0:00:02 > 0:00:04Hello. It seems the property market is looking up in certain
0:00:04 > 0:00:05parts of the country,
0:00:05 > 0:00:07so is now a good time to invest?
0:00:07 > 0:00:10It very well could be, but just be aware,
0:00:10 > 0:00:13you might not get as much for your money these days.
0:00:13 > 0:00:17One way to potentially maximise what you do get is by going
0:00:17 > 0:00:19to your local auction.
0:00:43 > 0:00:45Why not go along to your local auction room
0:00:45 > 0:00:49- and see what's on offer?- That's exactly what today's buyers did.
0:00:49 > 0:00:51Let's see what they bought.
0:00:52 > 0:00:55First up, this London house might be feeling its age,
0:00:55 > 0:00:58and after meeting the buyer, so am I.
0:00:58 > 0:01:00I've been watching Under The Hammer all my life,
0:01:00 > 0:01:01so I know what to do.
0:01:03 > 0:01:04Up in Alloa, Scotland,
0:01:04 > 0:01:07this bedroom's a bit of a pain in the neck.
0:01:07 > 0:01:11Uh, uh, uh! It's a little bit... I mean, I can't even stand up.
0:01:11 > 0:01:15Whilst in Chilton, County Durham, the problem is staring me
0:01:15 > 0:01:16in the face.
0:01:16 > 0:01:20Hm. Yes, the electrics definitely need sorting.
0:01:23 > 0:01:25All these properties have been sold at auction,
0:01:25 > 0:01:28and we'll find out who bought them and what they paid for them
0:01:28 > 0:01:31- when they went under the hammer. - Selling, are we, then?
0:01:31 > 0:01:32Well done.
0:01:35 > 0:01:39This is the busy town of Ilford, North East London.
0:01:39 > 0:01:43Believe it or not, the skeleton of a mammoth was found right here
0:01:43 > 0:01:47and is now preserved in London's Natural History Museum.
0:01:47 > 0:01:51Safe to say, quite a lot has changed since those beasts wandered here,
0:01:51 > 0:01:55although there is still plenty of green spaces as well as a busy
0:01:55 > 0:01:56town centre.
0:01:56 > 0:02:00And, as our property shows, progress can produce mixed results.
0:02:02 > 0:02:06On the plus side, this road overlooks a really pretty park,
0:02:06 > 0:02:08right there.
0:02:08 > 0:02:12From a negative side, well, I think it's quite a busy road,
0:02:12 > 0:02:14with lots of traffic driving past.
0:02:14 > 0:02:16So not the quietest place to be.
0:02:16 > 0:02:20So, pros and cons already, but what about the property I am here to see?
0:02:20 > 0:02:22Well, it is a three-bed mid-terrace.
0:02:22 > 0:02:26It had a guide price of £275,000.
0:02:26 > 0:02:30It does have a bit of an overgrown garden here and here.
0:02:30 > 0:02:32But I can already see it has got double glazed windows -
0:02:32 > 0:02:35another plus that will also help reduce this road noise.
0:02:35 > 0:02:37I'm going in.
0:02:38 > 0:02:42# Stop the noise, stop the noise
0:02:42 > 0:02:46# I wish that I could stop the noise. #
0:02:46 > 0:02:47Hurrah!
0:02:47 > 0:02:49You can't hear so much of the traffic.
0:02:49 > 0:02:52It is pretty noisy out there. So, what have we got?
0:02:52 > 0:02:53A really nice hallway here.
0:02:53 > 0:02:56You could certainly do with decorating this place.
0:02:56 > 0:02:59But look at that lovely stained glass behind me, that's really nice.
0:02:59 > 0:03:01Along here, we've got the banisters,
0:03:01 > 0:03:03the spindles are properly hiding underneath there.
0:03:03 > 0:03:07So another character feature for this '30s house.
0:03:07 > 0:03:08A really nice-sized lounge.
0:03:08 > 0:03:11We've got a second reception room at the back,
0:03:11 > 0:03:14with lovely doors that lead out to the garden.
0:03:14 > 0:03:16Oh, no, it's a bit of a shame.
0:03:16 > 0:03:17Very small kitchen.
0:03:17 > 0:03:20But this is what you would expect for a '30s house.
0:03:20 > 0:03:23You can tell it hasn't been tampered with, it hasn't been extended.
0:03:23 > 0:03:26I suppose if you didn't want to go into all that, you could think about
0:03:26 > 0:03:30knocking through here and stealing a little bit of space from next door.
0:03:30 > 0:03:33The next-door room could certainly take it.
0:03:33 > 0:03:36But it is all looking rather good. So, yeah, thumbs up.
0:03:36 > 0:03:37I'm having a look upstairs.
0:03:37 > 0:03:39- # So far - So far
0:03:39 > 0:03:41# So good
0:03:41 > 0:03:45# Gonna make it Knock on wood
0:03:45 > 0:03:46# Yeah! #
0:03:46 > 0:03:48Yes, generally the house is promising,
0:03:48 > 0:03:51but it isn't totally without its problems.
0:03:51 > 0:03:54There are a few signs of damp and the plumbing has, well,
0:03:54 > 0:03:55seen better days.
0:03:57 > 0:04:00Upstairs, the third bedroom is disappointingly small.
0:04:00 > 0:04:02As is the rather sorry family bathroom.
0:04:05 > 0:04:08The other two bedrooms aren't bad. Lots more lovely stained glass.
0:04:10 > 0:04:14And the master bedroom has a fantastic bay window, although
0:04:14 > 0:04:18there are some signs of cracking that will need to be looked at.
0:04:18 > 0:04:23All in all, though, it is definitely more thumbs up than thumbs down.
0:04:23 > 0:04:25# So far, so good. #
0:04:27 > 0:04:30Overall, this isn't a bad size family property,
0:04:30 > 0:04:34but the kitchen and the third bedroom are disappointingly small.
0:04:34 > 0:04:39So, should you and could you extend and make it bigger?
0:04:39 > 0:04:42Well, as you can see, it has just got this lovely,
0:04:42 > 0:04:46pretty garden out here, which could definitely accommodate an extension
0:04:46 > 0:04:49and still leave you with loads of space for the kids
0:04:49 > 0:04:52to play in the garden. So, what are your options?
0:04:52 > 0:04:54Well, you could improve the size of the kitchen
0:04:54 > 0:04:58with a single-storey extension or maybe build up to the second storey
0:04:58 > 0:05:01and fit in another bedroom as well.
0:05:01 > 0:05:03You could even go up into the loft
0:05:03 > 0:05:05and create another bedroom and perhaps an en-suite.
0:05:05 > 0:05:09My advice - speak to some local agents
0:05:09 > 0:05:12and find out what is most in demand in this area.
0:05:12 > 0:05:13There might be the space,
0:05:13 > 0:05:16but you don't want to risk overdeveloping this house.
0:05:18 > 0:05:19Overdeveloping means
0:05:19 > 0:05:23when you put in more than you can ever get back in terms of value.
0:05:23 > 0:05:27Every property has a ceiling price, that's the top price you can get.
0:05:27 > 0:05:31And no matter how much you do to a property, you are unlikely to
0:05:31 > 0:05:34exceed it, because it is not just dictated by the house itself.
0:05:34 > 0:05:38Other factors - like its position, the value of surrounding houses
0:05:38 > 0:05:42and the type of area the house is in - all have a bearing.
0:05:42 > 0:05:46So the real trick about a development opportunity is to know
0:05:46 > 0:05:47when to stop.
0:05:47 > 0:05:51# Oh, oh, oh You better stop
0:05:51 > 0:05:57- # Stop - Before you tear me all part
0:05:57 > 0:06:00- # You better stop - Stop! #
0:06:00 > 0:06:04So, what development work does a local estate agent think
0:06:04 > 0:06:06is best suited for this property?
0:06:08 > 0:06:11You are finding that mostly in demand... It's a standard
0:06:11 > 0:06:13three-bedroom, middle terrace,
0:06:13 > 0:06:151930s house with an extension across the rear.
0:06:15 > 0:06:17That normally ticks all the right boxes
0:06:17 > 0:06:18with purchasers in this area.
0:06:18 > 0:06:20Once you go into the loft areas,
0:06:20 > 0:06:22you need to make sure that the ground-floor accommodation
0:06:22 > 0:06:25will suit the amount of bedrooms that are in the property and will
0:06:25 > 0:06:27accommodate for that.
0:06:27 > 0:06:30OK, so a single ground-floor extension to improve
0:06:30 > 0:06:33the kitchen certainly seems to have some merit
0:06:33 > 0:06:37and would suit the local market, but what about a loft extension?
0:06:37 > 0:06:41Most people will look at putting one bedroom into the loft area
0:06:41 > 0:06:42with an en-suite or shower room.
0:06:42 > 0:06:45Some people will try to put two bedrooms
0:06:45 > 0:06:47and a shower room in there, but sometimes that can make
0:06:47 > 0:06:49the rooms quite small and a little bit harder to sell.
0:06:49 > 0:06:53But obviously, any extension costs time and money.
0:06:53 > 0:06:55So, as an investment,
0:06:55 > 0:07:01would they be worth doing to this house that was guided at 275,000?
0:07:01 > 0:07:03Should the property have a ground-floor extension
0:07:03 > 0:07:06and be completely renovated, we would expect to achieve
0:07:06 > 0:07:11a figure in the region of £345,000 to £355,000.
0:07:11 > 0:07:14Should the loft extension be done, we would expect to achieve
0:07:14 > 0:07:19a figure in the region of £375,000 to £385,000.
0:07:19 > 0:07:24Those resale figures suggest an additional uplifting value
0:07:24 > 0:07:29of £110,000 if both loft and rear extensions were carried out.
0:07:29 > 0:07:30But with building costs for them both,
0:07:30 > 0:07:33I can't see a massive increase in profit.
0:07:33 > 0:07:37With rental figures thought to be around £1,350 per
0:07:37 > 0:07:42calendar month as a three-bed house and £1,500 per calendar month
0:07:42 > 0:07:45as a four-bed house, again, suggesting
0:07:45 > 0:07:48if this was a developer's project, you'd need to think long
0:07:48 > 0:07:52and hard about any extensions you do or don't carry out here.
0:07:54 > 0:07:57Now, this might not be the most peaceful spot with lots of cars
0:07:57 > 0:07:59whizzing past your front door,
0:07:59 > 0:08:03but it is a solid property with plenty of potential and,
0:08:03 > 0:08:05if you make the right decisions, well, I think
0:08:05 > 0:08:08the pluses do outweigh the minuses here.
0:08:08 > 0:08:11Let's see who agreed when we went to auction.
0:08:15 > 0:08:17Lot 89.
0:08:17 > 0:08:19A three-bedroom mid-terrace house.
0:08:19 > 0:08:23Off-street parking. Needs updating.
0:08:23 > 0:08:25Start at 280, move upwards.
0:08:25 > 0:08:29280 I've got. 281 anywhere?
0:08:29 > 0:08:32281. 282. 283?
0:08:32 > 0:08:34283. 284?
0:08:34 > 0:08:37Have a think. 284 coming in. 284.
0:08:37 > 0:08:39285.
0:08:39 > 0:08:42286. 287.
0:08:42 > 0:08:45288. 289?
0:08:45 > 0:08:48289. 290.
0:08:48 > 0:08:51291. 292.
0:08:51 > 0:08:54293. 294.
0:08:54 > 0:08:55295.
0:08:56 > 0:08:59One more? Lose it for 1,000?
0:08:59 > 0:09:03Anybody else? If not, 294 for the first.
0:09:03 > 0:09:05294 for the second.
0:09:05 > 0:09:09294 for the third and final time. Are we all done?
0:09:09 > 0:09:12Sold, 294, well done.
0:09:12 > 0:09:16And so, for £294,000, the new owner of the three-bed
0:09:16 > 0:09:20mid-terraced house in Ilford, Greater London, is local man Sheikh.
0:09:23 > 0:09:27I met him back at the house to find out what he had planned.
0:09:27 > 0:09:30# Shake, shake, shake, shake Shake it
0:09:30 > 0:09:32# Shake, shake, shake, shake Shake it! #
0:09:32 > 0:09:35Congratulations, Sheikh, lovely to meet you today.
0:09:35 > 0:09:38- Lovely to meet you, too.- Why did you want to buy this at auction?
0:09:38 > 0:09:40When I first saw this property, I fell in love with it.
0:09:40 > 0:09:44And when I came into this house, I thought, you know,
0:09:44 > 0:09:46it needed a little bit of TLC, you know.
0:09:46 > 0:09:51And I think there is a huge potential with this property, so...
0:09:51 > 0:09:53Have you bought this house for you to live in?
0:09:53 > 0:09:56Not exactly to live in, but it all depends on my missus
0:09:56 > 0:09:59and how she likes it. Most likely, I'm going to end up selling it.
0:09:59 > 0:10:01So you are under a bit of pressure.
0:10:01 > 0:10:03If your wife likes it, she might want to move in.
0:10:03 > 0:10:07- So what do you intend doing? - Well, I don't know.
0:10:07 > 0:10:10I mean, I do have a plan in place.
0:10:10 > 0:10:13Hopefully, you know, I'm going to start from the top.
0:10:13 > 0:10:17We are thinking of converting the loft, having the two bedrooms
0:10:17 > 0:10:21and also having a separate bathroom as well.
0:10:21 > 0:10:25- Two bedrooms up there?!- Yeah.- To make this into a five-bedroom house?
0:10:25 > 0:10:26Yes.
0:10:26 > 0:10:30Hm. Five bedrooms. I'm not sure.
0:10:30 > 0:10:34I think that might be squeezing too much out of this house.
0:10:34 > 0:10:35And he's not stopping there.
0:10:35 > 0:10:39Where the current kitchen is, we are going to have another shower,
0:10:39 > 0:10:41basin and toilet there.
0:10:41 > 0:10:45And we are going to move the kitchen into where we are planning on
0:10:45 > 0:10:49doing the extension, really, and keep the second reception as well.
0:10:49 > 0:10:52Well, it is certainly an ambitious project.
0:10:52 > 0:10:54And Sheikh has set a budget of 90 grand.
0:10:54 > 0:10:57But he is savvy enough to realise that he might go over this.
0:10:57 > 0:11:01But this is his first-time project and he aims to be on-site
0:11:01 > 0:11:05full-time, so what role does he think he'll play?
0:11:05 > 0:11:09I would say, in the stepping stone of becoming a project manager.
0:11:09 > 0:11:11So, can you turn your hand to a lot of things?
0:11:11 > 0:11:13Because, I mean, you know, this is not for a novice,
0:11:13 > 0:11:15a project like this.
0:11:15 > 0:11:17I mean, I've been watching Under The Hammer all my life,
0:11:17 > 0:11:19so I know what to do. I mean, I've got...
0:11:19 > 0:11:22I think you need a little bit more than a couple of a series
0:11:22 > 0:11:25of Homes Under The Hammer to know how to build a house.
0:11:25 > 0:11:27Now you're really worrying me, Sheikh.
0:11:27 > 0:11:29No, I think, you know,
0:11:29 > 0:11:32I've done my research, so hopefully,
0:11:32 > 0:11:36if everything works out the way it is, then, you know,
0:11:36 > 0:11:39hopefully, I should make something out of this.
0:11:39 > 0:11:42Well, I hope for Sheikh's sake that it does work out.
0:11:42 > 0:11:45He's hoping to make a career out of property developing,
0:11:45 > 0:11:51but with the £90,000 spend on top of that £294,000 purchase price,
0:11:51 > 0:11:55potentially taking his costs to 384,000,
0:11:55 > 0:11:59he is not far away from that £385,000
0:11:59 > 0:12:04top-end price the local estate agent thought might be possible.
0:12:04 > 0:12:08And he is hoping to get all the work done in just three months.
0:12:08 > 0:12:10He is certainly going to be busy.
0:12:11 > 0:12:14This is your first foray into property developing, really,
0:12:14 > 0:12:16- isn't it?- Yeah, I mean, I actually love it.
0:12:16 > 0:12:21It has been a dream of mine to do such a huge project like this.
0:12:21 > 0:12:23But hold on a minute, whoa, whoa, whoa.
0:12:23 > 0:12:25Now, you say you love it. This is your first project.
0:12:25 > 0:12:27You only love it because you've been watching lots
0:12:27 > 0:12:30of Homes Under The Hammer. You've never actually done it, have you?
0:12:30 > 0:12:33Oh, I don't have to do it, but I've got to start somewhere, don't I?
0:12:33 > 0:12:35So you think you're going to love it.
0:12:35 > 0:12:38But the thing is, I do have the drive and ambition,
0:12:38 > 0:12:40so that, you know...
0:12:40 > 0:12:42And I've got a lot of energy, you know,
0:12:42 > 0:12:45to put into this property. And, hopefully,
0:12:45 > 0:12:48I'm thinking I can do really well with this.
0:12:48 > 0:12:50Sheikh, I am really excited for you
0:12:50 > 0:12:53and I hope your first property journey goes smoothly.
0:12:53 > 0:12:56- Thank you very much.- Lovely to meet you.- Lovely to meet you, too.
0:12:58 > 0:13:01I think it is great that Homes Under The Hammer has inspired Sheikh
0:13:01 > 0:13:04to try his hand at property developing for the first time.
0:13:04 > 0:13:07But do we make it look too easy?
0:13:07 > 0:13:10He certainly has the enthusiasm, but is he making the right
0:13:10 > 0:13:13decisions with this, his first property?
0:13:13 > 0:13:16I am a bit worried he might be taking it too far with those
0:13:16 > 0:13:18ambitious loft plans.
0:13:18 > 0:13:21Join me later on in the show and you can find out how Sheikh,
0:13:21 > 0:13:23our budding developer, gets on.
0:13:31 > 0:13:34We are heading to Scotland for our next lot.
0:13:34 > 0:13:38It is situated in Clackmannanshire, in the town of Alloa, to be exact.
0:13:40 > 0:13:44Alloa's famous landmark is its 15th-century tower, but has
0:13:44 > 0:13:48a more modern imprint with its beer and glass industries.
0:13:50 > 0:13:52And it is also a favourite with commuters,
0:13:52 > 0:13:55with the Kincardine and Clackmannanshire Bridges
0:13:55 > 0:13:56offering good road links
0:13:56 > 0:13:59while the reopening of the rail link has eased
0:13:59 > 0:14:01access to Scotland's major cities.
0:14:03 > 0:14:05Here is the property I am about to see.
0:14:05 > 0:14:09It is a traditional, one-bedroom mezzanine flat, and it is in a prime
0:14:09 > 0:14:14town centre location with fantastic buy-to-let opportunities.
0:14:14 > 0:14:17Now, the guide price, wait for it,
0:14:17 > 0:14:22£20,000 to £30,000 for a one-bedroom mezzanine flat.
0:14:22 > 0:14:24It is in here. It is above this bank.
0:14:24 > 0:14:26And I'm excited.
0:14:28 > 0:14:31A nice handsome building from the outside.
0:14:31 > 0:14:34The thing that really hits you in the face is that smell of rubbish.
0:14:34 > 0:14:38Look, one, two, three, four, five... Six dirty bin liners there.
0:14:38 > 0:14:41So, I would try and sort out a better place for the rubbish bins.
0:14:41 > 0:14:45Um, this is nice, though. Lovely, generous proportions in here.
0:14:45 > 0:14:49Really nice banister. Although a bit of paint wouldn't go amiss.
0:14:49 > 0:14:52And walking straight into the flat,
0:14:52 > 0:14:54I've got to be honest, a little bit oppressive.
0:14:54 > 0:14:57Low ceilings. Look, I'm very small
0:14:57 > 0:14:58and I can touch the ceiling.
0:14:58 > 0:15:00I know it is a mezzanine...
0:15:00 > 0:15:04So there is, one, two, three layers to his flat.
0:15:04 > 0:15:06It is like a little sponge sandwich, isn't it?
0:15:06 > 0:15:10But, you know, it is small, but it is what it is, I suppose.
0:15:10 > 0:15:13The kitchen is over here. You could do with addressing that.
0:15:13 > 0:15:15I think an upgrade wouldn't go amiss. You've got a little loo,
0:15:15 > 0:15:17a shower through there.
0:15:17 > 0:15:21A window letting in lots of natural light. So that really does help.
0:15:21 > 0:15:22Let's have a look upstairs.
0:15:22 > 0:15:26I'm not usually a huge fan of these spiral staircases,
0:15:26 > 0:15:29but they do offer a fantastic use of space.
0:15:29 > 0:15:32And I'm not going too giddy just yet.
0:15:32 > 0:15:34What could make your head spin, though,
0:15:34 > 0:15:38are the numbers of regulations around spiral staircases.
0:15:38 > 0:15:42Details like the maximum rise, the gaps between stairs,
0:15:42 > 0:15:45the handrail heights, the load they can take,
0:15:45 > 0:15:47all have to meet building regulations.
0:15:47 > 0:15:50So check them out if you fancy this one.
0:15:50 > 0:15:54# I'm spinning around Move out of my way
0:15:54 > 0:15:59# I know you're feeling me Cos you like it like this. #
0:15:59 > 0:16:03It is really, really interesting the way they've done this.
0:16:03 > 0:16:05I'm not sure whether I like it or not.
0:16:05 > 0:16:06It's like another layer,
0:16:06 > 0:16:10another level has just been sliced through the property.
0:16:10 > 0:16:12I mean, this really is it, this small space.
0:16:12 > 0:16:15Cleverly done, maybe.
0:16:15 > 0:16:16Not that many features.
0:16:16 > 0:16:20A fireplace here, which is pretty useless, not doing much.
0:16:20 > 0:16:23A really nice window over here. Now, that's beautiful.
0:16:23 > 0:16:25I know this building is listed,
0:16:25 > 0:16:28so if you did want to change anything, like that
0:16:28 > 0:16:31window for example, you would need to get listed building consent.
0:16:31 > 0:16:35And it might be worth doing because that is a single-glazed window.
0:16:35 > 0:16:37And this is the fun bit.
0:16:37 > 0:16:40Look at that, that is the mezzanine level.
0:16:40 > 0:16:41I'm going to go up.
0:16:41 > 0:16:44Shall I go up? It looks pretty precarious.
0:16:44 > 0:16:45I'm not sure.
0:16:45 > 0:16:47I think the kid in me just wants to go up there
0:16:47 > 0:16:49and have a little jump around. So off I go.
0:16:49 > 0:16:52I'm not sure whether a fireman's pole might be a bit easier,
0:16:52 > 0:16:53actually.
0:16:53 > 0:16:58Here we are. Now, there is not that much room at the top.
0:16:58 > 0:17:01Uh, uh! It is a little bit... I mean, I can't even stand up.
0:17:01 > 0:17:03Can you imagine in the middle of the night having to
0:17:03 > 0:17:07get down the stairs and use the loo? But, you know, it is quite spacious.
0:17:07 > 0:17:09It does what it says on the tin, this property.
0:17:09 > 0:17:16And come on, people! £20,000 to £30,000 guide price?
0:17:16 > 0:17:17It's a bargain.
0:17:19 > 0:17:21But it does need work.
0:17:21 > 0:17:25A new kitchen and a new bathroom wouldn't go amiss here.
0:17:25 > 0:17:30And, unless you like living life on the edge, literally, well,
0:17:30 > 0:17:33you would want to take another look at those stairs.
0:17:33 > 0:17:36# Yeah, living on the edge
0:17:40 > 0:17:43# Living on the edge. #
0:17:43 > 0:17:46I think it is pretty safe to say that those steps won't be following
0:17:46 > 0:17:48any building regulations.
0:17:48 > 0:17:50We asked a local estate agent
0:17:50 > 0:17:53to come for a spin around this flat and tell us what she thought.
0:17:55 > 0:17:57I feel that it's quite good value
0:17:57 > 0:17:59because it is quite expensive to live in the city.
0:17:59 > 0:18:01And you could be within Glasgow
0:18:01 > 0:18:04and Edinburgh within sort of 40, 45 minutes by rail link.
0:18:04 > 0:18:09Just park your car. And there is no cost for parking here.
0:18:09 > 0:18:12And you can get the properties far cheaper than in the cities, like,
0:18:12 > 0:18:16you know, a good £30,000, £40,000 cheaper than Glasgow or Edinburgh.
0:18:16 > 0:18:19Which would make this little mezzanine a very attractive
0:18:19 > 0:18:22prospect for commuters and investors alike.
0:18:23 > 0:18:27Once the refurbishment is complete here, what might it be worth?
0:18:29 > 0:18:30I think because the market has
0:18:30 > 0:18:33been improving quite considerably in the last six months,
0:18:33 > 0:18:37it could achieve £50,000 to £55,000 on the open market.
0:18:37 > 0:18:39And the rental value?
0:18:39 > 0:18:43Once renovated, I believe this apartment could achieve between
0:18:43 > 0:18:47£350 and £370 per calendar month.
0:18:47 > 0:18:50This is a really unusual property. It's got three floors
0:18:50 > 0:18:53linked by a spiral staircase.
0:18:53 > 0:18:56It's certainly not everyone's cup of tea,
0:18:56 > 0:18:57but I think it is in a great location
0:18:57 > 0:19:01and it has a gobsmackingly low guide price.
0:19:01 > 0:19:04Let's see who fancied it when it went to auction.
0:19:09 > 0:19:12Mid-terrace flat with first-floor mezzanine bedroom.
0:19:12 > 0:19:1425 to start me.
0:19:14 > 0:19:1620 then. Start me off at £20,000.
0:19:16 > 0:19:1820 here. At 20 I'm bid now.
0:19:18 > 0:19:2021 here. 22.
0:19:20 > 0:19:2323. 24.
0:19:23 > 0:19:2625. 26?
0:19:26 > 0:19:29Not quite sure. With you at £25,000.
0:19:29 > 0:19:31At £25,000.
0:19:33 > 0:19:36Take a half. 25,500. 26?
0:19:36 > 0:19:3826 I've got.
0:19:38 > 0:19:41You are out. With you at 26.
0:19:41 > 0:19:44At £26,000. Are we done?
0:19:44 > 0:19:47At £26,000, then, are we selling this?
0:19:47 > 0:19:50At £26,000, first time.
0:19:50 > 0:19:52At 26,000, second time.
0:19:52 > 0:19:55All done. Are you sure? All out?
0:19:57 > 0:20:02The successful bidders with a bargain at £26,000 were
0:20:02 > 0:20:04Nick and wife Irene.
0:20:04 > 0:20:07Both originally from Bulgaria, they have been living
0:20:07 > 0:20:09and working in the UK for five years.
0:20:09 > 0:20:12This is their second renovation project.
0:20:12 > 0:20:13And with that low price,
0:20:13 > 0:20:17they'll be laughing all the way to the flat above the bank.
0:20:19 > 0:20:21I met Nick, he works in marketing,
0:20:21 > 0:20:24to find out about their climb onto the UK property ladder.
0:20:27 > 0:20:29Nick, congratulations, lovely meeting you today.
0:20:29 > 0:20:30- Thank you very much.- Well done, you!
0:20:30 > 0:20:32What an interesting property you've got here.
0:20:32 > 0:20:36Yeah, well, it's a very nice, small property, actually.
0:20:36 > 0:20:38It is quite interesting, cos this is the sort of property
0:20:38 > 0:20:39you'd find in the centre of London -
0:20:39 > 0:20:43a small place where somebody really has tried to make the most of it.
0:20:43 > 0:20:48But for £26,000, you did really well on auction day.
0:20:48 > 0:20:49Yeah, well, to be totally honest, yeah.
0:20:49 > 0:20:52- I'm pretty pleased. - So what are we going to do here?
0:20:52 > 0:20:53Because it's not for everybody.
0:20:53 > 0:20:56The staircase leading up to the sleeping area is what concerns
0:20:56 > 0:20:58- me here.- Me too, to be totally honest.
0:20:58 > 0:21:01We haven't decided what to do with it yet.
0:21:01 > 0:21:05- We will be upgrading quite a lot of things inside.- Yes.
0:21:05 > 0:21:08But eventually, we will decide what we are going to do with this.
0:21:08 > 0:21:09So, have you got any budget?
0:21:09 > 0:21:12The initial budget is between £2,000 and £3,000.
0:21:12 > 0:21:13And how many days,
0:21:13 > 0:21:15weeks or months are you going to spend on this place?
0:21:15 > 0:21:19We are thinking between three and four weeks.
0:21:19 > 0:21:23Wow, that is a quick turnaround and a tight budget, especially
0:21:23 > 0:21:27when you consider that Nick and wife Irene both work full-time
0:21:27 > 0:21:30and will only be able to come here on evenings and weekends.
0:21:32 > 0:21:34So, what do they plan to get done in that time?
0:21:38 > 0:21:42We're going to just paint it. We're going to refurbish the kitchen.
0:21:42 > 0:21:43We're going to upgrade the bathroom.
0:21:43 > 0:21:46And new carpets, that is pretty much it.
0:21:46 > 0:21:49So, how are you going to upgrade the kitchen? To what extent?
0:21:49 > 0:21:51Because, I mean, it is OK, but it's a bit shabby.
0:21:51 > 0:21:54Yeah, well, we will look at it
0:21:54 > 0:21:56and we will decide eventually what needs to be done.
0:21:56 > 0:22:00Probably most of the budget is going towards the kitchen,
0:22:00 > 0:22:02so we will see how it goes.
0:22:02 > 0:22:06You have got a magnificent window here, in this room.
0:22:06 > 0:22:09That might benefit from an upgrade,
0:22:09 > 0:22:11but you would have to apply for listed building consent.
0:22:11 > 0:22:13Yeah, that is absolutely right.
0:22:13 > 0:22:17We'll definitely go for something. We'll see how it goes, actually.
0:22:17 > 0:22:20But probably we are going to upgrade a little bit the windows.
0:22:20 > 0:22:23Did you research this property prior to bidding on auction day?
0:22:23 > 0:22:25Did you get a survey done?
0:22:25 > 0:22:28Did you read the legal pack? Come on.
0:22:28 > 0:22:30To be totally honest, well, the legal packs, yes.
0:22:30 > 0:22:33We prepared it with the legal packs. We haven't done a survey, no.
0:22:33 > 0:22:36Do you think you needed to get a survey with a property like this?
0:22:36 > 0:22:38Do think there could be structural damage to a property like this?
0:22:38 > 0:22:40Probably we should.
0:22:40 > 0:22:42Um... We should.
0:22:42 > 0:22:43But we didn't.
0:22:44 > 0:22:47So it looks like a survey is now a priority.
0:22:47 > 0:22:49If all goes to plan,
0:22:49 > 0:22:52though, the couple want to sell the property in a couple of years' time.
0:22:52 > 0:22:55But for now, they intend on renting it out.
0:22:55 > 0:22:58And a quick tot up of the figures makes you think, well,
0:22:58 > 0:22:59they can't really go wrong.
0:23:01 > 0:23:03So come on, Nick, tantalise my taste buds.
0:23:03 > 0:23:06How much rental return could you get for a property like this,
0:23:06 > 0:23:09bearing in mind you paid 26 grand on auction day?
0:23:09 > 0:23:15The average rent in this area is 375, so probably... If we get 375,
0:23:15 > 0:23:18- I will be quite happy. - That is over 10% yield.- Yeah.
0:23:18 > 0:23:21I mean, that really is stunn... That's brilliant!
0:23:22 > 0:23:25"Quite happy." I can't see how he wouldn't be.
0:23:25 > 0:23:27A quick toss of the maths here,
0:23:27 > 0:23:29pay attention at the back of the class, please.
0:23:29 > 0:23:31Bought for £26,000,
0:23:31 > 0:23:36spent £3,000 on renovation, brings us to £29,000.
0:23:36 > 0:23:41So, even if we go with the estate agent's top estimate of 375,
0:23:41 > 0:23:44the yield would still be,
0:23:44 > 0:23:47wait for it, around 15%.
0:23:47 > 0:23:49I think you've done really well, Nick, and I think this is
0:23:49 > 0:23:52a great property in a great location for a fantastic price. Well done.
0:23:52 > 0:23:55I'm really looking forward to seeing how you upgrade it.
0:23:55 > 0:23:58- Nice to meet you today. - Thank you very much.
0:23:58 > 0:24:01Nick has certainly got himself a bargain here.
0:24:01 > 0:24:04But I've got a feeling this property won't look too different on
0:24:04 > 0:24:09our return with his £3,000 budget and his three-week timescale.
0:24:09 > 0:24:13Will this spiral staircase and the bunk-bed ladders
0:24:13 > 0:24:16put potential tenants off? That is my worry.
0:24:16 > 0:24:19You can find out what happens later on in the programme.
0:24:21 > 0:24:26Still to come, the numbers are adding up in Chilton, County Durham.
0:24:26 > 0:24:30I paid more for a caravan a few years ago that I have for the house.
0:24:31 > 0:24:35But in Scotland, it is the weeks that have racked up for Nick.
0:24:35 > 0:24:37The original timescale was four weeks.
0:24:37 > 0:24:40It turns out to be six months.
0:24:46 > 0:24:48Ilford, in Greater London,
0:24:48 > 0:24:51is where we first came across a three-bed mid-terrace house.
0:24:51 > 0:24:54It needed not just a full refurbishment,
0:24:54 > 0:24:56but a bit of rethinking on the layout.
0:24:56 > 0:25:00Small pokey kitchens and shabby bathrooms just don't cut
0:25:00 > 0:25:03it in today's competitive property market.
0:25:05 > 0:25:09And a tiny boxroom off a third bedroom is hardly going to
0:25:09 > 0:25:10excite either.
0:25:10 > 0:25:14So, the layout definitely needed looking at.
0:25:14 > 0:25:17And the man to take this challenging property on was Sheikh,
0:25:17 > 0:25:21who bought it for £294,000 at auction.
0:25:24 > 0:25:28- So, what do you intend doing? - Well, I don't know.
0:25:28 > 0:25:31I mean, I do have a plan in place.
0:25:31 > 0:25:33Hopefully, you know, I'm going to start from the top.
0:25:33 > 0:25:38We are thinking of converting the loft, having two bedrooms
0:25:38 > 0:25:42and also having a separate bathroom as well.
0:25:42 > 0:25:47- Two bedrooms up there?!- Yes.- To make this into a five-bedroom house?- Yes.
0:25:48 > 0:25:51And it wasn't just a loft conversion Sheikh was hoping to carry out.
0:25:51 > 0:25:56Oh, no, he hoped for a rear single-storey extension to enhance
0:25:56 > 0:25:59the kitchen space. Ambitious plans, indeed,
0:25:59 > 0:26:02particularly when you considered this was to be Sheikh's first
0:26:02 > 0:26:06development project and his only experience of property work was,
0:26:06 > 0:26:09well, watching episodes of Homes Under The Hammer.
0:26:09 > 0:26:12But he had given himself £90,000.
0:26:12 > 0:26:14Provided he got planning permission,
0:26:14 > 0:26:17he hoped to get the work done in three to four months.
0:26:17 > 0:26:21So, has Sheikh managed to do this top-to-bottom redevelopment?
0:26:24 > 0:26:28Well, three and half months later, we are back to find out.
0:26:33 > 0:26:35Well, there may be scaffolding still in place...
0:26:39 > 0:26:42..but it definitely looks like the top of the house has got what
0:26:42 > 0:26:47he hoped for - a loft conversion. But how many rooms does it have?
0:26:47 > 0:26:51Initially, we actually planned to have one big
0:26:51 > 0:26:53room with an en-suite.
0:26:53 > 0:26:55Then we decided to have two rooms there, which is
0:26:55 > 0:26:58a reasonable size, I believe.
0:26:58 > 0:27:01And we also managed to fit in a wet room as well.
0:27:01 > 0:27:03Well, this really is impressive.
0:27:03 > 0:27:07Sheikh has gone for his most ambitious plan of adding two
0:27:07 > 0:27:10extra bedrooms and found space for a wet room.
0:27:12 > 0:27:15Down to the first floor, the bedrooms have been re-plastered,
0:27:15 > 0:27:20new electrics, re-plumbed and the chimney breast has been removed.
0:27:20 > 0:27:22And there are new windows. And I have to say, it is
0:27:22 > 0:27:26a shame those lovely stained-glass panels have now gone.
0:27:26 > 0:27:29And the bathroom, well, it still needs a bit of work.
0:27:29 > 0:27:31With those loft rooms,
0:27:31 > 0:27:34Sheikh has now got the five bedrooms he was after.
0:27:34 > 0:27:36But what about downstairs?
0:27:41 > 0:27:43It is still a work in progress.
0:27:43 > 0:27:47There is no ground-floor extension yet, but it is in hand.
0:27:47 > 0:27:49His initial application for a downstairs
0:27:49 > 0:27:53extension at the back with a six-metre depth has been refused.
0:27:53 > 0:27:56And he has currently submitted plans for a slightly smaller one
0:27:56 > 0:27:58of five metres.
0:27:58 > 0:28:00So, here's hoping that will succeed.
0:28:00 > 0:28:03If he gets the go-ahead, what will it be like?
0:28:03 > 0:28:09Where the existing kitchen was, there is going to be another wet room.
0:28:09 > 0:28:12And we're going to have the toilet and the sink
0:28:12 > 0:28:13and a fitted shower.
0:28:13 > 0:28:17From there, we're going to have the kitchen extension going out.
0:28:17 > 0:28:21I have to say, despite my reservations that Sheikh was being
0:28:21 > 0:28:25overambitious here, I think he has done a pretty impressive job so far.
0:28:25 > 0:28:27But how hands-on has he been?
0:28:27 > 0:28:31I would say I have taken the role of management.
0:28:31 > 0:28:36Um, I had a little baby boy a month ago and that has
0:28:36 > 0:28:40kind of taken up most of my time, you know, just spending time with him.
0:28:40 > 0:28:42And I spend the rest of the time here.
0:28:42 > 0:28:46Wow, new baby boy, an extensive renovation project,
0:28:46 > 0:28:49Sheikh has clearly had a lot to deal with.
0:28:49 > 0:28:53And perhaps not surprisingly, it has all taken longer than planned.
0:28:53 > 0:28:54But he is hoping,
0:28:54 > 0:28:57provided he gets planning permission for the rear extension,
0:28:57 > 0:29:00he'll be able to complete the house in two more months.
0:29:00 > 0:29:04So he is overrun on his timescale, but what about his proposed budget?
0:29:04 > 0:29:08Originally, the budget was set for £90,000.
0:29:08 > 0:29:15I think we just might exceed that by another £8,000 more.
0:29:16 > 0:29:22OK, so a spend of £98,000 on top of his £294,000
0:29:22 > 0:29:24purchase price would bring Sheikh's
0:29:24 > 0:29:27total expenditure to 392,000.
0:29:27 > 0:29:30So has he got his numbers right on this one?
0:29:30 > 0:29:33Will the house be right for the local market?
0:29:33 > 0:29:36What did two local estate agents think?
0:29:36 > 0:29:39The market is strong for five-beds in this area.
0:29:39 > 0:29:41They don't come up that often and get sold quite quickly.
0:29:41 > 0:29:43Having an extension at the back is a good idea.
0:29:43 > 0:29:47It will extend the kitchen or you can have a conservatory
0:29:47 > 0:29:50if it is for a family home.
0:29:50 > 0:29:53So, having an extension is always a good idea.
0:29:54 > 0:29:55All very encouraging.
0:29:55 > 0:29:59Now, I was worried about this house being overdeveloped, so with the
0:29:59 > 0:30:04projected £392,000 spend, will he have hit that ceiling price?
0:30:04 > 0:30:08Let's find out what the house might fetch in its current configuration,
0:30:08 > 0:30:12before he goes ahead and builds that ground-floor extension.
0:30:12 > 0:30:14Fully renovated, I think this property could achieve
0:30:14 > 0:30:17between £460,000 to £490,000.
0:30:17 > 0:30:21I would suggest to advertise the property
0:30:21 > 0:30:28on a price ranging between £475,000 to £500,000.
0:30:29 > 0:30:32Well, those figures suggest a pre-tax profit
0:30:32 > 0:30:36anywhere between £68,000 and £108,000.
0:30:36 > 0:30:40And the agents felt you could add another £20,000 to £30,000
0:30:40 > 0:30:43if Sheikh gets permission to build the proposed rear extension.
0:30:43 > 0:30:46And I think that would really help balance out the house.
0:30:46 > 0:30:48In any case, I was worried for nothing.
0:30:48 > 0:30:52He hasn't over developed it and he has come up trumps
0:30:52 > 0:30:54on his first project. So well done, Sheikh.
0:30:54 > 0:30:57This is fantastic news.
0:30:57 > 0:31:01So, first time around, yeah, not too bad, actually.
0:31:01 > 0:31:04And with rental values in the local area for a five-bedroomed house
0:31:04 > 0:31:07being £2,000 per calendar month,
0:31:07 > 0:31:10that would generate a fairly healthy yield of 6%.
0:31:10 > 0:31:15So, all looking good. But Sheikh's plan was always to sell it on.
0:31:15 > 0:31:20And his wife is pretty keen for them to actually move into the property.
0:31:20 > 0:31:23But is Sheikh still unmoved?
0:31:24 > 0:31:27I still intend on selling this, no matter what.
0:31:27 > 0:31:29No matter what my missus says.
0:31:31 > 0:31:34And realistically, he might have to risk his wife's wrath
0:31:34 > 0:31:37if he wants to have the funds for another project.
0:31:37 > 0:31:40Or has this first one scared him off?
0:31:40 > 0:31:43This is something I have dreamt of doing for a long time
0:31:43 > 0:31:46and I hope to pursue this career once I'm finished with this.
0:31:50 > 0:31:53To the north-east now and the former mining
0:31:53 > 0:31:57village of Chilton, which achieved town status in the year 2000.
0:31:57 > 0:32:02Close to Durham and Bishop Auckland, it boasts over 200 allotment plots.
0:32:02 > 0:32:04It was also the hometown of Alan White,
0:32:04 > 0:32:08drummer of the band Yes and The Plastic Ono Band.
0:32:14 > 0:32:18Well, seven miles from Durham city centre, a mile from the A1,
0:32:18 > 0:32:20is the property I am here to see.
0:32:20 > 0:32:22So, a very popular spot for commuters, for sure.
0:32:22 > 0:32:27And up for auction was a classic two-bedroom mid-terrace.
0:32:27 > 0:32:29There is no guide price for this property.
0:32:29 > 0:32:32This auction house operates on offers invited.
0:32:32 > 0:32:36In this case, offers around £14,950.
0:32:36 > 0:32:38It is a different terminology,
0:32:38 > 0:32:40but basically very similar to the guide price,
0:32:40 > 0:32:45where the starting price is usually about 10% lower than the reserve.
0:32:46 > 0:32:50So, what have we got? Um, well, nice, bright space.
0:32:50 > 0:32:54It looks like it has been partially decorated, although...
0:32:54 > 0:32:59Some signs of damp over there around some very strange pipework going on.
0:32:59 > 0:33:00I think that is where the gas is coming in.
0:33:00 > 0:33:03But I don't exactly like the way that has been done.
0:33:03 > 0:33:06But it is not a bad size.
0:33:06 > 0:33:08Open fire, which is good to see.
0:33:08 > 0:33:13And then knocked through at some point into a kitchen area.
0:33:13 > 0:33:17And it creates a really nice downstairs.
0:33:17 > 0:33:18Very open-plan.
0:33:18 > 0:33:22Obviously, it hasn't got a finished kitchen.
0:33:22 > 0:33:24What it has got though...
0:33:26 > 0:33:30..is rather a lot of damp on this wall here.
0:33:30 > 0:33:31I'll go outside in a minute and see
0:33:31 > 0:33:33if I can see where that is coming from.
0:33:33 > 0:33:37But obviously, an issue. And you've got to ask yourself...
0:33:37 > 0:33:42It has been started, in terms of renovation,
0:33:42 > 0:33:46but some very basic things have been missed out.
0:33:46 > 0:33:49Properties that don't have a complete kitchen or a kitchen
0:33:49 > 0:33:53at all can be refused a mortgage, so it is definitely worth doing.
0:33:57 > 0:34:01Ah-ha, perfect place for a door.
0:34:01 > 0:34:02Upstairs, though, seriously,
0:34:02 > 0:34:06what have we got? Missing floorboards here and there.
0:34:06 > 0:34:08Obviously, you'd have to sort those out.
0:34:08 > 0:34:10And I think your options for stripping that
0:34:10 > 0:34:12back are a little bit limited.
0:34:12 > 0:34:13They are slightly all over the place.
0:34:13 > 0:34:17But up here, two bedrooms - one there, not a bad size.
0:34:17 > 0:34:20Bathroom where you'd hope it would be.
0:34:20 > 0:34:24It looks to be in... Well, again, half-completed condition.
0:34:24 > 0:34:28But maybe those units are salvageable.
0:34:28 > 0:34:30But then down a rather intriguing corridor.
0:34:32 > 0:34:34Hm.
0:34:34 > 0:34:35What is this?
0:34:35 > 0:34:37Oh!
0:34:37 > 0:34:41A fairly substantial set of stairs there, leading up to what?
0:34:41 > 0:34:46Cos it is only described as a two-bedroomed house. Hm.
0:34:46 > 0:34:48Definitely worth investigating further.
0:34:52 > 0:34:56Huh. Now, you see, this is a perfectly usable room.
0:34:56 > 0:35:00But it is really important that it is not defined as a bedroom,
0:35:00 > 0:35:02because in order for it to be a bedroom, it would
0:35:02 > 0:35:05have to pass certain building regulations -
0:35:05 > 0:35:07most importantly, ability for someone who is
0:35:07 > 0:35:11sleeping in here to escape in case of a fire,
0:35:11 > 0:35:15in which case that would have to be the suitable kind of roof window.
0:35:15 > 0:35:19Now, you may well think it is worth doing a little bit of extra
0:35:19 > 0:35:23effort to make this a building regulation compliant bedroom.
0:35:23 > 0:35:27On the other hand, it may well be cost prohibitive.
0:35:27 > 0:35:29You only know that by finding out how much three-bedrooms
0:35:29 > 0:35:33sell for and how much two-bedrooms sell for around here.
0:35:33 > 0:35:35In any case, it is
0:35:35 > 0:35:38not as if there's a shortage of work to do elsewhere in the house.
0:35:38 > 0:35:41It's as if jobs have been started in every room,
0:35:41 > 0:35:43but sadly, none have been finished.
0:35:46 > 0:35:50# Come on, baby Finish what you started
0:35:50 > 0:35:53# I'm incomplete! #
0:35:53 > 0:35:56One thing that is really important to check out
0:35:56 > 0:35:58when you're looking around houses is the state of the electrics.
0:35:58 > 0:36:02And a good place to start for that is to look at the fuse board.
0:36:02 > 0:36:05This one, however, is sending out some very mixed messages
0:36:05 > 0:36:09cos you've got a fairly new consumer unit at the top there,
0:36:09 > 0:36:13but this lower one, with these old sort of cartridge-style or
0:36:13 > 0:36:15even wire fuses in there, that is very old.
0:36:15 > 0:36:17That is a bit more modern.
0:36:17 > 0:36:21My guess is that is mirrored in the state of the wiring
0:36:21 > 0:36:23in the house in general.
0:36:23 > 0:36:26Some old, some new. That is not good.
0:36:26 > 0:36:30# Something old, something new
0:36:30 > 0:36:34# Something borrowed Something blue. #
0:36:36 > 0:36:39One clue to the age of the electrics is the colour of the conductors
0:36:39 > 0:36:43and the state of the sockets, light switches and consumer unit.
0:36:46 > 0:36:48Hm, yes.
0:36:48 > 0:36:51The electrics definitely need sorting.
0:36:52 > 0:36:56Yes, electricity and damp don't make for good bedfellows.
0:36:56 > 0:37:00Time I investigated the worst-case wall in the kitchen that
0:37:00 > 0:37:01I noticed earlier.
0:37:02 > 0:37:05So, let's see where that damp might have been coming from.
0:37:05 > 0:37:09Obviously, penetrating. Out the back here, what do we see?
0:37:09 > 0:37:12OK, first of all, some of the pointing on the brickwork,
0:37:12 > 0:37:15that looks like it is not in a very good state.
0:37:15 > 0:37:17You could get water going in there.
0:37:17 > 0:37:19I noticed that there is a new gutter up there,
0:37:19 > 0:37:21so perhaps in the past, there was an old gutter,
0:37:21 > 0:37:24and that was causing sort of water to cascade down there.
0:37:24 > 0:37:30My guess, having done a bit of analysis, is that it is historical
0:37:30 > 0:37:33and whatever was causing the problem has been sorted out.
0:37:33 > 0:37:34Phew!
0:37:34 > 0:37:38We called in a local estate agent to get her views about the attic
0:37:38 > 0:37:41bedroom and get resale and rental valuations,
0:37:41 > 0:37:43bearing in mind the auction house wants bids
0:37:43 > 0:37:46starting in the region of 15,000.
0:37:48 > 0:37:51I would probably say that they should have a look
0:37:51 > 0:37:54at the planning regulations for the loft conversion
0:37:54 > 0:37:57because if it was to be classed as a three-bedroom property,
0:37:57 > 0:37:58it would be more desirable.
0:37:58 > 0:38:01Price difference value wise wouldn't be a massive amount,
0:38:01 > 0:38:04but for the rental threshold, it would change slightly.
0:38:04 > 0:38:07So, no appreciable effect on the resale value.
0:38:07 > 0:38:10How would the rentals compare, then?
0:38:10 > 0:38:12As a three-bedroom property, if you could market it at that,
0:38:12 > 0:38:16you're looking at around £350 per calendar month.
0:38:16 > 0:38:18If for some reason you couldn't get the planning permission or
0:38:18 > 0:38:21there's problems with the regulations on the loft room,
0:38:21 > 0:38:24you're looking in the region of £300 per calendar month.
0:38:24 > 0:38:27So it might be worth upgrading the bedroom
0:38:27 > 0:38:29if it is going to be a rental property.
0:38:29 > 0:38:32And how about the best resale value?
0:38:32 > 0:38:35I think once the basic renovation works have been done
0:38:35 > 0:38:36and they are finished with the kitchen,
0:38:36 > 0:38:40possibly damp-proof course and some decoration, I think that the
0:38:40 > 0:38:43property would probably be worth about £25,000.
0:38:45 > 0:38:48Well, there is always a bit of a risk when you take on a house
0:38:48 > 0:38:50that has had some work done to it
0:38:50 > 0:38:54that you don't know to what standard that work has been done.
0:38:54 > 0:38:56However, on the face of it,
0:38:56 > 0:38:58you are getting quite a lot of house for the money.
0:38:58 > 0:39:01So around that guide price... Definitely one to go for.
0:39:01 > 0:39:04Let's see who agreed when it went under the hammer.
0:39:04 > 0:39:07Start bidding around 15. Only 15,000.
0:39:07 > 0:39:11Who is in for this one? Come on. 10 I'll take to start.
0:39:11 > 0:39:12At £10,000.
0:39:12 > 0:39:13At 10. At 10. Go 11.
0:39:13 > 0:39:15- Come on, let's get on.- 11.
0:39:15 > 0:39:1811 to a voice. 11. 12. 13.
0:39:18 > 0:39:2013?
0:39:20 > 0:39:23I've got 12 in the far corner. No? At 12, 12, 12.
0:39:23 > 0:39:2813 there. 14 on the table? At 13 there. 14, new bidder. 15, sir?
0:39:28 > 0:39:3014,500.
0:39:30 > 0:39:3215. And a half?
0:39:32 > 0:39:3416.
0:39:34 > 0:39:37And a half? 17.
0:39:37 > 0:39:4017. New bidder altogether. At 17.
0:39:40 > 0:39:4217,500?
0:39:42 > 0:39:43Yes or no?
0:39:43 > 0:39:45No, he says. 17, new bidder altogether.
0:39:45 > 0:39:48£17,000, it is going to go.
0:39:48 > 0:39:50First time at 17.
0:39:50 > 0:39:51Second time at 17.
0:39:51 > 0:39:54Third and final at £17,000. Your bid, sir.
0:39:54 > 0:39:58And your number is? 336. Well done.
0:39:58 > 0:40:03And the successful £17,000 bid came from John, who first
0:40:03 > 0:40:07started property developing after an accident in the work place.
0:40:07 > 0:40:10I met up with him back at the Chilton property.
0:40:11 > 0:40:15- Good to meet you, John.- Nice to meet you, man.- Congratulations.
0:40:15 > 0:40:17- Thank you very much.- Tell me why you wanted to buy this place.
0:40:17 > 0:40:21It was mainly the price, to be honest. I came and had a look.
0:40:21 > 0:40:23I watch your programme all the time.
0:40:23 > 0:40:26So I knocked on next door to find out a bit about the house,
0:40:26 > 0:40:29and it is quite a nice area cos the lady from up the street
0:40:29 > 0:40:32came down and asked me what I was doing with it.
0:40:32 > 0:40:35I told her I was hoping to buy it at auction and she told me
0:40:35 > 0:40:38- it had been empty for 12 years. - Oh, wow.
0:40:38 > 0:40:41But people had been backwards and forwards to... As you can see,
0:40:41 > 0:40:43it is a half modern house, half not.
0:40:43 > 0:40:46So, I went to the auction, I had a price in mind.
0:40:46 > 0:40:50- Like you said, I'd done my homework and I got it for 17,000.- Yeah.
0:40:50 > 0:40:54So it wasn't so bad, but then, obviously,
0:40:54 > 0:40:56you have the auction fees.
0:40:56 > 0:40:58Ah, auction fees,
0:40:58 > 0:41:02always something for any developer to scrutinise carefully.
0:41:02 > 0:41:06In this case, John knew that on top of his bid of £17,000,
0:41:06 > 0:41:09he'd have to fork out the vendor's selling costs as well.
0:41:09 > 0:41:14That and all the bits and pieces came to £6,200,
0:41:14 > 0:41:16not an inconsiderable sum.
0:41:16 > 0:41:19I was quite shocked at why it was 6.2.
0:41:19 > 0:41:21And it is still not a bad price.
0:41:22 > 0:41:27I paid more for a caravan a few years ago than I have for the house. So...
0:41:27 > 0:41:30And like what you always say, you make money on bricks and mortar.
0:41:30 > 0:41:32So I can't really lose, I don't think.
0:41:32 > 0:41:35Well, it is always possible to lose,
0:41:35 > 0:41:38given that valuation of 25,000 the agent gave earlier.
0:41:38 > 0:41:42We could be talking about you losing money even before you'd started
0:41:42 > 0:41:46to work on the house. However, John is not local.
0:41:46 > 0:41:48He comes from Redcar, about 45 minutes away,
0:41:48 > 0:41:51so he took advice and researched on the internet.
0:41:51 > 0:41:55That research has told him the resale value for this
0:41:55 > 0:42:00type of house in the area is nearer 50,000 to 55,000.
0:42:00 > 0:42:04It is always advisable to use as many research sources as you can.
0:42:04 > 0:42:06The internet is one,
0:42:06 > 0:42:10but I'd recommend taking advice from local agents, too.
0:42:12 > 0:42:14So, what was it about this particular little place that
0:42:14 > 0:42:16you liked, other than just the price?
0:42:16 > 0:42:20To be honest, when I came, it seemed a nice family sort of area.
0:42:20 > 0:42:22Like the lady up the street said to me,
0:42:22 > 0:42:25"I hope you get it, as long as you are not going to rent it."
0:42:25 > 0:42:28I said, "No, I'm not, I'm just going to do it up and sell it.
0:42:28 > 0:42:32- "And hopefully it will be someone's little family home."- Right.
0:42:32 > 0:42:35- And just make a bit of profit on it. - What are your plans for it?
0:42:35 > 0:42:40To be honest, I don't know how good the work has been done,
0:42:40 > 0:42:44what has been done, so you have got to still look at it.
0:42:44 > 0:42:47Obviously, it wants a full damp-proof, the floor,
0:42:47 > 0:42:51obviously it wants a new fitted kitchen, the bathroom wants doing.
0:42:51 > 0:42:53Just the basics, really.
0:42:53 > 0:42:56And then a complete paint, carpets,
0:42:56 > 0:42:58and put it on the market.
0:42:58 > 0:43:02- So what is your budget? - Round about 8,000. But...
0:43:02 > 0:43:06- another two contingency in case things go over.- Sure.
0:43:06 > 0:43:09That seems fair. What is the timescale?
0:43:09 > 0:43:12Roundabout, I'm hoping, three and a half, four month,
0:43:12 > 0:43:14so that is what I'm looking at.
0:43:14 > 0:43:17- Well, listen, John, really great to meet you. Congratulations.- Thanks.
0:43:17 > 0:43:19Very nice to meet you.
0:43:19 > 0:43:21So, John has taken on his first property and hopes to have it
0:43:21 > 0:43:23done in three to four months.
0:43:23 > 0:43:28Work to be done. But still, hopefully, a profit to be made.
0:43:28 > 0:43:31You can see how he gets on later on in the show.
0:43:34 > 0:43:37Well, we have seen how one of today's properties fared.
0:43:37 > 0:43:38What about the others?
0:43:38 > 0:43:41Will there be big changes or a few minor improvements?
0:43:41 > 0:43:43Let's go back and find out.
0:43:49 > 0:43:51Back to Clackmannanshire and the pretty town of Alloa,
0:43:51 > 0:43:55where earlier, I looked around this one-bedroom mezzanine flat,
0:43:55 > 0:44:00slap bang in the middle of the town centre and above the local bank.
0:44:00 > 0:44:03It would be fair to say that this flat wasn't the most
0:44:03 > 0:44:06conventional when it came to the interior, with the kitchen on the
0:44:06 > 0:44:11ground floor and a spiral staircase leading up to the living space.
0:44:11 > 0:44:12And then, there was this.
0:44:14 > 0:44:19Was it worth the climb? Well, hm, not exactly.
0:44:19 > 0:44:24Here we are. Now... There is not that much room at the top. Oh, oh!
0:44:24 > 0:44:26Is a little bit... I mean, I can't even stand up.
0:44:26 > 0:44:29Can you imagine in the middle of the night having to
0:44:29 > 0:44:31get down the stairs and use the loo?
0:44:31 > 0:44:34It was bought on auction day for a bargain -
0:44:34 > 0:44:3826,000 - by Nick and his wife Irene,
0:44:38 > 0:44:40who are both from Bulgaria.
0:44:41 > 0:44:43They work in marketing.
0:44:43 > 0:44:46And this was their second property bought at auction.
0:44:46 > 0:44:49And although this flat was weird and not so wonderful
0:44:49 > 0:44:52in many respects, there was one big attraction.
0:44:52 > 0:44:55So come on, Nick, tantalise my taste buds,
0:44:55 > 0:44:58how much rental return could you get for a property like this,
0:44:58 > 0:45:01bearing in mind you paid 26 grand on auction day.
0:45:01 > 0:45:03Quite a lot, actually.
0:45:03 > 0:45:08The average rent in this area is 375, so probably, if we get 375,
0:45:08 > 0:45:11- I will be quite happy. - That is over 10% yield.- Yeah.
0:45:11 > 0:45:14I mean, that really is stunn... That's brilliant!
0:45:14 > 0:45:19It was unconventional but it was a good size across the three levels.
0:45:19 > 0:45:24And with some creative thinking, it could realise its potential.
0:45:24 > 0:45:26Nick had plans to rent the property out after a quick
0:45:26 > 0:45:31renovation of three to four weeks and a tight budget of just 3,000.
0:45:33 > 0:45:35Almost six months later,
0:45:35 > 0:45:39we've returned to Alloa to see how Nick has progressed.
0:45:45 > 0:45:48The kitchen has been replaced and it is an improvement, while
0:45:48 > 0:45:52the rooms have been stripped and plastered, and they look fantastic.
0:46:03 > 0:46:07The precarious-looking steps up to the sleeping area remain.
0:46:07 > 0:46:10And although painting those and the banisters have brightened it
0:46:10 > 0:46:14up here, there is, however a fair bit of snagging to sort.
0:46:19 > 0:46:21So why is such a small flat taking
0:46:21 > 0:46:25so much more time than Nick originally thought?
0:46:25 > 0:46:29Um... Yes, the original timescale was four weeks.
0:46:29 > 0:46:31It turns out to be six months
0:46:31 > 0:46:34because eventually I have purchased one more property,
0:46:34 > 0:46:40which was closer to me, so I have actually done it before this one.
0:46:40 > 0:46:45And also it was the holidays, so I enjoyed a little bit of a holiday.
0:46:45 > 0:46:49The main idea of this property is for me to learn how to do things,
0:46:49 > 0:46:52because this is something I really enjoy.
0:46:52 > 0:46:55So it was a definite learning curve for me.
0:46:55 > 0:46:59For me, the biggest challenge was when we removed the old wallpaper,
0:46:59 > 0:47:03the condition of the walls, it wasn't in the best condition.
0:47:03 > 0:47:08So we actually needed to do a lot of work on the walls.
0:47:08 > 0:47:11Hopefully, it turns out good.
0:47:11 > 0:47:14To be totally honest, I actually did all of the work.
0:47:14 > 0:47:18The only thing which I am going to use professional help
0:47:18 > 0:47:19is for the sash windows.
0:47:19 > 0:47:22As it is a listed property,
0:47:22 > 0:47:27we need to use a professional to do the sash windows.
0:47:27 > 0:47:30So this is the only help I'll be using.
0:47:30 > 0:47:32We've done quite a few things.
0:47:32 > 0:47:35We started with the carpets, new carpets.
0:47:35 > 0:47:36We re-decorated the walls.
0:47:36 > 0:47:38We've removed the old wallpaper.
0:47:38 > 0:47:43We have actually brightened up the flat a little bit with more...
0:47:43 > 0:47:48Let's say nice and neutral colours - white and beige.
0:47:48 > 0:47:50So it was a pretty straightforward job.
0:47:50 > 0:47:53We actually do have a couple of things we need to do.
0:47:53 > 0:47:57We do need to redo the bathroom.
0:47:57 > 0:48:00We do have the units here,
0:48:00 > 0:48:03so I presume in just a couple of days, the job will be done.
0:48:03 > 0:48:08Up to this moment, we have spent roughly around £1,500.
0:48:08 > 0:48:12I presume there will be an additional probably 100 to 200 or even
0:48:12 > 0:48:17£500 for the sash windows and for the finishing of the bathroom.
0:48:17 > 0:48:20So, with those extra costs,
0:48:20 > 0:48:24Nick may creep up towards his original budget of 3,000.
0:48:24 > 0:48:28And although it is not yet finished, an overall outlay
0:48:28 > 0:48:33so far of £27,500 still looks like a good investment.
0:48:35 > 0:48:39Nick reckons he would make a handsome return on this flat.
0:48:39 > 0:48:43We invited two local agents along for their opinions.
0:48:43 > 0:48:45It really is quite different.
0:48:45 > 0:48:46It's quite quirky,
0:48:46 > 0:48:50which makes it quite desirable in the market.
0:48:50 > 0:48:53There is not anything I have seen like this for a while.
0:48:53 > 0:48:55So that might be quite popular.
0:48:55 > 0:48:58The modern presentation of the property would be a good
0:48:58 > 0:49:01reason for a person to be interested in this one,
0:49:01 > 0:49:04with the new kitchen and the quirky nature, to be honest.
0:49:04 > 0:49:07The mezzanine flat would appeal to a certain client base.
0:49:07 > 0:49:10Obviously, the property is not fully complete yet.
0:49:10 > 0:49:13But with a new kitchen and when the bathroom is installed,
0:49:13 > 0:49:14it will look a lot better.
0:49:14 > 0:49:18I think this property would appeal to first-time buyers or investors
0:49:18 > 0:49:23looking for something they could let to a tenant with access into Stirling
0:49:23 > 0:49:25with the train station as well,
0:49:25 > 0:49:27and obviously centrally located in Alloa.
0:49:27 > 0:49:32What about those handsome rental valuations that Nick thought
0:49:32 > 0:49:36they could achieve here? What do the agents think?
0:49:36 > 0:49:38In the current rental market,
0:49:38 > 0:49:41I would value this property at around £350 per calendar month.
0:49:41 > 0:49:45I believe the property would let for £350 per calendar month.
0:49:45 > 0:49:49That's pretty much what we expected, to be totally honest -
0:49:49 > 0:49:50350, 375.
0:49:50 > 0:49:53This is what we are looking for.
0:49:53 > 0:49:57Well, it looks like Nick was spot-on with this one.
0:49:57 > 0:50:01That £350 per calendar month could give Nick a possible
0:50:01 > 0:50:03yield of around 15%.
0:50:03 > 0:50:08And coupled with a top sales valuation here of 50,000,
0:50:08 > 0:50:11that means Nick has made a really sound investment,
0:50:11 > 0:50:12even if it isn't finished.
0:50:14 > 0:50:17So, will he be heading back to the auction house?
0:50:18 > 0:50:20Oh, yeah, it was a great experience.
0:50:20 > 0:50:23I'd definitely recommend to anyone to get
0:50:23 > 0:50:26the experience of buying a property through an auction.
0:50:33 > 0:50:35Back now to the former mining
0:50:35 > 0:50:39village of Chilton, in County Durham, where earlier,
0:50:39 > 0:50:42I looked around this two-bed mid-terrace, which from the outside
0:50:42 > 0:50:45looks solid enough, but on closer inspection,
0:50:45 > 0:50:48there were one or two worries.
0:50:48 > 0:50:53Some signs of damp over there around some very strange pipework going on.
0:50:53 > 0:50:54That is where the gas is coming in.
0:50:54 > 0:50:57I don't particularly like the way that has been done.
0:50:57 > 0:51:01Despite the damp and what looked like some half-finished work,
0:51:01 > 0:51:05I was impressed, especially when I found there was an attic room.
0:51:07 > 0:51:10Now, you see this is a perfectly usable room,
0:51:10 > 0:51:13but it's really important that it is not defined as a bedroom,
0:51:13 > 0:51:15because in order for it to be a bedroom, it would
0:51:15 > 0:51:19have to pass certain building regulations.
0:51:19 > 0:51:21Now, you may well think it is worth doing a little
0:51:21 > 0:51:25bit of the extra effort to make this a building regulation
0:51:25 > 0:51:26compliant bedroom.
0:51:26 > 0:51:28On the other hand,
0:51:28 > 0:51:30it may well be cost prohibitive.
0:51:30 > 0:51:32You only know that by finding out how much three-bedrooms
0:51:32 > 0:51:35sell for and how much two-bedrooms sell for around here.
0:51:35 > 0:51:42This property went to auction with offers invited at £14,950
0:51:42 > 0:51:46and was snapped up on auction day for £17,000
0:51:46 > 0:51:50by former truck driver and novice property developer John.
0:51:51 > 0:51:55So what was it about this particular little place that you liked,
0:51:55 > 0:51:56other than just the price?
0:51:56 > 0:51:59When I came, it seemed a nice family sort of like area.
0:51:59 > 0:52:01Like the lady up the street said to me,
0:52:01 > 0:52:04"I hope you get it as long as you are not going to rent it."
0:52:04 > 0:52:07I said, "No, I'm not, I'm just going to do it up and sell it,
0:52:07 > 0:52:11"and hopefully it will be someone's little family home."
0:52:12 > 0:52:15John had a budget of between £8,000 and £10,000
0:52:15 > 0:52:17and a long list of jobs ahead.
0:52:17 > 0:52:21However, his timescale of four months seemed pretty achievable.
0:52:26 > 0:52:27Well, four months later,
0:52:27 > 0:52:30we have returned to see how he has progressed.
0:52:45 > 0:52:48The walls have been stripped back, re-plastered
0:52:48 > 0:52:52and neutrally decorated to a high standard.
0:52:54 > 0:52:56And the kitchen is modern and appealing,
0:52:56 > 0:52:59with a brand-new boiler in situ.
0:53:01 > 0:53:04Upstairs, and the improvements continue.
0:53:14 > 0:53:18Carpets are still to be laid and the bathroom still needs tiling,
0:53:18 > 0:53:21but the improvements up here are obvious.
0:53:23 > 0:53:26And the attic is also looking much better.
0:53:29 > 0:53:31As you can see, the attic room...
0:53:31 > 0:53:35If people want to use it as a third bedroom, they can,
0:53:35 > 0:53:38but I haven't gone down the building regulations for it.
0:53:38 > 0:53:42It is going to cost a bit of money and it is still a nice sized bedroom
0:53:42 > 0:53:43if they want to use it as that.
0:53:43 > 0:53:46Or a storage room.
0:53:46 > 0:53:49Not upgrading the attic to a bedroom means that John can only
0:53:49 > 0:53:53advertise his property as a two-bed and hope that perspective buyers
0:53:53 > 0:53:57see the potential and possibly decide to change it themselves.
0:53:57 > 0:54:03He has overseen a total rewire here as well as full damp-proof coursing,
0:54:03 > 0:54:06new radiators and central heating.
0:54:06 > 0:54:09And with so many jobs for novice John to oversee,
0:54:09 > 0:54:12it has been a steep learning curve.
0:54:13 > 0:54:16Cos I live so far away, and it is about 45 minutes
0:54:16 > 0:54:19to an hour to get here, backwards and forwards, uh...
0:54:21 > 0:54:23..that was a pain, to be honest with you.
0:54:23 > 0:54:27And it was also a pain trying to get tradesmen here to do the job.
0:54:27 > 0:54:32But in the end, I think we've got it here. And we are quite happy with it.
0:54:32 > 0:54:35The time, I don't know what I said - three and a half, four month?
0:54:35 > 0:54:38But I think we have come just in that.
0:54:38 > 0:54:40But I did want it done quicker.
0:54:40 > 0:54:42I did think we would get it done quicker.
0:54:42 > 0:54:44I thought I was going to give myself a bit more time
0:54:44 > 0:54:46by saying three and a half, four month.
0:54:46 > 0:54:50But, as I've said, we have come in and it just needed stripping.
0:54:50 > 0:54:54It looked half decent, but it needed back to basics and starting again.
0:54:54 > 0:54:58Along with his friend, Neil, John project managed the job.
0:54:58 > 0:55:02Although, it is up to him to get the bathroom tiled and finished.
0:55:04 > 0:55:08The way circumstances were, I couldn't be more hands-on.
0:55:08 > 0:55:12So I should have done... This weekend I brought my...
0:55:12 > 0:55:15I took my daughters and the missus, Joann.
0:55:15 > 0:55:18They have cleaned the windows, cleaned the window frames inside.
0:55:18 > 0:55:22And obviously, I've got to buy them now diamonds or summat.
0:55:22 > 0:55:25The missus wants a holiday in Dominican.
0:55:25 > 0:55:28So God knows what this is all going to cost me for them.
0:55:28 > 0:55:31But obviously, whatever profit I get,
0:55:31 > 0:55:32I'm not going to be able to spend, am I?
0:55:32 > 0:55:35Cos they're spending it before I even get it.
0:55:35 > 0:55:39Well, it just goes to show, there is no such thing as free labour.
0:55:39 > 0:55:43And aside from jewellery and holidays, John has
0:55:43 > 0:55:48so far spent £12,500 and hopes to be finished in two weeks,
0:55:48 > 0:55:51when the property will go on the sales market.
0:55:51 > 0:55:54With a total investment so far of 29,500
0:55:54 > 0:55:59and in an area where house prices have a definite ceiling price,
0:55:59 > 0:56:02it will be very interesting to hear what two local estate agents
0:56:02 > 0:56:04think of John's improvements,
0:56:04 > 0:56:07starting with the agent who originally predicted
0:56:07 > 0:56:11a resale valuation of 25,000.
0:56:11 > 0:56:13This is my second visit of the property.
0:56:13 > 0:56:15I came to it before the renovations were done.
0:56:15 > 0:56:17There's been an awful lot of changes made.
0:56:17 > 0:56:19And it looks really, really good.
0:56:19 > 0:56:21I think the selling point of this particular property is
0:56:21 > 0:56:23definitely the kitchen.
0:56:23 > 0:56:25It does look very, very attractive.
0:56:25 > 0:56:28And, you know, it is, in my opinion,
0:56:28 > 0:56:30one of the nicer kitchens in this area.
0:56:30 > 0:56:36All sounding positive so far. So, time for the big one - valuations.
0:56:36 > 0:56:39If this property was placed on the open market,
0:56:39 > 0:56:42I would expect to achieve around £30,000.
0:56:42 > 0:56:45I would expect the property to achieve in the current market
0:56:45 > 0:56:47conditions around about £30,000.
0:56:47 > 0:56:49Oh, crikey, not good news for John.
0:56:49 > 0:56:51Those valuations would leave him
0:56:51 > 0:56:54with a pre-tax profit of just 500 quid.
0:56:54 > 0:56:56And he's not even finished yet!
0:56:56 > 0:56:57How is he feeling?
0:56:59 > 0:57:00Shocked.
0:57:00 > 0:57:02I honestly thought it was worth a lot more.
0:57:02 > 0:57:0530, no, I totally disagree with them.
0:57:05 > 0:57:07Totally disagree.
0:57:07 > 0:57:09John has had other valuations done
0:57:09 > 0:57:13and has put the house on the market at 54,950,
0:57:13 > 0:57:16which would give him a much better return.
0:57:16 > 0:57:19There is better news on the rental valuations.
0:57:19 > 0:57:22Both agents thought £400 per calendar month,
0:57:22 > 0:57:25which would mean a whopping yield of 16%.
0:57:25 > 0:57:30So, will John change his plan and rent it instead of selling?
0:57:30 > 0:57:32If it is only worth what they are saying,
0:57:32 > 0:57:35I'd definitely have to look at rental, maybe keep it three,
0:57:35 > 0:57:41four years until the house market picks up to...to make a profit.
0:57:41 > 0:57:45The good news is John is currently in negotiations for something
0:57:45 > 0:57:47closer to his preferred figure.
0:57:47 > 0:57:51So what does he feel about his first foray into property?
0:57:51 > 0:57:55I'm happy with the finished house. I know it's not totally finished,
0:57:55 > 0:57:58but it is nearly there. And I am happy with what we have done.
0:57:58 > 0:58:01We have done it to where it is a really good standard, in my opinion.
0:58:01 > 0:58:05And whoever gets the house has got a lovely house,
0:58:05 > 0:58:07they don't have to do anything to it.
0:58:09 > 0:58:11We will have more news from the auction rooms
0:58:11 > 0:58:13from around the country for you next time.
0:58:13 > 0:58:16So make sure you join us then for more Homes Under The Hammer.
0:58:16 > 0:58:17Goodbye.