0:00:02 > 0:00:03Hello and welcome to the programme.
0:00:03 > 0:00:05Now they say home is where the heart is
0:00:05 > 0:00:07but is your heart in buying property from an auction?
0:00:07 > 0:00:10Well, on today's show we'll be meeting people who
0:00:10 > 0:00:14put their heart and soul into buying homes under the hammer.
0:00:39 > 0:00:43Buying property at auction can be a road to success.
0:00:43 > 0:00:47But there are risks involved, so it's important to tread carefully.
0:00:47 > 0:00:51Yes, even the most experienced developers can make mistakes.
0:00:51 > 0:00:54But what inspired people to go to the auctions in the first
0:00:54 > 0:00:55place on today's show?
0:00:57 > 0:01:00Fancy living in a beautiful Cornish fishing village? Well,
0:01:00 > 0:01:04this two-bedroom bungalow could have been yours for under 125 grand.
0:01:06 > 0:01:10We revisit this plot in the West Midlands where the purchaser
0:01:10 > 0:01:14planned to build 10 houses and make an amazing 700,000 quid.
0:01:17 > 0:01:21And what about an ideal investment opportunity in Telford, Shropshire?
0:01:21 > 0:01:25The guide price for this three-bed maisonette was only 35 grand.
0:01:28 > 0:01:31- All these properties went to auction...- 106?- ..and we'll find out who bought them
0:01:31 > 0:01:35and what they paid for them when they went under the hammer.
0:01:35 > 0:01:37Sold.
0:01:47 > 0:01:51I'm in the idyllic fishing village of Polperro on the south
0:01:51 > 0:01:52coast of Cornwall.
0:01:52 > 0:01:56It is an outstandingly beautiful spot.
0:01:56 > 0:01:59But it's also got history -
0:01:59 > 0:02:02both in fishing and smuggling, and you get a sense of that
0:02:02 > 0:02:06in the fisherman's cottages, the narrow alleyways and roads.
0:02:06 > 0:02:09So it is, without a doubt, an artist's dream.
0:02:09 > 0:02:12But, is it a property investor's dream too?
0:02:15 > 0:02:17Back in the 18th century, a lot of the smugglers
0:02:17 > 0:02:22and privateers of Polperro were becoming very rich indeed.
0:02:22 > 0:02:24The village continues to retain a feel of those long-gone days
0:02:24 > 0:02:27of swashbuckling and skulduggery.
0:02:28 > 0:02:32The craggy rocks whisper secrets of ship wrecks, hidden cargo
0:02:32 > 0:02:36and contraband being unloaded in the dead of night.
0:02:36 > 0:02:39No wonder tourism flourishes here all year round.
0:02:41 > 0:02:46So there is absolutely no doubt that Polperro is a beautiful place,
0:02:46 > 0:02:51both to live and come on holiday, so I'm immediately thinking
0:02:51 > 0:02:55holiday lets, and this property could be ideal.
0:02:55 > 0:02:58It's a colonial-style two-bedroom bungalow.
0:02:58 > 0:03:01The guide price was £110,000-125,000.
0:03:01 > 0:03:03Got to be worth a look.
0:03:04 > 0:03:08The property has a timber construction and sits on a hill.
0:03:08 > 0:03:12One of those properties that I can't wait to see what I find inside.
0:03:12 > 0:03:16A little porch area you come through, a little ante area here.
0:03:16 > 0:03:18Off which is the bathroom.
0:03:18 > 0:03:22And then through into the first of your, sort of, living room areas.
0:03:22 > 0:03:25A kitchen there, definitely in need of some tender loving care
0:03:25 > 0:03:27and updating.
0:03:27 > 0:03:31The whole house, obviously, is back in a certain era.
0:03:31 > 0:03:33Look at the ceiling, very unusual.
0:03:33 > 0:03:36And this room though, a nice sized living room.
0:03:36 > 0:03:38An open fire.
0:03:38 > 0:03:41Judging by the fact that you've got these storage radiators, no central
0:03:41 > 0:03:44heating so that's something you need to factor into your costings.
0:03:44 > 0:03:49And it may well be that there's no services such as gas here
0:03:49 > 0:03:52so you're limited perhaps to what kind of fuel for your central
0:03:52 > 0:03:54heating that you'd definitely want to put in.
0:03:54 > 0:03:56But it's nice, it's charming.
0:03:56 > 0:04:00It's got these bedrooms off here and then something really strange.
0:04:01 > 0:04:02A door.
0:04:03 > 0:04:05I really can't get a handle on that.
0:04:05 > 0:04:07# Open up the door
0:04:07 > 0:04:10# Open up the door. #
0:04:10 > 0:04:13A door going nowhere? Very odd.
0:04:14 > 0:04:18At the other end of the room is the second bedroom which,
0:04:18 > 0:04:21like the first, also has plumbing.
0:04:21 > 0:04:25But, oh, boy, those corner basins are a throwback to the '70s.
0:04:25 > 0:04:29The dated kitchen will need a refit but I'd try to retain some of those
0:04:29 > 0:04:33quirky timber features which give this house its wonderful character.
0:04:33 > 0:04:36Well, carrying on the slightly dated
0:04:36 > 0:04:40and in need of modernisation theme, the bathroom here,
0:04:40 > 0:04:45it's not a bad size but as you can see, the suite needs replacing.
0:04:45 > 0:04:49Maybe bringing in the whole feeling of the seaside wood panelling,
0:04:49 > 0:04:51you know the kind of thing.
0:04:51 > 0:04:54But in this day and age of DVDs and televisions in the bathroom, which you can get now,
0:04:54 > 0:04:56I love this.
0:04:56 > 0:05:01An old car radio. You don't see that with much frequency.
0:05:01 > 0:05:03Somebody was on a very strange wavelength.
0:05:05 > 0:05:08Now, one thing you'll have lots of in this place is sunlight.
0:05:08 > 0:05:11The whole house has been built to make the most of this Cornish
0:05:11 > 0:05:13weather and idyllic views.
0:05:13 > 0:05:16And that sun porch is just divine.
0:05:16 > 0:05:19The charming garden wraps around the front and side.
0:05:19 > 0:05:22I love the way the property makes the most of its elevated position.
0:05:24 > 0:05:28Here at the back you can see how we really are built into this bank
0:05:28 > 0:05:30but look at this.
0:05:30 > 0:05:34It's sort of slate and this is the kind of thing
0:05:34 > 0:05:37they try to create in garden centres.
0:05:37 > 0:05:41You buy pumps and expensive bits of kit to enable you to have
0:05:41 > 0:05:43this water dribbling across stones effect
0:05:43 > 0:05:47and here it's just natural. You've got these beautiful plants.
0:05:47 > 0:05:49You've got the trickling of the water.
0:05:49 > 0:05:52You've got the cobwebs and the dew. You get the idea.
0:05:52 > 0:05:55It is...fantastic.
0:05:57 > 0:06:02The property went to auction with a guide price of £110,000 to £125,000.
0:06:02 > 0:06:04There's only one fly in the ointment
0:06:04 > 0:06:08and that is because the house is of wooden construction
0:06:08 > 0:06:12and therefore non-standard, it may well not be straightforward
0:06:12 > 0:06:14to get a mortgage on it.
0:06:14 > 0:06:15That could limit its appeal
0:06:15 > 0:06:19and saleability to a cash purchaser only.
0:06:19 > 0:06:22That's just one of the many reasons you should always read
0:06:22 > 0:06:24the legal pack before making a bid.
0:06:25 > 0:06:28Well, I'm certainly falling for this property.
0:06:28 > 0:06:32To find out more about its potential as a holiday let or rental property,
0:06:32 > 0:06:35we asked the auctioneer who sold it for his opinions on it.
0:06:36 > 0:06:40Polperro and this part of West Cornwall
0:06:40 > 0:06:44is just a haven for holiday-makers
0:06:44 > 0:06:48and the bungalow has the potential to instantly,
0:06:48 > 0:06:51virtually over a weekend, create the third bedroom
0:06:51 > 0:06:56out of the second reception room, which is a bit surplus these days.
0:06:56 > 0:06:59You'd be constantly booked up
0:06:59 > 0:07:05because this part of the West Country is just where everyone wants to come.
0:07:05 > 0:07:06Well, little wonder.
0:07:06 > 0:07:07Of course, if you really want,
0:07:07 > 0:07:10you could even look at getting planning permission
0:07:10 > 0:07:12to extend out to the side, here,
0:07:12 > 0:07:15or even up through the attic to create a fourth bedroom,
0:07:15 > 0:07:16and the next question is -
0:07:16 > 0:07:19what income could holiday letting produce?
0:07:19 > 0:07:22As a holiday let, you could be looking at
0:07:22 > 0:07:26between £650 and £850 per week,
0:07:26 > 0:07:29depending if you had the two or three-bedroom version
0:07:29 > 0:07:32or four-bedroom version and what time of year it was.
0:07:32 > 0:07:35Well, there's a good year-round demand for holiday lets
0:07:35 > 0:07:37but what about a more permanent tenant?
0:07:37 > 0:07:39How much could that produce?
0:07:39 > 0:07:42As a two or three-bedroom bungalow,
0:07:42 > 0:07:45you'd be looking at about £650 per calendar month
0:07:45 > 0:07:47to £750 per calendar month.
0:07:47 > 0:07:49If you added a fourth bedroom,
0:07:49 > 0:07:53you could be tiptoeing towards £800 per calendar month.
0:07:53 > 0:07:55What could the place be worth after refurbishment,
0:07:55 > 0:07:58configured as three bedrooms?
0:07:58 > 0:07:59In that form,
0:07:59 > 0:08:05as nice as it could be, it's going to be between £225,000 and £250,000.
0:08:05 > 0:08:09If you extend the bungalow to create four bedrooms,
0:08:09 > 0:08:14you're going to be looking at £250,000 to £275,000.
0:08:14 > 0:08:17Well, what is there not to love about this place?
0:08:17 > 0:08:19A few issues about financing it, perhaps,
0:08:19 > 0:08:24but fantastic location, charm by the bucket-load, and so many options.
0:08:24 > 0:08:29Lovely place to live, you could rent it out as a holiday let,
0:08:29 > 0:08:32or just have it as a bolthole in beautiful Cornwall.
0:08:32 > 0:08:35Let's see who bought it when it went under the hammer.
0:08:35 > 0:08:39Lot 111, Polperro, Looe, in Cornwall.
0:08:39 > 0:08:40Elevated bungalow, it's two beds,
0:08:40 > 0:08:42just a short walk down to the harbour.
0:08:42 > 0:08:45Won't start at less than 100, won't waste your time. 100,000 somewhere.
0:08:45 > 0:08:46100.
0:08:46 > 0:08:48100, at 100. Got 100.
0:08:48 > 0:08:51At 102. 102.
0:08:51 > 0:08:53At 102. Is there four?
0:08:53 > 0:08:56104. 104.
0:08:56 > 0:08:58106, 106.
0:08:58 > 0:09:00106, 108 or not?
0:09:00 > 0:09:03- 108.- There was plenty of interest on auction day.
0:09:03 > 0:09:07We rejoin the bidding at 117,000.
0:09:07 > 0:09:09117, 117.
0:09:09 > 0:09:12At 117, at 117.
0:09:12 > 0:09:14And a half? Yep. 117 and a half.
0:09:14 > 0:09:15118.
0:09:15 > 0:09:17118, at 118.
0:09:17 > 0:09:21You cannot say that's dear. He goes a half. 118 and a half.
0:09:21 > 0:09:25119. At 119. At 119.
0:09:25 > 0:09:26A half?
0:09:26 > 0:09:27119 and a half.
0:09:27 > 0:09:29120.
0:09:29 > 0:09:31At 120. At 120. Half.
0:09:31 > 0:09:33120 and a half.
0:09:33 > 0:09:34120 and a half.
0:09:35 > 0:09:37At 120 and a half once...
0:09:38 > 0:09:44..at 120 and a half twice. It's going out left at 120 and a half.
0:09:44 > 0:09:46Congratulations, you, sir.
0:09:46 > 0:09:49No wonder the successful purchaser looked so happy.
0:09:49 > 0:09:52Nikki got her friend Rob to bid for her
0:09:52 > 0:09:55and had only arrived at the auction in the nick of time.
0:09:55 > 0:09:59I met her at her new purchase to find out more.
0:09:59 > 0:10:02- Nikki, great to meet you.- Nice to meet you too.- Congratulations!
0:10:02 > 0:10:04- Thank you!- I can't believe you got this for that price.
0:10:04 > 0:10:06Nor can I, and it was very unexpected
0:10:06 > 0:10:08cos I actually wasn't going to bid for it initially.
0:10:08 > 0:10:09You weren't going to bid for it?
0:10:09 > 0:10:12- No, I came completely for a different property.- What?!
0:10:12 > 0:10:15And then this one came up and in the car on the way down
0:10:15 > 0:10:18I looked at this one and as I walked into the auction house
0:10:18 > 0:10:22it was coming to the end, managed to get my card, bid for it,
0:10:22 > 0:10:24bid against somebody else and I got it.
0:10:24 > 0:10:26- How much research on it had you done?- None.
0:10:26 > 0:10:28Looked at it in the car on the way down.
0:10:28 > 0:10:30You could have really messed up doing that,
0:10:30 > 0:10:31you know that, don't you?
0:10:31 > 0:10:33Nothing ventured, nothing gained.
0:10:34 > 0:10:39Blimey! "Nothing ventured." But potentially a lot to lose.
0:10:39 > 0:10:43Nikki had no time to read the legal pack so took a big risk.
0:10:43 > 0:10:45At least she was a cash buyer,
0:10:45 > 0:10:48so the potential problem of obtaining finance
0:10:48 > 0:10:52due to the non-standard construction of the house wasn't an issue.
0:10:52 > 0:10:55But it wasn't just the property that Nikki hadn't seen.
0:10:55 > 0:10:58I knew nothing about Polperro, nothing about the place at all.
0:10:58 > 0:11:01I initially went to the auction to buy a place in Torquay.
0:11:01 > 0:11:03So you just happened to buy somewhere not only in probably
0:11:03 > 0:11:05one of the most beautiful parts of Cornwall,
0:11:05 > 0:11:08possibly one of the most beautiful parts of the country,
0:11:08 > 0:11:10possibly one of the most beautiful parts of the world?!
0:11:10 > 0:11:14- Yeah, just by chance.- At what point did you see the house for real?
0:11:14 > 0:11:16Directly after the auction, we drove up here
0:11:16 > 0:11:18and sort of peered through the windows,
0:11:18 > 0:11:19then went down to the beach
0:11:19 > 0:11:22and walked round the village and thought, "It's a magic village".
0:11:22 > 0:11:24- Beautiful place.- So what do you do?
0:11:24 > 0:11:27At the moment, I'm saying, "retired".
0:11:27 > 0:11:31- Right.- And I sold my house in London.
0:11:31 > 0:11:34- Bought two properties, looking to buy probably another one to develop.- OK.
0:11:34 > 0:11:38And then I will find myself a job. I'm not sure what I'm going to do.
0:11:38 > 0:11:40- What did you do previously? - Used to be a nurse.- Wow.
0:11:40 > 0:11:44Pre-cancer specialist, but I got ill a couple of times last year
0:11:44 > 0:11:48and twice this year, and I think it was time for me to leave.
0:11:48 > 0:11:50And time for me to leave London.
0:11:50 > 0:11:53I must imagine that is a terribly fulfilling
0:11:53 > 0:11:55but terribly hard job you were doing as well.
0:11:55 > 0:11:57Yeah, took its toll.
0:11:57 > 0:11:59I think they call it burn-out.
0:11:59 > 0:12:02After Nikki got ill for the second time with pneumonia,
0:12:02 > 0:12:06she decided it was time to move away from London.
0:12:06 > 0:12:07I thought, "Right, that's it."
0:12:07 > 0:12:10I closed my eyes, put my finger on the map.
0:12:10 > 0:12:12- Ended up in Torquay.- No!
0:12:12 > 0:12:15Got a train down here, liked it, went back,
0:12:15 > 0:12:17put my house on the market, sold it, then I left.
0:12:17 > 0:12:19Do you believe in guiding spirits and things?
0:12:19 > 0:12:21Yep!
0:12:21 > 0:12:23Yes, I do!
0:12:23 > 0:12:24Someone's looking after me.
0:12:26 > 0:12:28Her bidding friend, Rob,
0:12:28 > 0:12:30who just happens to be a property developer,
0:12:30 > 0:12:33is going to do the renovation work for her,
0:12:33 > 0:12:36hopefully within the next two to three months.
0:12:36 > 0:12:41She's set aside a budget £15,000 to £20,000 and plans to get some return
0:12:41 > 0:12:43on the place as a holiday let during the summer,
0:12:43 > 0:12:46and possibly a six-month let over the winter months.
0:12:46 > 0:12:49She might even move down here herself.
0:12:49 > 0:12:52I was keen to hear about her refurbishment plans.
0:12:56 > 0:12:58I'm going to leave that to Rob, really,
0:12:58 > 0:13:00because I think the walls need to be looked at
0:13:00 > 0:13:02to see what they're made out of, get the carpets up,
0:13:02 > 0:13:03wooden floors, and actually do it
0:13:03 > 0:13:07in quite a nice, expensive style, but I don't want to make it too modern.
0:13:07 > 0:13:10I want to maintain that cottagey effect,
0:13:10 > 0:13:12but all the appliances in there will be brand-new.
0:13:12 > 0:13:14Some interesting features like the door,
0:13:14 > 0:13:16which goes to nowhere. Well, doesn't open.
0:13:16 > 0:13:19- It's a magic door. - It's a magic door, is it?- Yes.
0:13:19 > 0:13:21- Are you going to leave that? - I might do, actually.
0:13:21 > 0:13:24But some of the features of the kitchen I'm definitely going to keep,
0:13:24 > 0:13:26cos I've got the old cupboards and the old larders.
0:13:26 > 0:13:28And are you going to get involved in any of this work?
0:13:28 > 0:13:30Oh, I'll come down, yeah. I'll come down.
0:13:30 > 0:13:32When it's getting down I'll get involved.
0:13:32 > 0:13:34I want to do all the garden myself.
0:13:34 > 0:13:37So how do you feel about where you are in your life now?
0:13:37 > 0:13:38In a very good space now.
0:13:38 > 0:13:41I've changed my life round, a whole new start.
0:13:41 > 0:13:44I'm going to hit 50 next year and I thought, "If I don't do it now,
0:13:44 > 0:13:46"I'll never do it", and I've done it now.
0:13:46 > 0:13:48- Well, listen, lovely to meet you.- You too.
0:13:48 > 0:13:50- Congratulations for everything. - Thank you.
0:13:50 > 0:13:53- Come and visit me again.- I will, for sure.- If you need a holiday let...
0:13:53 > 0:13:56A holiday let, OK, I know where to come. Well, I love Polperro.
0:13:56 > 0:13:58- Give you cheap price! - I'd love to take you up on that!
0:14:00 > 0:14:03Well, what an extraordinary story, and all a bit random,
0:14:03 > 0:14:07but it does seem like things have turned out really well for Nikki
0:14:07 > 0:14:09and I'm delighted for her.
0:14:09 > 0:14:11An interesting property, some challenges ahead,
0:14:11 > 0:14:14but what a fantastic place to own.
0:14:14 > 0:14:16I can't wait to see what she does with it.
0:14:16 > 0:14:18You can find out later in the show.
0:14:21 > 0:14:26It was back in June 2011 that we first visited the next auction lot.
0:14:26 > 0:14:30We started by visiting the Black Country Living Museum in Dudley.
0:14:30 > 0:14:33It's a fascinating recreation of life in the West Midlands
0:14:33 > 0:14:36in its heyday as an industrial powerhouse.
0:14:38 > 0:14:42That said, the lot I'm here to see in nearby Tipton
0:14:42 > 0:14:46appears to owe more to a rural past than an industrial one.
0:14:46 > 0:14:49It's at the end of a row of industrial units,
0:14:49 > 0:14:52but the plot of land that was up for auction was, well,
0:14:52 > 0:14:53this forest.
0:14:56 > 0:15:02It's here at a guide price of 98,000 to 103,000 quid.
0:15:02 > 0:15:03Let's go and explore.
0:15:08 > 0:15:11The plot was described as "virgin ground".
0:15:11 > 0:15:14It's never been built upon, which should mean that
0:15:14 > 0:15:18under all this greenery, there must be something of a blank canvass.
0:15:18 > 0:15:20MUSIC: "Don't Fence Me In" by Cole Porter
0:15:20 > 0:15:22So, what are the first impressions?
0:15:22 > 0:15:24Well, access won't be a problem
0:15:24 > 0:15:27cos the site's situated on the junction of two roads,
0:15:27 > 0:15:31so all your building materials and things will be easily brought in,
0:15:31 > 0:15:35and when you come to develop, easy access for the property themselves.
0:15:35 > 0:15:39Also, you're likely to have services nearby, electricity, gas,
0:15:39 > 0:15:42sewerage, that kind of stuff.
0:15:42 > 0:15:46It's actually 0.64 acres, which is a fairly good size.
0:15:46 > 0:15:49You should be able to get a fair number of houses on there.
0:15:49 > 0:15:51It doesn't have planning permission as yet,
0:15:51 > 0:15:54but what it does have is approval for development
0:15:54 > 0:15:59and a provisional layout for ten houses has been agreed in principle.
0:15:59 > 0:16:01Ten houses!
0:16:01 > 0:16:02Wow!
0:16:02 > 0:16:05MUSIC: Theme from Indiana Jones
0:16:05 > 0:16:08Move over, Indiana Jones, I'm going in.
0:16:12 > 0:16:15Now, you need to bear in mind that the council has only given
0:16:15 > 0:16:19approval for development for the site, not planning permission
0:16:19 > 0:16:23or even provisional planning, so it doesn't guarantee you anything,
0:16:23 > 0:16:26but it does give you reassurance that the council want to see
0:16:26 > 0:16:28the land developed in some way.
0:16:29 > 0:16:33Well, as you can see, the site is currently a bit of a jungle,
0:16:33 > 0:16:39but unless whoever bought it is into their nature stuff,
0:16:39 > 0:16:41they probably want to clear this, don't they?
0:16:41 > 0:16:45It's going to take a while just to get the site actually cleared.
0:16:45 > 0:16:47Oh, well.
0:16:47 > 0:16:49The greenery is all well and good,
0:16:49 > 0:16:52but does make gauging the size of the plot tricky.
0:16:52 > 0:16:58On paper, ten three or four-bedroom homes on a 0.64-acre plot
0:16:58 > 0:17:02does sound a bit tight to me, though it would be doable,
0:17:02 > 0:17:06but is that necessarily the way forward for this bit of land?
0:17:08 > 0:17:10What are you going to do with the plot? Should you build?
0:17:10 > 0:17:12Well, we all know these are difficult times
0:17:12 > 0:17:15in the property market. People can't get mortgages,
0:17:15 > 0:17:17first-time buyers are finding it incredibly difficult.
0:17:17 > 0:17:21Well, here's a clue as to what should be done with the plot,
0:17:21 > 0:17:24cos right opposite there is this brand-new development
0:17:24 > 0:17:28of 87 properties, so somebody obviously thinks the area's good
0:17:28 > 0:17:30and there is demand,
0:17:30 > 0:17:31so is that good news?
0:17:31 > 0:17:34Well, on the one hand, it certainly brightens up the area
0:17:34 > 0:17:37and, as I said, they think there's a demand,
0:17:37 > 0:17:39so you can read into that what you like.
0:17:39 > 0:17:41The bad news is, of course,
0:17:41 > 0:17:44that could be potentially competition
0:17:44 > 0:17:47and it's much bigger in terms of the development than this,
0:17:47 > 0:17:49even if you built the maximum ten properties.
0:17:49 > 0:17:53The worst-case scenario is that those properties don't sell
0:17:53 > 0:17:55and no developer wants that.
0:17:55 > 0:17:58But you've got to speculate to accumulate, as they say,
0:17:58 > 0:18:01and if you're happy to be David to Goliath next door,
0:18:01 > 0:18:05then I think there's a good chance of making money,
0:18:05 > 0:18:07if you can put up those eight three-bed
0:18:07 > 0:18:10and two four-bedroom homes on the site.
0:18:15 > 0:18:18Well, the Black Country's future is looking ever brighter,
0:18:18 > 0:18:22and this auction lot provides the opportunity to regenerate
0:18:22 > 0:18:23a forgotten piece of land
0:18:23 > 0:18:27and potentially make some good profits in the bargain.
0:18:27 > 0:18:29Let's see who bought it when it went under the hammer.
0:18:31 > 0:18:34Our next lot is lot 23.
0:18:34 > 0:18:3660,000 to get it started.
0:18:36 > 0:18:39At £60,000 in my bid.
0:18:39 > 0:18:42At 50, then. I won't go lower. What a buy this will be.
0:18:42 > 0:18:44At £50,000 to get it started.
0:18:44 > 0:18:46At 50 I have, and thank you.
0:18:46 > 0:18:48At 50,000, do I have 75?
0:18:48 > 0:18:49I do.
0:18:49 > 0:18:52At 75, and thank you, sir.
0:18:52 > 0:18:53At 80.
0:18:53 > 0:18:55At 80, 85, then.
0:18:55 > 0:18:56At 85, is it 90?
0:18:56 > 0:18:59At 90. At 95.
0:18:59 > 0:19:01At 95, thank you, sir.
0:19:01 > 0:19:02Is that 92, is it?
0:19:02 > 0:19:0392.
0:19:03 > 0:19:06At 92, is it 95? 94.
0:19:06 > 0:19:0996, is it? 95. 95.
0:19:09 > 0:19:1296, 96. 97, gents?
0:19:12 > 0:19:1397. 98?
0:19:15 > 0:19:1798. Is it 99, gentlemen?
0:19:17 > 0:19:1999, is it 100?
0:19:19 > 0:19:2399 and a half. Sir, just another 500, if you fill it up for me.
0:19:23 > 0:19:26Thank you. 100,000 bid.
0:19:26 > 0:19:30At £100,000 on sale, gentlemen, once,
0:19:30 > 0:19:32are we all done? Twice.
0:19:32 > 0:19:36Third and last time at £100,000.
0:19:36 > 0:19:38Sold. Gentlemen, that is yours. Well done.
0:19:40 > 0:19:42That successful bid of £100,000
0:19:42 > 0:19:45came from local property developer Trevor.
0:19:45 > 0:19:47He's built 19 properties so far,
0:19:47 > 0:19:50everything from flats to detached houses.
0:19:52 > 0:19:55- Trevor, really good to meet you. - How are you doing, all right?
0:19:55 > 0:19:58- Congratulations.- Thank you. - You've bought yourself a forest.
0:19:58 > 0:19:59Yes, that's right, yes.
0:19:59 > 0:20:03What was it about it that you thought makes a viable proposition?
0:20:03 > 0:20:05Well, the real reason was...
0:20:05 > 0:20:08I probably wouldn't have bought it if it wasn't for, obviously,
0:20:08 > 0:20:11the new development being built at the other side.
0:20:11 > 0:20:13Sandwell Council obviously sold this.
0:20:13 > 0:20:16They done the planning statement to put residential
0:20:16 > 0:20:19on this piece of land, so that's the real reason why I bought it.
0:20:19 > 0:20:21So although it hasn't got planning permission,
0:20:21 > 0:20:23it's got a pretty big indication
0:20:23 > 0:20:25that planning permission will be approved.
0:20:25 > 0:20:29Yeah, it shouldn't be a problem. Fingers crossed, anyway!
0:20:29 > 0:20:31So what are you actually going to build on here, then?
0:20:31 > 0:20:35Well, the plan is to build ten houses.
0:20:35 > 0:20:38Eight three-bed houses and two two-and-a-half-storey,
0:20:38 > 0:20:41which are like three or four-bed houses.
0:20:41 > 0:20:45So we're looking at a build cost of about £625,000.
0:20:45 > 0:20:47And do you have any idea what the resale value
0:20:47 > 0:20:48of the whole development might be?
0:20:48 > 0:20:50The resale of the whole development,
0:20:50 > 0:20:54I'm looking at GDV of about 1.4 million.
0:20:54 > 0:20:56OK, so 625 to build them, plus...
0:20:56 > 0:20:59- Plus my 100 for the land.- Right, 725.
0:20:59 > 0:21:021.4 to sell them, plus sales costs and stuff.
0:21:02 > 0:21:03Yeah, that's all tied up with it.
0:21:03 > 0:21:08- I'm looking, probably, to fetch back 700,000 on this piece of land.- Gosh!
0:21:08 > 0:21:11- Wow!- It's just luck of the draw, isn't it?
0:21:11 > 0:21:13What are the hurdles in between now
0:21:13 > 0:21:15and you being three quarters of a million quid better off?
0:21:15 > 0:21:19The main plan is now get planning permission in.
0:21:19 > 0:21:23I've also actually got a six-inch pipe
0:21:23 > 0:21:25running diagonally through the land.
0:21:25 > 0:21:26What kind of pipe?
0:21:26 > 0:21:28- It's a sewerage pipe.- Oh.
0:21:28 > 0:21:33Obviously, my plan is to redirect it round the boundary of the side.
0:21:33 > 0:21:36- Expensive?- Not necessarily.
0:21:36 > 0:21:38Hopefully, I can permission from Severn Trent to do the works
0:21:38 > 0:21:42and, obviously, get my own ground workers to do the job for me.
0:21:42 > 0:21:45Once I'm out the ground, it's straightforward.
0:21:45 > 0:21:47- Easy peasy?- Yeah.
0:21:47 > 0:21:51MUSIC: "Peaceful Easy Feeling" by The Eagles
0:21:52 > 0:21:55Trevor's plan was to clear the place out
0:21:55 > 0:21:56and then get full planning permission
0:21:56 > 0:21:58to build eight three-bed houses
0:21:58 > 0:22:01and two four-bed houses on the plot.
0:22:01 > 0:22:03He was aiming to turn the whole thing round in 15 months
0:22:03 > 0:22:07and his budget was a cool £625,000.
0:22:11 > 0:22:15But when we returned almost a year and a half after our first visit,
0:22:15 > 0:22:17the project still had some way to run.
0:22:17 > 0:22:20MUSIC: "Keep On Running" by The Spencer Davis Group
0:22:33 > 0:22:37In Trevor's defence, getting planning permission took much longer
0:22:37 > 0:22:41than anticipated and his team had only been on site for four months.
0:22:42 > 0:22:45Trevor reminded us of what the plan was.
0:22:48 > 0:22:50Well, my initial plan is to build...
0:22:50 > 0:22:55We've got plots one and two, which are both three-bed end semis.
0:22:55 > 0:23:00We've got plots three, four and five, which are also three-beds.
0:23:00 > 0:23:05We've got plots six, seven, eight and nine.
0:23:05 > 0:23:09Six and nine are both three-bed end semis.
0:23:09 > 0:23:13Plots seven and eight are two-and-a-half-storey four-beds.
0:23:13 > 0:23:17Finally, we've got plot ten, which is a three-bed detached house.
0:23:19 > 0:23:22Laidback Trevor's only real concern was a sewer pipe
0:23:22 > 0:23:24running across the site,
0:23:24 > 0:23:27but that turned out to be easy enough to move.
0:23:27 > 0:23:29He thought it might take another eight months
0:23:29 > 0:23:31to finish all ten houses off,
0:23:31 > 0:23:35but how was his planned £625,000 budget faring?
0:23:37 > 0:23:41The budget I'm working on is 572,000.
0:23:41 > 0:23:46That revised budget was £53,000 lower than Trevor had anticipated.
0:23:46 > 0:23:51It meant he was on course for a total spend of £672,000
0:23:51 > 0:23:55and he was delighted to have already sold all ten properties
0:23:55 > 0:23:59to a housing association for an undisclosed figure.
0:24:00 > 0:24:02Join us later in the programme
0:24:02 > 0:24:06when we return two years after our first visit to discover if Trevor
0:24:06 > 0:24:10kept to his budget and how the properties eventually turned out.
0:24:14 > 0:24:17Coming up, this Shropshire maisonette could rent out
0:24:17 > 0:24:18very nicely indeed.
0:24:18 > 0:24:22It is a bit boxy, but it's in fantastic condition.
0:24:24 > 0:24:27We revisit Tipton in the West Midlands to catch up with Trevor
0:24:27 > 0:24:32and see if his development of ten houses made him shedloads of cash.
0:24:34 > 0:24:38But first, back in Cornwall, Nikki saved this cottage
0:24:38 > 0:24:39and the environment.
0:24:39 > 0:24:43I like to recycle and I like to be as eco-friendly as possible.
0:24:47 > 0:24:52We now return to the south west of England and beautiful Polperro.
0:24:52 > 0:24:55This picturesque Cornish village is steeped in the history
0:24:55 > 0:24:58of smuggling and pirates.
0:24:59 > 0:25:02The booty was this two-bed colonial-style cottage
0:25:02 > 0:25:04on a hill overlooking the harbour.
0:25:04 > 0:25:06It was bought on a whim by Nikki.
0:25:06 > 0:25:10She had in fact intended to buy a second property in Torquay.
0:25:10 > 0:25:14This was to add to the one she was already refurbishing there,
0:25:14 > 0:25:17having moved down from London a couple of months earlier.
0:25:17 > 0:25:19- How much research on it had you done?- None.
0:25:19 > 0:25:21Look at it in the car on the way down.
0:25:21 > 0:25:23You could have really messed up doing that,
0:25:23 > 0:25:26- you know that, don't you? - Nothing ventured, nothing gained.
0:25:26 > 0:25:27HE LAUGHS
0:25:27 > 0:25:29The cottage was very dated
0:25:29 > 0:25:31and needed a full refurbishment.
0:25:31 > 0:25:35She had a budget of £15,000-£20,000 to refurbish it
0:25:35 > 0:25:36and her plan was to let it.
0:25:42 > 0:25:44We left Nikki to it for eight months
0:25:44 > 0:25:47and then returned to Polperro for an update with her.
0:25:50 > 0:25:51And there's no question about it,
0:25:51 > 0:25:56the finish here has most definitely got the wow factor!
0:26:03 > 0:26:05The wall dividing the former kitchen has been removed,
0:26:05 > 0:26:08making it a beautiful, large,
0:26:08 > 0:26:10light and open room.
0:26:10 > 0:26:12Here we go.
0:26:12 > 0:26:17New kitchen, bit of a change from the first kitchen that you saw.
0:26:17 > 0:26:18What I've done,
0:26:18 > 0:26:22I went to a bespoke kitchen supplier
0:26:22 > 0:26:24who made these units for me.
0:26:24 > 0:26:26We haven't got gas here,
0:26:26 > 0:26:28so we've got a new halogen hob,
0:26:28 > 0:26:32oven, extractor fan.
0:26:32 > 0:26:35And this...was part of a wall.
0:26:35 > 0:26:36We knocked it all out,
0:26:36 > 0:26:38found this fireplace.
0:26:39 > 0:26:42This is all lime-rendered
0:26:42 > 0:26:44and these are reclaimed tiles
0:26:44 > 0:26:47from the place I also have in Torquay,
0:26:47 > 0:26:49and this flooring is all bamboo.
0:26:50 > 0:26:53Well, the bamboo flooring
0:26:53 > 0:26:55certainly works really well here.
0:26:56 > 0:26:59# Wednesday is the day of rest
0:26:59 > 0:27:04# In the house with the bamboo floor... #
0:27:04 > 0:27:07The bamboo floor certainly floats my boat
0:27:07 > 0:27:10and takes you through into the living room.
0:27:10 > 0:27:13I'm really loving the gorgeous look Nikki's achieved here.
0:27:13 > 0:27:17She had the same builders she employed on her Torquay property,
0:27:17 > 0:27:20but his team have had to tackle a lot of issues here.
0:27:22 > 0:27:24There's a lot of rot, wood rot,
0:27:24 > 0:27:27so we had the floors taken up, ceiling taken out,
0:27:27 > 0:27:29and there was no insulation.
0:27:29 > 0:27:32So then I've put in hemp for insulation.
0:27:32 > 0:27:34I like to recycle
0:27:34 > 0:27:36and I like to be as eco-friendly as possible.
0:27:36 > 0:27:39Apart from all that, the property needed rewiring
0:27:39 > 0:27:41and the heating's been replaced.
0:27:41 > 0:27:43Nikki was going to develop the property
0:27:43 > 0:27:46with her developer friend Rob, but he's moved on.
0:27:46 > 0:27:49However, her builder Martin's been very busy here.
0:27:51 > 0:27:53It's amazing the job you did, Martin,
0:27:53 > 0:27:57considering this had completely collapsed and you've rebuilt it.
0:27:57 > 0:28:00Still a few bits and bobs to do.
0:28:00 > 0:28:03We spent two or three weeks more work here,
0:28:03 > 0:28:07but it took two tons of sand, just this part here.
0:28:07 > 0:28:11We're just trying to maintain everything in the garden
0:28:11 > 0:28:12that is naturally growing.
0:28:12 > 0:28:16This water trickles down, and you can hear it at night
0:28:16 > 0:28:17when you're in the bedroom.
0:28:17 > 0:28:20And the other side, where the other bedroom is, you have a stream.
0:28:20 > 0:28:23So you have both. It's just magical, actually.
0:28:23 > 0:28:25It's like a little pixie grotto.
0:28:25 > 0:28:29# Ixie Dixie pixie pie... #
0:28:30 > 0:28:33So have the pixies been spreading magic money around,
0:28:33 > 0:28:36or has Nikki's budget fallen foul
0:28:36 > 0:28:38of the big, bad spending monster?
0:28:38 > 0:28:42Initially I thought the outlay would be about 20,000-25,000,
0:28:42 > 0:28:46but realistically I probably have spent out about 45,000.
0:28:46 > 0:28:48That £45,000 budget
0:28:48 > 0:28:52on top of the £125,000 she spent at auction
0:28:52 > 0:28:57takes Nikki's total outlay to £165,500.
0:28:59 > 0:29:02Let's see if two property experts
0:29:02 > 0:29:05think that's been a good investment.
0:29:05 > 0:29:10When I first came here it was very plain, very down on its luck.
0:29:10 > 0:29:13Contrasting with today, it's just clean and fresh.
0:29:13 > 0:29:15They've made a lovely flow
0:29:15 > 0:29:19from the kitchen through to the living area.
0:29:19 > 0:29:21They've done a really top-quality job.
0:29:21 > 0:29:24I think it'll really appeal as a holiday let to people,
0:29:24 > 0:29:26the finish is really, really good.
0:29:26 > 0:29:27The high-gloss bamboo flooring,
0:29:27 > 0:29:30you've got some really, really nice window furniture.
0:29:30 > 0:29:33The fireplaces using the lime finish,
0:29:33 > 0:29:35it does really, really show the property off.
0:29:35 > 0:29:38There's no shortage of holiday apartments
0:29:38 > 0:29:40in this pretty Cornish village,
0:29:40 > 0:29:42but this is definitely different.
0:29:42 > 0:29:45So how much could this cottage achieve for a holiday let?
0:29:45 > 0:29:47As a holiday let,
0:29:47 > 0:29:51I think the property would achieve in the region of £600-£650 per week.
0:29:51 > 0:29:53As a holiday let,
0:29:53 > 0:29:56your core hot weeks in the summer
0:29:56 > 0:30:00would be about £650 per week,
0:30:00 > 0:30:03which, interestingly, is very similar
0:30:03 > 0:30:06to the kind of rule of thumb that that weekly rate
0:30:06 > 0:30:08is the sort of monthly rate
0:30:08 > 0:30:11if you rented it out on a assured shorthold tenancy.
0:30:11 > 0:30:14Thus, £650 per calendar month.
0:30:14 > 0:30:16On an assured shorthold tenancy basis,
0:30:16 > 0:30:18I think the property would achieve
0:30:18 > 0:30:21in the region of £650 per calendar month.
0:30:22 > 0:30:25If the cottage was let on an assured shorthold tenancy for a year,
0:30:25 > 0:30:28it would generate a yield of almost 5%.
0:30:28 > 0:30:30Holiday lets do pay more,
0:30:30 > 0:30:33but not necessarily for the whole year, of course.
0:30:34 > 0:30:37Meanwhile, it sounds like Nikki's had a change of heart.
0:30:38 > 0:30:40I want the house to be looked after,
0:30:40 > 0:30:43and a holiday let, you don't know what's going to go on,
0:30:43 > 0:30:44who's going to be there.
0:30:44 > 0:30:47So, to be honest, I want someone to buy the house and look after it.
0:30:47 > 0:30:51So, a loving, caring buyer required,
0:30:51 > 0:30:55but will they pay more than the £165,500 Nikki's invested?
0:30:58 > 0:31:03I'd expect to see it marketed at £225,000-£250,000.
0:31:03 > 0:31:06Put it out there, light the blue touchpaper,
0:31:06 > 0:31:08and see what happens.
0:31:08 > 0:31:13I would see it certainly achieving in excess of £250,000,
0:31:13 > 0:31:16quite possibly leaning much closer towards the 300 mark.
0:31:16 > 0:31:21That valuation range from £225,000-£300,000
0:31:21 > 0:31:23would produce a gross profit
0:31:23 > 0:31:26of around £60,000 to around £135,000
0:31:26 > 0:31:29before tax and expenses.
0:31:30 > 0:31:34I was looking at around about 275,000,
0:31:34 > 0:31:37but I was going to market it for 300,000.
0:31:37 > 0:31:38Well, fingers crossed - who knows.
0:31:38 > 0:31:41This is one of these properties you see
0:31:41 > 0:31:43and instantly fall in love with,
0:31:43 > 0:31:45as Nikki's discovered.
0:31:45 > 0:31:46It's been a great experience.
0:31:46 > 0:31:49I also know a lot of the history about the house,
0:31:49 > 0:31:52where it came from. Gone into the archives.
0:31:52 > 0:31:53It was imported from Canada
0:31:53 > 0:31:57and there were only three of them imported in about 1919
0:31:57 > 0:31:59and this one needed a lot of TLC,
0:31:59 > 0:32:01which it's got from me.
0:32:06 > 0:32:11The town of Telford is named after the famous engineer Thomas Telford,
0:32:11 > 0:32:13but this modern town centre
0:32:13 > 0:32:16with its shopping mall and smart, shiny office blocks
0:32:16 > 0:32:20now shows little evidence of its industrial heritage.
0:32:20 > 0:32:22There's no traditional high street here
0:32:22 > 0:32:24because Telford's a new town.
0:32:24 > 0:32:26It was made up of a series of smaller towns
0:32:26 > 0:32:29which merged together in the '60s and '70s.
0:32:31 > 0:32:34One of the towns gobbled up by Telford was Dawley,
0:32:34 > 0:32:37one of the oldest settlements in Shropshire.
0:32:37 > 0:32:40It did at one point have its own castle,
0:32:40 > 0:32:41sadly no longer standing.
0:32:41 > 0:32:44So, in the absence of turrets and a moat,
0:32:44 > 0:32:46what does Dawley have on offer today?
0:32:46 > 0:32:51Well, how about a three-bedroom maisonette in this development
0:32:51 > 0:32:54with a guide price of just £35,000?
0:32:54 > 0:32:57It's a big development,
0:32:57 > 0:32:59typical of that new-town expansion.
0:32:59 > 0:33:03And 35,000 for a three-bedroom property -
0:33:03 > 0:33:06well, it seems like a bit of a snip.
0:33:06 > 0:33:09The stairwell up to the maisonette is more functional than fabulous,
0:33:09 > 0:33:12but it's clean and well-maintained.
0:33:13 > 0:33:17There's a little exterior walkway leading to the front door itself.
0:33:21 > 0:33:24It feels like a solid house when you walk in here
0:33:24 > 0:33:26with the staircase going up there.
0:33:26 > 0:33:28It doesn't have a maisonette feel to it at all
0:33:28 > 0:33:31but it's in really good condition.
0:33:31 > 0:33:32A lovely, spacious kitchen,
0:33:32 > 0:33:35although obviously you're going to need to change all the units.
0:33:35 > 0:33:38But something really exciting - I spy a new boiler in there,
0:33:38 > 0:33:42that's going to save you about a grand straightaway.
0:33:42 > 0:33:45So, the reception room, fantastic. Look at it!
0:33:45 > 0:33:47The paintwork's in good condition,
0:33:47 > 0:33:49you obviously need to put some carpet down.
0:33:49 > 0:33:52A really, really pretty view out there to the communal gardens.
0:33:52 > 0:33:57All right, there's not much character to shout about, it is a bit boxy,
0:33:57 > 0:33:59but it's in fantastic condition,
0:33:59 > 0:34:02and the guide price - 35,000.
0:34:02 > 0:34:04Happy days!
0:34:07 > 0:34:09For that guide price
0:34:09 > 0:34:12you might expect something in pretty poor nick,
0:34:12 > 0:34:13or with a significant downside.
0:34:13 > 0:34:16But here, so far as I can see,
0:34:16 > 0:34:21you've got a good-sized, bright, clean and well-maintained property,
0:34:21 > 0:34:25with the bonus of what appears to be a decent central-heating system.
0:34:25 > 0:34:28Onwards and upwards!
0:34:28 > 0:34:32Now, upstairs, sadly it feels a little more pinched.
0:34:32 > 0:34:35It's certainly not got that airy, spacious feel about it.
0:34:35 > 0:34:38So you've got a single room there, it would be fine for one of the kids.
0:34:38 > 0:34:40A really good-sized double, marvellous,
0:34:40 > 0:34:43with lovely views looking over Shropshire.
0:34:43 > 0:34:47A very pink bathroom. Yes, very marshmallow-like.
0:34:47 > 0:34:49And I'd probably call this a cot room,
0:34:49 > 0:34:52you would get a single bed in, but it would be a squeeze.
0:34:52 > 0:34:54But I don't care about any of that,
0:34:54 > 0:34:55because I'm going to say it again.
0:34:55 > 0:34:58The guide price - £35,000.
0:34:58 > 0:35:01I thank you.
0:35:02 > 0:35:04And now for my next trick,
0:35:04 > 0:35:07ladies and gentlemen, I'm going to reveal
0:35:07 > 0:35:11how this maisonette can transform into a nice little earner.
0:35:11 > 0:35:14Low-value properties are not always the ones
0:35:14 > 0:35:17to make you buckets of instant cash,
0:35:17 > 0:35:21but they're often the ones that will bring you in a fabulous rental yield.
0:35:21 > 0:35:25For example, buy this one for the guide price of 35,000,
0:35:25 > 0:35:29spend ten grand including fees bringing it up to scratch,
0:35:29 > 0:35:32rent for, let's say, £500 a month,
0:35:32 > 0:35:35that's around a 13% yield.
0:35:35 > 0:35:38And that is really, really worth thinking about.
0:35:38 > 0:35:40So, without even really trying,
0:35:40 > 0:35:44this auction lot could plump up your bank balance
0:35:44 > 0:35:45very nicely indeed.
0:35:45 > 0:35:46Magic!
0:35:46 > 0:35:49MUSIC: "A Kind of Magic" by Queen
0:35:51 > 0:35:55We asked the local estate agent for his thoughts on this place.
0:35:59 > 0:36:00The area's good value for money,
0:36:00 > 0:36:03it is a little bit better than it has been in the past.
0:36:03 > 0:36:07It's very easy to get places from here, it's very central to Telford.
0:36:07 > 0:36:09You would need to keep to quite a tight budget,
0:36:09 > 0:36:11you wouldn't want to spend an awful lot on the property,
0:36:11 > 0:36:13but in fairness I don't think it needs it, really.
0:36:13 > 0:36:15Just basic cosmetics.
0:36:16 > 0:36:19Once some work was done, what could it let for?
0:36:20 > 0:36:22I would expect this place to get
0:36:22 > 0:36:25around about £550 per calendar month.
0:36:25 > 0:36:27And what if it was sold on?
0:36:27 > 0:36:29Done up to a reasonable standard,
0:36:29 > 0:36:32it should be worth in the region of about £70,000.
0:36:32 > 0:36:35This is a neat, easy little investment.
0:36:35 > 0:36:38It might never make you the big bucks,
0:36:38 > 0:36:41but if you're after a steady stream in rental return
0:36:41 > 0:36:43then it could be your thing.
0:36:43 > 0:36:45Let's see who thought it was theirs at the auction.
0:36:45 > 0:36:46Lot 73.
0:36:46 > 0:36:5125 then. Started at 25. 25 bid, standing. At 25,000.
0:36:51 > 0:36:5230 can we say now?
0:36:52 > 0:36:5430. At 30,000.
0:36:54 > 0:36:5731. 31.
0:36:57 > 0:36:5932. 33.
0:36:59 > 0:37:0234. 35. 36.
0:37:02 > 0:37:0437. 38.
0:37:04 > 0:37:08No. At £38,000, seated.
0:37:08 > 0:37:09At £38,000.
0:37:09 > 0:37:1139 anywhere else?
0:37:11 > 0:37:1438 and a half.
0:37:14 > 0:37:1539.
0:37:15 > 0:37:17Half. 40.
0:37:17 > 0:37:20No? At £40,000, seated.
0:37:20 > 0:37:23At 40,000. Another 500 anywhere else.
0:37:23 > 0:37:2540,500.
0:37:25 > 0:37:2841,000. 41,500.
0:37:28 > 0:37:3142,000. 42,500. 43,000.
0:37:31 > 0:37:3443,500. No?
0:37:34 > 0:37:3643,000, gentleman's bid there.
0:37:36 > 0:37:40£43,000. Another 500 anywhere else? If not, I'm...
0:37:40 > 0:37:43Back in? 43,500.
0:37:44 > 0:37:4543,500.
0:37:45 > 0:37:4744,000.
0:37:49 > 0:37:52We're 43,500. 44,000.
0:37:52 > 0:37:54Yeah, 44,500.
0:37:54 > 0:37:5545,000.
0:37:55 > 0:37:5745,500.
0:37:57 > 0:37:5846,000.
0:38:00 > 0:38:0246,500.
0:38:02 > 0:38:0447,000.
0:38:04 > 0:38:0747,000. 47,500. 47,500.
0:38:07 > 0:38:1048,000.
0:38:10 > 0:38:1248,000. And a half?
0:38:12 > 0:38:14Yes. 48,500.
0:38:14 > 0:38:1649,000?
0:38:16 > 0:38:18Nope? 48 and a half.
0:38:18 > 0:38:22Lady's bid. Third row. £48,500.
0:38:22 > 0:38:2448,500 once. 48,500 twice.
0:38:24 > 0:38:27Third and last time, 48,500...
0:38:27 > 0:38:29Your lot. Well done.
0:38:29 > 0:38:32'That successful bid of 48,500
0:38:32 > 0:38:36'came from husband and wife Clark and Adrienne.
0:38:36 > 0:38:38'They're full-time property developers
0:38:38 > 0:38:39'and if they seem familiar,
0:38:39 > 0:38:42'well, that's because we've had them on the show before.
0:38:42 > 0:38:46'Back in 2011 they bought another property in Dawley
0:38:46 > 0:38:49'and they were keeping their options open.'
0:38:49 > 0:38:53- If they don't sell because of the market then we'll rent.- Right.
0:38:53 > 0:38:55You're talking about "they". What do you mean "they"?
0:38:55 > 0:38:58Well, we bought more than one.
0:38:58 > 0:39:00- When?- At the same auction.
0:39:00 > 0:39:02- Straight after this.- Oh, did you?! - Yes, the next lot.
0:39:02 > 0:39:05- Oh, right.- And then about five or six lots later.
0:39:05 > 0:39:07They actually brought three properties
0:39:07 > 0:39:09at that particular auction.
0:39:09 > 0:39:11And old habits die hard.
0:39:11 > 0:39:14Because at this latest auction they didn't buy just one,
0:39:14 > 0:39:16they bought two!
0:39:16 > 0:39:18This one and its neighbour.
0:39:18 > 0:39:20Let's find out their plans for the pair.
0:39:20 > 0:39:23# I got double trouble
0:39:23 > 0:39:25# I got double trouble
0:39:25 > 0:39:29# I got double trouble
0:39:29 > 0:39:31# Twice as much as anybody else Oh, yeah... #
0:39:33 > 0:39:35- Congratulations. - Thank you.- Thank you.
0:39:35 > 0:39:38You're still in and around this area.
0:39:38 > 0:39:41The last one was literally about 50 metres that way.
0:39:41 > 0:39:43So we did that, sold it...
0:39:43 > 0:39:46pretty quickly.
0:39:46 > 0:39:49- Did you make a profit? How well did you do?- Yeah, we made a profit.
0:39:49 > 0:39:51It wasn't huge, but it was a profit. So that's fine.
0:39:51 > 0:39:55Let's talk about auction day. There you were, bidding for this property.
0:39:55 > 0:39:59- Who did the bidding?- I bid. I bid up to 42,000 and stopped.
0:39:59 > 0:40:02So what were the rules on the day? You only wanted to pay £42,000 for this.
0:40:02 > 0:40:05- That's all I wanted to pay, yes. - And what happened next?
0:40:06 > 0:40:08I carried on.
0:40:08 > 0:40:11'And Adrienne carried on
0:40:11 > 0:40:13'for another £6,500.
0:40:13 > 0:40:15'But she felt it was worth it,
0:40:15 > 0:40:17'as Clark had just bought its neighbour.'
0:40:17 > 0:40:20How much did you pay for the next-door property, Clark?
0:40:20 > 0:40:24- I got that for 37,000.- Ooh, so that makes this one look quite expensive.
0:40:24 > 0:40:27How do you feel about having paid a bit more for this one?
0:40:27 > 0:40:31Mmm, not too bad because, well, in my estimation,
0:40:31 > 0:40:34what I do is I average them out.
0:40:34 > 0:40:37So we're talking 42,500...each.
0:40:37 > 0:40:40I think it is an absolutely fantastic idea
0:40:40 > 0:40:43that you've bought one next door to the other.
0:40:43 > 0:40:45It's amazing, because you can get the same team of builders,
0:40:45 > 0:40:47they can work on them together.
0:40:47 > 0:40:50- I mean, it really does work out, doesn't it?- Oh, yes, yes.
0:40:50 > 0:40:51It's definitely got advantages
0:40:51 > 0:40:54from having one on one side of town and one on the other.
0:40:54 > 0:40:56Logistically it's just so much better.
0:40:56 > 0:40:58What are you going to do with this property?
0:40:58 > 0:40:59It's virtually ready to go,
0:40:59 > 0:41:03but we will be doing new kitchen, new bathroom, decorating through.
0:41:03 > 0:41:06Biggest expense will be new double glazing.
0:41:06 > 0:41:09Have you worked out your budget for this property?
0:41:09 > 0:41:12About 5,000-6,000.
0:41:12 > 0:41:14And who's going to do most of the work?
0:41:14 > 0:41:17Are you guys going to spend a lot of time here working on it yourselves?
0:41:17 > 0:41:19- No.- No. We've built up quite a good team now.
0:41:19 > 0:41:23Plasterer, painter, plumber...
0:41:23 > 0:41:24Joiner, gas man.
0:41:24 > 0:41:27Yeah, we've got the team ready.
0:41:27 > 0:41:29It's great they have a team already set up,
0:41:29 > 0:41:33and it's obviously one they trust, as they've worked with them before.
0:41:33 > 0:41:37The couple's plan is to buy up as much property as they can now
0:41:37 > 0:41:38while prices are low,
0:41:38 > 0:41:41and then they can move their workmen from one to the other,
0:41:41 > 0:41:43to get them ready for selling or renting.
0:41:47 > 0:41:49What is it about this that you love so much?
0:41:49 > 0:41:52Apart from the money?
0:41:52 > 0:41:56Well, the biggest thing, I think, is turning round what can be some
0:41:56 > 0:41:59really horrible properties, especially the last one you showed.
0:41:59 > 0:42:02and turning it into
0:42:02 > 0:42:05something that people really enjoy and really love having.
0:42:05 > 0:42:07We had a young couple take over a property.
0:42:07 > 0:42:11It was their first property and it is great just to see them moving in
0:42:11 > 0:42:13and having the property. And they really like it.
0:42:13 > 0:42:15We get satisfaction from that.
0:42:15 > 0:42:17As a couple, do you both enjoy doing this?
0:42:17 > 0:42:20Is this something that you talk about all the time?
0:42:20 > 0:42:22Is it something that really gets you excited?
0:42:22 > 0:42:25- We talk about it constantly. - Do you really? Do you?!
0:42:25 > 0:42:29Everybody talks about property. Is it something you both enjoy doing, as a couple?
0:42:29 > 0:42:32- Oh, yeah.- It has its moments, but, yeah, generally speaking, it is a great job.
0:42:32 > 0:42:36- It has been fabulous meeting you. Good luck. I can't wait to see the outcome.- Me, too.- Thank you.
0:42:36 > 0:42:39- Well done. Lovely to meet you. Thank you.- Thank you.- Thanks.
0:42:39 > 0:42:44Well, Clark and Adrienne can't stop talking about property -
0:42:44 > 0:42:46or buying it, for that matter.
0:42:46 > 0:42:50Even though this one cost much more than next door,
0:42:50 > 0:42:54I still think it's a great buy. Find out how it all goes, later in the show.
0:42:57 > 0:43:00Now, getting your property at the right price
0:43:00 > 0:43:04is the first step to success and it's vital you get that right.
0:43:04 > 0:43:06The next stage is just as important.
0:43:06 > 0:43:11Sticking to plans and budgets is the best route to a decent profit.
0:43:11 > 0:43:14So, time to find out how our buyers have got on.
0:43:18 > 0:43:19Back now to the West Midlands.
0:43:19 > 0:43:22and an auction lot we first visited in June, 2011.
0:43:23 > 0:43:27Full-time property developer Trevor bought this plot of land in Tipton
0:43:27 > 0:43:32for £100,000. The council had sold the plot and although
0:43:32 > 0:43:36it didn't have planning permission, Trevor was confident his plans
0:43:36 > 0:43:37would get approval.
0:43:39 > 0:43:41So, what are you actually going to build on here?
0:43:41 > 0:43:44The plan is to build ten houses -
0:43:44 > 0:43:46eight three-bed houses
0:43:46 > 0:43:51and two two-and-a-half storey, which is like three/four bed houses.
0:43:51 > 0:43:55So, looking at a build cost of about £625,000.
0:43:57 > 0:44:01When we first returned, in November 2012,
0:44:01 > 0:44:03Trevor's team had only been on site
0:44:03 > 0:44:04for four months.
0:44:05 > 0:44:08# Knock me down with a feather
0:44:08 > 0:44:11# Clever Trevor. #
0:44:11 > 0:44:14Plots one to five, which were three-bed properties
0:44:14 > 0:44:18were the most advanced. The three-bed detached house
0:44:18 > 0:44:20was also taking shape and work on the remaining
0:44:20 > 0:44:22four properties was just starting.
0:44:22 > 0:44:24With some clever shopping around,
0:44:24 > 0:44:31Trevor had managed to reduce his budget by £53,000, to 572 grand.
0:44:31 > 0:44:33# Clever Trevor. #
0:44:37 > 0:44:38Well, it is now seven months
0:44:38 > 0:44:41later and all ten houses
0:44:41 > 0:44:42are built.
0:44:42 > 0:44:46The two largest properties are the middle pair of semis
0:44:46 > 0:44:48in the centre of the development.
0:44:51 > 0:44:55Trevor was delighted to have sold all ten of them
0:44:55 > 0:44:58to a housing association.
0:45:02 > 0:45:07But he soon discovered they wanted some modifications.
0:45:07 > 0:45:09It's been a bit of a learning curve,
0:45:09 > 0:45:11working with the housing association.
0:45:11 > 0:45:15Originally, this house was planned as a four-bed house,
0:45:15 > 0:45:19but because of the criteria of the housing association
0:45:19 > 0:45:23for their government funding, the rooms have to be bigger.
0:45:23 > 0:45:26So, whereas, originally, this was going to be two bedrooms,
0:45:26 > 0:45:30I have had to take the wall down and obviously make it one full room.
0:45:30 > 0:45:31And there's more.
0:45:33 > 0:45:39The housing association has asked me to put a lockable cabinet in,
0:45:39 > 0:45:43obviously, for the family to keep their medicine in, to keep it safe.
0:45:43 > 0:45:45There were eco details, too.
0:45:45 > 0:45:49A proper recycling bin, for all the household waste.
0:45:49 > 0:45:51And there were features to include outside.
0:45:51 > 0:45:5430 metres of washing line....
0:45:56 > 0:46:02..and a water butt. And a shed and, also, a clamp for a bike.
0:46:02 > 0:46:05# You have that extra something
0:46:05 > 0:46:06# The mint sauce and the lamb
0:46:06 > 0:46:08# The doughnut and the jam. #
0:46:08 > 0:46:13All useful additions and the houses all have solar panels,
0:46:13 > 0:46:14plus a downstairs loo.
0:46:15 > 0:46:19The larger bedroom sizes, which the housing association required,
0:46:19 > 0:46:22meant the two largest mid-terraces still have a bedroom
0:46:22 > 0:46:24up in the attic area,
0:46:24 > 0:46:27but now only have three - instead of four - bedrooms.
0:46:27 > 0:46:31That means the development has ended up with seven two-bedroom semis,
0:46:31 > 0:46:34while the two larger semis and the detached house
0:46:34 > 0:46:36have three bedrooms each.
0:46:38 > 0:46:41All the houses have now been finished
0:46:41 > 0:46:43to the same exacting specifications.
0:46:43 > 0:46:49Every week, a clerk of works comes to the site to make sure that
0:46:49 > 0:46:50our standard of work is up to scratch.
0:46:50 > 0:46:54In some of the rooms, we have had to put some bulkheads,
0:46:54 > 0:46:58where the staircases go upstairs. We have actually... Obviously,
0:46:58 > 0:47:00the plasterer has formed an arch.
0:47:00 > 0:47:03The clerk of works was completely amazed.
0:47:03 > 0:47:07He has also been taking pictures of it, to show other developers
0:47:07 > 0:47:11that this is what he wants. So that makes me really proud.
0:47:11 > 0:47:14Having guys on site who can do tasks which,
0:47:14 > 0:47:17normally, they wouldn't probably see in another house.
0:47:17 > 0:47:21Trevor's builders are just finishing off the road
0:47:21 > 0:47:23at the back of the development.
0:47:23 > 0:47:25Eight of the properties are already tenanted
0:47:25 > 0:47:29by the housing association and the last two are being handed over
0:47:29 > 0:47:31in the next week. I wonder, did Trevor
0:47:31 > 0:47:36manage to keep to his budget of £572,000?
0:47:36 > 0:47:40The budget - I would say I am probably about £40,000 over.
0:47:40 > 0:47:47OK. Add that £612,000 to the £100,000 Trevor paid at auction
0:47:47 > 0:47:51and it takes his total investment here to £712,000.
0:47:51 > 0:47:54Trevor's family have been keen to see the finished houses
0:47:54 > 0:47:57and find out just what Dad's been up to.
0:47:57 > 0:48:01'With my three kids - Kyle, who is nearly 10,
0:48:01 > 0:48:05'Mia, who is eight and little Harry, who is 17 months old,
0:48:05 > 0:48:08'they come and see what I am up to. They get involved,
0:48:08 > 0:48:12'especially the oldest, my son. You never know, one day,
0:48:12 > 0:48:15'all three of them might get involved and carry it on
0:48:15 > 0:48:16'in their own way.'
0:48:18 > 0:48:21We invited the two local estate agents who initially saw the houses
0:48:21 > 0:48:26to return and give us their opinions on these now-finished properties.
0:48:26 > 0:48:29The progress has been fantastic. Obviously, when we were here before,
0:48:29 > 0:48:31it was just a shell. Now, the properties
0:48:31 > 0:48:34are fully built. The standard of finish is very, very good.
0:48:34 > 0:48:36They have spent the money on the kitchen and bathroom,
0:48:36 > 0:48:39the main important areas that people are looking for when moving in.
0:48:39 > 0:48:44The finish to the properties is very high. We have got double glazing,
0:48:44 > 0:48:47central heating and, in this property,
0:48:47 > 0:48:51there is a second floor, with a nice large bedroom.
0:48:52 > 0:48:56Trevor has already sold all ten properties to a housing association,
0:48:56 > 0:48:58but what do the estate agents think they could have
0:48:58 > 0:49:04sold for on the open market? More than the £712,000 Trevor's invested?
0:49:04 > 0:49:08If these properties were to be sold individually,
0:49:08 > 0:49:13then I would imagine that the two-bedroom properties would sell
0:49:13 > 0:49:18for around the £90,000 and the three-bedroomed would realise
0:49:18 > 0:49:20somewhere in the region of about £110,000.
0:49:20 > 0:49:23The detached property that is on here,
0:49:23 > 0:49:28the single detached property, in the region of £135,000-£140,000.
0:49:28 > 0:49:32I would expect in the region of £90,000-£95,000
0:49:32 > 0:49:35for the two-bedroom properties and £110,000-£115,000
0:49:35 > 0:49:39for the three-bedroom properties. The three-bedroom detached property,
0:49:39 > 0:49:43I would expect in the region of about £130,000-£135,000.
0:49:44 > 0:49:47Based on those valuations, if all ten properties
0:49:47 > 0:49:50were sold on the open market, they might have achieved
0:49:50 > 0:49:55between £980,000 and £1,350,000, before tax and expenses.
0:49:55 > 0:50:00But clever Trevor has already sold them to a housing association.
0:50:00 > 0:50:03So, how much did he get for that?
0:50:03 > 0:50:06I have sold them for just over 1.2 million.
0:50:06 > 0:50:09At the end of the day, I have given the housing association
0:50:09 > 0:50:15a decent discount, but, then again, I am not stuck with the houses.
0:50:15 > 0:50:18Now, that is what I call a win-win situation.
0:50:18 > 0:50:24Trevor has totted up a £488,000 profit, before tax and expenses.
0:50:25 > 0:50:28It is academic, but interesting to know,
0:50:28 > 0:50:32that the estate agents believe that, if all ten properties had been let,
0:50:32 > 0:50:35with the reduced number of bedrooms, there would have been a yield
0:50:35 > 0:50:39of around 9%. Now the project is nearing completion,
0:50:39 > 0:50:42what's next for Trevor?
0:50:42 > 0:50:46Obviously, my kids and all my family have been patient,
0:50:46 > 0:50:48while I have been working long hours,
0:50:48 > 0:50:51trying to get these houses finished. Obviously, they're only going to be
0:50:51 > 0:50:54young once, so the plan is to spend time with them
0:50:54 > 0:50:56then get ready to start up again.
0:51:01 > 0:51:05Back now to Dawley in Telford, Shropshire, where Clark and Adrianne
0:51:05 > 0:51:09purchased this three-bedroom maisonette for £48,500.
0:51:09 > 0:51:14The couple are no strangers to property development.
0:51:14 > 0:51:17In fact, they are not even strangers to this block.
0:51:17 > 0:51:20# It takes two, baby Me and you. #
0:51:20 > 0:51:22I think it is an absolutely fantastic idea
0:51:22 > 0:51:26that you have bought one next door to the other. It's amazing,
0:51:26 > 0:51:30because you can get the same team of builders, they can work on them together.
0:51:30 > 0:51:31It really does work out.
0:51:31 > 0:51:35Oh, yes, yes. It definitely has got advantages, from having one
0:51:35 > 0:51:38on one side of the town and one on the other. Logistically, it is just so much better.
0:51:38 > 0:51:40What is it about this that you love so much?
0:51:40 > 0:51:42Apart from the money?
0:51:42 > 0:51:47Well, the biggest thing, I think, is turning round what can be
0:51:47 > 0:51:48some really horrible properties
0:51:48 > 0:51:51and turning it into
0:51:51 > 0:51:54something that people really enjoy and love having.
0:51:55 > 0:52:00And was it better? They had the renovation budget of around £6,000.
0:52:00 > 0:52:04We went back ten months later, to see the fruits of their labours.
0:52:04 > 0:52:08# You're playing Two can play that game
0:52:08 > 0:52:13# Can play that game Yeah, two can play that game
0:52:13 > 0:52:14# Can play that game... #
0:52:14 > 0:52:18Initially, I thought this flat was in an OK condition,
0:52:18 > 0:52:22but Clark and Adrienne decided they wanted to make it even better.
0:52:25 > 0:52:28I think they have succeeded.
0:52:28 > 0:52:30# Two can play at that game
0:52:30 > 0:52:35# You're playing Two can play that game.... #
0:52:37 > 0:52:40This has been a fairly straightforward one.
0:52:40 > 0:52:44We got here by, initially, doing the windows.
0:52:44 > 0:52:46They were aluminium frames, which were white,
0:52:46 > 0:52:50but they were not double glazed, they were just single glaze.
0:52:50 > 0:52:56Then, there was a kitchen fitted, the bathroom pulled out and redone.
0:52:56 > 0:52:59When in the bathrooms, we always fully tile them.
0:52:59 > 0:53:03We put showers in. We like putting a rain shower in.
0:53:03 > 0:53:07Then painting, any plastering that needed doing
0:53:07 > 0:53:09and carpets and, then, that's basically it.
0:53:09 > 0:53:11So, this is a fairly straightforward one.
0:53:11 > 0:53:15It looks like this happy couple are pleased with the renovation,
0:53:15 > 0:53:17but how did they get on with each other?
0:53:17 > 0:53:18NEEDLE SCRATCHES
0:53:18 > 0:53:21'OK, I'm sure he's joking!'
0:53:21 > 0:53:26We had our moments, especially when there were a few
0:53:26 > 0:53:29"design discussions", about whether this goes there, that goes there
0:53:29 > 0:53:33and what have you. But we generally stick to the same pattern,
0:53:33 > 0:53:36so it doesn't... We don't have many, do we?
0:53:36 > 0:53:37- Ooh!- One or two.
0:53:37 > 0:53:42One thing they DO agree on, is good-quality renovations.
0:53:42 > 0:53:46Well, we always feel that if we do a place up
0:53:46 > 0:53:50to a very good standard, then we will get good tenants.
0:53:50 > 0:53:53We wouldn't ask someone to live in a place we wouldn't live in ourselves.
0:53:53 > 0:53:57People are really happy with them when they see them. So it works, so we stick to it.
0:53:57 > 0:53:59Delays did push them a little behind schedule,
0:53:59 > 0:54:03especially when another property caught their eye.
0:54:03 > 0:54:08Well, we had said we would get them finished within about six weeks.
0:54:08 > 0:54:11That was the plan. Unfortunately, we got delayed
0:54:11 > 0:54:14with the other properties that we were doing.
0:54:14 > 0:54:17Then it got into the winter, so we just locked them up
0:54:17 > 0:54:21for the time being, because we go to Spain for the winter.
0:54:21 > 0:54:25And then we get a bit delayed coming back from Spain,
0:54:25 > 0:54:32because we've been negotiating for a renovation property in Spain.
0:54:32 > 0:54:36Back in Blighty, did they stick to their original budget?
0:54:36 > 0:54:40I think our budget has been on track.
0:54:40 > 0:54:43I think it has been about 6,500, including any costs.
0:54:43 > 0:54:46We try and keep them under 6,000.
0:54:46 > 0:54:52I don't think there's been much over the norm to do on this one.
0:54:52 > 0:54:56The changes seem to be straightforward. Or were they?
0:54:56 > 0:55:00Originally, the boiler was in this cupboard here.
0:55:00 > 0:55:03So, what we have had done, we have had it taken out of there
0:55:03 > 0:55:07and what we then did was had it moved into this cupboard here.
0:55:07 > 0:55:11So what we have then got now here is we have got a new kitchen in,
0:55:11 > 0:55:15new worktops, sink, cooker. We have tiled it all throughout,
0:55:15 > 0:55:21all painted, new flooring and we even managed to get a table in.
0:55:21 > 0:55:25What we have ended up with now is a fair-sized family kitchen-diner.
0:55:25 > 0:55:28I'm sure Clark won't find Adrienne disagreeing there.
0:55:31 > 0:55:33We asked two local estate agents
0:55:33 > 0:55:37to give us their opinions of the couple's efforts.
0:55:37 > 0:55:40They have made a remarkable improvement to the property.
0:55:40 > 0:55:42They have done a fantastic job.
0:55:42 > 0:55:45Plenty of Magnolia, neutral colours, white woodwork.
0:55:45 > 0:55:47really great bathroom and kitchen.
0:55:47 > 0:55:50It's been refurbished in a fairly modern style,
0:55:50 > 0:55:52particularly the kitchens and bathrooms.
0:55:52 > 0:55:57They have pretty much maximised the accommodation available here.
0:55:57 > 0:55:59The kitchen will stand out. It is modern looking,
0:55:59 > 0:56:02it has the nice tiling, contemporary colour.
0:56:02 > 0:56:07Adrienne and Clark bought the property for £48,500
0:56:07 > 0:56:10and spent around 6,500 refurbishing it.
0:56:10 > 0:56:14That brings their total outlay to 55,000.
0:56:14 > 0:56:19So, will their high standards have increased its resale value now?
0:56:19 > 0:56:22If I was looking to place this property on the market,
0:56:22 > 0:56:24I would have an asking price of £72,500
0:56:24 > 0:56:28with a view to achieving a sale price of £70,000.
0:56:28 > 0:56:31I would recommend an asking price of round about £70,000,
0:56:31 > 0:56:34with a view to achieving as close to that is possible.
0:56:34 > 0:56:40That would give the couple a profit of £15,000, minus tax and expenses.
0:56:40 > 0:56:41What do they make of that?
0:56:41 > 0:56:44We probably think we would get somewhere in the region
0:56:44 > 0:56:48of closer to 75, in view of other properties
0:56:48 > 0:56:51which are smaller than this which are achieving that.
0:56:51 > 0:56:54I think we can get a little more, but that's fine.
0:56:54 > 0:56:58Clark and Adrienne are not too interested in the resale value,
0:56:58 > 0:57:00as their plan is to let it.
0:57:00 > 0:57:03So, let's hope those valuations are more to their liking.
0:57:03 > 0:57:06In the rental market, I would expect this property to achieve
0:57:06 > 0:57:09a rent of £500 per calendar month.
0:57:09 > 0:57:12The property is an ideal rental prospect
0:57:12 > 0:57:16and I would recommend they look at around the £500 per calendar month.
0:57:16 > 0:57:21A touch low, because it is a three-bedroom property
0:57:21 > 0:57:25and the normal going rate for a three-bedroomed is 550.
0:57:25 > 0:57:29And we have had people interested at that price.
0:57:29 > 0:57:34If Clark and Adrienne do manage to get their figure of £550 a month
0:57:34 > 0:57:39that would give them a healthy 12% yield. However, as it turns out,
0:57:39 > 0:57:41they won't be getting that rent right away.
0:57:41 > 0:57:45My son is moving in until he completes on a property
0:57:45 > 0:57:51that he is buying. Hopefully, he will be moving out very soon.
0:57:51 > 0:57:54Our negotiations on the property in Spain will be going through soon
0:57:54 > 0:57:58and then, that will be in the winter time
0:57:58 > 0:58:01that we will go over and start work on that one.
0:58:03 > 0:58:07Has all this whetted your appetite for buying property at auction?
0:58:07 > 0:58:10If so, there will be more interesting auction stories for you next time...
0:58:10 > 0:58:13- ..on Homes Under The Hammer. - Goodbye.- Goodbye.