0:00:02 > 0:00:04Hello. Now, auctions are a very quick way to buy property
0:00:04 > 0:00:07and get a good result.
0:00:07 > 0:00:09Maybe that's why they're becoming so popular!
0:00:09 > 0:00:13That's right. Thousands of lots are offered each year under the hammer.
0:00:38 > 0:00:41Well, people who buy regularly at auction know all
0:00:41 > 0:00:45the tricks of the trade, but one way to make sure you're not buying
0:00:45 > 0:00:48into a whole heap of trouble is to make sure you read the legal pack.
0:00:48 > 0:00:50Yes, it's better to be safe than sorry.
0:00:50 > 0:00:53Here are the properties that are going under
0:00:53 > 0:00:54the hammer on today's show.
0:00:56 > 0:01:00In Derby, the wonky walls in this four bed semi make me
0:01:00 > 0:01:02a little excitable.
0:01:02 > 0:01:05There are some big problems with this house!
0:01:05 > 0:01:09In Clydebank, Scotland, a feature in this flat makes me
0:01:09 > 0:01:12come over all Braveheart!
0:01:12 > 0:01:14You can't get rid of the blue tartan!
0:01:16 > 0:01:18And in Belfast, can you believe it?
0:01:18 > 0:01:21I'm hoping this buyer isn't going to be too sensible with their money.
0:01:21 > 0:01:24- Have you saved a little bit to go mad with?- Just a little bit.
0:01:24 > 0:01:26THEY LAUGH
0:01:26 > 0:01:29All these properties have been sold at auction.
0:01:29 > 0:01:32We'll find out who bought them and what they paid for them
0:01:32 > 0:01:34when they went under the hammer.
0:01:34 > 0:01:35You, madam, well done.
0:01:38 > 0:01:43Today, I'm in the popular market town of Ashbourne in Derbyshire,
0:01:43 > 0:01:47which sits on the southern edge of the Peak District National Park.
0:01:47 > 0:01:50As well as its numerous historic buildings
0:01:50 > 0:01:52and independent shops,
0:01:52 > 0:01:55Ashbourne is also known for its traditional two-day
0:01:55 > 0:01:58Royal Shrovetide Football Match,
0:01:58 > 0:02:01played annually since 1667.
0:02:01 > 0:02:04The fiercely competitive teams are called the Up'ards
0:02:04 > 0:02:05and the Down'ards.
0:02:05 > 0:02:09So, will the property I'm here to see turn out to be a real winner?
0:02:09 > 0:02:11Well, it's sounding pretty good.
0:02:11 > 0:02:14We love the location and on paper it sounds great.
0:02:14 > 0:02:19Four bedrooms, semi detached, guide price £95,000...well,
0:02:19 > 0:02:22let's throw in an extra £30 to buy yourself a hedge trimmer,
0:02:22 > 0:02:25cos that's one thing you're going to have to do before you've started.
0:02:25 > 0:02:28Because behind this privet hedge, believe me, there is
0:02:28 > 0:02:30a half-decent looking house.
0:02:30 > 0:02:32Yeah!
0:02:32 > 0:02:36# Did you know your garden's overgrown? #
0:02:38 > 0:02:43So, OK...erm, interesting that, through the front door
0:02:43 > 0:02:47entrance hall here, stairs up to your bedrooms there.
0:02:47 > 0:02:51You've got your dining room there.
0:02:51 > 0:02:53It's OK, not a bad size, I suppose.
0:02:53 > 0:02:57Kitchen here but straightaway I'm thinking,
0:02:57 > 0:03:00I wonder if there's a way of maybe combining those two rooms.
0:03:00 > 0:03:03Give it that real modern open plan feel.
0:03:03 > 0:03:06Take out that wall, ooh, big thick wall.
0:03:06 > 0:03:09Take out that extremely big, thick, expensive take-out wall there
0:03:09 > 0:03:15and you have a nice space. Thinking on my feet here, hmmm, plan B then.
0:03:15 > 0:03:17Erm, love that there's a loo downstairs,
0:03:17 > 0:03:22really good to have and then through into a dual aspect living room.
0:03:22 > 0:03:25Really nice size space.
0:03:25 > 0:03:29Erm...but there's something not right here.
0:03:31 > 0:03:35Straightaway, that beam doesn't look particularly good.
0:03:35 > 0:03:38Looks like there's a bit of bow in it.
0:03:38 > 0:03:40And I don't know if you'll be able to see this,
0:03:40 > 0:03:44but over in this corner, the floor actually drops down.
0:03:44 > 0:03:47Now, I don't reckon that's just the floorboards.
0:03:48 > 0:03:51There's something seriously wrong going here.
0:03:53 > 0:03:54I think I said that wrong.
0:03:54 > 0:03:57I mean, there's something seriously wrong going on here.
0:03:57 > 0:03:58That's what I meant.
0:03:58 > 0:04:01# What can I do?
0:04:03 > 0:04:06# When something wrong with you. #
0:04:10 > 0:04:15You know, it is almost impossible to find a wall or floor that's
0:04:15 > 0:04:16actually straight!
0:04:18 > 0:04:23On close examination, there are plenty of signs inside and out
0:04:23 > 0:04:26that all is not well.
0:04:26 > 0:04:30And I've a funny feeling that there's going to be more to come.
0:04:30 > 0:04:34So, upstairs is a bit like downstairs, lots of space,
0:04:34 > 0:04:37that's the good news.
0:04:37 > 0:04:39I mean, bedrooms, big one there, another one there.
0:04:39 > 0:04:42You've got a bathroom and loo separate.
0:04:42 > 0:04:44Erm, but at least they're in the right place, upstairs.
0:04:44 > 0:04:48So, knock those together, I suppose. Another bedroom there.
0:04:48 > 0:04:52But it's much more fundamental than that, it's really not good!
0:04:52 > 0:04:56I mean, the floor disappears off as you walk this way, it's at an angle.
0:04:56 > 0:05:00You come into this bedroom here and just look at the angles
0:05:00 > 0:05:03of that doorframe and the one behind it!
0:05:03 > 0:05:08I mean, I don't think I've ever seen such obvious signs of things
0:05:08 > 0:05:10going horribly wrong!
0:05:10 > 0:05:13Again, this room slopes off down here.
0:05:13 > 0:05:17It just absolutely compounds what I thought downstairs, which is
0:05:17 > 0:05:20there are some big problems with this house!
0:05:26 > 0:05:32This house is much more than dated decor and wilting wallpaper.
0:05:32 > 0:05:36And I suspect whoever takes this on will have to tackle some
0:05:36 > 0:05:39serious subsidence issues.
0:05:39 > 0:05:42Let's see if there are any clues out here.
0:05:42 > 0:05:46Erm, right. What I'm looking at is the brick work.
0:05:46 > 0:05:50A real giveaway, look at the mortar,
0:05:50 > 0:05:52see if it's been replaced at any point. Look for any...
0:05:52 > 0:05:53HE LAUGHS
0:05:53 > 0:05:55..cracks!
0:05:55 > 0:05:58And straightaway underneath the window here, you can see all the
0:05:58 > 0:06:01mortar's fallen out and some big cracks there.
0:06:01 > 0:06:06Big crack above the window there, that's not good.
0:06:06 > 0:06:09Now, I'm drawn straightaway to this, which is
0:06:09 > 0:06:14basically where the water comes down spout into that. It's drainage,
0:06:14 > 0:06:18often bad drainage, cracked pipes and whatever underneath here
0:06:18 > 0:06:20would have caused the ground to get very wet.
0:06:20 > 0:06:23That can cause subsidence, that can cause all sorts of problems,
0:06:23 > 0:06:25so maybe that's an issue.
0:06:25 > 0:06:27Let's see if there are any more clues.
0:06:27 > 0:06:29Moving across, more cracks underneath this window.
0:06:29 > 0:06:32And looks like somebody's been digging around to see what's
0:06:32 > 0:06:34going on in terms of the foundations.
0:06:34 > 0:06:37But, you know, this window here, again,
0:06:37 > 0:06:40we're seeing cracks below, which is bad and cracks above.
0:06:40 > 0:06:42Now, the cracks above, erm, look to me like
0:06:42 > 0:06:44they're caused because often
0:06:44 > 0:06:47when people put new double glazing in, they don't put the right
0:06:47 > 0:06:50kind of structure above, a lintel or something like that.
0:06:50 > 0:06:53A concrete beam there should be but it doesn't look like there is one.
0:06:53 > 0:06:56That explains the cracking above, but the cracking below...that's
0:06:56 > 0:06:58more of a problem, for me, I think.
0:06:58 > 0:07:01And I think that's more to do with this drainage here or
0:07:01 > 0:07:03possibly a problem with it.
0:07:03 > 0:07:06Either way...it's not good.
0:07:08 > 0:07:11And there's more trouble in the garden!
0:07:11 > 0:07:13# You look like an angel... #
0:07:13 > 0:07:16This is a garden menace known as bindweed.
0:07:16 > 0:07:18And if it's not rooted out,
0:07:18 > 0:07:21it can choke all the surrounding vegetation.
0:07:21 > 0:07:25Not for nothing it has earned the nickname of "the devil's bind".
0:07:25 > 0:07:28# You're the devil in disguise... #
0:07:28 > 0:07:30Once you've got rid of that little devil,
0:07:30 > 0:07:34there are plenty of nice plants to discover and nurture.
0:07:34 > 0:07:38The garden is a generous size and it's private, so that's all good.
0:07:38 > 0:07:41A local estate agent came along to give me
0:07:41 > 0:07:44his opinion on this rather sorry semi.
0:07:45 > 0:07:49It's clear to see that this property has structural movement.
0:07:49 > 0:07:53Certainly, my advice to a prospective buyer is that they commission
0:07:53 > 0:07:56a structural engineer to carry out a thorough survey.
0:07:58 > 0:08:01A buyer might need to think about significant expenditure
0:08:01 > 0:08:06on the structural issue if the report turns out to be bad news.
0:08:06 > 0:08:08Add the cost of renovation, even if
0:08:08 > 0:08:11you got it for anything like the £95,000 guide price, and would
0:08:11 > 0:08:16this wonky house, albeit in a lovely street, be a good investment?
0:08:16 > 0:08:18If I was to place this on the open market,
0:08:18 > 0:08:22I would suggest an asking price of £200,000.
0:08:22 > 0:08:25So, there could well be a profit if you wanted to sell on.
0:08:25 > 0:08:27What about rental?
0:08:27 > 0:08:32I feel it would achieve in the region of £700 per calendar month.
0:08:32 > 0:08:34Well, on the face of it,
0:08:34 > 0:08:38a substantial house in a great location.
0:08:38 > 0:08:42Well, you certainly can't argue about the location but rather than
0:08:42 > 0:08:45substantial, I'd say "substandard" when it comes to the house.
0:08:45 > 0:08:48Lots and lots and lots of problems.
0:08:48 > 0:08:49Not one for the unwary.
0:08:49 > 0:08:52Let's see who bought it when it went under the hammer.
0:08:54 > 0:08:57Start me on the guide at 95 if you will.
0:08:57 > 0:09:0095 I've got, thank you, as an opening bid.
0:09:00 > 0:09:04At £95,000, 96, 96 is bid.
0:09:04 > 0:09:0696, 97,
0:09:06 > 0:09:1198, 99, 100.
0:09:11 > 0:09:15The auction was busy and there was plenty of bidding on this property.
0:09:15 > 0:09:19We rejoin it at 118,000.
0:09:19 > 0:09:25118 and 19...119, 120?
0:09:25 > 0:09:31119,000, going once, going twice...
0:09:32 > 0:09:36third and last time at 119,000.
0:09:36 > 0:09:38Sold at 119,000.
0:09:38 > 0:09:42Well, with a successful bid of 119,000, I'm relieved to
0:09:42 > 0:09:47report that the gavel went down for a pair of builders -
0:09:47 > 0:09:50father and son team, Tony and Shaun.
0:09:50 > 0:09:53They knew this house as they live locally and Shaun's
0:09:53 > 0:09:56grandad used to live just a few doors along.
0:09:56 > 0:09:59But they usually work on new build properties,
0:09:59 > 0:10:03so I wonder what tempted them into buying this one?
0:10:03 > 0:10:07Tony, Shaun, great to meet you both, congratulations!
0:10:07 > 0:10:10- Thank you.- Now, I'm delighted to hear that you are builders.- Yeah.
0:10:10 > 0:10:12Cos it's not really a project for the unwary, is it?
0:10:12 > 0:10:15No, it wants quite a lot of work doing at it, yeah.
0:10:15 > 0:10:17You've got to know what you're doing,
0:10:17 > 0:10:21cos you've got to prop it all up before you take these walls down.
0:10:21 > 0:10:25When we came to view it, we were the only people who looked outside.
0:10:25 > 0:10:29Everybody else was like, "Yeah, we'll do this colour in this room..."
0:10:29 > 0:10:34- Oh, no!- Yeah, we were the only ones who really looked outside.
0:10:34 > 0:10:40So, yeah, it's a lot of work but, to us, it's like nothing, is it really.
0:10:40 > 0:10:42And it's father and son building team,
0:10:42 > 0:10:44do you actually work together in the business?
0:10:44 > 0:10:48Yeah, we always have. Since I left school, erm, before I left school,
0:10:48 > 0:10:50don't tell the teachers or anything but...
0:10:50 > 0:10:52THEY LAUGH
0:10:52 > 0:10:54..yeah, before I left school I would go and work with my dad
0:10:54 > 0:10:57and I just went into the building trade and that was it,
0:10:57 > 0:10:59and we've been together ever since.
0:10:59 > 0:11:02So, you didn't force him to do it? He just naturally developed into...
0:11:02 > 0:11:05Oh, no, he just, well, from when he was a baby,
0:11:05 > 0:11:09about three or four years, he used to carry bricks for me.
0:11:09 > 0:11:13- Really?- So, he's been doing it for ages, like.
0:11:13 > 0:11:17Erm, OK, so let's talk about this house, then.
0:11:17 > 0:11:19What are the issues as far as you're concerned?
0:11:19 > 0:11:22Erm, well, we thought it might need underpinning,
0:11:22 > 0:11:25but we've had a structural engineer who's looked around the place
0:11:25 > 0:11:29and he says it's all historical cracks and that on the outside.
0:11:29 > 0:11:32He says a lot to do with it is the lintels above the windows,
0:11:32 > 0:11:35there's no lintels and, of course, they've dropped.
0:11:35 > 0:11:39It does feel kind of a bit wibbly wobbly when you come in, doesn't it?
0:11:39 > 0:11:42It's difficulty, sometimes you look around and it's like, "Where am I?"
0:11:42 > 0:11:45- Did you feel that? - It's the doorways, yeah.
0:11:45 > 0:11:47Yeah, the doorways, it's like going into a haunted house,
0:11:47 > 0:11:50all the doorways are like this but we'll sort it out,
0:11:50 > 0:11:53we'll put new door cases in and level everything up.
0:11:53 > 0:11:56The father and son team have a 30 grand budget.
0:11:56 > 0:12:00They have an electrician to check the electrics but they will tackle
0:12:00 > 0:12:04the structural stuff, re-plumbing and replacing the central heating.
0:12:04 > 0:12:07And with just ten weeks to do it all,
0:12:07 > 0:12:09this team will need some stamina.
0:12:09 > 0:12:13But compared to playing in the traditional two-day football match,
0:12:13 > 0:12:14it should be a doddle.
0:12:14 > 0:12:18So, do either of you get involved with this mad football game thing?
0:12:18 > 0:12:20We used to do, yes.
0:12:20 > 0:12:22I used to go and play, but, erm, it's a bit rough
0:12:22 > 0:12:25and if you injure yourself and you've got to have time off work.
0:12:25 > 0:12:29- Soon get injured.- Soon get injured, a leg twisted or, you know.
0:12:29 > 0:12:31Tell me what it's like.
0:12:31 > 0:12:32Rough!
0:12:32 > 0:12:35Pubs are open from first thing in the morning and that's it.
0:12:35 > 0:12:38- Just the streets are like a big football pitch.- Mayhem, then?
0:12:38 > 0:12:42- Yeah, yeah.- Is it as mad as it sounds?- Oh, yeah!- Very mad!
0:12:42 > 0:12:44Unless you've been, you know.
0:12:44 > 0:12:46You have to get in the water to score as well.
0:12:46 > 0:12:49You have to get up here in water to score.
0:12:49 > 0:12:53- Especially in February, it's like...- Yeah.
0:12:53 > 0:12:55Well, listen, congratulations, both of you. Erm, looking forward
0:12:55 > 0:12:57- to seeing how you get on.- Thank you.
0:12:57 > 0:13:00- And good luck with it. - Cheers, thanks.
0:13:02 > 0:13:07Well, I am so relieved that the property was bought by builders,
0:13:07 > 0:13:11but even with their experience, I still think that Shaun
0:13:11 > 0:13:14and Tony have got some challenges ahead.
0:13:14 > 0:13:17It was never a project for the unwary, was it?!
0:13:17 > 0:13:20How will they get on, sorting it out?
0:13:20 > 0:13:22You can find out later in the show.
0:13:27 > 0:13:31Clydebank is a town built on the north bank of the river Clyde.
0:13:31 > 0:13:35# I was born and raised up Steel River
0:13:36 > 0:13:39# I see it all like it was yesterday... #
0:13:39 > 0:13:42Its role as a major ship builder made it a prime
0:13:42 > 0:13:45target for Germany during World War II.
0:13:45 > 0:13:50During two nights in March, 1941, the town was devastated.
0:13:50 > 0:13:52The Clydebank Blitz, as it became known,
0:13:52 > 0:13:58left the area heavily bombarded, with 528 civilian deaths.
0:13:58 > 0:14:00Of 12,000 houses in Clydebank,
0:14:00 > 0:14:03at the time, only seven were left undamaged.
0:14:05 > 0:14:08The following years were a time of recovery and rebuilding and
0:14:08 > 0:14:13the flat I'm here to see today is one of those built after the blitz.
0:14:13 > 0:14:14So, here we are,
0:14:14 > 0:14:16it's a one bed upper cottage flat
0:14:16 > 0:14:20and it's got a guide price of £30-40,000.
0:14:20 > 0:14:22So, let's see whether inside it's modern or
0:14:22 > 0:14:25if it's still rooted in the past.
0:14:31 > 0:14:34Built in the 1950s, this cottage flat,
0:14:34 > 0:14:36also known as a four in a block,
0:14:36 > 0:14:39is a popular layout throughout Scotland.
0:14:39 > 0:14:43With two properties on the ground floor and two upstairs,
0:14:43 > 0:14:45each with its own separate entrance.
0:14:45 > 0:14:47So, what's inside?
0:14:49 > 0:14:53I absolutely am loving the tartan carpet!
0:14:53 > 0:14:55Jazzy, look at that!
0:14:55 > 0:14:58OK, so straightaway you walk into this house
0:14:58 > 0:15:00and it feels like someone's living here.
0:15:00 > 0:15:05It really feels homely, got a nice big mirror there, bedroom,
0:15:05 > 0:15:08the layout works, the rooms are nice and square, bathroom.
0:15:08 > 0:15:11What I like about this flat is the proportions.
0:15:11 > 0:15:12I mean, look at this.
0:15:12 > 0:15:16For a kitchen, you've got a fantastic space in here.
0:15:16 > 0:15:19There's everything you need, washing machine, cooker,
0:15:19 > 0:15:21it's all ready to go.
0:15:21 > 0:15:24So, a lot of ticks in the box for this property, so far.
0:15:24 > 0:15:27This is now a one bed flat, but looking at the layout,
0:15:27 > 0:15:30it seems there may have once been a second box room.
0:15:30 > 0:15:31So, where's it gone?
0:15:31 > 0:15:35What I'm thinking, once upon a time, there was a part...actually,
0:15:35 > 0:15:38you can see up there, there would have been a partition here.
0:15:38 > 0:15:41And I think, a little bit of space would have been stolen from
0:15:41 > 0:15:45the kitchen, therefore it gives you a very small box room number two.
0:15:45 > 0:15:47So, I think you could go back to doing that.
0:15:47 > 0:15:50For the amount of work you're going to do to create it, is
0:15:50 > 0:15:51it really worth that small room?
0:15:51 > 0:15:54But I think what I love most about this house is,
0:15:54 > 0:15:57I just feel like I want to have a sit down, a nice relax,
0:15:57 > 0:16:00put the telly on, it's like somebody's already living here
0:16:00 > 0:16:03and any moment somebody's going to come in and give me a cup of tea.
0:16:03 > 0:16:05I feel so at home...oh, they are!
0:16:05 > 0:16:10Thank you. You can't beat Homes Under the Hammer on a foggy old day.
0:16:10 > 0:16:13# Have a cup of tea-ee-ee-ee
0:16:13 > 0:16:15# Have a cup of tea
0:16:15 > 0:16:16# Have a cup of tea... #
0:16:16 > 0:16:19As I'm in Scotland, this weather would be described as dreich.
0:16:19 > 0:16:23So, I'll finish my cuppa before I venture outside.
0:16:24 > 0:16:28It is always, always a bonus to have outside space with any
0:16:28 > 0:16:31property you buy and this one in particular, look at it.
0:16:31 > 0:16:34Little garden here, somewhere to hang your washing,
0:16:34 > 0:16:37somewhere to have a barbecue perhaps.
0:16:37 > 0:16:39So, you've got a nice flat all on one level
0:16:39 > 0:16:42and a little bit of grassy land to call your own.
0:16:43 > 0:16:45On this rather soggy, foggy day,
0:16:45 > 0:16:49it's hard to appreciate the garden because it's "Wet Wet Wet"!
0:16:49 > 0:16:51Well, Clydebank is their hometown.
0:16:51 > 0:16:54But the good thing about this place is the transport links.
0:16:54 > 0:16:57Glasgow city centre and Glasgow Airport are easily
0:16:57 > 0:17:01accessible from the train station, five minutes walk from the flat.
0:17:02 > 0:17:05# It's just that sweet little mystery
0:17:05 > 0:17:09# That makes me try, try, try, try. #
0:17:09 > 0:17:12I think there's a lot going for this one-bedroom flat that could
0:17:12 > 0:17:16possibly be converted back into a two-bedroom flat.
0:17:16 > 0:17:18What does a local estate agent have to say about it
0:17:18 > 0:17:23and its potential at that guide price of 30-40,000?
0:17:23 > 0:17:26My impression of the property is it's very limited what needs done,
0:17:26 > 0:17:29if you're staying as a one-bedroom.
0:17:29 > 0:17:32It sounds like the agent thinks there are other possibilities here.
0:17:32 > 0:17:35Originally, this property looked like it was a two-bedroom,
0:17:35 > 0:17:38and I would revert it back.
0:17:38 > 0:17:40Erm, and the demand would be better.
0:17:40 > 0:17:43There would be cost involved in that, of course.
0:17:43 > 0:17:45Would it make sense money-wise?
0:17:45 > 0:17:47To put the property back into a two-bedroom,
0:17:47 > 0:17:51it wouldn't be that expensive, it would cost about £2,000.
0:17:51 > 0:17:53As a one-bedroom flat, it would
0:17:53 > 0:17:56achieve approximately £400 per calendar month
0:17:56 > 0:17:59and converted back into a two-bedroom, it would
0:17:59 > 0:18:02achieve approximately £450 per calendar month.
0:18:02 > 0:18:06This is a great flat and with not a huge amount to do to turn
0:18:06 > 0:18:10this into a two-bedder if you want, although I do like it as a one-bed.
0:18:10 > 0:18:12It really is a shame to see it sitting empty.
0:18:12 > 0:18:15Let's have a look and see who snapped this place up as it
0:18:15 > 0:18:16went under the hammer.
0:18:19 > 0:18:23Lot 56 is a one-bedroom, upper cottage flat.
0:18:23 > 0:18:26Great buy to let, gas central heating, double glazing,
0:18:26 > 0:18:27ready to rent.
0:18:27 > 0:18:30Previous rental income 425 per calendar month.
0:18:30 > 0:18:33£30-40,000, where are we starting?
0:18:33 > 0:18:3935, say? £35,000, 30? See a bit? 25 then?
0:18:39 > 0:18:42Can't sell it without a bid, ladies and gentlemen.
0:18:42 > 0:18:4725 here, at 25 now bid, at once, at £25,000, 26.
0:18:47 > 0:18:5127, 27 I'm bid, 28?
0:18:51 > 0:18:5328 I'm bid, 29?
0:18:53 > 0:18:5629 I'm bid, 30?
0:18:56 > 0:18:58At £29,000, are we all done?
0:18:58 > 0:19:00First time at 29.
0:19:00 > 0:19:02Second time at 29.
0:19:02 > 0:19:05Third and final...new bid at 30.
0:19:05 > 0:19:0831, 32, 33.
0:19:10 > 0:19:15Four, five, six, shake of the head, with you then at 35.
0:19:15 > 0:19:21At £35,000. First time, second time, all done?
0:19:21 > 0:19:23All out, selling away.
0:19:23 > 0:19:25You, madam, well done.
0:19:26 > 0:19:29Fiona made that final bid and with her colleague, Sharon,
0:19:29 > 0:19:33managed to get the flat for 35,000.
0:19:33 > 0:19:34They are the director
0:19:34 > 0:19:38and deputy director of the Clydebank Housing Association.
0:19:38 > 0:19:42And this will be one of over 1,000 properties the association owns.
0:19:44 > 0:19:46Ladies, lovely to meet you today, I'm
0:19:46 > 0:19:48so excited that you've come along.
0:19:48 > 0:19:51What I want to know is, why did you want to buy this at auction?
0:19:51 > 0:19:52And what have you bought it for?
0:19:52 > 0:19:55This was our first attempt at buying property at auction and we were
0:19:55 > 0:19:59looking for new ways to complement our existing housing stock.
0:19:59 > 0:20:02We're a landlord and we provide houses for low cost
0:20:02 > 0:20:07rental for people who can't afford to acquire houses or
0:20:07 > 0:20:11satisfy their housing aspirations in the private rented sector.
0:20:11 > 0:20:13So, how do you really support your tenants?
0:20:13 > 0:20:16Our tenants come from a variety of backgrounds but most of them
0:20:16 > 0:20:18are on limited incomes.
0:20:18 > 0:20:22Erm, they possibly couldn't afford the private rented sector
0:20:22 > 0:20:25locally, which is quite expensive.
0:20:25 > 0:20:29And wouldn't have, erm, the means to buy a property.
0:20:29 > 0:20:33So, this is a safety net for a lot of people,
0:20:33 > 0:20:36particularly single people, elderly people.
0:20:36 > 0:20:39The housing association is a registered charity
0:20:39 > 0:20:41and runs on a non-profit basis,
0:20:41 > 0:20:45meaning they can plough the income from rental and sales back into
0:20:45 > 0:20:48buying housing stock for their tenants.
0:20:48 > 0:20:50Many properties they owned in the past have been sold under
0:20:50 > 0:20:52right to buy legislation.
0:20:52 > 0:20:56So, the association has to replace those homes.
0:20:56 > 0:20:59Why would this type of property appeal to you?
0:20:59 > 0:21:01It's a one-bedroom property, and we're losing quite a lot
0:21:01 > 0:21:04of properties through the right to buy at the moment,
0:21:04 > 0:21:07and that coupled with the spare bedroom subsidy,
0:21:07 > 0:21:11we were wanting to complement the current stock that we have.
0:21:11 > 0:21:16And ensure that we've got adequate properties to meet the demand.
0:21:16 > 0:21:19So, auction is the perfect way for you to acquire an immediate
0:21:19 > 0:21:21property, surely?
0:21:21 > 0:21:22Oh, yes, it's immediate.
0:21:22 > 0:21:23THEY LAUGH
0:21:23 > 0:21:25We arrived at auction
0:21:25 > 0:21:28and we owned a property by the end of the afternoon, which is amazing!
0:21:28 > 0:21:31Which is a great way to buy. It's like house shopping, isn't it?
0:21:31 > 0:21:33It's certainly a lot quicker than building them.
0:21:33 > 0:21:36So, what type of person would acquire a property like this?
0:21:36 > 0:21:39Well, although the population in West Dunbartonshire is decreasing,
0:21:39 > 0:21:42the number of single person households in increasing.
0:21:42 > 0:21:45So, this type of property is ideal for our client group.
0:21:45 > 0:21:48People who come to us for housing
0:21:48 > 0:21:51are from a variety of different backgrounds.
0:21:51 > 0:21:55We have young people leaving home, older people,
0:21:55 > 0:21:58marital break-up situations.
0:21:58 > 0:22:01Even homeless people.
0:22:01 > 0:22:05This instant property is ideal for our client group.
0:22:05 > 0:22:09MUSIC: "A Place Called Home" by PJ Harvey
0:22:12 > 0:22:15A one-bedroom flat sounds perfect for the association.
0:22:15 > 0:22:18I think they've got themselves a pretty good home for someone
0:22:18 > 0:22:21here and one that has no obvious problems, as well.
0:22:21 > 0:22:25It's such a fantastic property to buy, it's already done.
0:22:25 > 0:22:28I walked in today, you know, I've been sitting on this settee,
0:22:28 > 0:22:30it's like someone's living here.
0:22:30 > 0:22:32So, it's a good one to have on your books, obviously.
0:22:32 > 0:22:34But what will you do to change it?
0:22:34 > 0:22:36Are you going to upgrade it?
0:22:36 > 0:22:38We will make sure it's safe.
0:22:38 > 0:22:40We'll do gas and electrical safety checks,
0:22:40 > 0:22:43we'll check for asbestos in the attic.
0:22:43 > 0:22:46It's doubtful, but there might be asbestos there.
0:22:46 > 0:22:48We'll check the smoke alarms.
0:22:48 > 0:22:52The floor coverings we normally discard, but on this occasion,
0:22:52 > 0:22:54because they're in such good condition,
0:22:54 > 0:22:57we'll speak to the tenant about it or the incoming tenant and see
0:22:57 > 0:22:59whether they would like to keep them.
0:22:59 > 0:23:01You can't get rid of the blue tartan!
0:23:01 > 0:23:02THEY LAUGH
0:23:02 > 0:23:05That carpet is magic, as the locals would say.
0:23:05 > 0:23:08So, maybe Fiona and Sharon can persuade the tenant to keep it!
0:23:08 > 0:23:11They went to the auction with a £40,000 budget,
0:23:11 > 0:23:15so after paying 35,000 for the flat,
0:23:15 > 0:23:18they have five grand left and two weeks to get the work done.
0:23:18 > 0:23:21Were you happy with the price you paid on auction day?
0:23:21 > 0:23:24Yes, we could never build it for this price.
0:23:24 > 0:23:27Auction, you know, it's definitely the right route for you guys
0:23:27 > 0:23:29to be going along at the moment.
0:23:29 > 0:23:31So far...so far so good.
0:23:31 > 0:23:33If every house was like this, we'd be delighted!
0:23:33 > 0:23:35- Yeah.- Who's going to do that job for you?
0:23:35 > 0:23:39We have a list of contractors who tender for us
0:23:39 > 0:23:42on an annual basis to ensure that we get good prices.
0:23:42 > 0:23:45So, we have a rather large list of different trades.
0:23:45 > 0:23:47Fiona and Sharon have been working
0:23:47 > 0:23:50for the company for over 50 years between them,
0:23:50 > 0:23:52it's a job they clearly love.
0:23:52 > 0:23:55There's a lot of job satisfaction involved in handing over
0:23:55 > 0:23:57the keys to someone who's desperate for a house.
0:23:57 > 0:23:59Girls, I've loved meeting you both
0:23:59 > 0:24:01and I'm really excited about what you're doing.
0:24:01 > 0:24:04Good luck and congratulations with this purchase!
0:24:04 > 0:24:06- Thanks very much. - Well done. Lovely to meet you.
0:24:06 > 0:24:08It may be a simple refurb, but Fiona
0:24:08 > 0:24:11and Sharon have got such a lot riding on the success of this.
0:24:11 > 0:24:15If it works, well, it could help ease their property shortages
0:24:15 > 0:24:19and open the door to providing much more social housing to those
0:24:19 > 0:24:21who need it most.
0:24:21 > 0:24:25Will they succeed? You can find out later in the programme.
0:24:27 > 0:24:30Still to come, in Belfast there's a lot that is pretty
0:24:30 > 0:24:33good about this four-bed terrace.
0:24:33 > 0:24:37What's not good is all this stuff going on.
0:24:37 > 0:24:41While we're talking good and bad, here's good advice from Clydebank.
0:24:41 > 0:24:43- Take your chequebook with you.- Yeah!
0:24:43 > 0:24:46Which we didn't.
0:24:48 > 0:24:51We return to Ashbourne in Derbyshire now
0:24:51 > 0:24:55and this four-bedroom semi-detached house, which was bought at
0:24:55 > 0:25:00auction for £119,000 by father and son building team Tony and Shaun.
0:25:00 > 0:25:02MUSIC: "Build" by the Housemartins
0:25:02 > 0:25:06# Clambering men in big bad boots
0:25:06 > 0:25:10# Dug up my den, dug up my roots
0:25:10 > 0:25:15# Treated us like Plasticine town
0:25:15 > 0:25:17# They build us up and knocked us down. #
0:25:17 > 0:25:20The property looked, initially, as if it could fall down
0:25:20 > 0:25:23and I reckoned it was not for the faint-hearted.
0:25:23 > 0:25:27But Shaun and Tony have seen all this before.
0:25:27 > 0:25:30It wants quite a lot of work doing at it, yeah.
0:25:30 > 0:25:32You've got to know what you're doing,
0:25:32 > 0:25:35cos you've got to prop it all up before you take these walls down.
0:25:35 > 0:25:39Yeah, it's a lot of work, but to us it's like nothing, is it really?
0:25:39 > 0:25:42Those ominous cracks didn't scare them one bit!
0:25:42 > 0:25:45It's all historical cracks and that on the outside.
0:25:45 > 0:25:48A lot do to with it is the lintels above the windows,
0:25:48 > 0:25:51there's no lintels and they've dropped.
0:25:51 > 0:25:54The father and son team plan to gut the whole building with
0:25:54 > 0:25:58a budget of 30 grand...and a timescale of ten weeks.
0:25:58 > 0:26:01Six months on, we're back!
0:26:01 > 0:26:03MUSIC: "All Right Now" by Free
0:26:03 > 0:26:05# All right now
0:26:05 > 0:26:11# Baby, it's all right now
0:26:11 > 0:26:13# All right now
0:26:13 > 0:26:16# Baby, it's all right now...#
0:26:16 > 0:26:19And, yes, it does look all right now,
0:26:19 > 0:26:21especially on the outside.
0:26:21 > 0:26:25We've taken all the old brick work down, where it was sagging
0:26:25 > 0:26:29and put new steel lintels in right the way through all the windows.
0:26:29 > 0:26:33It's really sound now and it'll be all right.
0:26:33 > 0:26:36As you can see from the first look,
0:26:36 > 0:26:40we've straightened all the door cases up and the doorways.
0:26:40 > 0:26:44Everything was built above was solid brickwork
0:26:44 > 0:26:47and everything had sagged, just because it was on wooden beams.
0:26:47 > 0:26:50So, what we've done is took the old wooden beam out that
0:26:50 > 0:26:55was like a banana shape, jacked all the floors up, put a big RSJ in.
0:26:55 > 0:27:00As you can see now all the doorways are level and nice, straight doors.
0:27:00 > 0:27:03# Baby, it's all right now. #
0:27:03 > 0:27:05As well as the structural issues,
0:27:05 > 0:27:08the whole place has been gutted, re-wired, all the walls were
0:27:08 > 0:27:12taken back to the bare brick and re-plastered and every door is new.
0:27:12 > 0:27:15They didn't start work right away,
0:27:15 > 0:27:17but the work has taken them 16 weeks.
0:27:17 > 0:27:21It's the kitchen that really impresses me!
0:27:21 > 0:27:24There was a wall up here, solid wall, so we've taken that out and
0:27:24 > 0:27:28there was a doorway through there, so we've taken all this wall out.
0:27:28 > 0:27:32Built that doorway up there and made it into just one big room,
0:27:32 > 0:27:33- really, haven't we?- Yeah.
0:27:33 > 0:27:35Put a good quality one in.
0:27:35 > 0:27:38Don't go for cheap and cheerful, because as soon as a couple
0:27:38 > 0:27:43come in the room, the lady likes... the main part is the kitchen.
0:27:43 > 0:27:46If you put a cheap kitchen in, it just looks cheap.
0:27:49 > 0:27:52It's with the most important rooms that Tony
0:27:52 > 0:27:55and Shaun have done a great job!
0:27:55 > 0:27:57Now, there's a shower room downstairs,
0:27:57 > 0:28:00as well as a family bathroom upstairs.
0:28:07 > 0:28:11In the living room, we've taken the old fireplace out, like the old
0:28:11 > 0:28:14surround, and made it so if anyone wants to move in
0:28:14 > 0:28:17and put a log burner in, it's just ready for an open fire.
0:28:17 > 0:28:19Put a nice sandstone lintel over it,
0:28:19 > 0:28:21so it's another nice feature in the room.
0:28:21 > 0:28:24Even the central heating system is new.
0:28:24 > 0:28:27This is essentially a new house.
0:28:27 > 0:28:29I think they've done an amazing job.
0:28:29 > 0:28:31But they didn't stop there,
0:28:31 > 0:28:34they made a big change to the outside and created parking.
0:28:34 > 0:28:37We decided to build a big stone wall right the way along.
0:28:37 > 0:28:40- Bit further out.- We just tidied it all up really.
0:28:40 > 0:28:43Cos people like putting their own mark on a garden.
0:28:43 > 0:28:46So, just something basic, so somebody can come in,
0:28:46 > 0:28:49if they want to start again, they can or
0:28:49 > 0:28:53if they can just leave it like for a year until...it's just nice and tidy.
0:28:53 > 0:28:56With all the major rebuilding work required,
0:28:56 > 0:29:01how did the original budget of £30,000 pan out?
0:29:01 > 0:29:05- We've come in at about...- We've added it all up...or the Mrs has.
0:29:05 > 0:29:09Just under 25,000, about 24,950,
0:29:09 > 0:29:11something like that.
0:29:11 > 0:29:13With so much time and effort going into this project,
0:29:13 > 0:29:15what plans do they now have?
0:29:15 > 0:29:21Sell it, so we can move on again. We really do new builds, is what we do.
0:29:21 > 0:29:24At the time we couldn't find any land,
0:29:24 > 0:29:27so we saw this and we knew the problems with the house.
0:29:27 > 0:29:29We knew the problems.
0:29:29 > 0:29:32So, we just thought it would last us over winter, you know, winter work.
0:29:32 > 0:29:36This project has kept Shaun and Tony busy, but having spent
0:29:36 > 0:29:42a total of £144,000, will it make them a decent profit?
0:29:42 > 0:29:44I think they've made a very good job of the property.
0:29:44 > 0:29:45They've done a lovely renovation
0:29:45 > 0:29:48and they've spent a little bit of time and effort with
0:29:48 > 0:29:50the finishing touches, which makes all the difference.
0:29:50 > 0:29:53I like the kitchen and bathroom fittings, they've
0:29:53 > 0:29:55gone that extra mile, a little bit of quality right at the end.
0:29:55 > 0:29:58Spend that bit of money towards the end of the project,
0:29:58 > 0:30:00really does make a big difference.
0:30:02 > 0:30:04I think it has been altered very well,
0:30:04 > 0:30:08and I think adding the downstairs bathroom is advantageous.
0:30:10 > 0:30:13'The agents both think that the house could rent
0:30:13 > 0:30:15'for £700 per calendar month,
0:30:15 > 0:30:18'which would give them a yield of nearly 6%.
0:30:18 > 0:30:20'But the intention is to sell,
0:30:20 > 0:30:25'so what return could they get on the £144,000 spend?'
0:30:28 > 0:30:31I think there would be good demand for this if it came to the market.
0:30:31 > 0:30:34There's not a huge amount of choice in Ashbourne at any given time,
0:30:34 > 0:30:36but if I was to put this on the market,
0:30:36 > 0:30:39I'd put it on the market in the region of £200,000.
0:30:39 > 0:30:42I think this property could achieve £200,000.
0:30:42 > 0:30:46Yeah, that's what we thought about, that sort of price area.
0:30:48 > 0:30:51'So, all that hard work was worth it,
0:30:51 > 0:30:54'as that's a possible £56,000 profit,
0:30:54 > 0:30:57'before taxes and expenses, of course.'
0:30:57 > 0:30:58Now it's on the market,
0:30:58 > 0:31:02we'll be starting looking again for the next one.
0:31:06 > 0:31:09'So, from the gateway to the Peak District
0:31:09 > 0:31:12'to the shipbuilding industry of Belfast,
0:31:12 > 0:31:16'where Harland & Wolff's distinctive cranes dominate the skyline,
0:31:16 > 0:31:20'and the Titanic Belfast Visitors Centre
0:31:20 > 0:31:23'sits on the site where the tragic ship was constructed.
0:31:24 > 0:31:27'Away from the docks are the rows and rows of terraced houses,
0:31:27 > 0:31:31'which stand as testament to the city's industrial past
0:31:31 > 0:31:33'and the people who lived and worked here.'
0:31:33 > 0:31:37I'm in the Woodvale area at the top of the Shankill Road.
0:31:37 > 0:31:42Now this was the centre of the linen industry in years gone by,
0:31:42 > 0:31:44and the property I'm here to see was probably built to
0:31:44 > 0:31:47house one of the workers, although judging by the size of it,
0:31:47 > 0:31:50it was probably one of the middle management,
0:31:50 > 0:31:54cos it's a really beautiful terrace, mid-terrace, four bedrooms,
0:31:54 > 0:31:57guide price was £30,000.
0:31:57 > 0:31:59Let's take a look.
0:32:01 > 0:32:05'This is a grand old lady of a house.
0:32:05 > 0:32:09'And look at those intricate details on that lovely red brick.
0:32:09 > 0:32:12'It's in a great spot near Woodvale Park.
0:32:12 > 0:32:14'Handy for public transport.
0:32:15 > 0:32:18'And hovered over by Belfast's Black Mountain.'
0:32:21 > 0:32:22Interesting entrance area.
0:32:22 > 0:32:25It's good that you've got this little porch, though.
0:32:25 > 0:32:27That'll keep some of the cold and the draughts out.
0:32:27 > 0:32:31Stairs up to your bedrooms there, and then pretty standard layout
0:32:31 > 0:32:35through this way into, you know, a decent sized living room,
0:32:35 > 0:32:38but what is going on here with the floor?
0:32:38 > 0:32:42We've got two levels.
0:32:42 > 0:32:44And actually a bit of a trip hazard.
0:32:44 > 0:32:49Erm, you've got to ask yourself a slightly deeper question, though.
0:32:49 > 0:32:52Why is that like that? What is it covering up?
0:32:52 > 0:32:55That definitely needs a bit of investigation.
0:32:55 > 0:32:58But, you know, a half decent fire, sort of.
0:32:58 > 0:32:59I'd like to see that as an open fire.
0:32:59 > 0:33:03And the layout, mm-tee-hm, it isn't quite working cos that's there.
0:33:03 > 0:33:05It wants to be in the middle, doesn't it?
0:33:05 > 0:33:08So, er, slightly disappointing.
0:33:08 > 0:33:10However, moving through to the kitchen...
0:33:11 > 0:33:14It does look a bit like it's sort of bolted on the back here.
0:33:14 > 0:33:17You've got this little courtyard to the left out the door there,
0:33:17 > 0:33:21and then this, which I imagine is actually some kind of an extension.
0:33:21 > 0:33:25As you can see, it's not in the best of states and it's not huge.
0:33:25 > 0:33:28Erm, so slightly disappointing, and then you just bring yourself
0:33:28 > 0:33:31back for a second and say, "Hang on a minute.
0:33:31 > 0:33:33"What was that guide price again?
0:33:33 > 0:33:35"30,000 quid?
0:33:35 > 0:33:36What do you expect?!"
0:33:36 > 0:33:40# It's just your expectations... #
0:33:45 > 0:33:48'My expectations should be lower.
0:33:48 > 0:33:51'30 grand for a four-bedroomed house?
0:33:51 > 0:33:53'Get a grip, Roberts!
0:33:54 > 0:33:57'On the half landing there is a decent sized bathroom
0:33:57 > 0:34:00'with a corner bath, and who would have expected it?
0:34:00 > 0:34:03'It looks recently done, and as you know,
0:34:03 > 0:34:07'you can have any colour of bathroom suite as long as it's white.
0:34:07 > 0:34:09'Onwards and upwards to the first floor bedrooms.
0:34:09 > 0:34:11'One is reasonably large.
0:34:11 > 0:34:15'The other a bit smaller, but perfectly respectable as a bedroom.'
0:34:16 > 0:34:21So, up onto the second floor for the third and fourth bedrooms.
0:34:21 > 0:34:23On the way, though, on the landing here,
0:34:23 > 0:34:26a wooden window that's seen better days,
0:34:26 > 0:34:28so definitely need to replace that.
0:34:28 > 0:34:31Er, but the two bedrooms up here, they're a pretty decent size.
0:34:31 > 0:34:35I love attic rooms, they've always got a lot of character.
0:34:35 > 0:34:37One at the back there's reasonably small.
0:34:37 > 0:34:39The one at the front, though, is a good size.
0:34:39 > 0:34:41It's got a dormer in it, which is also good.
0:34:41 > 0:34:44What's not good is all this stuff going on.
0:34:44 > 0:34:47Whether that's just been pulled off by somebody
0:34:47 > 0:34:51looking to see the state of the wall, but, actually,
0:34:51 > 0:34:55if I put my hand on there, it feels damp.
0:34:55 > 0:34:58My guess is there's some issue up on the roof there, possibly.
0:34:58 > 0:35:02Guttering, possibly. Lead flashing or whatever.
0:35:02 > 0:35:04Either way, need to have that checked out.
0:35:04 > 0:35:07But this really does cap,
0:35:07 > 0:35:10literally and metaphorically,
0:35:10 > 0:35:12a really good house.
0:35:13 > 0:35:15'Even if roof repairs are needed,
0:35:15 > 0:35:21'that guide price of £30,000 makes this spacious house very attractive.
0:35:21 > 0:35:25'What doesn't look so attractive is the outside space.'
0:35:25 > 0:35:28One thing that's interesting about this house and a lot of
0:35:28 > 0:35:32the properties here is that they have oil-fired central heating.
0:35:32 > 0:35:34That's not necessarily a bad thing.
0:35:34 > 0:35:37As long as your boiler's efficient, it can be cost effective.
0:35:37 > 0:35:40However, my major concern is how you're going to fill it up,
0:35:40 > 0:35:43because there is an alleyway at the back there,
0:35:43 > 0:35:45but you've got this high wall,
0:35:45 > 0:35:49and the other alternative is to run the hose through your house.
0:35:49 > 0:35:51That's not going to work, is it?
0:35:51 > 0:35:55'So, lack of space and that oil tank position are not the best.
0:35:55 > 0:35:59'But nothing too different from any other of the houses on the street.
0:35:59 > 0:36:01'A local estate agent came along to tell us
0:36:01 > 0:36:03'who this house might appeal to.'
0:36:04 > 0:36:07Ideally this would be suited for families,
0:36:07 > 0:36:08some with young children,
0:36:08 > 0:36:11and also just anyone who maybe works in the city centre
0:36:11 > 0:36:13with its close proximity,
0:36:13 > 0:36:16and it's also on the main arterial route into Belfast city centre.
0:36:16 > 0:36:20Being a four-bedroom property, very sought after in this area.
0:36:20 > 0:36:23There's a lot of potential here.
0:36:23 > 0:36:26There's a good sizeable bathroom, erm, and kitchen.
0:36:26 > 0:36:30And, also, with a lot of windows, it does allow for natural light.
0:36:30 > 0:36:33There's cosmetic work to be carried out.
0:36:33 > 0:36:36Obviously there's redecoration, flooring, things like that.
0:36:36 > 0:36:39Upgrading of some of the windows would be recommended, erm,
0:36:39 > 0:36:41quite a lot of them are double glazed,
0:36:41 > 0:36:44some would need to be brought up to that standard.
0:36:44 > 0:36:47As well as that, some modernisation of the kitchen
0:36:47 > 0:36:50and the bathroom, erm, and this house would be ready to go.
0:36:57 > 0:37:00'How much could this house sell for if renovated?'
0:37:00 > 0:37:02If I was putting this property on the market
0:37:02 > 0:37:06I would put this on in the region of £65-70,000.
0:37:06 > 0:37:09'And how well does he think it could do in the rental stakes,
0:37:09 > 0:37:13'given the demand for a four-bedroom property in the area?'
0:37:13 > 0:37:15On the rental market, I would bring this property on
0:37:15 > 0:37:19at £525 to £550 per calendar month.
0:37:19 > 0:37:21I believe it's a very good investment,
0:37:21 > 0:37:25and certainly there's an awful lot of potential with a house of this size.
0:37:27 > 0:37:29Well, apart from the roof,
0:37:29 > 0:37:31mostly cosmetic stuff required to sort this place out,
0:37:31 > 0:37:35and I think for that £30,000 guide price, a good one to go for.
0:37:35 > 0:37:38Let's see who agreed when it went under the hammer.
0:37:39 > 0:37:42Lot number 29 is four-bedroom mid-terrace,
0:37:42 > 0:37:45somewhere like this, we have the guide price at 30,000.
0:37:45 > 0:37:46Is there 30,000 in the room?
0:37:46 > 0:37:48Do we have 30,000?
0:37:48 > 0:37:5030,000? Do we have 25?
0:37:50 > 0:37:52Do we have 25,000 for this one?
0:37:52 > 0:37:5525 at the back. Any advance on 25? We have 25.
0:37:55 > 0:37:5827. We have 27,000.
0:37:58 > 0:38:00Any advance on 27?
0:38:00 > 0:38:02Is that...that's 29.
0:38:02 > 0:38:04We have 29,000. Seated, 29.
0:38:04 > 0:38:0731. We have 31 at the back.
0:38:07 > 0:38:0831, any advance on 31,000?
0:38:08 > 0:38:1031 we have.
0:38:10 > 0:38:12We have 31. All sure?
0:38:13 > 0:38:15Last call at the 31.
0:38:15 > 0:38:1731 we have at the back of the hall.
0:38:17 > 0:38:21Give us your number there, please. We'll try it for you.
0:38:21 > 0:38:23What's that? 433.
0:38:23 > 0:38:25'A guide price is there to give an idea of
0:38:25 > 0:38:27'what the property might go for,
0:38:27 > 0:38:30'but in this case the vendor set a slightly higher reserve,
0:38:30 > 0:38:34'and 19-year-old accountancy student Lauren
0:38:34 > 0:38:38'finally negotiated a price of £31,000.
0:38:38 > 0:38:40'I met Lauren and her mother Julianne back at the house
0:38:40 > 0:38:42'to find out more.'
0:38:42 > 0:38:45- Lauren, Julianne, great to meet you both.- Hiya.- Congratulations.
0:38:45 > 0:38:49- Thank you.- So, tell me, why did you want to buy this house?
0:38:49 > 0:38:51I got a wee bit of money in from a claim,
0:38:51 > 0:38:55and I put it into something that, so I couldn't spend it, basically.
0:38:55 > 0:38:58- A project. - Right, what kind of a claim?
0:38:58 > 0:39:00Erm, I got run over when I was...
0:39:00 > 0:39:03- What was I,- 10? Yeah.- About 10.
0:39:03 > 0:39:06- You got run over?- Yeah!- Right.
0:39:08 > 0:39:12- Never good.- No.- And you were obviously quite badly hurt.
0:39:12 > 0:39:16- Yeah, broke my ankle.- Right. - Shattered my breast plate.
0:39:16 > 0:39:19- Oh, my goodness. But you received some compensation?- Yep.- Right.
0:39:19 > 0:39:22So it wasn't until I turned 18 I actually had the money,
0:39:22 > 0:39:24cos it was put into a trust fund.
0:39:24 > 0:39:28OK, so, the temptation could have been to go, "Wa-ay, party!"
0:39:28 > 0:39:30Yep! Yeah, pretty much.
0:39:30 > 0:39:34- But you decided to invest it in property?- Yeah.- Why property, then?
0:39:34 > 0:39:37Erm, you can't lose your money in property
0:39:37 > 0:39:40- and I thought it would be a project to do the house up.- Right.
0:39:40 > 0:39:44So, has the family got sort of experience in property developing?
0:39:44 > 0:39:46Is that something you've done?
0:39:46 > 0:39:49Erm, I've had quite a few old houses and, you know,
0:39:49 > 0:39:51lived in them, done them up.
0:39:51 > 0:39:55But we know quite a lot of friends who are builders and...
0:39:55 > 0:39:58- Tradesmen.- ..tradesmen, so that always helps.- Right.
0:39:58 > 0:40:01So what were your thoughts when your daughter said,
0:40:01 > 0:40:03"I'd like to invest it in property?"
0:40:03 > 0:40:05I thought that was quite sensible.
0:40:05 > 0:40:08I was always afraid that she was going to just go mad with the money.
0:40:08 > 0:40:12- Have you saved a little bit to go mad with?- Just a little bit.
0:40:12 > 0:40:14# I'm going to feel that feeling
0:40:14 > 0:40:18# Going to lose control tonight. #
0:40:18 > 0:40:21'Lauren didn't initially have her eye on this property
0:40:21 > 0:40:24'and missed out on one outside Belfast.
0:40:24 > 0:40:27'But this one turned out to be better than expected.'
0:40:27 > 0:40:29I thought it was only three bedrooms originally.
0:40:29 > 0:40:32- Oh, did you?- Yeah.- That was a nice surprise, then?- Yeah.
0:40:32 > 0:40:34"Oh, an extra bedroom!"
0:40:34 > 0:40:38- Had you been to see it before you bought it, though?- No.- What?!
0:40:38 > 0:40:41We didn't even... When we were going to the auction
0:40:41 > 0:40:43this wasn't one of the houses we'd even looked at.
0:40:43 > 0:40:45Right.
0:40:45 > 0:40:48- It wasn't until...- No, I understand why you were a little bit like,
0:40:48 > 0:40:50when I'm asking you why you liked it, you were like,
0:40:50 > 0:40:53- "I don't know, actually." Cos you hadn't seen it!- No, I hadn't.
0:40:53 > 0:40:56No, but we looked at the pictures and that they'd taken of it
0:40:56 > 0:40:59and looked at their legal pack and we have sort of seen
0:40:59 > 0:41:03- the area before so we had a good idea of where it was.- Yeah.
0:41:03 > 0:41:05'You know what I'm going to say, don't you?
0:41:05 > 0:41:08'It's really not a good idea to buy blind.
0:41:08 > 0:41:11'But I suppose at least knowing the area and, more importantly,
0:41:11 > 0:41:15'reading the legal pack, makes up for some of it.
0:41:15 > 0:41:16'But not ideal.
0:41:16 > 0:41:18'However, this house surpassed my expectations,
0:41:18 > 0:41:22'and 31 grand for a four-bed house is a great buy.'
0:41:23 > 0:41:26So when you first saw it for the first time,
0:41:26 > 0:41:30having bought it already, erm, what did you think of it?
0:41:30 > 0:41:32I was surprised. Pleasantly.
0:41:32 > 0:41:36'Lauren was lucky, this could have been a very unpleasant surprise.
0:41:36 > 0:41:38'But now that she has it, she knows what needs to be done.'
0:41:38 > 0:41:40We're putting a new kitchen in.
0:41:40 > 0:41:43There's a new kitchen going in and a new bathroom.
0:41:43 > 0:41:46Obviously the damp upstairs will have to be fixed, so that'll be
0:41:46 > 0:41:50plasterboard, everything ripped off right down to the brick.
0:41:50 > 0:41:52'The cause of the damp is one important issue
0:41:52 > 0:41:54'that needs to be tackled,
0:41:54 > 0:41:58'but there is also that mysterious change in the floor level.'
0:41:58 > 0:42:00We don't understand why it's up yet,
0:42:00 > 0:42:05so until we rip these floorboards up we'll not know if it can go down.
0:42:05 > 0:42:09- Right. So are you going to get involved in it?- A little.
0:42:10 > 0:42:12- You have to. - Yes, I know, I will do,
0:42:12 > 0:42:16just Lauren will have more time than what I will have to be over here.
0:42:16 > 0:42:19So what's the timescale for sorting it out?
0:42:19 > 0:42:23- We're thinking about six to eight weeks.- And what budget have you got?
0:42:23 > 0:42:26- About 12.- About 12,000.- OK. - Hopefully.
0:42:26 > 0:42:30- That's pretty decent. Just about be able to do it for that.- Yeah.
0:42:30 > 0:42:31Depending on the roof, of course.
0:42:31 > 0:42:33Yeah, depending on how bad the roof is,
0:42:33 > 0:42:35but if it's just the lead flashing
0:42:35 > 0:42:37we should be able to keep it within budget.
0:42:37 > 0:42:39What's the plan for it?
0:42:39 > 0:42:40It was originally to rent it out,
0:42:40 > 0:42:44but we're sort of thinking of possibly selling it on now.
0:42:44 > 0:42:47Cos that would mean we could move onto another one,
0:42:47 > 0:42:49and give it a go second time round as well.
0:42:49 > 0:42:52So it must have been a traumatic experience all those years ago,
0:42:52 > 0:42:53having the accident,
0:42:53 > 0:42:56- but at least something nice has come out of it now.- Yeah.
0:42:56 > 0:42:59- Listen, congratulations.- Thank you very much.- Good luck with it.
0:42:59 > 0:43:03- Thank you.- Look forward to seeing how you get on.- Thank you.- Thank you.
0:43:05 > 0:43:09Well, what a great property for Lauren's first house,
0:43:09 > 0:43:11and what a wise investment.
0:43:11 > 0:43:13How will she get on sorting it out?
0:43:13 > 0:43:17Well, hopefully with the help of family, friends and mum Julianne,
0:43:17 > 0:43:18she'll be just fine.
0:43:18 > 0:43:21You can find out how it all goes later in the show.
0:43:24 > 0:43:28Have our buyers' plans worked out? Have there been any problems?
0:43:28 > 0:43:31Well, it's the day of reckoning. Time to find out.
0:43:31 > 0:43:33Let's go back and see how they've got on.
0:43:34 > 0:43:38'We return now to the riverside town of Clydebank in Scotland,
0:43:38 > 0:43:43'to a property with handy transport links to Glasgow and the airport.
0:43:43 > 0:43:47'This one-bedroom cottage flat was situated on the upper floor,
0:43:47 > 0:43:50'and right away I just liked it.
0:43:50 > 0:43:51'It had a really homely feel
0:43:51 > 0:43:53'and didn't need a great deal doing to it.
0:43:56 > 0:43:59'The flat was bought for 35,000 by Fiona and Sharon,
0:43:59 > 0:44:02'who work for Clydebank Housing Association.
0:44:02 > 0:44:06'When it came to adding new stock to their 1,000 houses,
0:44:06 > 0:44:08'it was a departure for the Association.'
0:44:10 > 0:44:13This was our first attempt at buying properties at auction
0:44:13 > 0:44:14and, er, we were looking for new ways
0:44:14 > 0:44:17to complement our existing housing stock.
0:44:17 > 0:44:18So auction is the perfect way
0:44:18 > 0:44:21for you to acquire an immediate property, surely?
0:44:21 > 0:44:22Oh, yes, it's immediate.
0:44:23 > 0:44:25We, we arrived at auction
0:44:25 > 0:44:28and we owned a property by the end of the afternoon.
0:44:28 > 0:44:31It's certainly a lot quicker than building them.
0:44:31 > 0:44:34'The purpose of the Association is to supply low-cost homes
0:44:34 > 0:44:37'for tenants who might not be able to afford a home otherwise,
0:44:37 > 0:44:39'and so they weren't going to be
0:44:39 > 0:44:42'spending a great deal on renovating it.
0:44:42 > 0:44:45'They really were more concerned about the safety aspects of
0:44:45 > 0:44:49'the property, which, of course, is a must for every landlord.
0:44:49 > 0:44:51'So, not much was going to change,
0:44:51 > 0:44:55'but there was one aspect of this house I wanted to stay the same.'
0:44:55 > 0:44:57You can't get rid of the blue tartan!
0:44:57 > 0:45:01# But please don't ever change
0:45:01 > 0:45:05# No, don't you ever change
0:45:05 > 0:45:12# I kind of like you just the way you are. #
0:45:14 > 0:45:17'We return two weeks later to see what's been happening
0:45:17 > 0:45:19'and if the flat is ready for its new tenant.
0:45:19 > 0:45:21'And will my tartan carpet be there?
0:45:23 > 0:45:26'Oh, ho-ho, yes, it is! Ooh, I'm so pleased.
0:45:29 > 0:45:32'Well, we knew there weren't going to be any major changes here.
0:45:32 > 0:45:37'Everything still looks pretty much the same. So what has been done?'
0:45:37 > 0:45:40Well, what we've done in here is mostly invisible.
0:45:40 > 0:45:43Erm, the kitchen was in good condition
0:45:43 > 0:45:47when the previous occupant left it, so we had not very much to do.
0:45:48 > 0:45:51But being a landlord, we have to make sure that it's safe,
0:45:51 > 0:45:55so we had our electricians come up and test all the appliances.
0:45:55 > 0:45:58They have to PAT test all the electrical appliances.
0:45:58 > 0:46:01We had the gas, er, certificated,
0:46:01 > 0:46:06and we had the gas boiler, erm, serviced, so everything's working.
0:46:06 > 0:46:08We looked at the down lighters,
0:46:08 > 0:46:12we discovered there were fire hoods missing from the down lighters,
0:46:12 > 0:46:15so we've got new fire hoods on every light.
0:46:15 > 0:46:18'The other safety aspect that they had checked out
0:46:18 > 0:46:20'was the artex ceilings.
0:46:20 > 0:46:23'As you know, Martin and I are always going on about this,
0:46:23 > 0:46:26'and for good reason.'
0:46:26 > 0:46:29We had the artex looked at to ensure that, erm,
0:46:29 > 0:46:34there was no asbestos within any of the artex throughout the property,
0:46:34 > 0:46:39and a bath seal and a couple of smaller things in the toilet,
0:46:39 > 0:46:41so it wasn't a lot.
0:46:41 > 0:46:43Yes, love it.
0:46:43 > 0:46:46'The flat was in good condition, but if this was a private let,
0:46:46 > 0:46:50'the landlord might have been tempted to make it more neutral.'
0:46:50 > 0:46:53As a general rule we don't redecorate
0:46:53 > 0:46:56unless the property's in a pretty bad state of disrepair.
0:46:56 > 0:46:59Clearly this one wasn't.
0:46:59 > 0:47:02People moving into one of our flats may not want other people's carpets
0:47:02 > 0:47:07or wallpaper, so they're quite happy to come in and decorate,
0:47:07 > 0:47:09and, er, I think that the rent that they pay,
0:47:09 > 0:47:12they do appreciate they are getting value for money.
0:47:12 > 0:47:15'This was the first time they'd gone to auction,
0:47:15 > 0:47:18'so how did they decide on a figure they could pay for a property
0:47:18 > 0:47:21'on behalf of the Association?'
0:47:21 > 0:47:24We, erm, work out what the annual rent would be on the property,
0:47:24 > 0:47:27erm, and then we would deduct our annual management and maintenance
0:47:27 > 0:47:32costs, and the net rent is what we use to repay the capital amount.
0:47:32 > 0:47:36And as long as we can do that within 25 years,
0:47:36 > 0:47:39we will go ahead with the purchase.
0:47:39 > 0:47:42So it all starts with the rent, what rent can we charge
0:47:42 > 0:47:45for the property, and that dictates how much we can pay.
0:47:45 > 0:47:49'They paid 35,000 for this nifty little flat, and they had
0:47:49 > 0:47:54'a total budget of 40 grand, so how did that final budget work out?'
0:47:54 > 0:47:58Our total costs were £38,500.
0:47:58 > 0:48:02'The aim is to offer properties at affordable rents,
0:48:02 > 0:48:04'so I'm really interested in what they'll be charging
0:48:04 > 0:48:08'per calendar month and what kind of demand there is.'
0:48:08 > 0:48:13The rent for this property will be £247 per month.
0:48:13 > 0:48:16At this moment we have 395 people
0:48:16 > 0:48:22waiting for one-bedroom flats similar to this one.
0:48:22 > 0:48:25'Now, that's a lot of people waiting for affordable housing.
0:48:25 > 0:48:28'So I'm interested to know how that rental figure will compare
0:48:28 > 0:48:32'with valuations from two agents we asked along to take a look.'
0:48:33 > 0:48:36The way the property's presented is absolutely fine,
0:48:36 > 0:48:38it's a good kitchen, it's well finished.
0:48:38 > 0:48:41Bathroom's well finished as well, nice white suite.
0:48:41 > 0:48:42The bedroom's a good size
0:48:42 > 0:48:46and the lounge facing the back is also a very good size.
0:48:46 > 0:48:48'This property is all about its rental value,
0:48:48 > 0:48:50'so what will the agents think
0:48:50 > 0:48:52'it could get on the open rental market?'
0:48:52 > 0:48:55The rental values for this property would be in the region of
0:48:55 > 0:48:57£400-425 per calendar month.
0:48:57 > 0:49:01The rental market, erm, about £450 per calendar month.
0:49:01 > 0:49:06Oh, it just emphasises how difficult it is for people now
0:49:06 > 0:49:09who are seeking accommodation to rent
0:49:09 > 0:49:12to find good quality housing for rent
0:49:12 > 0:49:14at a price they can afford.
0:49:15 > 0:49:20'The £425 per calendar month valuation from the agents
0:49:20 > 0:49:21'would mean a yield of 13%,
0:49:21 > 0:49:25'but as the Housing Association is non-profit making,
0:49:25 > 0:49:26'this isn't an issue.
0:49:28 > 0:49:31'Fiona and Sharon's organisation is clearly doing a vital job here,
0:49:31 > 0:49:34'helping tenants who would struggle to find
0:49:34 > 0:49:36'that kind of money each month.
0:49:36 > 0:49:39'So it seems property auctions could be the way forward.'
0:49:40 > 0:49:45If we go to auction then we know how much we can afford.
0:49:45 > 0:49:47We know that the property is going to be,
0:49:47 > 0:49:51or start that bit lower in price, erm,
0:49:51 > 0:49:54so therefore it's a better deal for us
0:49:54 > 0:49:57if we can secure that lower price.
0:49:59 > 0:50:02And what would be their advice for other first-time auction-goers?
0:50:02 > 0:50:07Particularly when it comes to paying that all-important deposit.
0:50:08 > 0:50:11Take your chequebook with you - which we didn't!
0:50:11 > 0:50:12THEY LAUGH
0:50:12 > 0:50:15We actually had to scrape up the money between us
0:50:15 > 0:50:18from our own bank accounts
0:50:18 > 0:50:20because we forgot to take the office chequebook.
0:50:22 > 0:50:24Luckily we'd just been paid!
0:50:33 > 0:50:35We're back across the Irish sea to Belfast,
0:50:35 > 0:50:37where earlier we saw
0:50:37 > 0:50:40this really beautiful four-bedroom mid-terrace.
0:50:40 > 0:50:42It was certainly in need of refurbishment
0:50:42 > 0:50:45and there were a couple of issues that had me worried.
0:50:45 > 0:50:48What is going on here with the floor?
0:50:48 > 0:50:50We've got two levels.
0:50:50 > 0:50:53What is it covering up?
0:50:53 > 0:50:56What's not good - it feels damp,
0:50:56 > 0:51:00and my guess is there's some issue up on the roof there.
0:51:00 > 0:51:03But was there really any reason to be worried?
0:51:03 > 0:51:05What was that guide price again?
0:51:05 > 0:51:0630,000 quid?
0:51:06 > 0:51:08What do you expect?!
0:51:08 > 0:51:11The property was bought for £31,000
0:51:11 > 0:51:14by 19-year-old accountancy student Lauren.
0:51:14 > 0:51:17I got a wee bit money in from a claim.
0:51:17 > 0:51:20- I got run over when I was ten. - You got run over?
0:51:20 > 0:51:24But it wasn't until I turned 18 I actually had the money. It was put into a trust fund.
0:51:24 > 0:51:28So the temptation could've been to go, "Wa-ay, party!"
0:51:28 > 0:51:31- Pretty much.- But you decided to invest it in property.
0:51:31 > 0:51:33Can't lose your money in property,
0:51:33 > 0:51:35- and I thought it'd be a project to do the house up.- Right.
0:51:35 > 0:51:37There's a new kitchen going in and a new bathroom going in.
0:51:37 > 0:51:40- So what's the timescale for sorting it out?- About six to eight weeks.
0:51:40 > 0:51:42- And what budget have you got?- 12.
0:51:42 > 0:51:45About 12,000, depending on how bad the roof is.
0:51:45 > 0:51:47But if it's just the lead flashing,
0:51:47 > 0:51:49we should be able to keep it within budget.
0:51:51 > 0:51:52We're back eight weeks later
0:51:52 > 0:51:55to see if that four-bed house has been transformed
0:51:55 > 0:51:58or that leaky roof has proved a budget-buster.
0:51:58 > 0:52:03On the bright side, Lauren's hair hasn't gone grey with worry.
0:52:03 > 0:52:08But that's a wonder, as there wasn't just one roof repair required.
0:52:08 > 0:52:10We got a second leak in the roof.
0:52:10 > 0:52:14Lauren and mum Julianne thought the flashing needed replacing,
0:52:14 > 0:52:16which they duly did.
0:52:16 > 0:52:19We got a bad storm, which we think has lifted the flashing again,
0:52:19 > 0:52:20so we got a leak.
0:52:20 > 0:52:22The roofer couldn't get up onto the roof,
0:52:22 > 0:52:25he didn't want to with the wind and the rain - it was slippy.
0:52:25 > 0:52:29So we've just been waiting on a dry day, which has only just happened.
0:52:29 > 0:52:31Well, after all that, is there any good news?
0:52:31 > 0:52:34The kitchen has been almost finished.
0:52:34 > 0:52:38# Things can only get better
0:52:40 > 0:52:43# Can only get better... #
0:52:43 > 0:52:46The bathroom's almost finished.
0:52:49 > 0:52:54# Things can only get better... #
0:52:54 > 0:52:57The whole house has been replastered.
0:52:57 > 0:53:00# Can only get better Now I've found you... #
0:53:00 > 0:53:03It's obvious that, despite that roof issue,
0:53:03 > 0:53:05they've managed to get loads of work done,
0:53:05 > 0:53:07and what they have done looks great.
0:53:07 > 0:53:11But they've had no shortage of issues to deal with.
0:53:11 > 0:53:14The ceiling in here, when we went up to look at it,
0:53:14 > 0:53:17it had a lot of paper on it. When we started to take it off,
0:53:17 > 0:53:19realised that it actually needed replastered,
0:53:19 > 0:53:23which was something we hadn't actually looked at and noticed before,
0:53:23 > 0:53:25we were so busy concentrating on the walls.
0:53:25 > 0:53:28And what about that strange two-level floor?
0:53:28 > 0:53:31There was just... One had a thin floor, basically,
0:53:31 > 0:53:34and the other one had a floor on top of a floor
0:53:34 > 0:53:35and that's why there was two levels.
0:53:35 > 0:53:39Once we lifted them it more or less levelled itself out.
0:53:39 > 0:53:41Because this had been tiled,
0:53:41 > 0:53:44they put floorboards above the old tiles.
0:53:49 > 0:53:51So that's one problem area solved.
0:53:51 > 0:53:54Now, what about the dampness on the wall in the upstairs bedroom?
0:53:54 > 0:53:55Any surprises there?
0:53:55 > 0:53:57When we started to pull the plaster
0:53:57 > 0:53:59that was hanging off from the top bedroom
0:53:59 > 0:54:03we found that the old chimney breast was there with the bricks,
0:54:03 > 0:54:05so it was good to be able to have that and leave that there.
0:54:05 > 0:54:07A positive result there, then.
0:54:07 > 0:54:10So, what's remaining?
0:54:10 > 0:54:13The floors have to be put down the whole way through the house.
0:54:13 > 0:54:17# Little by little by little by little by little... #
0:54:17 > 0:54:19The rooms are to be painted.
0:54:19 > 0:54:23# Little by little by little by little by little... #
0:54:23 > 0:54:25There's lighting to go up.
0:54:25 > 0:54:27And a bit of tiling in the kitchen.
0:54:29 > 0:54:31Windows have all been...
0:54:31 > 0:54:33All the single-glazed ones have been replaced.
0:54:33 > 0:54:36From when we got the keys three months ago,
0:54:36 > 0:54:38we've been here every single day
0:54:38 > 0:54:41pretty much nine in the morning to nine at night.
0:54:41 > 0:54:44Originally I thought we were just going to come in
0:54:44 > 0:54:48and it was going to be - take wallpaper off, paint walls.
0:54:48 > 0:54:50That's kind of what I really thought.
0:54:50 > 0:54:53There certainly have been a lot of unexpected setbacks with this house.
0:54:53 > 0:54:57So, given it's turned out to be not just a paintbrush job,
0:54:57 > 0:54:59how's that £12,000 budget fared?
0:54:59 > 0:55:01Everything's bought,
0:55:01 > 0:55:03absolutely everything,
0:55:03 > 0:55:06and everyone's been paid upfront,
0:55:06 > 0:55:09prior to them finishing the work, basically.
0:55:09 > 0:55:12And we're sitting just under the 10,000 mark.
0:55:12 > 0:55:14Given the twice-repaired roof
0:55:14 > 0:55:16and the extra jobs they've had to tackle,
0:55:16 > 0:55:19that £10,000 is pretty good going.
0:55:19 > 0:55:22Added to the purchase price of 31,000
0:55:22 > 0:55:25makes a total investment of £41,000.
0:55:25 > 0:55:28What will two local property agents make
0:55:28 > 0:55:30of this yet-unfinished refurbishment?
0:55:30 > 0:55:34First, the one who saw it before Lauren started the work.
0:55:34 > 0:55:36Already I've see a lot of significant changes
0:55:36 > 0:55:39and certainly a lot of changes that are going to benefit this house.
0:55:39 > 0:55:43Judging by what's gone on in the bathroom, the kitchen,
0:55:43 > 0:55:46the new furnishings that are in there are extremely modern
0:55:46 > 0:55:50and I've seen some extremely attractive marble tiles
0:55:50 > 0:55:52that are going into the kitchen as well, so...
0:55:52 > 0:55:55And also wooden flooring upstairs.
0:55:55 > 0:55:59To the naked eye it does seem to be just decoration,
0:55:59 > 0:56:01but, really, the major work's been done.
0:56:01 > 0:56:06You can see that the purchasers have put a lot of work into the property
0:56:06 > 0:56:09and it's clear from the bathroom and the kitchen
0:56:09 > 0:56:13that the standard that they're aiming for is very high.
0:56:13 > 0:56:17I think that they are putting a lot of money
0:56:17 > 0:56:20into the finish of the property.
0:56:20 > 0:56:21I think, for a resale,
0:56:21 > 0:56:24you could maybe get away with spending a little less
0:56:24 > 0:56:26just to make a better return.
0:56:26 > 0:56:29The agents think that for rental,
0:56:29 > 0:56:34this property would fetch between £475 and £550 per calendar month.
0:56:34 > 0:56:39That top estimate would mean a cracking yield of 16%.
0:56:39 > 0:56:41But Lauren had thought she'd sell this on.
0:56:41 > 0:56:44At the moment the rental market's quite strong in this area
0:56:44 > 0:56:47and the way the property sales are turning,
0:56:47 > 0:56:50they would probably get a better return on their investment
0:56:50 > 0:56:52in 12 months.
0:56:52 > 0:56:54Well, with them still determined to sell,
0:56:54 > 0:56:57what price could they expect to achieve?
0:56:57 > 0:57:02Once this is completed, I would put a valuation of £65,000-£70,000.
0:57:02 > 0:57:03If the property was finished
0:57:03 > 0:57:06to the standard that we see in the kitchen and bathroom,
0:57:06 > 0:57:11I would market the property for sale at £55,000-£60,000.
0:57:11 > 0:57:14Hmm. Quite varied valuations there.
0:57:14 > 0:57:16The lowest would mean a profit of £14,000,
0:57:16 > 0:57:20while the top estimate would mean a possible £29,000 -
0:57:20 > 0:57:23all minus taxes and expenses, of course.
0:57:23 > 0:57:25- Still sell.- Definitely still sell.
0:57:25 > 0:57:27Definitely sell now.
0:57:27 > 0:57:29So, despite the various setbacks,
0:57:29 > 0:57:31has Lauren enjoyed the experience?
0:57:31 > 0:57:33I think I'm going to be sad that it's finished,
0:57:33 > 0:57:36but look forward to doing it again.
0:57:36 > 0:57:41And does she have any tips for other youthful property investors?
0:57:41 > 0:57:44Just be prepared that there will be slip-ups
0:57:44 > 0:57:46and things that happen that you're not expecting to happen,
0:57:46 > 0:57:50and allow for money and time for that, I suppose.
0:57:52 > 0:57:54We hope you've enjoyed watching
0:57:54 > 0:57:56the homes that went under the hammer today.
0:57:56 > 0:57:59Join us next time for more thrills and spills
0:57:59 > 0:58:01from the auction rooms across the country.
0:58:01 > 0:58:03- See- you then. Goodbye.