could be tricky.
0:25:15 > 0:25:18Find out how it all goes later on in the programme.
0:25:20 > 0:25:22Coming up... You won't believe the number of properties
0:25:22 > 0:25:25you can fit on this plot in Tipton in the West Midlands.
0:25:25 > 0:25:27Ten houses?!
0:25:27 > 0:25:28Wow!
0:25:29 > 0:25:32There's no family feud here in London.
0:25:32 > 0:25:36We've had to sit down weekly to discuss any differences we have
0:25:36 > 0:25:39in terms of the property, but nothing of a problem, really.
0:25:40 > 0:25:43But first, it's not been plain sailing in Cornwall.
0:25:43 > 0:25:46The budget that we originally suggested
0:25:46 > 0:25:49has been completely blown out of the water.
0:25:52 > 0:25:56Now, back to the lovely little hamlet of Washaway in Cornwall.
0:25:56 > 0:25:59# Where you planted roses
0:25:59 > 0:26:02# The weeds seemed to say
0:26:04 > 0:26:06# A cottage for sale... #
0:26:06 > 0:26:08It was a Grade II listed property
0:26:08 > 0:26:10with lots of land and lots of problems.
0:26:10 > 0:26:14But it was a dream buy for husband and wife Vicky and Adrian,
0:26:14 > 0:26:18who bought it for £252,000.
0:26:18 > 0:26:22Vicky had had her eye on this three-bedroom cottage for some time.
0:26:22 > 0:26:24I've known the house for about 20 years.
0:26:24 > 0:26:28Um...I ride past here on my horse,
0:26:28 > 0:26:30and knew the guy that used to live in here.
0:26:30 > 0:26:34And it came up for auction, so we thought we'd go for it.
0:26:34 > 0:26:38We'd been looking for somewhere in the country for five or six years, on and off,
0:26:38 > 0:26:40and then it just all came together nicely.
0:26:40 > 0:26:44- So is the idea, then - this is going to be your family home?- Yeah.
0:26:44 > 0:26:46It's our forever home, once we move out here.
0:26:46 > 0:26:51Vicky owns a wedding dress shop, so knows all about making dreams come true.
0:26:51 > 0:26:55They hoped it would take about eight months to make this place habitable
0:26:55 > 0:26:57for the couple and their two teenagers.
0:26:57 > 0:26:59They had an initial £50,000,
0:26:59 > 0:27:04and hoped to extend the cottage eventually when the plans were approved.
0:27:05 > 0:27:09It's now fourteen-and-a-half months later.
0:27:09 > 0:27:12The overgrown garden has been cleared right back.
0:27:12 > 0:27:16Adrian had just finished a 12-hour night shift as a paramedic,
0:27:16 > 0:27:18so it was Vicky we met back at the cottage.
0:27:18 > 0:27:21Have the couple realised their dream?
0:27:21 > 0:27:23Well, it certainly looks like it. The crumbling walls
0:27:23 > 0:27:26and cracked floors have been lovingly restored.
0:27:34 > 0:27:37And tasteful fixtures and fittings have been installed.
0:27:39 > 0:27:42Probably the main thing in this room that you can't see
0:27:42 > 0:27:44is the fact that the floor has had to come up.
0:27:44 > 0:27:47It was laid on bare earth. All the slates had to be numbered,
0:27:47 > 0:27:50so they had to go back in exactly the same place.
0:27:50 > 0:27:51But then, before they went back,
0:27:51 > 0:27:54we actually had to dig down nine inches
0:27:54 > 0:27:58and put a damp-proof course and everything and bring it all back up again.
0:27:58 > 0:28:00Other than that, we've replastered all the way round,
0:28:00 > 0:28:03because the plaster was quite bad in here,
0:28:03 > 0:28:06and also, just behind me, we have our new heating system.
0:28:06 > 0:28:11The house has never had heat in its life before, so it's probably in shock now!
0:28:11 > 0:28:13I'm sure it approves.
0:28:13 > 0:28:16Up the steps at the back of the kitchen is the bathroom.
0:28:18 > 0:28:21Their two dogs, Lara and Indy,
0:28:21 > 0:28:23and their new companion, Wilma,
0:28:23 > 0:28:26are loving the fire in the room beside the kitchen.
0:28:27 > 0:28:29We've changed quite a bit in this room.
0:28:29 > 0:28:31We've done a new floor in here,
0:28:31 > 0:28:33we've had a new wood-burning stove.
0:28:33 > 0:28:36Some of the walls have been replastered.
0:28:36 > 0:28:38A lot of the woodwork has been stripped
0:28:38 > 0:28:41and we've got some rather handsome-looking radiators as well.
0:28:41 > 0:28:45Through this room into the second reception at the end of the cottage,
0:28:45 > 0:28:47the restoration continues.
0:28:49 > 0:28:52Upstairs, the layout hasn't changed.
0:28:52 > 0:28:56their daughter will be in bedroom one, to the right of the stairs.
0:28:58 > 0:29:00And turning left leads to their son's room.
0:29:00 > 0:29:03You still have to go through this room
0:29:03 > 0:29:06to reach what will be Vicky and Adrian's bedroom.
0:29:08 > 0:29:12It's not ideal, so what happened to the proposed extension?
0:29:12 > 0:29:14We've got pre-planning approval.
0:29:14 > 0:29:18So we don't have planning permission, but we do have planning approval.
0:29:18 > 0:29:22So the principle of what we want to add on is OK.
0:29:22 > 0:29:25It's basically going to be one large entertaining space.
0:29:25 > 0:29:26It's going to have a mezzanine floor
0:29:26 > 0:29:30and, hopefully, will incorporate the store that's just to the right of the house,
0:29:30 > 0:29:32that'll turn into another bedroom.
0:29:33 > 0:29:36The extension has to be at the back of the house,
0:29:36 > 0:29:38because due to Grade II listing,
0:29:38 > 0:29:40the front elevation can't be changed at all.
0:29:42 > 0:29:44And getting approval for the work INSIDE the cottage
0:29:44 > 0:29:46was very time-consuming.
0:29:46 > 0:29:50The sash windows have been restored and refitted.
0:29:50 > 0:29:52Doors, hand-stripped and rehung,
0:29:52 > 0:29:56and using traditional lime plaster takes a lot longer.
0:29:56 > 0:30:01Adrian, Vicky and their builder, Neil, have only been working here
0:30:01 > 0:30:02for the last four to five months.
0:30:02 > 0:30:05Have they managed to stick to their budget?
0:30:05 > 0:30:09The budget we originally suggested, which was around £50,000,
0:30:09 > 0:30:12has completely been blown out of the water.
0:30:12 > 0:30:14What we've spent so far is probably
0:30:14 > 0:30:17slightly more than double what our original budget was.
0:30:17 > 0:30:20With the £252,000 they paid at auction,
0:30:20 > 0:30:24that takes their total investment to £352,000.
0:30:24 > 0:30:27They've already sold their home in Bodmin,
0:30:27 > 0:30:29so have been living in rented accommodation
0:30:29 > 0:30:31and will finally move in here in a couple of weeks.
0:30:34 > 0:30:36We invited two property experts to the cottage
0:30:36 > 0:30:38to hear their opinions of the restoration
0:30:38 > 0:30:40of this Grade II listed property.
0:30:40 > 0:30:43First, the auctioneer who sold it.
0:30:43 > 0:30:46It's a lovely quaint cottage, and they've maintained that throughout.
0:30:46 > 0:30:49And that's actually its charm.
0:30:49 > 0:30:51They don't build them like this any more.
0:30:51 > 0:30:55So, to retain them is a job worth doing.
0:30:55 > 0:30:57I think it's a beautiful cottage.
0:30:57 > 0:30:59It's striking when you come up the drive towards it.
0:30:59 > 0:31:01There's natural stone, a lovely slate roof.
0:31:01 > 0:31:04I think it looks amazing.
0:31:04 > 0:31:06The couple have no intention of letting it,
0:31:06 > 0:31:09although the experts suggest the cottage could achieve
0:31:09 > 0:31:12between £750 and £1,000 per calendar month,
0:31:12 > 0:31:15giving a yield of 2.5 to 3%.
0:31:16 > 0:31:18But what about the resale values?
0:31:18 > 0:31:22So far, they have £352,000 invested here.
0:31:24 > 0:31:28If they make the very best of the cottage as we see it today,
0:31:28 > 0:31:30I can see the property on the market
0:31:30 > 0:31:33at around £375,000.
0:31:33 > 0:31:35If they put the extension on
0:31:35 > 0:31:39and create at least one major big master bedroom space,
0:31:39 > 0:31:42I would suggest around £450,000.
0:31:42 > 0:31:45If they sell the property in its current configuration, finished,
0:31:45 > 0:31:48I would recommend asking around £375,000.
0:31:48 > 0:31:50If they add the extension,
0:31:50 > 0:31:53I would say approximately £450,000.
0:31:54 > 0:31:59So both experts agree - £375,000 without the extension.
0:31:59 > 0:32:04That means there could currently be a profit of £23,000
0:32:04 > 0:32:06before tax and expenses.
0:32:06 > 0:32:08So, plenty to cover the build costs.
0:32:08 > 0:32:11I'd probably say the 375.
0:32:11 > 0:32:14Yeah, it would just about...round about there with what we've done.
0:32:14 > 0:32:18Um...and I expected the fact that once we'd got the extension on,
0:32:18 > 0:32:21that's where we could probably make a decent amount of money.
0:32:21 > 0:32:23But it never was meant to be making money.
0:32:23 > 0:32:25It was always to be a forever home,
0:32:25 > 0:32:27so that's what it's going to be.
0:32:34 > 0:32:36This is the Black Country Living Museum in Dudley.
0:32:38 > 0:32:41It's a fascinating recreation of life in the West Midlands
0:32:41 > 0:32:44in its heyday as an industrial powerhouse.
0:32:44 > 0:32:48That said, the lot I'm here to see in nearby Tipton
0:32:48 > 0:32:53appears to owe more to a rural past than an industrial one.
0:32:53 > 0:32:55It's at the end of a row of industrial units,
0:32:55 > 0:32:58but the plot of land that was up for auction is...
0:32:58 > 0:33:01well, this forest!
0:33:03 > 0:33:08It's here, at a guide price of £98,000 to £103,000.
0:33:08 > 0:33:09Let's go and explore.
0:33:14 > 0:33:17The plot is described as "virgin ground".
0:33:17 > 0:33:19It's never been built on,
0:33:19 > 0:33:21which should mean that under all this greenery,
0:33:21 > 0:33:24there's something of a blank canvas.
0:33:27 > 0:33:29So, what are the first impressions?
0:33:29 > 0:33:31Well, access won't be a problem,
0:33:31 > 0:33:34because the site's situated on the junction of two roads,
0:33:34 > 0:33:37so all your building materials and things will be easily brought in.
0:33:37 > 0:33:41And when you come to develop, easy access for the properties themselves.
0:33:41 > 0:33:44Also, you're likely to have services nearby -
0:33:44 > 0:33:47electricity, gas, sewerage, that kind of stuff.
0:33:47 > 0:33:51It's actually 0.64 acres,
0:33:51 > 0:33:52which is a fairly good size.
0:33:52 > 0:33:55You should be able to get a fair number of houses on there.
0:33:55 > 0:33:57It doesn't have planning permission as yet,
0:33:57 > 0:34:00but what it does have is approval for development,
0:34:00 > 0:34:03and a provisional layout for ten houses
0:34:03 > 0:34:05has been agreed in principle.
0:34:05 > 0:34:07Ten houses?!
0:34:07 > 0:34:08Wow!
0:34:11 > 0:34:14Move over, Indiana Jones - I'm going in!
0:34:18 > 0:34:22Now, you must bear in mind that the council has only given approval
0:34:22 > 0:34:24for development for this site,
0:34:24 > 0:34:26not planning permission or even provisional planning.
0:34:26 > 0:34:28So it doesn't guarantee anything,
0:34:28 > 0:34:30but it does give reassurance
0:34:30 > 0:34:33that the council want to see the land developed in some way.
0:34:35 > 0:34:37Well, as you can see,
0:34:37 > 0:34:39the site is currently a bit of a jungle.
0:34:39 > 0:34:43But unless whoever bought it is into their nature stuff,
0:34:43 > 0:34:47they probably want to clear this, don't they?
0:34:47 > 0:34:51It's going to take a while just to get the site actually cleared.
0:34:51 > 0:34:52Oh, well.
0:34:52 > 0:34:55At least you know that if you're going to
0:34:55 > 0:34:58grow vegetables in your garden, they'll grow pretty well!
0:35:01 > 0:35:03This greenery's all well and good,
0:35:03 > 0:35:07but it does make gauging the size of the plot tricky.
0:35:07 > 0:35:09On paper, ten three- or four-bedroom homes
0:35:09 > 0:35:12on a 0.64-acre plot
0:35:12 > 0:35:15does sound a bit tight to me,
0:35:15 > 0:35:16but it would be do-able.
0:35:16 > 0:35:20But is that necessarily the way forward for this bit of land?
0:35:22 > 0:35:25So, what are you going to do with the plot?
0:35:25 > 0:35:28Should you build? Well, we all know these are difficult times in the property market.
0:35:28 > 0:35:33People can't get mortgages. First-time buyers are finding it incredibly difficult.
0:35:33 > 0:35:36Well, here's a clue as to what should be done with the plot.
0:35:36 > 0:35:39Because right opposite, there is this - a brand-new development
0:35:39 > 0:35:41of 87 properties.
0:35:41 > 0:35:44So somebody obviously thinks the area is good and there is demand.
0:35:44 > 0:35:46So is that good news?
0:35:46 > 0:35:49Well, on the one hand, it certainly brightens up the area
0:35:49 > 0:35:52and, as I said, they think there's a demand,
0:35:52 > 0:35:54so you can read into that what you like.
0:35:54 > 0:35:58The bad news is, of course, that could be potentially competition.
0:35:58 > 0:36:02And it's much bigger in terms of a development than this,
0:36:02 > 0:36:04even if you built the maximum ten properties.
0:36:04 > 0:36:08The worst-case scenario is that those properties don't sell.
0:36:08 > 0:36:09And no developer wants that.
0:36:11 > 0:36:15But as they say, you've got to speculate to accumulate.
0:36:15 > 0:36:18And if you're happy to be David to Goliath next door,
0:36:18 > 0:36:21I think there's a good chance of making money,
0:36:21 > 0:36:23if you can put up those eight three-bed
0:36:23 > 0:36:26and two four-bed homes on the site.
0:36:31 > 0:36:33We asked a local estate agent to tell us
0:36:33 > 0:36:35what he makes of the prospects of the plot
0:36:35 > 0:36:38and its guide price of £98,000 to £103,000.
0:36:39 > 0:36:41The market for
0:36:41 > 0:36:44private owner-occupation properties around here
0:36:44 > 0:36:46is struggling for people to get mortgages.
0:36:46 > 0:36:48And until that changes,
0:36:48 > 0:36:50that's going to be difficult,
0:36:50 > 0:36:53so you're probably looking more at the rental market.
0:36:53 > 0:36:55You certainly need to build with both in mind.
0:36:57 > 0:37:01Fair enough. So if a developer were looking to sell the finished properties on,
0:37:01 > 0:37:04what kind of resale values might be achievable here?
0:37:07 > 0:37:10Three-bedroom semi-detached houses around here,
0:37:10 > 0:37:14you are looking in the order of £115,000, £120,000.
0:37:14 > 0:37:17Possibly up to £125,000.
0:37:17 > 0:37:19Four-bedroom houses,
0:37:19 > 0:37:21you might get £130,000.
0:37:21 > 0:37:24Maybe £135,000, but not much more than that.
0:37:26 > 0:37:30Don't forget, we're talking about eight three-beds and four two-beds here.
0:37:30 > 0:37:32So you could be looking at
0:37:32 > 0:37:35over £1,000,000-worth of property on the site.
0:37:35 > 0:37:40But what about putting the completed houses on the rental market?
0:37:41 > 0:37:44For a three-bed house, you're probably looking at about
0:37:44 > 0:37:46£525 per calendar month.
0:37:46 > 0:37:50Four-bedroom house, probably up to £550 per calendar month.
0:37:52 > 0:37:56Well, the Black Country's future is looking ever brighter,
0:37:56 > 0:37:58and this auction lot provides the opportunity
0:37:58 > 0:38:00to regenerate a forgotten piece of land
0:38:00 > 0:38:04and potentially make some good profits into the bargain.
0:38:04 > 0:38:07Let's see who bought it when it went under the hammer.
0:38:07 > 0:38:09Our next lot is lot 23.
0:38:09 > 0:38:12At £50,000 to get it started.
0:38:12 > 0:38:15At 50 I have, and thank you. Do I have 75?
0:38:15 > 0:38:17I do. At 80 I'm bid.
0:38:17 > 0:38:19Is it 85, then? At 85 I'm bid.
0:38:19 > 0:38:21Is it 90? At 90.
0:38:21 > 0:38:23Is that 92? 92.
0:38:23 > 0:38:2594.
0:38:25 > 0:38:2696, is it? 95.
0:38:26 > 0:38:2896.
0:38:28 > 0:38:3096. 97, gents?
0:38:30 > 0:38:3297. 98?
0:38:33 > 0:38:3598. Is it 99, gentlemen?
0:38:35 > 0:38:3799. Is it 100?
0:38:37 > 0:38:3999 and a half.
0:38:39 > 0:38:4299 and a half. Just another 500 if you feel...
0:38:42 > 0:38:44Thank you. £100,000 I'm bid.
0:38:44 > 0:38:46On sale, gentlemen, once...
0:38:46 > 0:38:47Are we all done?
0:38:47 > 0:38:51Twice...third and last time at £100,000...
0:38:52 > 0:38:54Sold. Gentlemen, that is yours. Well done.
0:38:56 > 0:38:58That successful bid of £100,000
0:38:58 > 0:39:01was made by local developer Trevor.
0:39:01 > 0:39:04He's built 19 properties so far -
0:39:04 > 0:39:07everything from flats to detached houses.
0:39:08 > 0:39:11- Trevor, really good to meet you. - How you doing?- Congratulations.
0:39:11 > 0:39:14- You bought yourself a forest!- Yes, that's right, yes.
0:39:14 > 0:39:19What was it about it that you thought makes it a viable proposition?
0:39:19 > 0:39:21Well, the real reason was...
0:39:21 > 0:39:23I probably wouldn't have bought it
0:39:23 > 0:39:27if it wasn't for the new development being built on the other side.
0:39:27 > 0:39:29Sandwell Council obviously sold this.
0:39:29 > 0:39:31They done a planning statement
0:39:31 > 0:39:34to obviously put residential on this piece of land,
0:39:34 > 0:39:36so that's the real reason why I've bought it.
0:39:36 > 0:39:39So although it hasn't got planning permission,
0:39:39 > 0:39:42it's got a pretty big indication that planning permission will be approved?
0:39:42 > 0:39:46Yeah, it shouldn't be a problem, you know. Fingers crossed, anyway.
0:39:46 > 0:39:48Tell me a bit more about your experience.
0:39:48 > 0:39:50I'm an electrician by trade,
0:39:50 > 0:39:53but up until four years ago, I decided that
0:39:53 > 0:39:55I'd had enough doing electrics.
0:39:55 > 0:39:56Even though it was a job I enjoyed,
0:39:56 > 0:39:59I thought I'd try something different, you know.
0:39:59 > 0:40:04- So I took it on and actually bought a piece of land in the same street. - As this?- Further down.
0:40:04 > 0:40:06- And I built nine apartments. - Oh, right.
0:40:06 > 0:40:09So, got lucky - I built them all, no problems at all, sold them.
0:40:09 > 0:40:14Obviously, in between selling them, I've got another piece of land to build some starter homes,
0:40:14 > 0:40:17which I finished in October of 2010.
0:40:17 > 0:40:20All sold. And obviously, looking for another piece of land,
0:40:20 > 0:40:23and this come along and that was it.
0:40:23 > 0:40:25So what are you actually going to build on here?
0:40:25 > 0:40:27Well, the plan is to build ten houses.
0:40:27 > 0:40:30Eight three-bed houses,
0:40:30 > 0:40:31and two two-and-a-half-storey,
0:40:31 > 0:40:34which is like three/four-bed houses.
0:40:34 > 0:40:39So, I'm looking at a build cost of about £625,000.
0:40:39 > 0:40:42And do you have any idea of what the resale value of the whole development might be?
0:40:42 > 0:40:47The resale of the whole development, I'm looking at a GDV of about £1.4 million.
0:40:47 > 0:40:49OK, so 625 to build them, plus...
0:40:49 > 0:40:52- Plus my 100 for the land.- Right, 725.
0:40:52 > 0:40:551.4 to sell them, plus sales costs and stuff.
0:40:55 > 0:40:56Yeah, that's all tied up with it.
0:40:56 > 0:41:00I'm looking probably to fetch back about £700,000 on this piece of land.
0:41:00 > 0:41:02Gosh! Wow!
0:41:02 > 0:41:04It's just luck of the draw, in't it? You know.
0:41:08 > 0:41:12I think we could all do with a bit of Trevor's particular brand of luck.
0:41:12 > 0:41:17A potential £700,000-worth of profit from a small field of trees
0:41:17 > 0:41:19is not to be sniffed at.
0:41:21 > 0:41:23What are the hurdles in between now
0:41:23 > 0:41:25and you being three-quarters of a million quid better off?
0:41:25 > 0:41:28The main plan is now get planning permission.
0:41:28 > 0:41:32I've also actually got, er... a six-inch...
0:41:32 > 0:41:35pipe running diagonally through the land.
0:41:35 > 0:41:38- What kind of pipe? - It's a sewage pipe.
0:41:38 > 0:41:43Obviously, my plan is to redirect it round the boundary of the site.
0:41:43 > 0:41:45- Expensive?- Not necessarily.
0:41:45 > 0:41:48I feel I can get permission from Severn Trent to do the works.
0:41:48 > 0:41:52And then obviously get my own ground-workers to do the job for me.
0:41:52 > 0:41:54But once I'm out of the ground,
0:41:54 > 0:41:57it's straightforward, yeah.
0:41:57 > 0:42:02# I got a peaceful easy feeling
0:42:04 > 0:42:10# And I know you won't let me down
0:42:10 > 0:42:15# Cos I'm already standing
0:42:17 > 0:42:19# On the ground. #
0:42:21 > 0:42:24There is something rather beguiling about Trevor's outlook.
0:42:24 > 0:42:29He makes the whole idea of spending almost three-quarters of a million pounds here
0:42:29 > 0:42:31to make the same amount back in profit
0:42:31 > 0:42:33sound like a walk in the park.
0:42:33 > 0:42:37But will he be as laid-back when it comes to his timescale?
0:42:39 > 0:42:41I want to work on a 12-month period.
0:42:41 > 0:42:45But I think this time I'm going to try and use a lot more blokes
0:42:45 > 0:42:47to get specific jobs done quicker,
0:42:47 > 0:42:49so I can try and turn it round quicker.
0:42:49 > 0:42:53And try and hit the best time of year to obviously sell the houses.
0:42:53 > 0:42:56Sell them on. And the biggest challenges you face?
0:42:57 > 0:42:59None, really.
0:42:59 > 0:43:02I don't... I'm not worried about it, you know. Just get on with it.
0:43:02 > 0:43:05- You've got a lovely laid-back, confident attitude.- That's right.
0:43:05 > 0:43:07Well, if people say to me, "Do you sleep at night?"
0:43:07 > 0:43:08I say, "I sleep lovely."
0:43:08 > 0:43:11It's life, innit? It's not everyone else's cup of tea, is it?
0:43:11 > 0:43:13I love the challenge.
0:43:13 > 0:43:17Great. Well, it seems this is going pretty well so far. We wish you continued success,
0:43:17 > 0:43:19- and look forward to seeing how you get on.- Thank you.
0:43:20 > 0:43:22Well, I love Trevor's laid-back attitude.
0:43:22 > 0:43:27I don't know too many people who'd be quite so cool when it comes to spending £625,000.
0:43:27 > 0:43:29But it could have something to do with the fact that
0:43:29 > 0:43:34he's on-line for a nearly three-quarters-of-a-million pounds' profit
0:43:34 > 0:43:36before tax and the usual stuff.
0:43:36 > 0:43:39Still, a few more hurdles to cross before he gets to that point,
0:43:39 > 0:43:43and nothing ever goes quite to plan when it comes to building and developing.
0:43:43 > 0:43:46How will he get on? You can find out later in the show.
0:43:49 > 0:43:51Well, Martin, we've given them a while,
0:43:51 > 0:43:55- but was it long enough?- Will we return to see success,
0:43:55 > 0:43:58or stress and spiralling budgets?
0:43:58 > 0:43:59Let's find out.
0:44:03 > 0:44:04Back now to Bowes Park in London.
0:44:07 > 0:44:08Stavros and his sister, Cleo,
0:44:08 > 0:44:12bought this two-bedroom mid-terrace during a spot of auction fever
0:44:12 > 0:44:14for £311,000.
0:44:18 > 0:44:22The mid-terrace sported psychedelic wallpaper, a dodgy layout
0:44:22 > 0:44:24and no bathroom.
0:44:24 > 0:44:26There was a real family thing going on here
0:44:26 > 0:44:30as Stavros and Cleo's sister, Marie, was also in on the purchase.
0:44:30 > 0:44:33But it was Cleo and Marie's husband, Rory -
0:44:33 > 0:44:35I hope you're getting all this! -
0:44:35 > 0:44:37who I met to discuss their collective plans.
0:44:40 > 0:44:42Initially, we were thinking about leaving it as a house.
0:44:42 > 0:44:45But now we're thinking about two flats -
0:44:45 > 0:44:46two one-bedroom flats.
0:44:46 > 0:44:48- Really?!- Yes.
0:44:48 > 0:44:49That's interesting.
0:44:49 > 0:44:54Now, is it anything to do with the fact that you've paid £311,000 at auction?
0:44:54 > 0:44:58- Definitely!- Has that got to do with the fact that you're now turning them into flats?- Definitely.
0:44:58 > 0:45:03In order to regain some ground lost by their over-enthusiastic bidding,
0:45:03 > 0:45:07the idea was to get planning permission and then spend three months and 40 grand
0:45:07 > 0:45:10turning the place into two one-bedroom flats.
0:45:10 > 0:45:12Five months after our first visit,
0:45:12 > 0:45:15we're back to see how they've got on.
0:45:18 > 0:45:21# Be a little bit wiser, baby
0:45:21 > 0:45:24# Put it on Put it on
0:45:24 > 0:45:25# Cos tonight
0:45:25 > 0:45:27# Is the night
0:45:27 > 0:45:31# When two become one... #
0:45:34 > 0:45:36Er, well, no, actually, it would appear
0:45:36 > 0:45:39the siblings backtracked on their plan to create two flats.
0:45:39 > 0:45:42And while the work here is clearly not quite finished,
0:45:42 > 0:45:46what IS clear is that there have been major alterations
0:45:46 > 0:45:48since we were last here.
0:45:50 > 0:45:52We did have an architect working with us.
0:45:52 > 0:45:55He was on board - he's actually worked for the council before.
0:45:55 > 0:45:57When he initially came into the property,
0:45:57 > 0:46:00he did say that it was very unlikely that they'd grant us the permission,
0:46:00 > 0:46:04being that it was too small for it to be granted for two flats.
0:46:04 > 0:46:07So, he did offer us alternatives, such as leaving it as a house
0:46:07 > 0:46:09or turning it into a four-bedroom bedsit.
0:46:09 > 0:46:11Obviously, we preferred the latter,
0:46:11 > 0:46:14being that it would bring us more return in the future as well.
0:46:14 > 0:46:15So we decided to go with that.
0:46:15 > 0:46:18That meant we didn't need the permission from the council -
0:46:18 > 0:46:21we could just get on with it. So that's what we decided to do.
0:46:22 > 0:46:24Aha!
0:46:24 > 0:46:27So, renting to four people means that the old front living room
0:46:27 > 0:46:29will be a bedroom.
0:46:30 > 0:46:33The old dining room becomes the communal kitchen
0:46:33 > 0:46:35and where the old kitchen and loo were,
0:46:35 > 0:46:37there are now two bathrooms -
0:46:37 > 0:46:39a great idea for a house of four sharers.
0:46:41 > 0:46:43There are more big changes upstairs.
0:46:45 > 0:46:47So here on the first floor, we've created a corridor,
0:46:47 > 0:46:50which before was an existing wall. We've now put some spindles in,
0:46:50 > 0:46:53allowing a corridor here, giving access to the back bedroom,
0:46:53 > 0:46:55and also access to the middle room.
0:46:55 > 0:46:57We've also now put a skylight in,
0:46:57 > 0:46:59allowing more light into the actual corridor,
0:46:59 > 0:47:01making it seem more spacious as well.
0:47:01 > 0:47:04We've also kind of left the master bedroom as it was.
0:47:04 > 0:47:08Really pleased with the layout. I think it really works well.
0:47:08 > 0:47:10And it's been a great project to work on.
0:47:14 > 0:47:17The upstairs layout does work much better now,
0:47:17 > 0:47:20and while I appreciate that the groovy wallpaper had to go,
0:47:20 > 0:47:25I think it's a real shame that the original fireplaces have gone too.
0:47:26 > 0:47:28The outside has all been re-rendered,
0:47:28 > 0:47:32but there's a bit of a tidy-up needed outside at the front.
0:47:32 > 0:47:35However, the back garden will be a low-maintenance one.
0:47:37 > 0:47:39But how has this family affair worked out,
0:47:39 > 0:47:42with Cleo, her brother, their sister
0:47:42 > 0:47:46and their brother-on-law all playing a part in the renovation?
0:47:47 > 0:47:51Yeah, working with family - we're pretty much used to working together as a team,
0:47:51 > 0:47:53so it hasn't been a big change for us.
0:47:53 > 0:47:58The only thing is, we've had to sit down weekly to discuss any differences we have
0:47:58 > 0:48:00in terms of the property,
0:48:00 > 0:48:03but nothing of a problem, really. It's all come together quite well.
0:48:05 > 0:48:06That's good to hear.
0:48:06 > 0:48:10Getting building control approvals did take longer than they expected.
0:48:10 > 0:48:13Even so, with just a few finishing touches
0:48:13 > 0:48:16and a kitchen to finish installing,
0:48:16 > 0:48:19they have more or less managed to keep to their three-month timescale.
0:48:19 > 0:48:22But how have they fared on the budget front?
0:48:22 > 0:48:25They planned to spend £40,000.
0:48:27 > 0:48:30Until the furnishings have all gone in and the finished works...
0:48:30 > 0:48:34Yeah, we do expect it will be £40,000 spent in total.
0:48:36 > 0:48:41A spend of £40,000 will bring their total outlay here to £351,000.
0:48:42 > 0:48:44We asked along two local estate agents,
0:48:44 > 0:48:47including the one who saw the property before,
0:48:47 > 0:48:50to hear their thoughts on this renovated mid-terrace.
0:48:53 > 0:48:55It's very contemporary now,
0:48:55 > 0:48:57very clean, obviously with everything brand-new.
0:48:57 > 0:49:01Once it's finished, I'm sure it's going to look 100%.
0:49:01 > 0:49:04I think the property is coming along very nicely.
0:49:04 > 0:49:06There's a little bit of work still to be done,
0:49:06 > 0:49:08but you can see you've got a nice kitchen,
0:49:08 > 0:49:09two bathrooms.
0:49:10 > 0:49:14The experts were pretty divided on the resale value of the property,
0:49:14 > 0:49:19with valuations of between £350,000 and £395,000.
0:49:19 > 0:49:23So for Cleo and Co, that would mean a loss of £1,000
0:49:23 > 0:49:27or a decent profit of £44,000,
0:49:27 > 0:49:30minus the usual taxes and expenses, of course.
0:49:30 > 0:49:34But this was always a long-term investment for the siblings and brother-in-law.
0:49:34 > 0:49:38So what do the experts think that letting the property could fetch?
0:49:39 > 0:49:42If you were going to rent this out to sharers,
0:49:42 > 0:49:45you could achieve £1,300 per calendar month.
0:49:45 > 0:49:48If the property is rented out to four sharers,
0:49:48 > 0:49:52then I think you could achieve in the region of £1,700 per calendar month.
0:49:52 > 0:49:54Maybe slightly lower than I had expected.
0:49:54 > 0:49:58We were looking around the £1,800 mark, being the minimum.
0:49:58 > 0:50:02However, we can see it's something that obviously, until you've got it out on the market,
0:50:02 > 0:50:04you don't really know what's going to happen.
0:50:04 > 0:50:06And it is highly spec-ed, it's a new property,
0:50:06 > 0:50:09so it's going to be probably quite favourable amongst the tenants, I imagine.
0:50:11 > 0:50:12Here's hoping.
0:50:12 > 0:50:14The estate agents' rental valuations
0:50:14 > 0:50:19could mean a yield on this Bowes Park property of between 4% and 6%,
0:50:19 > 0:50:21which is pretty respectable, really.
0:50:23 > 0:50:25So what does the future hold for Cleo and her family
0:50:25 > 0:50:29of budding property developers - beyond finishing this one off, that is?
0:50:32 > 0:50:34The plan is to work on another project.
0:50:34 > 0:50:36We've got our eye something else at the moment,
0:50:36 > 0:50:38so fingers crossed that goes through.
0:50:38 > 0:50:40But yes, you kind of build up on it every year.
0:50:45 > 0:50:47Back now to Tipton in the West Midlands
0:50:47 > 0:50:50and this 0.64-acre plot
0:50:50 > 0:50:53with agreement in principle from the council
0:50:53 > 0:50:54to build ten homes.
0:50:54 > 0:50:58It was bought at auction for £100,000 by electrician
0:50:58 > 0:51:00turned property developer Trevor.
0:51:00 > 0:51:05He seemed unfazed by the enormity of the task ahead.
0:51:05 > 0:51:06And the biggest challenges you face?
0:51:06 > 0:51:08None, really.
0:51:08 > 0:51:11I don't... I'm not worried about it, you know. Just get on with it.
0:51:11 > 0:51:14- You've got a lovely laid-back, confident attitude.- That's right.
0:51:14 > 0:51:17Well, if people say to me, "Do you sleep at night?"
0:51:17 > 0:51:18I say, "I sleep lovely."
0:51:18 > 0:51:21It's life, innit? It's not everyone else's cup of tea, is it?
0:51:21 > 0:51:23I love the challenge.
0:51:24 > 0:51:26Trevor's plan was to clear the place,
0:51:26 > 0:51:32then get full planning permission to build eight three-bed houses and two four-bed houses on the plot.
0:51:32 > 0:51:35He aimed to turn the whole thing round in 15 months,
0:51:35 > 0:51:39and his budget was a cool £625,000.
0:51:39 > 0:51:4217 months after our first visit,
0:51:42 > 0:51:45we're back to see how Trevor's got on.
0:51:45 > 0:51:47# Keep on running
0:51:49 > 0:51:51# Keep on hiding
0:51:53 > 0:51:57# One fine day I'm going to be the one to make you understand
0:51:57 > 0:51:59# Oh, yeah
0:51:59 > 0:52:01# I'm going to be your man. #
0:52:02 > 0:52:04It's still very much work in progress.
0:52:04 > 0:52:06In Trevor's defence,
0:52:06 > 0:52:09getting planning permission took much longer than anticipated,
0:52:09 > 0:52:14and his team have only been on site for the last four months.
0:52:14 > 0:52:17So, please, Trevor, remind us exactly what we're looking at here.
0:52:19 > 0:52:21Well, my initial plan is to build...
0:52:21 > 0:52:25We've got plots 1 and 2, which are both three-bed end semis.
0:52:25 > 0:52:28We've got plots 3, 4 and 5,
0:52:28 > 0:52:31which are also three-beds.
0:52:31 > 0:52:35We've got plots 6, 7, 8 and 9.
0:52:35 > 0:52:396 and 9 are both three-bed end semis.
0:52:39 > 0:52:43Plots 7 and 8 are two-and-a-half-storey four-beds.
0:52:43 > 0:52:46And finally, we've got plot 10,
0:52:46 > 0:52:48which is a three-bed detached house.
0:52:48 > 0:52:50And that completes the site.
0:52:52 > 0:52:55OK, so plots 1 to 5, all three-beds,
0:52:55 > 0:52:59are the furthest on, and roofs will be going on them pretty soon.
0:53:00 > 0:53:03The three-bed detached house is taking shape,
0:53:03 > 0:53:06as is the block which will contain
0:53:06 > 0:53:08the two three-beds and two four-beds.
0:53:08 > 0:53:11Laid-back Trevor's only real concern
0:53:11 > 0:53:14was a sewage pipe running across the site,
0:53:14 > 0:53:16but that turned out to be easy enough to move.
0:53:16 > 0:53:20Once planning was in place, he thought the work on site would take 12 months,
0:53:20 > 0:53:24and in fact, he reckons his team are ahead of schedule at the moment.
0:53:24 > 0:53:29But how is his planned £625,000 budget looking now?
0:53:31 > 0:53:33The budget I'm working on is £572,000.
0:53:33 > 0:53:38My main job was obviously shopping around, you know?
0:53:38 > 0:53:41Like a woman when they go shopping - they go for bargains,
0:53:41 > 0:53:44and I do the same in buying building materials.
0:53:46 > 0:53:49Shopping around has certainly paid off for Trevor.
0:53:49 > 0:53:52His revised budget of £572,000
0:53:52 > 0:53:56is £53,000 lower than he'd anticipated.
0:53:56 > 0:53:59If everything continues to go to plan,
0:53:59 > 0:54:03he's on course for a total outlay here of £672,000.
0:54:03 > 0:54:05We asked two local property experts
0:54:05 > 0:54:08for their thoughts on the development so far.
0:54:12 > 0:54:15They've made the best use of the space available,
0:54:15 > 0:54:17in terms of...
0:54:17 > 0:54:21house size and maximising the number they can get on the site.
0:54:21 > 0:54:23In this area, people are looking for
0:54:23 > 0:54:26the different style of properties, whether that's terraced, semis
0:54:26 > 0:54:28and the detached. By incorporating all three on the same site,
0:54:28 > 0:54:31is what I would have done myself.
0:54:33 > 0:54:35Given that mixture of three-beds and four-beds,
0:54:35 > 0:54:39the experts think that the ten properties here
0:54:39 > 0:54:42could rent out for between £500 and £625 a month each,
0:54:42 > 0:54:47which could give Trevor a rock-solid yield in the region of 10%.
0:54:48 > 0:54:51But he's more interested in the resale valuations,
0:54:51 > 0:54:55so how much could the five three-bed semis fetch on the market?
0:54:57 > 0:55:01It would be between £115,000 and £120,000.
0:55:01 > 0:55:04Three-bedroom semis in this area, again built to a good specification,
0:55:04 > 0:55:07you'd be looking £115,000, £120,000.
0:55:07 > 0:55:11And the two three-bed terraced properties would be worth slightly less.
0:55:11 > 0:55:14What about the two four-bed terraced ones?
0:55:14 > 0:55:19With the four-bed, you'd be looking about £125,000.
0:55:19 > 0:55:22I would imagine that you'd probably be
0:55:22 > 0:55:25something between £125,000 and £130,000.
0:55:25 > 0:55:29And what about the three-bed detached house?
0:55:29 > 0:55:32A three-bedroom detached house I would envisage to be
0:55:32 > 0:55:35£135,000 or maybe a little more.
0:55:35 > 0:55:40The detached property, you'd be looking at about £135,000 to £140,000.
0:55:40 > 0:55:42OK, bear with me.
0:55:42 > 0:55:44HE MUTTERS CALCULATIONS
0:55:47 > 0:55:49Wow! Based on those valuations,
0:55:49 > 0:55:51Trevor could be looking at a total resale value
0:55:51 > 0:55:55in the region of £1.2 million.
0:55:56 > 0:55:58Good job I've sold all ten, then, in't it?
0:55:58 > 0:56:01At roughly the prices they've mentioned.
0:56:01 > 0:56:04So I've made the right choice, haven't I?
0:56:05 > 0:56:10Trevor has now sold all of the properties on to a housing association.
0:56:10 > 0:56:12And while he won't divulge the exact figure,
0:56:12 > 0:56:15it is roughly in line with the experts' valuations.
0:56:15 > 0:56:18So, if all continues to go to plan,
0:56:18 > 0:56:20this electrician turned property developer
0:56:20 > 0:56:24could be looking at a profit of over half a million pounds
0:56:24 > 0:56:26before tax and expenses.
0:56:26 > 0:56:28So, what's the plan for the future?
0:56:29 > 0:56:32I'm actually in the process of buying another plot,
0:56:32 > 0:56:35literally a two-minute walk from here
0:56:35 > 0:56:37for 13 houses.
0:56:39 > 0:56:42Well, if he can make anything like the profit he's set to make here,
0:56:42 > 0:56:46things are certainly looking bright for this former sparky.
0:56:52 > 0:56:54Well, that's it for today's show
0:56:54 > 0:56:57and all those stories from the auction rooms.
0:56:57 > 0:57:00So make sure you join us next time for more Homes Under The Hammer.
0:57:00 > 0:57:02- We'll see you then.- Goodbye.- Bye.
0:57:10 > 0:57:13Subtitles by Red Bee Media Ltd