0:00:02 > 0:00:04Hello. Now, from first-time buyers looking to buy their first home
0:00:04 > 0:00:08to retirees looking to buy property to supplement their pension,
0:00:08 > 0:00:11there are all sorts of reasons for buying houses.
0:00:11 > 0:00:15But no matter who you are, Martin, every penny you spend counts,
0:00:15 > 0:00:17especially if you're looking for a good return.
0:00:17 > 0:00:21Yes, and one way to get a bargain is to head to the auctions.
0:00:47 > 0:00:49Well, the property market can bring great returns
0:00:49 > 0:00:51if you spend your money wisely.
0:00:51 > 0:00:54So, is that what today's buyers managed to do?
0:00:54 > 0:00:55Well, here's what they bought.
0:00:56 > 0:00:59Today, it's a tale of two studio flats
0:00:59 > 0:01:01and two very different prices.
0:01:01 > 0:01:02One in the north...
0:01:02 > 0:01:04At £18,000.
0:01:04 > 0:01:06And one in the south.
0:01:06 > 0:01:08Yours, gentlemen, at 275.
0:01:09 > 0:01:11Whilst in Trent Vale, Stoke-on-Trent,
0:01:11 > 0:01:13there's not a hair out of place.
0:01:13 > 0:01:15I don't know how he done it
0:01:15 > 0:01:18but Jake's still managed to keep his hair looking beautiful
0:01:18 > 0:01:19like it is now.
0:01:20 > 0:01:22All these properties have been sold at auction.
0:01:22 > 0:01:25We'll find out who bought them and what they paid for them
0:01:25 > 0:01:27when they went under the hammer.
0:01:35 > 0:01:38We're just two miles from Newcastle-Under-Lyme
0:01:38 > 0:01:39in Stoke-on-Trent
0:01:39 > 0:01:42in an area close to the A500 and M6
0:01:42 > 0:01:44called Trent Vale
0:01:44 > 0:01:47and I'm visiting a former local authority estate here.
0:01:49 > 0:01:53As well as being famous for the production of tyres nearby,
0:01:53 > 0:01:55it's also got its history
0:01:55 > 0:01:58in the brick and tile manufacturing industry
0:01:58 > 0:02:01but bringing us up to date, the property I'm here to see -
0:02:01 > 0:02:07a three-bed semidetached, guide price £40,000-plus - £40,000-plus!
0:02:07 > 0:02:10Wow. It looks really good from the outside.
0:02:11 > 0:02:15Looks can be deceptive, though, so fingers crossed.
0:02:17 > 0:02:20For that kind of money, just £40,000, he said,
0:02:20 > 0:02:24repeating it for a third time,
0:02:24 > 0:02:26you're not going to expect much, are you?
0:02:26 > 0:02:29However, you might be surprised.
0:02:29 > 0:02:32Through the front door, useful storage cupboard under the stairs.
0:02:32 > 0:02:36And then through into a pretty decent-sized lounge.
0:02:36 > 0:02:37Dual aspect, so lots of light.
0:02:37 > 0:02:41I mean, it's crying out for a set of French doors there, isn't it?
0:02:41 > 0:02:44Patio doors out onto the garden, that would be lovely.
0:02:44 > 0:02:45But you've got a fire.
0:02:45 > 0:02:49Might be updated just to improve the feel of the place
0:02:49 > 0:02:51but in general, it's a good size
0:02:51 > 0:02:55and as is classic with these ex-local authority properties,
0:02:55 > 0:02:58they're all good, well-proportioned rooms.
0:02:58 > 0:03:01This is the kitchen. Clearly, it needs lots of tender loving care,
0:03:01 > 0:03:04some nice units in here but again,
0:03:04 > 0:03:06you've got storage, you've got space.
0:03:06 > 0:03:08It's all solid walls.
0:03:08 > 0:03:12You know, you can't go wrong, really, can you?
0:03:12 > 0:03:18# Solid, solid as a rock... #
0:03:19 > 0:03:21Ex-local authority properties
0:03:21 > 0:03:24are more often than not sturdy, reliable and, well...
0:03:24 > 0:03:27# Solid as a rock... #
0:03:28 > 0:03:31Now, on the stairs leading up to the bedrooms,
0:03:31 > 0:03:32there is this stairlift,
0:03:32 > 0:03:35which is obviously a bit of a life-saver
0:03:35 > 0:03:36to whoever lived here previously.
0:03:36 > 0:03:40Now, before you just take this out and throw it into the skip,
0:03:40 > 0:03:43bear in mind this could actually be really useful for somebody else.
0:03:43 > 0:03:45So, there are places all over the country
0:03:45 > 0:03:48which will actually take these things and recycle them
0:03:48 > 0:03:50and put them to good use.
0:03:50 > 0:03:53That is exactly what you should do.
0:03:53 > 0:04:00# Be not selfish in your doings
0:04:00 > 0:04:02# Pass it on... #
0:04:02 > 0:04:06Once the stairlift is removed and hopefully recycled,
0:04:06 > 0:04:09you'll find yourself with a bit more of a spacious hallway
0:04:09 > 0:04:12taking you up to the bedrooms.
0:04:12 > 0:04:14So, what have we got up here?
0:04:14 > 0:04:16Well, three bedrooms. Smallish one towards the front there
0:04:16 > 0:04:19and then two really good-sized ones towards the back.
0:04:19 > 0:04:22Again with loads of built-in storage, which is lovely.
0:04:22 > 0:04:26The only disappointment I can see is the bathroom
0:04:26 > 0:04:28because that's it.
0:04:28 > 0:04:30As you can see, it's not huge.
0:04:30 > 0:04:33Obviously in need of refurbishment
0:04:33 > 0:04:35but while you're doing that, how can you get some extra space?
0:04:35 > 0:04:37Well, ha-ha!
0:04:37 > 0:04:40I have the solution because here in this third bedroom,
0:04:40 > 0:04:45I think there's enough space to put a subpartition wall here and there
0:04:45 > 0:04:46pretty much in line with that.
0:04:46 > 0:04:48It wouldn't detract from this room too much
0:04:48 > 0:04:51but it would give you that much-needed extra space
0:04:51 > 0:04:52in the bathroom.
0:04:52 > 0:04:54You'd then be able to have a bath and a shower
0:04:54 > 0:04:56and just a feeling of space.
0:04:56 > 0:04:58Brilliant. There is always a solution.
0:04:58 > 0:05:01Traditionally, there wouldn't have been a bathroom upstairs
0:05:01 > 0:05:04and that's really why it's so small.
0:05:04 > 0:05:07I think it's been squeezed in just to get one up here.
0:05:07 > 0:05:10One's ablutions would have been carried out downstairs
0:05:10 > 0:05:13with a visit in the cold to the outside loo.
0:05:13 > 0:05:16So far, this is the only negative I can find about this house.
0:05:16 > 0:05:18Time to explore outside.
0:05:18 > 0:05:21Now, one of the reasons I love ex-local authority houses
0:05:21 > 0:05:25is that they were just designed to be practical living spaces.
0:05:25 > 0:05:26Out the kitchen there,
0:05:26 > 0:05:29you've got this little corridor which gives access to the front
0:05:29 > 0:05:32but there, you've got a downstairs loo, a little storage area.
0:05:32 > 0:05:34Another great thing when you come out the back here,
0:05:34 > 0:05:37a really nice-sized garden...
0:05:38 > 0:05:43..so it's just plus after plus after plus, really, isn't it?
0:05:43 > 0:05:46# It's getting better all the time... #
0:05:46 > 0:05:49It needs updating and sprucing up of course
0:05:49 > 0:05:53but at that guide price of £40,000,
0:05:53 > 0:05:55you are getting a lot of house for your money.
0:05:56 > 0:06:00Let's see what a local property agent thinks of it all.
0:06:00 > 0:06:01It is just dated.
0:06:01 > 0:06:04Really good space. I'm amazed by the garden as well.
0:06:04 > 0:06:07There is a good demand for properties like this in the area,
0:06:07 > 0:06:10mainly due to the value for money that they offer to families
0:06:10 > 0:06:13who are wanting their children in the local schools.
0:06:13 > 0:06:17In that case, then, what does he think the property could be worth?
0:06:17 > 0:06:21I think the property should really be worth in the region of £85,000.
0:06:21 > 0:06:23And what about rental?
0:06:23 > 0:06:28I think it would be achieving in the region of £450 per calendar month.
0:06:28 > 0:06:29Well, it really is a great house.
0:06:29 > 0:06:33Yes, it needs a bit of modernisation but you would expect that,
0:06:33 > 0:06:37and when you consider that guide price of just £40,000-plus,
0:06:37 > 0:06:39a real auction find.
0:06:39 > 0:06:41Let's see who spotted it when it went under the hammer.
0:06:41 > 0:06:45Semidetached house. Three bedrooms. Large garden. Convenient spot.
0:06:45 > 0:06:48I'm going to say 40 to start.
0:06:48 > 0:06:4940 in the doorway, thank you.
0:06:49 > 0:06:51At £40,000.
0:06:51 > 0:06:5442. 44?
0:06:54 > 0:06:5644. 46.
0:06:57 > 0:07:00Shaking head but he's in 48.
0:07:00 > 0:07:0150.
0:07:01 > 0:07:07With plenty of interest in the lot, we leave and rejoin at £69,000.
0:07:07 > 0:07:0969 right at the back.
0:07:10 > 0:07:1469.5? 69.5.
0:07:14 > 0:07:1670. No?
0:07:16 > 0:07:2070 right on the back wall. All done now. £70,000 once.
0:07:20 > 0:07:22£70,000 twice.
0:07:22 > 0:07:26Third and final time at £70,000.
0:07:26 > 0:07:27On the back wall. Well done.
0:07:29 > 0:07:32Sold to dad Mark and his son Jake.
0:07:32 > 0:07:36They bought this nice little three-bed semi for £70,000.
0:07:36 > 0:07:41That's a whopping £30,000 over the guide price, so will it be worth it?
0:07:41 > 0:07:44I went to the property to find out their plans.
0:07:45 > 0:07:47- Mark, Jake, great to meet you both. - And you.
0:07:47 > 0:07:49- Congratulations.- Thank you. - Well done.
0:07:49 > 0:07:51Tell me why you wanted to buy the house.
0:07:51 > 0:07:55We obviously looked at a few properties. We liked this house.
0:07:55 > 0:07:58It's a good stone-built property like the old council properties,
0:07:58 > 0:08:01they're usually really sturdy properties, so we looked at it
0:08:01 > 0:08:04- and we thought it had potential to turn into a good family house.- Right.
0:08:04 > 0:08:06You paid quite a lot over the guide price for it.
0:08:06 > 0:08:09Yeah. When we first saw the guide price, we thought it would go over that.
0:08:09 > 0:08:11We thought we might get it a little bit less
0:08:11 > 0:08:15but it went up quite quick at the auction.
0:08:15 > 0:08:17Yeah, we thought it was worth it, so we decided to go for it.
0:08:17 > 0:08:19- Happy with what you paid?- Yeah.
0:08:19 > 0:08:22So tell me about what's going on here between you two, Jake.
0:08:22 > 0:08:26We started it last year. Dad's been doing a few properties before that.
0:08:26 > 0:08:29We wanted to do something a little bit different
0:08:29 > 0:08:30to what we was doing previously.
0:08:30 > 0:08:33- Dad was into his football coaching. - Oh, right.
0:08:33 > 0:08:36I was doing football coaching with him at a professional football club
0:08:36 > 0:08:38and doing a bit of modelling on the side.
0:08:38 > 0:08:41We thought we'd do a little bit different so we come into it
0:08:41 > 0:08:44- and here we are, really.- Wow.
0:08:44 > 0:08:47What kind of football coaching and who for?
0:08:47 > 0:08:49- We used to do it for Tottenham Hotspur.- Oh, right.
0:08:49 > 0:08:52My job used to be mainly the youth side of things.
0:08:52 > 0:08:57Used to travel around the world a lot with my job so I spoke to Jake
0:08:57 > 0:09:00and my other son Luke, who's still coaching at the moment,
0:09:00 > 0:09:02and just decided I'd rather be with the family for a little while
0:09:02 > 0:09:05so we decided for a career change and tried this
0:09:05 > 0:09:06so we could be together a bit more.
0:09:06 > 0:09:09- What kind of modelling did you do? - Gloves and shoes.
0:09:10 > 0:09:12Jealousy that is.
0:09:12 > 0:09:15Yeah, all different - commercial, catalogue sort of stuff.
0:09:15 > 0:09:16Oh, great. Fantastic.
0:09:16 > 0:09:19# I saw myself in the mirror
0:09:19 > 0:09:23# In profile for the first time
0:09:23 > 0:09:30# I thought, hey, that's a real good-looking boy... #
0:09:30 > 0:09:31They obviously get on well.
0:09:31 > 0:09:35Mark is a bit of a model himself, a role model,
0:09:35 > 0:09:37in that before his coaching career,
0:09:37 > 0:09:38he had a letting agency
0:09:38 > 0:09:42so he's passing his property expertise on to his sons.
0:09:43 > 0:09:45We done our first one, as Jake said.
0:09:45 > 0:09:48We've done one together before to see whether the boys liked it
0:09:48 > 0:09:51- and he seemed to do well. He was a grafter, to be fair.- Right.
0:09:51 > 0:09:54Anything that didn't involve messing up his hair.
0:09:54 > 0:09:56I woke up like this.
0:09:56 > 0:09:59But other than that, yeah. It's been a career change
0:09:59 > 0:10:01but it's something we're really enjoying at the moment.
0:10:01 > 0:10:03- Great.- So long may it continue.
0:10:03 > 0:10:06- Now, you both have a slight London twang to your voice.- Indeed.
0:10:06 > 0:10:10- That's where you're from, obviously. - We're not locals, yeah.
0:10:10 > 0:10:13We are from London, or moved out to the Essex borders now.
0:10:13 > 0:10:15So what's tempted you north?
0:10:15 > 0:10:17Just seems you get so much more for your money up north.
0:10:17 > 0:10:21I mean, you can pay silly amounts down in London as you well know,
0:10:21 > 0:10:23so we looked up here
0:10:23 > 0:10:27and the yield on the rentals as well, it doesn't seem too dissimilar
0:10:27 > 0:10:28and you're paying a lot less money,
0:10:28 > 0:10:31- so that was what attracted us first and foremost.- Right.
0:10:31 > 0:10:32Practically, of course,
0:10:32 > 0:10:35it throws up a bit of an issue, certainly in the early stages,
0:10:35 > 0:10:37of the fact you don't live close by.
0:10:37 > 0:10:39What are you going to do? How are you going to handle that?
0:10:39 > 0:10:42Well, at the minute, we're going to stay up here
0:10:42 > 0:10:43so it will be nice and fun.
0:10:43 > 0:10:46We've got some camp beds so we may stay here
0:10:46 > 0:10:49and then obviously find somewhere a little bit local as well if not.
0:10:49 > 0:10:50We'll be working long hours,
0:10:50 > 0:10:53so it will make more sense for us to stay here
0:10:53 > 0:10:54cos it's going to be a nightmare
0:10:54 > 0:10:56- travelling back and forth all the time.- Yeah, yeah.
0:10:56 > 0:11:00So it seems for these two, the only way isn't Essex,
0:11:00 > 0:11:04with the boys decamping to Trent Vale for the length of the project.
0:11:04 > 0:11:06But what are their plans?
0:11:07 > 0:11:11Strip it all back then completely rewiring, replumbing
0:11:11 > 0:11:14but lucky for us, we've got people in the trades like family.
0:11:14 > 0:11:17My father-in-law's a plumber and plasterer,
0:11:17 > 0:11:20so getting them up here to help us out and then modernising throughout.
0:11:20 > 0:11:24Potentially, we're not too sure as well with the wall down here.
0:11:24 > 0:11:28We're going to knock it through, make it a bit more open-plan
0:11:28 > 0:11:30but like we said, the kitchen is a nice size, so to do that
0:11:30 > 0:11:33where the lounge isn't overly big,
0:11:33 > 0:11:35we're not sure whether it will do it justice.
0:11:35 > 0:11:38Then we also said about putting some French doors through the back...
0:11:38 > 0:11:39That would be nice.
0:11:39 > 0:11:41..to get a bit of light through,
0:11:41 > 0:11:43so depending on whether we sell or rent
0:11:43 > 0:11:45depends on how far we go with the work.
0:11:45 > 0:11:47So plenty of people to help
0:11:47 > 0:11:50which will in turn help Mark and Jake
0:11:50 > 0:11:53keep within a £15,000 to £20,000 budget that they've set
0:11:53 > 0:11:57and their reasonable six-to-eight-week timeframe
0:11:57 > 0:12:01but it's a far cry from the glamour of modelling for Jake.
0:12:02 > 0:12:04Now, your dad jokingly brought up
0:12:04 > 0:12:08the whole issue of your hair and that.
0:12:08 > 0:12:11Roughing and tumbling it in this, knocking down walls,
0:12:11 > 0:12:14you are going to get a bit dusty and mucked up. You all right with that?
0:12:14 > 0:12:16It's quite a special hairnet he's got.
0:12:16 > 0:12:18Are you all right getting roughed up?
0:12:18 > 0:12:22I'm fine with that, yeah. If it gets that bad, I'll put a hat on.
0:12:22 > 0:12:26- To be fair, he's been learning the plastering trade, following his father-in-law, John.- Oh, wow.
0:12:26 > 0:12:29He certainly doesn't mind getting dirty. He's done very well doing that.
0:12:29 > 0:12:31Congratulations to both of you.
0:12:31 > 0:12:34- Really look forward to seeing how it turns out.- Thank you.
0:12:34 > 0:12:35Nice to meet you.
0:12:37 > 0:12:41So another project under way for father and son team Mark and Jake.
0:12:41 > 0:12:43Two important questions.
0:12:43 > 0:12:44Number one - how will they get on
0:12:44 > 0:12:47with that commuting from London to do this place up?
0:12:47 > 0:12:51And number two - will Jake mess his hair up during the renovation?
0:12:52 > 0:12:54You can find out later in the show.
0:13:00 > 0:13:01Over to Glasgow now
0:13:01 > 0:13:05and the area south of the city called Priesthill.
0:13:05 > 0:13:08After the Second World War, Priesthill was developed
0:13:08 > 0:13:12to house some of Glasgow's expanding population but since then,
0:13:12 > 0:13:14it's seen years of decline.
0:13:14 > 0:13:16In recent years, though, there have been moves
0:13:16 > 0:13:19to regenerate and redevelop Priesthill
0:13:19 > 0:13:23with the building of new purpose-built and landscaped housing
0:13:23 > 0:13:27and a huge shopping centre that's brought new employment to the area.
0:13:27 > 0:13:29Well, just five minutes' walk from Silverburn,
0:13:29 > 0:13:32a short drive to the M77,
0:13:32 > 0:13:34and 10 minutes' walk to a train station
0:13:34 > 0:13:37which'll take you into the centre of Glasgow
0:13:37 > 0:13:38is the property I'm here to see.
0:13:38 > 0:13:43It's a studio flat. Guide price £10,000 to £20,000.
0:13:43 > 0:13:46Outside could do with a bit of a spruce up.
0:13:46 > 0:13:48Let's hope it gets a bit better inside.
0:13:51 > 0:13:56Yeah, well, that's not a very good start, is it?
0:13:56 > 0:13:59Very badly damaged glass there.
0:13:59 > 0:14:01Into this little entrance foyer.
0:14:01 > 0:14:06I mean, communal areas, they just set the scene, don't they?
0:14:06 > 0:14:08It's not looking brilliant.
0:14:09 > 0:14:12Coats of paint required. Hmm.
0:14:14 > 0:14:15Let's carry on up to the flat.
0:14:17 > 0:14:22Yes, the communal areas and exterior of this property
0:14:22 > 0:14:24certainly won't help it rent or sell.
0:14:24 > 0:14:28Hopefully, though, the flat itself is in better condition.
0:14:32 > 0:14:34So what's on offer?
0:14:34 > 0:14:38Well, through the door and facing you is the kitchen.
0:14:38 > 0:14:40First thing you notice is it's in pretty good nick.
0:14:40 > 0:14:44It looks like somebody's actually started the renovation.
0:14:44 > 0:14:46You can't expect much in terms of space.
0:14:46 > 0:14:48What we have got - bathroom over that way, kitchen here.
0:14:48 > 0:14:50It's very open-plan.
0:14:50 > 0:14:55Into this area here which is your lounge/bedroom.
0:14:55 > 0:14:59Nice big windows, which is a plus but that's about it.
0:15:01 > 0:15:04Sorry it didn't take too long but it is what it is.
0:15:04 > 0:15:09# Size matters, size matters but not how you think... #
0:15:09 > 0:15:12The kitchen is modern and just about complete.
0:15:12 > 0:15:16The walls have been skimmed and plastered just ready for decoration.
0:15:16 > 0:15:18It's bright and clean and I reckon
0:15:18 > 0:15:22with a carefully-chosen colour scheme and clever use of furniture,
0:15:22 > 0:15:24you could give this kitchen-cum-lounge-cum-bedroom
0:15:24 > 0:15:28the illusion of being more spacious than it actually is.
0:15:30 > 0:15:32So at this end of the flat,
0:15:32 > 0:15:36a storage area there with a large hot water cylinder and tank
0:15:36 > 0:15:40and then you've got your bathroom and your loo.
0:15:40 > 0:15:43It seems disproportionately big
0:15:43 > 0:15:46and this certainly seems like a complete waste of space.
0:15:46 > 0:15:48I suppose it's storage.
0:15:48 > 0:15:50I wonder, with a bit of playing around -
0:15:50 > 0:15:52these are only subpartition walls -
0:15:52 > 0:15:58could you create perhaps a bedroom here with an en-suite in it?
0:15:58 > 0:16:00Maybe ditch the bath and just put a shower in.
0:16:00 > 0:16:03Move this wall slightly maybe a foot or two that way
0:16:03 > 0:16:06away from...basically into the kitchen
0:16:06 > 0:16:07but shift the kitchen that way as well
0:16:07 > 0:16:11to create yourself a one-bedroom flat.
0:16:11 > 0:16:13It sounds like a nice idea but it really comes back
0:16:13 > 0:16:16to is it going to make that much difference to the value?
0:16:16 > 0:16:19Is it going to make that much difference to the rentability
0:16:19 > 0:16:20and how much is it going to cost?
0:16:20 > 0:16:24Factor it in, work it out and then make your decision.
0:16:24 > 0:16:29A little studio flat like this will have a definite ceiling price
0:16:29 > 0:16:31so you need to watch your spending.
0:16:31 > 0:16:33If you decide to keep the bathroom in this location,
0:16:33 > 0:16:38I'd definitely spruce it up and maybe even replace the suite.
0:16:39 > 0:16:41On the plus side, it is white.
0:16:41 > 0:16:43However, it will all be worth nothing
0:16:43 > 0:16:47if potential suitors are put off by the exterior.
0:16:47 > 0:16:49The exterior of this block
0:16:49 > 0:16:52and the communal area is definitely a bugbear.
0:16:52 > 0:16:54There are sorry signs of neglect.
0:16:56 > 0:16:58Traditionally in Scotland, communal areas
0:16:58 > 0:17:01are maintained by property managers called factors
0:17:01 > 0:17:03or by the residents themselves.
0:17:03 > 0:17:05The thing that does raise the spirits
0:17:05 > 0:17:09is that it looks like the residents are aiming to improve things.
0:17:09 > 0:17:12However, this can be difficult to organise
0:17:12 > 0:17:14where there are large bills to pay
0:17:14 > 0:17:16and legal wrangles can ensue,
0:17:16 > 0:17:20so getting a factor and paying them not only to organise the work
0:17:20 > 0:17:23but collect money is the more common choice.
0:17:23 > 0:17:26If the outside could be improved, perhaps getting this lot
0:17:26 > 0:17:30for anything like that guide price of £10,000 to £20,000
0:17:30 > 0:17:31could be a good investment.
0:17:33 > 0:17:35It's generally in good condition.
0:17:35 > 0:17:37The owners don't have to do much work to it.
0:17:37 > 0:17:39They can put somebody in here very quickly indeed.
0:17:39 > 0:17:40Just a wee bit of decoration
0:17:40 > 0:17:43and move somebody into the property if they want to rent it out.
0:17:43 > 0:17:47All positive about the studio flat. What about the communal areas?
0:17:48 > 0:17:52The majority of these properties and now owned by buy-to-let investors
0:17:52 > 0:17:55and there's a large percentage of them that are now rented out.
0:17:55 > 0:17:57That's had an adverse impact
0:17:57 > 0:17:59on the actual work done to the communal areas
0:17:59 > 0:18:01and that's quite evident when you walk into the properties.
0:18:01 > 0:18:06As I feared, but moving on, let's talk figures.
0:18:06 > 0:18:09Studio flats, maximum £20,000 to £22,000.
0:18:09 > 0:18:12I would expect the rental valuation, once done up,
0:18:12 > 0:18:15to achieve £280 per calendar month.
0:18:16 > 0:18:19So a nice enough flat in a fairly decent location.
0:18:19 > 0:18:23Obviously, the communal areas need a bit of sorting out
0:18:23 > 0:18:26but for the guide price, a potentially good investment
0:18:26 > 0:18:30and a good return on your money if you were to rent it out.
0:18:30 > 0:18:33Let's see who went for it when it went under the hammer.
0:18:36 > 0:18:40Guide price £10,000 to £20,000. Modern studio flat.
0:18:40 > 0:18:42It's got to be worth £10,000.
0:18:42 > 0:18:45Anybody in at ten? Ten here.
0:18:45 > 0:18:47At £10,000 I've got now.
0:18:47 > 0:18:5111 here. 12. 13.
0:18:51 > 0:18:5314. 15.
0:18:53 > 0:18:55Shake of the head with you at 14.
0:18:55 > 0:18:58At £14,000.
0:18:58 > 0:19:0015. 16.
0:19:01 > 0:19:0216, sir.
0:19:02 > 0:19:04No. 16 here. No.
0:19:04 > 0:19:08With you at 15. At £15,000. Half, I've got. 16.
0:19:08 > 0:19:11Half. 17. You're out.
0:19:11 > 0:19:15With you at £16,500. 17 back in.
0:19:15 > 0:19:18Half? 18. Half.
0:19:18 > 0:19:23You're out. You're in at 18. At £18,000, then.
0:19:23 > 0:19:26With you, sir, at £18,000. The first time.
0:19:26 > 0:19:28Against you and against you.
0:19:28 > 0:19:31Second time. Are you sure?
0:19:31 > 0:19:32Third and final time, then.
0:19:32 > 0:19:34- GAVEL BANGS - Well done, sir.
0:19:36 > 0:19:41The successful bid of £18,000 actually came from Janet.
0:19:41 > 0:19:42IT consultant Janet
0:19:42 > 0:19:46employed the services of friend and work colleague Bud
0:19:46 > 0:19:48to do the bidding on the day.
0:19:48 > 0:19:51Property novice Janet will also be leaning on Bud
0:19:51 > 0:19:53for help and advice with the project
0:19:53 > 0:19:56as he is a seasoned property developer.
0:19:56 > 0:20:01# Lean on me when you're not strong... #
0:20:01 > 0:20:04Janet, Bud, great to meet you both.
0:20:04 > 0:20:06- All right?- Congratulations.
0:20:06 > 0:20:08Tell me why you wanted to buy this flat.
0:20:08 > 0:20:09When we were going to the auctions,
0:20:09 > 0:20:12we had maybe a list of about five properties
0:20:12 > 0:20:14- that we were interested in. - All flats?
0:20:14 > 0:20:17They were all flats, and I think we liked this one
0:20:17 > 0:20:21because it was close to the M77 and it was a reasonable price.
0:20:21 > 0:20:24- Yeah, for definite. Did you see it before you bought it?- No.
0:20:24 > 0:20:26- You didn't?- No.- Why?
0:20:28 > 0:20:31- I think... I had been on holiday. - Oh, that's a good excuse.
0:20:31 > 0:20:34And then we had...
0:20:34 > 0:20:36When I had come back, we were back at work
0:20:36 > 0:20:39and then we had left to go to the auction from work
0:20:39 > 0:20:43so I hadn't seen any of the properties that we'd bought.
0:20:43 > 0:20:45- You've bought more than one? - I bought three.
0:20:45 > 0:20:49You are so on my naughty step, honestly.
0:20:49 > 0:20:52Three properties without seeing them!
0:20:52 > 0:20:54# Naughty... #
0:20:55 > 0:21:00Yes, Hammer's golden rule broken not once but three times.
0:21:00 > 0:21:03Luckily for Janet, the other two properties haven't turned out bad
0:21:03 > 0:21:05and neither has this one.
0:21:07 > 0:21:09How was it when you walked through the door?
0:21:09 > 0:21:11It's actually quite good.
0:21:11 > 0:21:14I mean, a lot of work has already been done on the renovation,
0:21:14 > 0:21:16so I think we're quite hopeful
0:21:16 > 0:21:18that we should be able to turn it round quite quickly.
0:21:18 > 0:21:20What did you think of it when you first saw it?
0:21:20 > 0:21:22I was actually pleasantly pleased
0:21:22 > 0:21:26from the point of view that when I did get it looked at properly
0:21:26 > 0:21:29and get a proper survey done of it then the value is marked real low
0:21:29 > 0:21:33so that when I came in and seen it, I was pleasantly surprised.
0:21:33 > 0:21:36A lot of work has been done and there's very little left to do.
0:21:36 > 0:21:38The valuations game is a tricky one
0:21:38 > 0:21:40and nothing should be taken for granted.
0:21:40 > 0:21:44The home report on this property said the value was £22,000.
0:21:44 > 0:21:47Janet paid 18,000 which seemed a safe bet
0:21:47 > 0:21:51but then she was alarmed when her independent surveyor
0:21:51 > 0:21:54valued it at only £10,000.
0:21:54 > 0:21:58However, she plans to rent this out and is taking a long-term view.
0:21:58 > 0:22:01So is she going to try and add value by making it a one-bed flat?
0:22:03 > 0:22:05You probably could make it into a one-bed flat.
0:22:05 > 0:22:08- That's what I was thinking. - I'm not going to do that.
0:22:08 > 0:22:10I think we're going to leave it as a studio
0:22:10 > 0:22:11and maybe try and purchase
0:22:11 > 0:22:14one of those beds that goes up into the corner.
0:22:14 > 0:22:16I think that's our plan is to leave it as it is
0:22:16 > 0:22:18and get it on the market, as in the rental market,
0:22:18 > 0:22:20as soon as possible.
0:22:22 > 0:22:25A quick turnaround shouldn't be a problem here,
0:22:25 > 0:22:27particularly with Bud's contacts
0:22:27 > 0:22:30such as builders, electricians and plumbers.
0:22:30 > 0:22:33The pair just plan to finish what's been started here
0:22:33 > 0:22:35and keep the work to a minimum
0:22:35 > 0:22:38so as not to exceed their tight budget of £1,500
0:22:38 > 0:22:41and even tighter timescale of two weeks.
0:22:43 > 0:22:44Once work is done, though,
0:22:44 > 0:22:49Janet is hoping for a rental return of between £250 to £300 per month
0:22:49 > 0:22:52which could bring in a very healthy yield.
0:22:54 > 0:22:56Let's not get ahead of ourselves, though.
0:22:56 > 0:22:58There won't be any rental if people are put off by the exterior
0:22:58 > 0:23:00and the communal areas.
0:23:02 > 0:23:05What do you know about what's going on in terms of that?
0:23:05 > 0:23:09We have been speaking to a couple of the neighbours and basically,
0:23:09 > 0:23:12I don't think there is anyone maintaining the building,
0:23:12 > 0:23:14so we were discussing earlier...
0:23:14 > 0:23:16Bud could probably explain better.
0:23:16 > 0:23:18The guy that does the factoring for me,
0:23:18 > 0:23:21I'll be asking him to meet with the rest of the neighbours
0:23:21 > 0:23:24- and see if he can take over factoring of the building.- Oh, right.
0:23:24 > 0:23:27- And I'm sure he's up for that. - You're looking at driving that?
0:23:27 > 0:23:29- Yeah.- Wow!
0:23:29 > 0:23:31Janet and Bud's decision to put a factor in place
0:23:31 > 0:23:33will help protect her investment
0:23:33 > 0:23:36and the job of sprucing up the communal areas
0:23:36 > 0:23:38has received a little unexpected help.
0:23:40 > 0:23:44At the auction, the flat was sponsored by a local builder
0:23:44 > 0:23:47who provides 30 litres of paint,
0:23:47 > 0:23:50so what we're proposing to do in conjunction with the neighbours,
0:23:50 > 0:23:54if they'll allow it, is to use that paint to paint the communal close.
0:23:54 > 0:23:55Oh, right.
0:23:55 > 0:23:58And also replace some of the windows with maybe clear Perspex
0:23:58 > 0:24:01rather than glass to hopefully maintain the close.
0:24:01 > 0:24:03Congratulations. Good luck with that
0:24:03 > 0:24:05and good luck with sorting the flat out.
0:24:05 > 0:24:08- Thanks very much.- Nice to meet you. - Thanks.- Thanks very much.
0:24:10 > 0:24:13Well, it seems like Janet and Bud have got the right idea
0:24:13 > 0:24:16for both the flat and the communal areas.
0:24:16 > 0:24:20That's good to see. How will they get on sorting everything out?
0:24:20 > 0:24:22You can find out later in the show.
0:24:23 > 0:24:26Coming up, it's a tale of two cities
0:24:26 > 0:24:29as in Aldgate, London, a studio flat is bought
0:24:29 > 0:24:33for almost £1,000 per square foot.
0:24:35 > 0:24:37Whilst in Glasgow,
0:24:37 > 0:24:42lower prices plus a quality finish means there's also money to be made.
0:24:46 > 0:24:50Before those two properties, though, we return now to Stoke-on-Trent
0:24:50 > 0:24:54and the industrial area of Trent Vale where earlier,
0:24:54 > 0:24:59I found this three-bed semi guided at just £40,000-plus.
0:24:59 > 0:25:04It was dated and tired but I really took a shine to it.
0:25:04 > 0:25:09You've got storage, you've got space. It's all solid walls.
0:25:09 > 0:25:13You know, you can't go wrong, really, can you?
0:25:15 > 0:25:17It was bought at auction
0:25:17 > 0:25:20for a whopping £30,000 over the guide price
0:25:20 > 0:25:23by father-and-son team Mark and Jake.
0:25:23 > 0:25:27The pair had only recently moved into property developing together
0:25:27 > 0:25:30having previously worked as football coaches.
0:25:30 > 0:25:32And despite being based in Essex,
0:25:32 > 0:25:36they travelled north to continue their fledgling careers.
0:25:37 > 0:25:39So what's tempted you north?
0:25:39 > 0:25:41Just seems you get so much more for your money up north.
0:25:41 > 0:25:45I mean, you can pay silly amounts down in London as you well know,
0:25:45 > 0:25:49so we looked up here and the yield on the rentals as well,
0:25:49 > 0:25:52it doesn't seem too dissimilar and you're paying a lot less money,
0:25:52 > 0:25:55so that was what attracted us first and foremost.
0:25:57 > 0:25:59The boys had a long list of jobs ahead of them
0:25:59 > 0:26:01in order to get it ready for the rental market
0:26:01 > 0:26:03but with help from Mark's other son Luke,
0:26:03 > 0:26:06they were hopeful of getting the work completed.
0:26:10 > 0:26:12Three months later, we return to Trent Vale
0:26:12 > 0:26:14to see if the boys are right
0:26:14 > 0:26:16to swap football boots for paint brushes.
0:26:41 > 0:26:44Plans to knock down the kitchen wall and create French doors
0:26:44 > 0:26:45have clearly been shelved
0:26:45 > 0:26:49but the boys have turned this tired and run-down property
0:26:49 > 0:26:52into a fresh, contemporary and bright house
0:26:52 > 0:26:55ideal for the rental market.
0:26:58 > 0:27:00And upstairs, the good work continues
0:27:00 > 0:27:03with the mobility chair having been recycled.
0:27:11 > 0:27:14The neutral tones upstairs help create light
0:27:14 > 0:27:16and in turn a feeling of space.
0:27:28 > 0:27:32In a three-bed house, I would have liked to have seen a bigger bathroom
0:27:32 > 0:27:33but I'm nit-picking.
0:27:33 > 0:27:37The finish upstairs and downstairs is fantastic.
0:27:40 > 0:27:43And out the back, it's not looking half bad either.
0:27:53 > 0:27:56A much more manageable garden is complemented
0:27:56 > 0:28:00by the whitewashed and spruced-up outdoor facilities.
0:28:00 > 0:28:05The whole property looks like a new build ready to move into.
0:28:05 > 0:28:06We started at the top
0:28:06 > 0:28:09so obviously had to make a lot of repairs to the roof,
0:28:09 > 0:28:10order new guttering.
0:28:10 > 0:28:13We've done completely new central heating, new combi boiler,
0:28:13 > 0:28:17rewired the whole house, replastered the house.
0:28:17 > 0:28:22Obviously new bathroom, new kitchen, new flooring
0:28:22 > 0:28:25and then the cosmetic stuff so, yeah, we've done a fair bit in it.
0:28:25 > 0:28:26Me and Jake obviously done most...
0:28:26 > 0:28:28Well, I've done most of it, to be fair,
0:28:28 > 0:28:33if we're honest but we also had a lot of help from my other son Luke.
0:28:33 > 0:28:35He come up at the weekends when he could when he wasn't working,
0:28:35 > 0:28:37and one of our highlights
0:28:37 > 0:28:41was Jake's sister Ellie come up to help us as well.
0:28:41 > 0:28:44She's a 12-year-old little girl but she come and helped us in the gardens
0:28:44 > 0:28:47and done a little bit of work around, so that was good.
0:28:47 > 0:28:50It really did become a family effort.
0:28:50 > 0:28:52Jake and Luke worked in the garden.
0:28:52 > 0:28:55Jake also used his recently-acquired plastering skills
0:28:55 > 0:28:59and can I say, well done! It looks great.
0:28:59 > 0:29:02While Mark did the kitchen and bathroom work.
0:29:02 > 0:29:06The joint effort means they were able to complete the work
0:29:06 > 0:29:10in just over seven weeks and they only spent just under £10,000,
0:29:10 > 0:29:13far below their original prediction of £20,000.
0:29:13 > 0:29:16But with the kitchen walls still standing
0:29:16 > 0:29:21and no French doors in sight, the spend was bound to be reduced.
0:29:21 > 0:29:22So when we first moved in,
0:29:22 > 0:29:24we did talk about potentially knocking down the wall
0:29:24 > 0:29:29between the lounge and the kitchen but after working out the logistics
0:29:29 > 0:29:30and having a look around,
0:29:30 > 0:29:33we didn't think it would be right for the size of the lounge,
0:29:33 > 0:29:36where your sofa, your dining table and stuff might go
0:29:36 > 0:29:38so for us personally,
0:29:38 > 0:29:40we thought it would work out better to leave it up.
0:29:40 > 0:29:44We also considered doing French doors going out to the back garden
0:29:44 > 0:29:46to open it up.
0:29:46 > 0:29:48The logistics didn't work out on that one to be fair.
0:29:48 > 0:29:51The window man couldn't get up at the same time we were here
0:29:51 > 0:29:52but considering it now,
0:29:52 > 0:29:56we are actually still going to go ahead and do that.
0:29:56 > 0:29:58Within the next couple of weeks, we are going to put them back in.
0:29:58 > 0:30:01As the house is a long way from home in Essex,
0:30:01 > 0:30:04the pair saved travel time by living on-site
0:30:04 > 0:30:07with the help of neighbours providing the odd meal
0:30:07 > 0:30:09and countless cups of coffee.
0:30:09 > 0:30:13For the first few weeks, we didn't even have a shower here,
0:30:13 > 0:30:16so washing in a bucket, things like that.
0:30:16 > 0:30:19I don't know how he done it but Jake still managed to keep
0:30:19 > 0:30:21his hair looking beautiful like it is now.
0:30:21 > 0:30:22Somehow he's done it.
0:30:22 > 0:30:26I think he actually used his plaster to plaster your hair, didn't you?
0:30:26 > 0:30:28It was quite difficult not showering.
0:30:28 > 0:30:31You can see Dad has still got some of the dust in his by the colour,
0:30:31 > 0:30:35so he's looking forward to having a shower when we get back.
0:30:36 > 0:30:38All right, fellas, break it up.
0:30:38 > 0:30:41With a total spend here of just under £80,000,
0:30:41 > 0:30:44father and son will be keen to find out valuations
0:30:44 > 0:30:47and the opinions of two local property agents,
0:30:47 > 0:30:50starting with the agent who saw it originally.
0:30:52 > 0:30:54I'm really pleased to see
0:30:54 > 0:30:56what the new owners have done with the property.
0:30:56 > 0:31:00They haven't gone overboard because the area does have a ceiling price
0:31:00 > 0:31:02and it looks fantastic.
0:31:02 > 0:31:05The standard of finish throughout the property is a good standard.
0:31:05 > 0:31:07A nice kitchen has gone in, good bathroom.
0:31:07 > 0:31:10Just finishes the project well.
0:31:10 > 0:31:14Originally, the agent thought this house could make £85,000 on resale.
0:31:14 > 0:31:17What does he reckon now he's seen this?
0:31:17 > 0:31:20If I were to put this property on the market for resale,
0:31:20 > 0:31:23I would be comfortable with a figure of a £105,000.
0:31:23 > 0:31:25I would suggest that the property's value
0:31:25 > 0:31:28is in the region of £105,000 to £110,000.
0:31:30 > 0:31:33The higher valuation of £110,000
0:31:33 > 0:31:36would give a possible pre-tax profit of £30,000,
0:31:36 > 0:31:40making Mark and Jake's overspend on auction day
0:31:40 > 0:31:41seem like a good decision.
0:31:41 > 0:31:45However, it's rental they're most interested in.
0:31:45 > 0:31:46I would suggest that the rental
0:31:46 > 0:31:50would be set around £525 per calendar month.
0:31:50 > 0:31:54I'd be expecting to achieve £475 per calendar month.
0:31:54 > 0:31:58We've estimated it to be around £500 to maybe £550 if we were lucky
0:31:58 > 0:32:00but the first valuation,
0:32:00 > 0:32:03the higher figure is what we have already been offered by someone,
0:32:03 > 0:32:07- so pleased. We happy with that?- Yeah. - Yeah.
0:32:07 > 0:32:10Well, that top valuation of £525 per month
0:32:10 > 0:32:13could mean a yield of around 8%,
0:32:13 > 0:32:16making this project something of a success.
0:32:16 > 0:32:20However, the boys certainly aren't finished in Stoke just yet.
0:32:20 > 0:32:23Yeah, we've already got our next property in the pipeline
0:32:23 > 0:32:25and that's just round the corner from here, not too far away
0:32:25 > 0:32:28so we're undecided whether the camp beds are coming out
0:32:28 > 0:32:31or we're going to stay here and move in here for a little while
0:32:31 > 0:32:33but I don't know.
0:32:33 > 0:32:35I need a bit of luxury. Your hair again, can it cope?
0:32:35 > 0:32:38I'm quite happy with the camp bed. I just get on with everything.
0:32:38 > 0:32:41I'm not a diva like Dad is, so we'll cope.
0:32:46 > 0:32:49We head south now to Aldgate, London,
0:32:49 > 0:32:53named after one of the gates in the Roman wall that surrounded the area.
0:32:53 > 0:32:55Since then, there's been a lot of building.
0:32:55 > 0:32:59You can see the famous Gherkin just over there.
0:32:59 > 0:33:03Transport links are great, with trains, buses and Boris bikes,
0:33:03 > 0:33:06and the property I'm here to see is just around the corner
0:33:06 > 0:33:07from this tube station.
0:33:09 > 0:33:13No, this is never going to be the quietest place to be
0:33:13 > 0:33:16but what do you expect when you're in Central London?
0:33:16 > 0:33:17But this is a pleasant street
0:33:17 > 0:33:21and I'm here to see something that's in this attractive building today.
0:33:21 > 0:33:24Now, it had a guide price of 230,000,
0:33:24 > 0:33:27which sounds reasonable for this part of London
0:33:27 > 0:33:30but that is for just a studio flat.
0:33:30 > 0:33:31Anyway, enough of the talking.
0:33:31 > 0:33:33Let's head on up to the first floor,
0:33:33 > 0:33:37take a look around because I've got a feeling this won't take too long.
0:33:41 > 0:33:45The communal areas are neat, tidy, bright and fairly modern
0:33:45 > 0:33:48so a good start.
0:33:48 > 0:33:52Well, compact is the word that springs to mind
0:33:52 > 0:33:55but it's all clean and tidy.
0:33:56 > 0:34:00Well, that's quite a bit of storage for a studio flat.
0:34:00 > 0:34:03I mean, that really is almost a luxury here in London.
0:34:03 > 0:34:05I'm not sure the fridge looks great there
0:34:05 > 0:34:08but the kitchen, well, there's nothing wrong with that.
0:34:08 > 0:34:12You've got a granite worktop. Look at it. Fantastic.
0:34:12 > 0:34:16Two lovely feature windows, although this does cover them up.
0:34:16 > 0:34:17I wonder whether if you got rid of that,
0:34:17 > 0:34:19you might see a bit more of the window.
0:34:19 > 0:34:23And in here, look, this is a real luxury!
0:34:23 > 0:34:25There's a bath in here!
0:34:25 > 0:34:28The reason I say that is because if you're looking at space saving,
0:34:28 > 0:34:31you'd normally have a wet room or just a shower.
0:34:31 > 0:34:36So I'm thinking with my head not my heart, even though I do love a bath.
0:34:36 > 0:34:39What about if we take the bathroom out of there,
0:34:39 > 0:34:45we put the kitchen in there and we just have a shower room in there?
0:34:45 > 0:34:48That would work. You've got to think about the expense of doing that.
0:34:48 > 0:34:51Or you could just leave it as it is because actually,
0:34:51 > 0:34:54quite frankly, it works perfectly well.
0:34:55 > 0:34:57If I were going to live here,
0:34:57 > 0:35:00I would move the kitchen and bathroom and make them high spec.
0:35:00 > 0:35:02It's the only way to maximise the value
0:35:02 > 0:35:05when there is no going upwards or outwards.
0:35:05 > 0:35:08It would also make the space nice to live in.
0:35:08 > 0:35:12I mean, not sleeping in your kitchen has to be a plus.
0:35:12 > 0:35:16It all requires clever thought in how to reconfigure and furnish it.
0:35:18 > 0:35:21So what sort of furniture should you choose for a studio flat?
0:35:21 > 0:35:24There are plenty of clever options on the market these days
0:35:24 > 0:35:28and you should always opt for pieces with on-board storage.
0:35:28 > 0:35:31You could choose a convertible bed that folds up against the wall.
0:35:31 > 0:35:33That could be a good choice,
0:35:33 > 0:35:37and you might even find one that has a flatscreen TV on the front.
0:35:37 > 0:35:40Instead of a standard sofa, you could use a two-seater,
0:35:40 > 0:35:42and glass shelves and glass tables
0:35:42 > 0:35:45are always great for blending into their surroundings
0:35:45 > 0:35:47without feeling cluttered.
0:35:47 > 0:35:49Yes, you will need to be clever here
0:35:49 > 0:35:51but it will be worth it in the long run
0:35:51 > 0:35:53and I think you could do a lot better
0:35:53 > 0:35:56than what's here at the moment.
0:35:56 > 0:36:03# You and me, me and you in my little room... #
0:36:03 > 0:36:07To you, this lot might seem tiny and overpriced
0:36:07 > 0:36:10at that guide price of 230,000
0:36:10 > 0:36:13but it has 122 years left on its lease
0:36:13 > 0:36:17and it's in the up-and-coming location of Aldgate.
0:36:17 > 0:36:20Add in the current hot London property market
0:36:20 > 0:36:24and I think this little flat might go for surprisingly big numbers.
0:36:24 > 0:36:28What does a local estate agent make of this studio flat?
0:36:28 > 0:36:31Aldgate as an area appeals to a lot of people because it's central.
0:36:31 > 0:36:34A lot of the City professionals like to be around here.
0:36:34 > 0:36:36You can actually walk into the City.
0:36:36 > 0:36:40It traditionally has been an area that's always performed quite well
0:36:40 > 0:36:43in the sales market and it's probably one of the fastest-growing areas
0:36:43 > 0:36:45in London over the last 12 months.
0:36:45 > 0:36:47That should bode well for the rental market.
0:36:47 > 0:36:49What sort of rent could you expect?
0:36:49 > 0:36:52Once renovated, I think you should be looking
0:36:52 > 0:36:55in the region of £1,200 per calendar month
0:36:55 > 0:36:58because of location more than anything else.
0:36:58 > 0:37:03So is the guide price of 230,000 what you would expect?
0:37:03 > 0:37:05230,000 is quite cheap for the location,
0:37:05 > 0:37:08if I'm completely honest with you. It's an area where again,
0:37:08 > 0:37:11the prices have risen quite dramatically in the last year.
0:37:11 > 0:37:13Lots of new developments have pushed the prices up.
0:37:13 > 0:37:16If you look at the new developments that are in and around
0:37:16 > 0:37:17this apartment,
0:37:17 > 0:37:20they're going for prices in the region of £1,000 per square foot.
0:37:20 > 0:37:24So at around 290 square feet, it should enable a developer
0:37:24 > 0:37:27to make a potential profit after refurbishment.
0:37:27 > 0:37:29If renovated to a high standard,
0:37:29 > 0:37:32I think the property could achieve in the region of £315,000.
0:37:32 > 0:37:36If done to a standard with a very good kitchen and bathroom,
0:37:36 > 0:37:39I think that's the kind of region you could look at.
0:37:39 > 0:37:43Well, it might only have two small rooms but you'd be hard pushed
0:37:43 > 0:37:46to find even a studio flat for that guide price
0:37:46 > 0:37:48in this Central London spot,
0:37:48 > 0:37:50and I hope my tips have shown you how easy it is
0:37:50 > 0:37:53to make a studio space perfectly liveable.
0:37:53 > 0:37:57So let's see who agreed when we went to auction.
0:37:57 > 0:37:59What am I bid for this one? Lot 55, Aldgate.
0:37:59 > 0:38:02Nice little pied-a-terre for you. 210. I don't mind.
0:38:04 > 0:38:06Thank you, sir. 210.
0:38:06 > 0:38:08210. 215 now. 215.
0:38:08 > 0:38:10220. 25. 30.
0:38:10 > 0:38:13230. 35? 35. 40?
0:38:13 > 0:38:1640? 240. 45?
0:38:16 > 0:38:1945. 50? 50 now. 55?
0:38:19 > 0:38:2155. 60?
0:38:21 > 0:38:2360. 65? 65. 70?
0:38:23 > 0:38:2870. 75, gentlemen? 75. Make it to 80, please?
0:38:28 > 0:38:33No. 275. Back with you. Front row on the left. First time at 275.
0:38:35 > 0:38:39Second time at 275. Third and final time at 275. Want to come back?
0:38:39 > 0:38:43Shakes his head. Yours, gentlemen, then, at 75. All out?
0:38:43 > 0:38:44HE HITS GAVEL
0:38:44 > 0:38:47Sold to the gentlemen. Thank you very much. £275,000.
0:38:47 > 0:38:50And the successful bidder, sat with his son Ashish,
0:38:50 > 0:38:53was property developer Anoop.
0:38:53 > 0:38:56Unfortunately, he broke through the 3% stamp duty barrier
0:38:56 > 0:39:00with his spend of £275,000.
0:39:00 > 0:39:01We met back at the studio
0:39:01 > 0:39:05and squeezed into his new bedroom, lounge and kitchen
0:39:05 > 0:39:07to find out more of his plans.
0:39:09 > 0:39:12- Anoop, congratulations. - Thank you.- Well done.
0:39:12 > 0:39:17- So here we are in a rather small studio flat today.- Very small.
0:39:17 > 0:39:20- Didn't take you long to look round, I'm presuming.- No. One look.
0:39:20 > 0:39:24One look, one glance. "I'll have it." So come on, tell me the story.
0:39:24 > 0:39:26Why did you want to buy here in Aldgate?
0:39:26 > 0:39:29Well, the City prices, residential prices
0:39:29 > 0:39:32are catching up with the West End and the Knightsbridge
0:39:32 > 0:39:35and the Chelseas so it's a good buy.
0:39:35 > 0:39:38- London is going ballistic at the moment...- Definitely.
0:39:38 > 0:39:39..in terms of property prices.
0:39:39 > 0:39:41- Do you think there is money to be made here?- Yes.
0:39:41 > 0:39:44So you paid 275,000 for this flat.
0:39:44 > 0:39:47Yes, it's nearly £1,000 per square foot.
0:39:47 > 0:39:52- So you paid nearly £1,000 per square foot. That's quite expensive!- It is.
0:39:52 > 0:39:56It's quite expensive but when you look at the position of it,
0:39:56 > 0:39:58Aldgate, what's going around here,
0:39:58 > 0:40:03the studios in the new buildings are nearly £500,000 to £600,000.
0:40:03 > 0:40:05Studios will be the thing.
0:40:05 > 0:40:08I know. A lot of people that wouldn't even look at a studio
0:40:08 > 0:40:11but it depends if you want to be in the heartbeat of London.
0:40:11 > 0:40:13That's what you're possibly looking at.
0:40:13 > 0:40:16- Well, I mean, if you look at Tokyo, they've got cubicles.- Yeah.
0:40:16 > 0:40:18People live in them.
0:40:18 > 0:40:23I'm aiming for a professional to come in, to rent it out or to sell it
0:40:23 > 0:40:26if I could get a margin of 15% to 20%.
0:40:26 > 0:40:29So you're hoping that the property market will continue to rise?
0:40:29 > 0:40:32Definitely. There's not enough stock in London.
0:40:32 > 0:40:35Well, I hope we never have to make Cubicles Under The Hammer.
0:40:35 > 0:40:39Anyway, Anoop is partly banking on those property prices powering on
0:40:39 > 0:40:41but he's not going to sit back.
0:40:41 > 0:40:46He has a plan to add more value and he's not going to be working alone.
0:40:46 > 0:40:50His son Ashish looks after the money side of the family projects
0:40:50 > 0:40:53and his daughter Artie has just completed a Masters degree
0:40:53 > 0:40:55in design and architecture
0:40:55 > 0:40:57and she has already been working on some designs
0:40:57 > 0:40:59for her father's acquisition.
0:41:03 > 0:41:05So what are you going to do to change this?
0:41:05 > 0:41:07How are you going to make that margin?
0:41:07 > 0:41:08My daughter Artie,
0:41:08 > 0:41:13she's just done a rough two designs on this to change it slightly.
0:41:13 > 0:41:15So how do you think you can change it?
0:41:15 > 0:41:19Because walking in here today, it kind of works.
0:41:19 > 0:41:22The lighting has to be changed.
0:41:22 > 0:41:25You've got the tiling, which is completely I think wrong here.
0:41:25 > 0:41:30The fridge, which stands out there which should be under the units,
0:41:30 > 0:41:32so I mean, there's quite a lot to be changed.
0:41:32 > 0:41:34You'll be surprised when we finish with it.
0:41:34 > 0:41:36Are you going to leave the bathroom where it is?
0:41:36 > 0:41:42Bathroom, I'm thinking of changing it to take the bath out,
0:41:42 > 0:41:44put a shower, a good shower in.
0:41:44 > 0:41:48Something I thought of earlier, why not put the kitchen in there
0:41:48 > 0:41:51and the wet room or the shower room in there?
0:41:51 > 0:41:53It's a fantastic idea.
0:41:53 > 0:41:56The first thing I thought of was to do what you just said
0:41:56 > 0:42:02but with the way everything is laid out, the pipe work, it...
0:42:02 > 0:42:03We might look at it.
0:42:03 > 0:42:06Ah, you see, I can hear your brain going,
0:42:06 > 0:42:09"Oh, I might go back and look at that."
0:42:09 > 0:42:11It would make it a very big flat then.
0:42:11 > 0:42:13Let's talk about your budget.
0:42:13 > 0:42:14How much money have you got to do the work?
0:42:14 > 0:42:16- 25,000.- That's quite a healthy budget.
0:42:16 > 0:42:19£25,000 to do the work here.
0:42:19 > 0:42:21The thing is, you can't buy off-shelf.
0:42:21 > 0:42:26It has to be made, so once you start making units and the cupboards,
0:42:26 > 0:42:28the cost goes up.
0:42:28 > 0:42:30So a bespoke studio flat in Aldgate
0:42:30 > 0:42:32- is exactly what you're going to have.- Exactly.
0:42:32 > 0:42:34How long do you think it's going to take you
0:42:34 > 0:42:36before this project is complete?
0:42:36 > 0:42:38- Within six to eight weeks. - So fairly quick.- Yeah.
0:42:38 > 0:42:42You have to finish. Otherwise, then it's costing you money.
0:42:42 > 0:42:45- So, Anoop, I know you're a property developer full-time.- Yes.
0:42:45 > 0:42:48- Is this something that you still enjoy doing?- Oh, yes.
0:42:48 > 0:42:51- Property is in my blood. - It's been lovely meeting you.
0:42:51 > 0:42:53- Congratulations. Good luck with this.- Thank you very much.
0:42:53 > 0:42:57- I'm looking forward to seeing the refurbishment. Well done.- Thank you.
0:42:58 > 0:43:01Well, Anoop might have bought himself a small space
0:43:01 > 0:43:04but he has big plans for this studio flat.
0:43:04 > 0:43:08However, he still has some layout decisions to make
0:43:08 > 0:43:11and will we return to see that granite worktop?
0:43:11 > 0:43:14Join me later on in the programme and you can find out.
0:43:17 > 0:43:20Doing up a property always takes longer than you think.
0:43:20 > 0:43:24We've seen how one person got on. How about the others?
0:43:24 > 0:43:28Did our buyers take longer than they'd planned? Time to find out.
0:43:30 > 0:43:34Let's head back to the south side of Glasgow where earlier,
0:43:34 > 0:43:36I looked at a studio flat
0:43:36 > 0:43:41with a guide price of just £10,000 to £20,000.
0:43:41 > 0:43:45However, before I'd even got inside, alarm bells were ringing.
0:43:47 > 0:43:52Well, that's not a very good start, is it?
0:43:52 > 0:43:54Very badly damaged glass there.
0:43:54 > 0:43:59Communal areas, they just set the scene, don't they?
0:43:59 > 0:44:02It's not looking brilliant.
0:44:02 > 0:44:04Despite the lacklustre welcome,
0:44:04 > 0:44:08the studio was bought for £18,000 by Janet.
0:44:08 > 0:44:11She had just acquired three properties at auction,
0:44:11 > 0:44:13of which this was one.
0:44:13 > 0:44:16The aim was to provide a pension for her future
0:44:16 > 0:44:19but since this was a journey into the unknown,
0:44:19 > 0:44:22she had enlisted the help of friend and colleague Bud
0:44:22 > 0:44:24who had some property development know-how,
0:44:24 > 0:44:26so I wondered if they would like my idea
0:44:26 > 0:44:29about turning the studio into a one-bedroom flat.
0:44:31 > 0:44:33You probably could make it into a one-bed flat.
0:44:33 > 0:44:36- That's what I was thinking. - I'm not going to do that.
0:44:36 > 0:44:38I think we're going to just leave it as a studio
0:44:38 > 0:44:40and maybe try and purchase one of those beds
0:44:40 > 0:44:42- that goes up into the corner. - Uh-huh.
0:44:42 > 0:44:45I think that's our plan is to leave it as it is
0:44:45 > 0:44:47and to get it on the market, as in the rental market,
0:44:47 > 0:44:48as soon as possible.
0:44:48 > 0:44:51A bonus for Janet was that some work had already been done
0:44:51 > 0:44:53and as the auction house runs a scheme
0:44:53 > 0:44:58whereby a local building supply company sponsors one lot,
0:44:58 > 0:45:01the flat also came with 30 litres of white paint,
0:45:01 > 0:45:03so her tight budget of £1,500
0:45:03 > 0:45:08and even tighter timeframe of just two weeks was looking achievable.
0:45:10 > 0:45:15Well, four weeks later, we've returned to see how she's got on.
0:45:40 > 0:45:45With small spaces such as this, you need to maximise light and space,
0:45:45 > 0:45:47which they've done well here
0:45:47 > 0:45:50and not without a little creativity.
0:45:50 > 0:45:54What I did was fitted this bed and it's very much a case of
0:45:54 > 0:45:55because it was a studio flat,
0:45:55 > 0:45:58I thought that the bed would be a central point
0:45:58 > 0:46:03and this is one of the fold-down beds that goes away during the daytime
0:46:03 > 0:46:06and leaves the full capacity of the room to be used
0:46:06 > 0:46:09so the whole bed can get made up in a oner
0:46:09 > 0:46:14and then in the morning, you just shove the bed away
0:46:14 > 0:46:19and that's it, turns into a cupboard and that's you ready.
0:46:22 > 0:46:26A simple and effective solution to a space problem
0:46:26 > 0:46:30and coupled with a nice clean finish to the rest of the property,
0:46:30 > 0:46:35Janet and Bud really have made this studio flat far more appealing.
0:46:36 > 0:46:38It's been four weeks since we got the keys
0:46:38 > 0:46:42and what we've done is some decoration, living room and kitchen,
0:46:42 > 0:46:48fitted a wall bed and within the bathroom, we've fitted a shower...
0:46:49 > 0:46:51- Wet room wall.- Wet room wall,
0:46:51 > 0:46:55and obviously there's still a bit of decoration
0:46:55 > 0:46:57still to be done within the bathroom.
0:46:57 > 0:47:00It still needs some wallpaper.
0:47:00 > 0:47:02Along with some new flooring in the bathroom,
0:47:02 > 0:47:05the studio flat has really improved.
0:47:05 > 0:47:08However, it was actually the communal areas,
0:47:08 > 0:47:10or close as it's known in Scotland,
0:47:10 > 0:47:12that really needed work
0:47:12 > 0:47:15and with the addition of 30 litres of white paint
0:47:15 > 0:47:18from the company that sponsored the property at auction,
0:47:18 > 0:47:22the pair were keen to improve the surroundings of Janet's purchase.
0:47:22 > 0:47:27So we're going to use that paint to do the communal areas of the stairs.
0:47:27 > 0:47:30However, so far, the builder has not turned up with the paint,
0:47:30 > 0:47:33so the outside area is still to be done.
0:47:33 > 0:47:35We have been trying to contact other local residents
0:47:35 > 0:47:38and dropped my name through each of the doors
0:47:38 > 0:47:40to try and form a wee group
0:47:40 > 0:47:43to get a factor to look after the communal areas for us.
0:47:43 > 0:47:47There does seem to be some interest but it's quite limited as of yet.
0:47:47 > 0:47:51We're going to have to try and get some sort of factor arrangement.
0:47:51 > 0:47:55I think some of the other neighbours that we've been speaking to
0:47:55 > 0:47:59have been putting their own lights in and trying to maintain it
0:47:59 > 0:48:03but obviously that takes an awful lot of work from individuals.
0:48:03 > 0:48:05Luckily for Janet, the state of the close
0:48:05 > 0:48:08hasn't put prospective renters off
0:48:08 > 0:48:09and they've already found a tenant,
0:48:09 > 0:48:11which is just as well
0:48:11 > 0:48:15as they unfortunately came across some unexpected costs.
0:48:15 > 0:48:20We got a notice from I think it was Glasgow City Council
0:48:20 > 0:48:22that said that there had been communal work done
0:48:22 > 0:48:24to the roofing area
0:48:24 > 0:48:30of which we then have a portion to pay, which was about £2,800 to pay.
0:48:30 > 0:48:33Glasgow City Council, the contact person has been great.
0:48:33 > 0:48:36She explained the works that they had done,
0:48:36 > 0:48:40which was an infestation of pigeons in all of the roofs
0:48:40 > 0:48:44so they had to obviously clean all of the loft spaces
0:48:44 > 0:48:48and fix the roof so no more pigeons could come in,
0:48:48 > 0:48:54so I think the total bill was about £30,000, so as Bud rightly says,
0:48:54 > 0:48:56our share of that I think is just...
0:48:56 > 0:49:01I think it's exactly £2,914, which isn't ideal
0:49:01 > 0:49:04but that's the position that we're in.
0:49:05 > 0:49:08There is some discussion between Janet and her solicitor
0:49:08 > 0:49:11about whether she is liable to pay these costs,
0:49:11 > 0:49:15so aside from those, Janet's renovation has cost £1,800
0:49:15 > 0:49:18and taken just over two weeks to complete.
0:49:18 > 0:49:21Not far off her original estimates.
0:49:21 > 0:49:24And with a total spend of £19,800,
0:49:24 > 0:49:27coupled with the fact she's already been able to rent it out,
0:49:27 > 0:49:30I think she and Bud should be rather pleased.
0:49:35 > 0:49:39We've asked two local property experts for their opinions,
0:49:39 > 0:49:42starting with the agent who saw it originally.
0:49:42 > 0:49:45I like the way that the owners have decorated it.
0:49:45 > 0:49:48They've managed to maintain the nice airy feel about the property.
0:49:48 > 0:49:50The introduction of the fold-down bed is particularly good
0:49:50 > 0:49:52given the size of the property.
0:49:52 > 0:49:54And it will be attractive to anybody
0:49:54 > 0:49:56either buying or renting the property.
0:49:56 > 0:49:58Well, speaking of renting...
0:49:58 > 0:50:00I would say currently,
0:50:00 > 0:50:04you would comfortably achieve £300 per calendar month.
0:50:04 > 0:50:07I would expect this property to achieve £300 per calendar month.
0:50:07 > 0:50:11That's fine. In actual fact, we've already got it rented out.
0:50:11 > 0:50:14We're charging 280 per calendar month.
0:50:14 > 0:50:19That would mean a huge rental yield of just under 19%.
0:50:19 > 0:50:23That, coupled with a modest valuation of £22,000,
0:50:23 > 0:50:26bringing in a pre-tax profit of £2,200,
0:50:26 > 0:50:30shows that their decision to keep the property and rent it
0:50:30 > 0:50:31was the right one,
0:50:31 > 0:50:35making Janet's first foray into the property market a success.
0:50:44 > 0:50:47Well, a great result on the Scottish studio flat
0:50:47 > 0:50:48but now it's time to find out
0:50:48 > 0:50:52how the other studio in Aldgate, London fared.
0:50:52 > 0:50:56It had a guide price of £230,000.
0:50:56 > 0:51:00To be honest, I had low expectations but I was pleasantly surprised.
0:51:03 > 0:51:06Look! This is a real luxury! There's a bath in here!
0:51:06 > 0:51:09Step up, Anoop, a seasoned property developer,
0:51:09 > 0:51:11who, along with son Ashish,
0:51:11 > 0:51:17bought the studio flat at auction for a whopping £275,000.
0:51:17 > 0:51:18HE HITS GAVEL
0:51:18 > 0:51:20Sold to the gentleman. Thank you very much.
0:51:20 > 0:51:2345 grand over the guide price.
0:51:24 > 0:51:27So you paid £275,000 for this flat.
0:51:27 > 0:51:30Yes, it's nearly £1,000 per square foot.
0:51:30 > 0:51:35So you paid nearly £1,000 per square foot. That's quite expensive!
0:51:35 > 0:51:39It's quite expensive but when you look at the position of it,
0:51:39 > 0:51:42Aldgate, what's going around here,
0:51:42 > 0:51:44I mean, the studios in the new buildings,
0:51:44 > 0:51:47they're nearly about £500,000 to £600,000.
0:51:47 > 0:51:48Studios will be the thing.
0:51:49 > 0:51:52Anoop was totally unfazed by the price paid
0:51:52 > 0:51:54and along with his son and daughter helping,
0:51:54 > 0:51:58he had aspirations of creating a bespoke high-end property
0:51:58 > 0:52:01attractive to the nearby City workers.
0:52:03 > 0:52:05Two months later, we have returned
0:52:05 > 0:52:08to see how the project has progressed.
0:52:08 > 0:52:14# Everything is good and brown
0:52:14 > 0:52:16# I'm here again
0:52:16 > 0:52:18# With a sunshine smile upon my face
0:52:18 > 0:52:21# My friends are close at hand
0:52:21 > 0:52:27# And all my inhibitions have disappeared without a trace
0:52:27 > 0:52:31# I'm glad I found
0:52:31 > 0:52:35# Somebody who I can rely on... #
0:52:36 > 0:52:40Anoop's daughter Artie has played a blinder when it comes to the design.
0:52:40 > 0:52:44Clever storage makes much better use of the space.
0:52:44 > 0:52:45The lay out has remained the same
0:52:45 > 0:52:48and while some people in other parts of the country
0:52:48 > 0:52:50may baulk at sleeping in your kitchen,
0:52:50 > 0:52:54for a studio in this location, well, it certainly works.
0:52:55 > 0:52:58To find out more, we're going to catch up with Anoop's son Ashish
0:52:58 > 0:53:02as Anoop is currently away on business.
0:53:03 > 0:53:06We've changed the flooring at the moment.
0:53:06 > 0:53:08We've kept the granite worktop
0:53:08 > 0:53:11but we've added some new retro tiles,
0:53:11 > 0:53:14new units, a completely new bathroom,
0:53:14 > 0:53:18walk-in wardrobe and we have changed sort of the furniture in here
0:53:18 > 0:53:20as well, just to make it nicer.
0:53:20 > 0:53:23We think the type of person that would be wanting a flat like this
0:53:23 > 0:53:26is sort of like a City trader, someone who works in the City.
0:53:26 > 0:53:28It's only ten minutes' walk from here.
0:53:28 > 0:53:32So we've gone for a high-end finish with some nice amenities.
0:53:32 > 0:53:35And just basically a pied-a-terre
0:53:35 > 0:53:38for a high-end client, really.
0:53:38 > 0:53:39In terms of the bathroom,
0:53:39 > 0:53:43we were thinking of putting it into where the walk-in wardrobe is now
0:53:43 > 0:53:45but we tried it.
0:53:45 > 0:53:48We sort of measured it out, masked it all out.
0:53:48 > 0:53:49It just didn't work.
0:53:49 > 0:53:52It would have to have been a very small shower room
0:53:52 > 0:53:56and the actual WC would have had to stay in the bathroom anyway
0:53:56 > 0:54:00so the layout didn't work with the planner, with my sister
0:54:00 > 0:54:02who helped design it
0:54:02 > 0:54:05and so we just decided to keep it where it was.
0:54:05 > 0:54:07It just was the best use of the space.
0:54:07 > 0:54:10Good thinking. There's no point changing something
0:54:10 > 0:54:11for change's sake.
0:54:11 > 0:54:15It's got to work and in such a small space remain practical.
0:54:15 > 0:54:18It's also important to know your market
0:54:18 > 0:54:21and Anoop and son Ashish have clearly recognised
0:54:21 > 0:54:23that prospective buyers or renters in the area
0:54:23 > 0:54:26will be expecting a high-end finish,
0:54:26 > 0:54:29even if it's just a place to lay their head during the week.
0:54:30 > 0:54:33Whilst Anoop has been managing other projects,
0:54:33 > 0:54:36it's been down to Ashish to oversee this renovation
0:54:36 > 0:54:38and with a background in accountancy,
0:54:38 > 0:54:41it's clear where his main strengths lie.
0:54:42 > 0:54:46My father initially thought it would cost about £25,000
0:54:46 > 0:54:48to actually do up the flat.
0:54:48 > 0:54:50I've brought that in quite a lot under
0:54:50 > 0:54:52with strict ruling, I would say,
0:54:52 > 0:54:57so we've actually come in under budget at 12,000...about 12,300.
0:54:57 > 0:55:00I still think we've spent where it's necessary.
0:55:00 > 0:55:03I think in terms of the initial estimates
0:55:03 > 0:55:05of the actual look of the flat,
0:55:05 > 0:55:07we were pricing a lot of bespoke furniture
0:55:07 > 0:55:13but we've actually managed to bring in sort of non-custom furniture,
0:55:13 > 0:55:15which has saved us a lot of money, I think.
0:55:15 > 0:55:17I think that really has brought that in budget.
0:55:17 > 0:55:20It's actually taken six weeks to do the project.
0:55:20 > 0:55:23We've bought it in under time as well.
0:55:23 > 0:55:25We've done that just by keeping
0:55:25 > 0:55:29a very, very sort of strong overview of the labour force
0:55:29 > 0:55:32and just ensuring that they met their targets
0:55:32 > 0:55:35and we've got everything in here before the build started,
0:55:35 > 0:55:39so it's just been quite a very...
0:55:39 > 0:55:41well, strongly-managed project,
0:55:41 > 0:55:45this one, which is why it's come in under budget and under time.
0:55:46 > 0:55:49So a tightly-run ship has certainly paid dividends.
0:55:49 > 0:55:53However, they are still undecided whether to rent or sell.
0:55:53 > 0:55:55Can we help them decide?
0:55:58 > 0:56:01With a total spend of around 287,000 here,
0:56:01 > 0:56:04it's going to be interesting to hear the opinions
0:56:04 > 0:56:06of two local property experts.
0:56:06 > 0:56:10I think it's an excellent property, finished to a very high standard.
0:56:10 > 0:56:13They've made the best use of the space, very contemporary feel
0:56:13 > 0:56:15and I think it would be very, very popular
0:56:15 > 0:56:20for either an investor or potentially a City professional.
0:56:20 > 0:56:22It's not a large space but they've done really well
0:56:22 > 0:56:25with utilising some of the space in the wardrobe area.
0:56:25 > 0:56:27There's a very strong demand for flats like this at the moment.
0:56:27 > 0:56:29It's located on the City fringes,
0:56:29 > 0:56:31which means easy access into the City
0:56:31 > 0:56:34so there's a very high demand for professionals
0:56:34 > 0:56:36that are looking for pied-a-terres in the area.
0:56:36 > 0:56:39In the current market, you'll be looking at achieving,
0:56:39 > 0:56:40for rentals,
0:56:40 > 0:56:45anything between £1,450 to £1,475 per month.
0:56:45 > 0:56:47This property would rent for in the region
0:56:47 > 0:56:51of between £1,200 to £1,400 per calendar month.
0:56:52 > 0:56:55The top valuation there would equate to a possible yield
0:56:55 > 0:56:58of just over 6%, which is pretty reasonable
0:56:58 > 0:57:01but it's the sales valuations I'm dying to hear.
0:57:03 > 0:57:05For a current resale in this location,
0:57:05 > 0:57:09with the quality of the apartment, you'd be looking at £350,000.
0:57:09 > 0:57:13I would resell this property in the region of £350,000.
0:57:13 > 0:57:18At 350,000, I think that's a good profit in a short period of time.
0:57:18 > 0:57:22I think that's been achieved by the actual kit-out
0:57:22 > 0:57:24and how we fit out the property
0:57:24 > 0:57:26and I'm really pleased with that, actually.
0:57:26 > 0:57:28I think it's more than what we thought
0:57:28 > 0:57:32so I'm glad that we have added value to the property.
0:57:32 > 0:57:37Yes, I'd say a possible profit of nearly £63,000
0:57:37 > 0:57:40for six weeks' work, well, isn't too bad at all.
0:57:40 > 0:57:42With plenty more properties in the pipeline
0:57:42 > 0:57:44for Ashish and his father coming up,
0:57:44 > 0:57:47does he think Dad will be happy with the valuations?
0:57:50 > 0:57:53I think my father will be very pleased with the values.
0:57:53 > 0:57:57I think, as I said, it's more than what we thought it would be
0:57:57 > 0:57:59so I'm glad that with our hard work,
0:57:59 > 0:58:02it's sort of paid off, so he'll be thrilled.
0:58:05 > 0:58:07Well, that's it for today's show.
0:58:07 > 0:58:09We'll meet more new buyers
0:58:09 > 0:58:12and find out what they did with their properties next time.
0:58:12 > 0:58:15Look forward to seeing you then on Homes Under The Hammer.
0:58:15 > 0:58:16- Goodbye for now.- Goodbye.