0:00:02 > 0:00:04Hello. In some parts of the country, property bargains can seem
0:00:04 > 0:00:07so much harder to come by. But they are out there.
0:00:07 > 0:00:10Yes, you're going to have to do some pretty decent research
0:00:10 > 0:00:13if you want to find a property which can deliver you good returns.
0:00:13 > 0:00:16So, where do you start? I've got a suggestion for you.
0:00:16 > 0:00:18Go down to your local property auction.
0:00:43 > 0:00:45Budgets can be big or small
0:00:45 > 0:00:48but there's one thing that doesn't change - everybody wants a deal.
0:00:48 > 0:00:50But did the buyers find what they were looking for
0:00:50 > 0:00:53- on today's programme? - Well, let's see what they bought.
0:00:54 > 0:00:58First up, in Radcliffe on Trent, and I'm focussing on the positives.
0:00:58 > 0:01:03As I look around, nothing seems to be broken, nothing's falling down.
0:01:03 > 0:01:07While in the sleepy village of Fordingbridge in Hampshire,
0:01:07 > 0:01:10I'm left a little speechless.
0:01:10 > 0:01:13Come in here, though, and wow!
0:01:14 > 0:01:18And in Margate, Kent, it looks like I'm heading underground.
0:01:18 > 0:01:24Down, down, down, down. It really is lower basement flat.
0:01:25 > 0:01:27All these properties have been sold at auction.
0:01:27 > 0:01:30We'll find out who bought them and what they paid for them
0:01:30 > 0:01:32when they went under the hammer.
0:01:32 > 0:01:34Sold.
0:01:37 > 0:01:41We're off first to the East Midlands and Radcliffe on Trent,
0:01:41 > 0:01:45a sought-after area with some highly desirable housing.
0:01:46 > 0:01:49I could be on any street in any town in Britain.
0:01:49 > 0:01:51We all know these bungalows.
0:01:51 > 0:01:54The 1950s and '60s have left a fair few of these
0:01:54 > 0:01:57on our suburban streets and they are great houses.
0:01:57 > 0:02:01However, a lot of them haven't been touched since the 1960s
0:02:01 > 0:02:05and we are seeing a fair few rear their head in our auction houses.
0:02:05 > 0:02:07I'm here to see this one behind me.
0:02:07 > 0:02:12It has a guide price of £135,000 and it's a three-bed. Let's take a look.
0:02:13 > 0:02:17The bungalow looks in pretty good nick from the outside.
0:02:17 > 0:02:21There's the added bonus of a garage and off-street parking.
0:02:21 > 0:02:23It doesn't look to me
0:02:23 > 0:02:25as though a cheeky loft conversion is on the cards here.
0:02:25 > 0:02:28That roof just looks too low,
0:02:28 > 0:02:30but maybe I'm getting ahead of myself here.
0:02:30 > 0:02:31Oh.
0:02:31 > 0:02:35OK, straight into the hallway.
0:02:36 > 0:02:38And as I come into the lounge,
0:02:38 > 0:02:43the interior's sort of lingering in the same era as the exterior.
0:02:43 > 0:02:46It's a bit of a '60s, '70s throwback,
0:02:46 > 0:02:51but as I look around, nothing seems to be broken, nothing's falling down.
0:02:51 > 0:02:54It just needs to be brought into the 21st century.
0:02:54 > 0:02:57# There's a reason for the 21st century... #
0:02:57 > 0:02:59It may look a bit dated,
0:02:59 > 0:03:02but the sitting room-cum-dining room is a really good size.
0:03:02 > 0:03:05The kitchen wants freshening up and I'd be tempted to see
0:03:05 > 0:03:08if I could open it up just that little bit more.
0:03:08 > 0:03:11The bathroom is not a bad size
0:03:11 > 0:03:13and there's also three bedrooms up here too.
0:03:15 > 0:03:19The good news continues on the outside with a good size garden.
0:03:20 > 0:03:23Forget an attic conversion. You just don't need it.
0:03:23 > 0:03:27This spacious three-bed property is small on the outside,
0:03:27 > 0:03:30but on the inside, there's so much space.
0:03:30 > 0:03:33It's the Tardis of British architecture.
0:03:35 > 0:03:38So, how much doctoring does this bungalow need?
0:03:38 > 0:03:41The gas central heating looks new but the electrics and decor
0:03:41 > 0:03:44need some time-travelling to the present day.
0:03:44 > 0:03:47MUSIC: Theme from Doctor Who
0:03:50 > 0:03:52Opening up the kitchen might be good,
0:03:52 > 0:03:55but is that secondary glazing I see there?
0:03:56 > 0:03:58New double glazing throughout
0:03:58 > 0:04:00would definitely push your renovation budget up.
0:04:00 > 0:04:04Where does the word "bungalow" come from?
0:04:04 > 0:04:06Well, I've been doing my history homework
0:04:06 > 0:04:09and it comes from our historic relationship with India.
0:04:09 > 0:04:13The root of the word "bungalow" comes from the word "Bangla",
0:04:13 > 0:04:16which in the Hindi language, means "Bengali".
0:04:16 > 0:04:21So, a house in the Bengal style, which is a one-storey house
0:04:21 > 0:04:24with a veranda, became a bungalow and very popular they are too.
0:04:24 > 0:04:29Moving back to this continent, we asked a local estate agent
0:04:29 > 0:04:31to give us his thoughts on this lot,
0:04:31 > 0:04:33guided at £135,000.
0:04:33 > 0:04:36It's obvious it does need modernisation throughout.
0:04:36 > 0:04:40It's got a very good size garden, three good size bedrooms,
0:04:40 > 0:04:41a nice spacious lounge,
0:04:41 > 0:04:43so it's got plenty of potential.
0:04:45 > 0:04:47And, once done up, what does he think
0:04:47 > 0:04:50the bungalow could fetch on the resale market?
0:04:50 > 0:04:52I would be looking to put it on the market
0:04:52 > 0:04:56within the region of £210,000, £215,000.
0:04:56 > 0:04:58And on the rental market?
0:04:58 > 0:05:01I would have thought the rentable value
0:05:01 > 0:05:06would be within the region of £750 to £800 per calendar month.
0:05:07 > 0:05:12So, who wants to bring this 1960s property into the 21st century?
0:05:12 > 0:05:14This Tardis has got to do some time-travelling.
0:05:14 > 0:05:17Let's see what happens when it went to auction.
0:05:18 > 0:05:21Lot 34.
0:05:21 > 0:05:25Gable-fronted three-bedroom detached bungalow that's got a single garage.
0:05:25 > 0:05:28Who's got 130 to start me? He has, thank you.
0:05:28 > 0:05:30£130,000.
0:05:30 > 0:05:33131? 131. 132.
0:05:33 > 0:05:36133. 134.
0:05:36 > 0:05:39135? 135.
0:05:39 > 0:05:42136. 137.
0:05:42 > 0:05:48- 138. 139...- The bungalow is proving popular with the bidders.
0:05:48 > 0:05:51We rejoin at £153,000.
0:05:51 > 0:05:53£153,000. Would 500 help you?
0:05:54 > 0:05:57At 153... 500 at the back.
0:05:57 > 0:06:00153.5. 154?
0:06:00 > 0:06:04154. And a half?
0:06:04 > 0:06:07154.5. 155.
0:06:08 > 0:06:13Sure? £155,000. It's going to go.
0:06:13 > 0:06:17At £155,000 for the first time.
0:06:17 > 0:06:20For the second time.
0:06:20 > 0:06:24Third and last opportunity. We're selling at £155,000.
0:06:24 > 0:06:28- HE BANGS GAVEL - It's yours, thank you. 155.
0:06:28 > 0:06:30Well, what a battle,
0:06:30 > 0:06:35but sticking to the task in hand and getting the bungalow for £155,000,
0:06:35 > 0:06:39was first-time auctiongoer Jane, who attended with her husband, Clive.
0:06:40 > 0:06:43Jane and Clive live locally and they're both architects.
0:06:43 > 0:06:47Developing's something of a sideline in renovating properties to sell on.
0:06:47 > 0:06:50I met them back at the property to find out more.
0:06:50 > 0:06:53- Jane, nice to meet you. Congratulations.- Hello. Thank you.
0:06:53 > 0:06:56- Same to you.- Thank you, Dion. - Lets start at the beginning.
0:06:56 > 0:06:58How was the auction for you both? First time?
0:06:58 > 0:07:01Yes, we weren't expecting to buy anything at the auction,
0:07:01 > 0:07:04so it was a bit of a surprise when we landed with this one, yes.
0:07:04 > 0:07:07- Did you just go for a day out? - Yes, partly.- OK.
0:07:07 > 0:07:10Just to see what it was like. We thought we'd better do some homework
0:07:10 > 0:07:14before we actually bought one and we were surprised when we got this.
0:07:14 > 0:07:17Did you look at anything at all before you went, just in case?
0:07:17 > 0:07:21- I saw this one beforehand, but Clive hadn't seen it at all.- No.
0:07:21 > 0:07:24- Lucky you then, eh?- Yeah. It's very nice.
0:07:24 > 0:07:26In your mind, did you see it at auction and think,
0:07:26 > 0:07:28"Mmm, that could be quite interesting"?
0:07:28 > 0:07:31I think we've seen similar properties before
0:07:31 > 0:07:34and we've done other properties up like this.
0:07:34 > 0:07:38Because we're architects, we tend to do a lot of bungalows like this
0:07:38 > 0:07:41and renovate them for other people, so when we saw this,
0:07:41 > 0:07:44we had a very good idea of what we could do to it as well.
0:07:44 > 0:07:47- So, you're both architects full-time? - Yes.- Yes.
0:07:47 > 0:07:50So, what's sort of enticed you into the property developing world?
0:07:50 > 0:07:54- Get us out the office, really. - THEY LAUGH
0:07:54 > 0:07:57- Yes.- Is it a passion or...? - Um, yes, I think it is.
0:07:57 > 0:08:00I think when you're an architect, it's a vocation.
0:08:00 > 0:08:01It takes over a lot of what you do.
0:08:01 > 0:08:04Sometimes it's nice to be able to be in charge
0:08:04 > 0:08:07- and make the decisions yourself, you know.- Yeah.
0:08:07 > 0:08:09Clients are great, but sometimes they make decisions
0:08:09 > 0:08:13you're not always OK with and it's nice to be in charge.
0:08:13 > 0:08:15Have you got yourself a decent portfolio now?
0:08:15 > 0:08:17We only really like to buy them
0:08:17 > 0:08:20and transform them for people to live in and sell them again.
0:08:20 > 0:08:21We don't really want to hold property.
0:08:21 > 0:08:24We'd much rather do it up and sell it on.
0:08:24 > 0:08:27Is it the same standard of property - not so much bungalow, but is it...?
0:08:27 > 0:08:30- It's always bungalows. - Always bungalows? That's all you do?
0:08:30 > 0:08:33- Mmm-hmm.- So, why only bungalows? Tell us about that?
0:08:33 > 0:08:36I think there is a real need for bungalows to be renovated.
0:08:36 > 0:08:39They're quite often left, like this one is,
0:08:39 > 0:08:41in a sort of fairly empty state.
0:08:41 > 0:08:43And the people that are moving into them
0:08:43 > 0:08:45often aren't in a position to do them up themselves.
0:08:45 > 0:08:49When we've finished a project, it hopefully looks like a new building
0:08:49 > 0:08:52and we sell it, effectively, as a new building.
0:08:52 > 0:08:55New certificates, new electrics, new heating system,
0:08:55 > 0:08:58new lighting throughout, completely redecorated, new floors.
0:08:58 > 0:09:00To all intents and purposes,
0:09:00 > 0:09:03it will be like a new building for the new owner.
0:09:03 > 0:09:07And is your passion the same, Jane, for turning these bungalows around?
0:09:07 > 0:09:10Yes. You sometimes walk into them and they're rather sad
0:09:10 > 0:09:13and they've been left for a number of years
0:09:13 > 0:09:15without any real major improvements being made to them.
0:09:15 > 0:09:19We can get in and we can change that and we can make them sing again.
0:09:19 > 0:09:20We can bring them to life again
0:09:20 > 0:09:25and make them fit for the next generation, the next 50 years.
0:09:25 > 0:09:27And I can see the attraction.
0:09:27 > 0:09:30They are perfect for those with disabilities, downsizers
0:09:30 > 0:09:32and older people who are thinking
0:09:32 > 0:09:35stairs might present an issue in later life.
0:09:35 > 0:09:37Young families would love the space
0:09:37 > 0:09:40and with child-safe gardens, honestly, what's not to like?
0:09:40 > 0:09:45Jane and Clive have a team of trusted builders who will carry out the work,
0:09:45 > 0:09:49but I think there may be more to this renovation than meets the eye.
0:09:49 > 0:09:51So, when you get your team of builders in,
0:09:51 > 0:09:53what's the first thing you're going to do?
0:09:53 > 0:09:56We've got to strip the building down before we can start rebuilding it.
0:09:56 > 0:09:59And then it will be, first fix the electrics, first fix the heating.
0:09:59 > 0:10:01There are some nice-to-do things,
0:10:01 > 0:10:03like the big window at the back of the lounge.
0:10:03 > 0:10:06I'd like to drop it and put in some big, folding, sliding doors,
0:10:06 > 0:10:08but that would mean building a patio
0:10:08 > 0:10:10and that might be more expensive than we need it to be.
0:10:10 > 0:10:13So, we've got to think about that
0:10:13 > 0:10:15and we have to think about access down to the garden
0:10:15 > 0:10:18and just, generally, one thing might lead to another.
0:10:18 > 0:10:21- It's a domino effect, the costs, isn't it?- Yes.
0:10:21 > 0:10:24What's the budget for all the work that you'd like to get done?
0:10:24 > 0:10:27I think, realistically, between £15,000 and £20,000.
0:10:27 > 0:10:30And I think it'll turn out to be £25,000 by the time...
0:10:30 > 0:10:32- You think it will be more?- Yeah.
0:10:32 > 0:10:34Jane will find opportunities to spend more money
0:10:34 > 0:10:37- on the project, rather than less.- Mmm-hmm.- OK.
0:10:37 > 0:10:40She pretty much goes for a niche market of doing the best job
0:10:40 > 0:10:43that she possibly can and she'll want to finish it
0:10:43 > 0:10:45as well as she possibly can for the people to move into.
0:10:45 > 0:10:49I don't want to cut corners. I like it to be finished and finished well.
0:10:49 > 0:10:51I'll put extra insulation in the roof,
0:10:51 > 0:10:54I'll put extra insulation in the walls. I'll do whatever it needs
0:10:54 > 0:10:56to make sure that it really is the best it can be.
0:10:56 > 0:10:59That says high spec. That says whoever gets this property next
0:10:59 > 0:11:02- is going to have a very good home. - Yes.- We'd hope so.
0:11:02 > 0:11:04It wouldn't be a good effort for an architects' practice
0:11:04 > 0:11:07- if it looked like a shack. - Good point!
0:11:07 > 0:11:11So, we'd want to work to the best we could, rather than cut corners.
0:11:11 > 0:11:15I'm getting quite excited about this one. I know that we always say,
0:11:15 > 0:11:18"Keep an eye on the budget and don't overspend."
0:11:18 > 0:11:20Usually, that's good advice, but in this case,
0:11:20 > 0:11:24I think going high spec could pay dividends.
0:11:24 > 0:11:29Now, the majority of your budget - whether it's 15 to 20 or 20 to 25 -
0:11:29 > 0:11:32where's the majority of it going to go, Clive?
0:11:32 > 0:11:35I think a fair amount will go on simply replacing the windows
0:11:35 > 0:11:36to a good specification.
0:11:36 > 0:11:38We'll replace the heating system throughout.
0:11:38 > 0:11:41The boiler looks relatively new, but whether we'll keep it...
0:11:41 > 0:11:43We'll replace the electrics throughout
0:11:43 > 0:11:46and we'll put on a new incoming services board,
0:11:46 > 0:11:49so a lot of it will go on stuff that people,
0:11:49 > 0:11:51- in fairness, won't really see.- Yes.
0:11:51 > 0:11:53And what they will see, hopefully,
0:11:53 > 0:11:56in terms of decoration and the bathroom fittings, will be good.
0:11:56 > 0:11:59What about your timescale from start to finish, getting the work done?
0:11:59 > 0:12:02- How long are you hoping it's going to take you?- Three or four months.
0:12:02 > 0:12:05Three of four months is normally what we tend to find.
0:12:05 > 0:12:06We tend to find it's slow to start,
0:12:06 > 0:12:09then there's a really busy six weeks and then it slows to finish
0:12:09 > 0:12:12and then it always ends up with something hanging out
0:12:12 > 0:12:15the back of the door, doesn't it, like the garage door
0:12:15 > 0:12:17or something, not being fitted, something like that.
0:12:17 > 0:12:21Listen, guys, I wish you all the best. Great combination, great team.
0:12:21 > 0:12:22- Thank you very much.- Good luck. - Thank you.
0:12:22 > 0:12:24Good luck, Clive, good luck.
0:12:24 > 0:12:29I really want Jane and Clive to be successful with this project
0:12:29 > 0:12:31and I love that Jane, as an architect,
0:12:31 > 0:12:34is so fond of our great British bungalow.
0:12:34 > 0:12:38Join me later to find out how they get on with this particular one.
0:12:41 > 0:12:43- # There's a little white duck- Quack
0:12:43 > 0:12:45# Sitting in the water
0:12:45 > 0:12:47- # Little white duck- Quack
0:12:47 > 0:12:49# Doing what he oughta
0:12:49 > 0:12:52# He took a bite of a lily pad
0:12:52 > 0:12:54# Flapped his wings and... #
0:12:54 > 0:12:59I'm in Hampshire, in the stunning New Forest National Park.
0:12:59 > 0:13:01Absolutely glorious it is, too.
0:13:01 > 0:13:04More specifically, I'm in Fordingbridge,
0:13:04 > 0:13:07which gets its name from the old medieval bridge
0:13:07 > 0:13:09which spans the River Avon here.
0:13:09 > 0:13:11You know what?
0:13:13 > 0:13:16It's a very nice place to live.
0:13:16 > 0:13:20# Give me the country The country side of life
0:13:20 > 0:13:24# Give me the country The country side of life... #
0:13:24 > 0:13:29Everywhere around, you have all the countryside your eyes can feast on.
0:13:29 > 0:13:32And there's a lovely mix of modern, medieval,
0:13:32 > 0:13:35Victorian and Edwardian properties.
0:13:35 > 0:13:39And all just 20-odd miles away from Southampton.
0:13:39 > 0:13:43All of that means, of course, that there are some hefty price tags,
0:13:43 > 0:13:47with a detached house selling for around £700,000.
0:13:48 > 0:13:51So, if you haven't got three-quarters of a million pounds
0:13:51 > 0:13:54to spend - and, frankly, who does? -
0:13:54 > 0:13:57you might want to head to the auction
0:13:57 > 0:14:00to get yourself a bargain. And how about this?
0:14:01 > 0:14:05A large Victorian community hall, recently used,
0:14:05 > 0:14:09amongst other things, as a school, a youth centre.
0:14:09 > 0:14:13Lots of building, lots of grounds, lots of parking,
0:14:13 > 0:14:17but the guide price, £195,000,
0:14:17 > 0:14:22would give an indication there might be lots of problems ahead too.
0:14:22 > 0:14:26This lot is actually situated in the hamlet of Godshill,
0:14:26 > 0:14:30just outside Fordingbridge and it was, once upon a time,
0:14:30 > 0:14:34a Methodist chapel, but has, latterly, been a youth hostel
0:14:34 > 0:14:37and, having served so many functions, it does look,
0:14:37 > 0:14:40unfortunately, a little...functional.
0:14:43 > 0:14:47Well, straightaway, when you come through the door,
0:14:47 > 0:14:50you get the feeling of that...
0:14:50 > 0:14:55one of its more recent uses as sort of an Outward Bound type centre.
0:14:55 > 0:14:59You can imagine this full of kids with Duke of Edinburgh stuff
0:14:59 > 0:15:02and boots and rucksacks and stuff.
0:15:02 > 0:15:05A kitchen area there, the sort of entrance area here
0:15:05 > 0:15:08and it's sort of corridors going all over the place.
0:15:08 > 0:15:12Definitely kitted out, at the moment, to cater for the needs
0:15:12 > 0:15:16of large parties of young adults or children or whatever.
0:15:16 > 0:15:21That bit's a bit, eurgh. Come in here, though, and wow!
0:15:22 > 0:15:26This, presumably, was some main leisure area, I suppose,
0:15:26 > 0:15:30a communal room. But what a fantastic space it is.
0:15:30 > 0:15:34This is what it's all about. Your mind starts racing.
0:15:35 > 0:15:38There's definitely a lot of space here -
0:15:38 > 0:15:41over 2,000 square feet, in fact.
0:15:41 > 0:15:44Could this be a home or a couple of homes?
0:15:44 > 0:15:47Is there the scent of a good prospect here?
0:15:49 > 0:15:51So, in this instance,
0:15:51 > 0:15:54the property itself is really only part of the story, isn't it?
0:15:54 > 0:15:59It's the location and the footprint. You've got a lot of space here.
0:15:59 > 0:16:02Unfortunately, at the moment, most of it is laid to tarmac -
0:16:02 > 0:16:07this parking area at the back, and no gardens to speak of.
0:16:07 > 0:16:11If you weren't to keep this as it is, what would you do with it?
0:16:11 > 0:16:14You could try and get planning permission to covert it,
0:16:14 > 0:16:18ideally, I think, into a residence, a house.
0:16:18 > 0:16:21As we know, houses round here go for a lot of money.
0:16:21 > 0:16:23But they do that because of the location.
0:16:23 > 0:16:26Look what's just to the side of the property - trees.
0:16:26 > 0:16:29We're in a national park - one of the most beautiful national parks
0:16:29 > 0:16:31in the country, the New Forest.
0:16:31 > 0:16:33So, in order to get planning permission
0:16:33 > 0:16:34to convert this into a house,
0:16:34 > 0:16:38not only are you going to have to approach the local planning offices
0:16:38 > 0:16:40but also the National Parks Authority
0:16:40 > 0:16:43and they're going to be really fussy about what you build here.
0:16:43 > 0:16:46However, the good news is, it ain't too pretty at the moment,
0:16:46 > 0:16:50so maybe, just maybe, that gold at the end of the rainbow,
0:16:50 > 0:16:53which is converting this into a residence,
0:16:53 > 0:16:55isn't actually out of reach.
0:16:55 > 0:16:58The first thing to tackle when it comes to planning,
0:16:58 > 0:17:02I would advise, is getting pre-application advice.
0:17:02 > 0:17:06Having an early discussion could save you a lot of time and grief
0:17:06 > 0:17:08in submitting invalid applications.
0:17:09 > 0:17:13What words of wisdom does a local estate agent have for us
0:17:13 > 0:17:17on this unusual lot, guided at £195,000?
0:17:18 > 0:17:22The building does offer an amazing amount of space.
0:17:22 > 0:17:25It's probably unfortunate it's on the main road.
0:17:25 > 0:17:27It's obviously very institutionalised
0:17:27 > 0:17:29in the way that it's set out inside.
0:17:29 > 0:17:32I can see that most of it's studwork,
0:17:32 > 0:17:36partitions between all the spaces, so it can be knocked through
0:17:36 > 0:17:39and it would create an amazing open-plan space.
0:17:39 > 0:17:43This property currently has class D1 permission
0:17:43 > 0:17:46and it would need to have its change of use approved.
0:17:46 > 0:17:48Would it be a straightforward process
0:17:48 > 0:17:52to change this from its current form to a house or even houses?
0:17:53 > 0:17:56New Forest National Park are
0:17:56 > 0:18:00an extremely dedicated planning department.
0:18:00 > 0:18:07They have very, very specific rules and changing accommodation,
0:18:07 > 0:18:11such as this, into residential accommodation is not their favourite.
0:18:11 > 0:18:14They'd prefer it to have the use it had before.
0:18:14 > 0:18:17They do not like changing things into residential accommodation,
0:18:17 > 0:18:20so I think that is the main issue.
0:18:20 > 0:18:24OK, so this might not be all straightforward,
0:18:24 > 0:18:28but I have a feeling it could be very worthwhile being persistent.
0:18:28 > 0:18:33Remember, the guide price is an intriguing £195,000.
0:18:33 > 0:18:36What does the agent think this property could be worth,
0:18:36 > 0:18:38if it were to become a house?
0:18:39 > 0:18:44I can see a value somewhere between £600,000 and £700,000.
0:18:45 > 0:18:48Whoa, that has got to be interesting.
0:18:48 > 0:18:50What of rental potential?
0:18:52 > 0:18:56If it was rented, then I can see a value
0:18:56 > 0:19:01somewhere between £1,600 and £1,800 per calendar month.
0:19:01 > 0:19:06Well, one to get the old grey matter going, this one, isn't it?
0:19:06 > 0:19:12Fantastic potential, loads of opportunity, great location,
0:19:12 > 0:19:16but it is going to take someone with perseverance
0:19:16 > 0:19:20and a big imagination to cook up an idea that's going to work here.
0:19:20 > 0:19:23Let's find out who that was when it went under the hammer.
0:19:23 > 0:19:26Bags of potential, I would expect, for this one.
0:19:26 > 0:19:29Who'd like to give me a start on this? 220 anywhere?
0:19:30 > 0:19:32If not, you tell me.
0:19:32 > 0:19:36- 175.- Thank you very much. Who said that? Good.
0:19:36 > 0:19:39Thank you. 175 I've got.
0:19:39 > 0:19:43176 anywhere? 176. 177, sir?
0:19:43 > 0:19:47177. 178, back in. 179.
0:19:47 > 0:19:52- 180... - Bidding was now fast and furious,
0:19:52 > 0:19:58so we rejoin when it's reached £201,000.
0:19:59 > 0:20:03Hello. 201. I'll come back to you. 201, new place. 202.
0:20:03 > 0:20:06203. 204?
0:20:06 > 0:20:09Where were we? 203, with the gentleman at the front on my left.
0:20:09 > 0:20:13Anybody else? If not, 203 for the first,
0:20:13 > 0:20:17203 for the second, 203 for the third and final time.
0:20:17 > 0:20:20- HE BANGS GAVEL - All done. Sold. 203. Well bought.
0:20:20 > 0:20:22The successful bidder was Charles.
0:20:22 > 0:20:26We've met Charles before when, back in 2012,
0:20:26 > 0:20:29the former banker bought a property in Hammersmith
0:20:29 > 0:20:33which he successfully renovated and sold on for a nice profit.
0:20:33 > 0:20:38I met Charles back at his latest acquisition to find out his plans.
0:20:38 > 0:20:40- Charles, very good to see you. - Good to see you too, Martin.
0:20:40 > 0:20:43- Again.- Again.- There doesn't seem to be much of a running theme
0:20:43 > 0:20:46in your choice of property, if I can put it like that.
0:20:46 > 0:20:48We've gone from a how many bedroomed flat?
0:20:48 > 0:20:51A very small, very compact one-bedroom flat,
0:20:51 > 0:20:53- very nice flat, well located. - Great location. To...?
0:20:53 > 0:20:57An eight-dormitory hostel in the New Forest.
0:20:57 > 0:20:59Why have you bought it?
0:20:59 > 0:21:04- I bought it, ideally, to convert into a single residence.- Whoa.
0:21:04 > 0:21:08- Not on this footprint! - Well, I think we need to reduce...
0:21:08 > 0:21:12We have about just under quarter of an acre of ground to play with,
0:21:12 > 0:21:16- which I should think over half is covered by the property.- Yeah.
0:21:16 > 0:21:18I will need to get change of use,
0:21:18 > 0:21:21in addition to planning consent
0:21:21 > 0:21:24for whatever the building's going to look like.
0:21:24 > 0:21:27But I think the chance of getting that should be improved
0:21:27 > 0:21:30if I'm going to reduce the size of the property
0:21:30 > 0:21:32and to greatly improve the look of it.
0:21:32 > 0:21:35We've got some flat roofs outside. They're not very attractive.
0:21:35 > 0:21:37Some more modern extensions have been put on,
0:21:37 > 0:21:40not really in keeping with the original Victorian building,
0:21:40 > 0:21:43which I think was probably a Methodist chapel,
0:21:43 > 0:21:45built towards the end of the 19th century.
0:21:45 > 0:21:47So, I think we can improve the look of it,
0:21:47 > 0:21:51but I'm not underestimating, at all, the effort and time
0:21:51 > 0:21:53it's going to take to achieve change of use
0:21:53 > 0:21:55and I bet I won't get it on the first one,
0:21:55 > 0:21:58might not even get it on the second one.
0:21:58 > 0:22:00It might take a couple of appeals to get there.
0:22:00 > 0:22:02Charles is a man on a mission
0:22:02 > 0:22:06and has a very clear idea of what this house will look like.
0:22:09 > 0:22:12I would keep the old original part of the building
0:22:12 > 0:22:14and then convert that into a house,
0:22:14 > 0:22:17ideally with some kind of a mezzanine floor,
0:22:17 > 0:22:20perhaps with one or two large bedrooms up there.
0:22:20 > 0:22:22You do get some view
0:22:22 > 0:22:24from the windows at the back and front of the house,
0:22:24 > 0:22:26so I think it would be nice to use those
0:22:26 > 0:22:29and then to use the room that we're standing in at the moment
0:22:29 > 0:22:31as your large living space -
0:22:31 > 0:22:34kitchen, diner, living room, whatever.
0:22:34 > 0:22:37Needs to be broken up a little bit cos it is a very large space.
0:22:37 > 0:22:39- Working on the budgets then...- Sure.
0:22:39 > 0:22:42I can imagine the construction cost is going to be -
0:22:42 > 0:22:46and this is to do a very nice high spec, four-bed house -
0:22:46 > 0:22:48is going to be upwards of £150,000.
0:22:48 > 0:22:51And I would think the professional fees,
0:22:51 > 0:22:53including the planner and the architect,
0:22:53 > 0:22:55could well be around 10% of that.
0:22:55 > 0:22:58But if you did that and add that to what you paid for it,
0:22:58 > 0:23:01- you've still got a lot of profit in this, haven't you?- I think so.
0:23:01 > 0:23:03A four-bedroom house -
0:23:03 > 0:23:06admittedly one with perhaps a slightly larger garden -
0:23:06 > 0:23:09within this village would go for very substantially more
0:23:09 > 0:23:12than the £400,000 we're talking.
0:23:12 > 0:23:16Well over half a million, probably towards £600,000.
0:23:16 > 0:23:18Who are you doing this for?
0:23:18 > 0:23:21- Um, I probably am doing it for myself.- Oh, right, good.
0:23:21 > 0:23:23If you said to me,
0:23:23 > 0:23:29"Would a converted Methodist chapel, schoolhouse, hostel,
0:23:29 > 0:23:33be my ideal home in the country?", I'd probably have said not.
0:23:33 > 0:23:36But if, at the end of it, we end up with a very nice house,
0:23:36 > 0:23:38I could see myself keeping it.
0:23:38 > 0:23:42But I may well keep it for a limited period of five years
0:23:42 > 0:23:45and then move on and do another project.
0:23:45 > 0:23:48- Well, listen, congratulations. - Thank you.- A few challenges ahead.
0:23:48 > 0:23:51- A lot of challenges ahead.- I'm really excited to come back in a...
0:23:51 > 0:23:54Well, we'll leave it as long as we can and see how you've got on.
0:23:54 > 0:23:56- Thank you very much. - Good to meet you again.- Thank you.
0:23:59 > 0:24:03Well, Charles, obviously enjoying his newfound career
0:24:03 > 0:24:08in the world of property, but clearly a man for a challenge.
0:24:08 > 0:24:13The opportunity here is huge, but if you want to be really successful,
0:24:13 > 0:24:15I guess you have to take big risks
0:24:15 > 0:24:18and it all comes down to the planning.
0:24:18 > 0:24:21How will he get on? You can find out later in the show.
0:24:22 > 0:24:26Still to come, in Margate, Kent, in a lower ground-floor flat,
0:24:26 > 0:24:28it's really pretty obvious what needs to happen.
0:24:28 > 0:24:32Lots of this partitioning that could just go.
0:24:34 > 0:24:37Whilst in Fordingbridge in Hampshire,
0:24:37 > 0:24:39it was planning permission that Charles needed,
0:24:39 > 0:24:41but was he able to get it?
0:24:49 > 0:24:53Back to the East Midlands now and the town of Radcliffe on Trent.
0:24:55 > 0:24:59It was in a sleepy suburb that I came across this three-bed bungalow
0:24:59 > 0:25:02that had a guide price of £135,000.
0:25:02 > 0:25:05MUSIC: Got To Let Go by The Bees
0:25:05 > 0:25:07Now, I've heard that Martin is a big fan of bungalows,
0:25:07 > 0:25:10but I think he'd have to agree with me here.
0:25:10 > 0:25:15This has got to be dragged out the 1960s and into the 20th century.
0:25:17 > 0:25:20Who better to do that? Not one, but two architects.
0:25:22 > 0:25:25Husband and wife team, Jane and Clive,
0:25:25 > 0:25:28got the property on auction day for £20,000
0:25:28 > 0:25:31over the guide price of £155,000.
0:25:32 > 0:25:35Together, they run a local architecture business
0:25:35 > 0:25:39and have recently started building a sideline in property renovation,
0:25:39 > 0:25:41specialising in bungalows.
0:25:43 > 0:25:46Only interested in selling, the couple and, in particular, Jane,
0:25:46 > 0:25:48have very high standards indeed.
0:25:50 > 0:25:54I don't want to cut corners. I like it to be finished and finished well.
0:25:54 > 0:25:56I'll put extra insulation in the roof,
0:25:56 > 0:25:59I'll put extra insulation in the walls. I'll do whatever it needs
0:25:59 > 0:26:02to make sure that it really is the best it can be.
0:26:02 > 0:26:05That says high spec. That says whoever gets this property next
0:26:05 > 0:26:07is going to have a very good home.
0:26:07 > 0:26:09# I do it all right... #
0:26:10 > 0:26:14With plans for a total renovation from top to bottom, inside and out,
0:26:14 > 0:26:17Jane predicted a budget of £20,000,
0:26:17 > 0:26:22whilst husband Clive believes it would be more like £25,000.
0:26:22 > 0:26:24However, the couple did agree
0:26:24 > 0:26:27the work should take no longer than three months.
0:26:33 > 0:26:35We're back four months later
0:26:35 > 0:26:39and, straightaway, you can see that the driveway is much improved,
0:26:39 > 0:26:42as is the exterior of the building and the front garden.
0:26:42 > 0:26:46Everything's looking very well. Let's get inside.
0:26:46 > 0:26:50MUSIC: Big Bad World by Kodaline
0:27:03 > 0:27:08Wow, what a bright, fresh and modern-looking kitchen-diner.
0:27:10 > 0:27:13That dated fireplace and chimney is gone
0:27:13 > 0:27:16and there's now a beautifully decorated family room.
0:27:16 > 0:27:19They decided against bi-folding doors here
0:27:19 > 0:27:23which I think's a bit of a shame, but the room does have a lot of light.
0:27:23 > 0:27:25Let's explore further.
0:27:34 > 0:27:36This property looks like a new build now,
0:27:36 > 0:27:39with top-notch decoration and a lovely finish throughout.
0:27:39 > 0:27:42Plus, by borrowing some space from the master bedroom,
0:27:42 > 0:27:44they've been able to add a shower in the bathroom -
0:27:44 > 0:27:46excellent use of space.
0:27:54 > 0:27:58Some fencing has been added, the garden has been tidied up...
0:28:00 > 0:28:02..and, as promised, this property looks as good as new.
0:28:02 > 0:28:04And all those changes you can see?
0:28:04 > 0:28:07Well, that's just the tip of the iceberg.
0:28:10 > 0:28:12It might not seem it, when you first see the bungalow,
0:28:12 > 0:28:15how much we've actually done to it and why it's taken us four months,
0:28:15 > 0:28:18but we have put in a new bathroom and a new shower,
0:28:18 > 0:28:22taken out all the wardrobes and rationalised the bedroom plan,
0:28:22 > 0:28:26put in a new kitchen. We've put in new finishes, new doors,
0:28:26 > 0:28:29new windows and doors externally.
0:28:29 > 0:28:31We've put in a new drive, we've rewired it throughout,
0:28:31 > 0:28:33we've put in new aerials.
0:28:33 > 0:28:35Basically, we've done it, so that if you came in,
0:28:35 > 0:28:37you could just move in tomorrow
0:28:37 > 0:28:39and there wouldn't be anything for you to do.
0:28:39 > 0:28:41Removing the chimney was difficult
0:28:41 > 0:28:44because we had to prop the ceiling and the roof and replace the tiles,
0:28:44 > 0:28:47but mainly, there was a lot of spoil to take away
0:28:47 > 0:28:50- and a lot of wall to make good. - Although we had previously thought
0:28:50 > 0:28:53about putting the bi-fold doors on the back of the house,
0:28:53 > 0:28:55we decided there was already a door there
0:28:55 > 0:28:57and two doors to the side of the house.
0:28:57 > 0:28:59Access to the garden's not an issue
0:28:59 > 0:29:02and we decided, at the end of the day, because of the plan,
0:29:02 > 0:29:05it would be better not to have the bi-fold doors.
0:29:05 > 0:29:08Clive and Jane's experience shines through.
0:29:08 > 0:29:10When doing a property renovation,
0:29:10 > 0:29:12it's important to choose your battles,
0:29:12 > 0:29:14make sure everything you're doing makes sense
0:29:14 > 0:29:18and that you're doing it in the most practical and cost-effective way.
0:29:18 > 0:29:20Although, having said that,
0:29:20 > 0:29:23I do remember Clive was a little worried about Jane's spending.
0:29:23 > 0:29:26Although I thought the budget was going to be a little higher
0:29:26 > 0:29:28than Jane did, I was proved right,
0:29:28 > 0:29:31because it turned out to be slightly even above MY highest estimate.
0:29:31 > 0:29:34The quality of what we've done has happily absorbed the money
0:29:34 > 0:29:38and I think the main additional expenditure we hadn't worked on
0:29:38 > 0:29:42was putting in a completely new drive and block paving all of that.
0:29:42 > 0:29:44So, that took our budget £3,000
0:29:44 > 0:29:47above the original £25,000 that we had in mind.
0:29:47 > 0:29:49Yeah, and a lot of it goes on the things that you can't see.
0:29:49 > 0:29:53There is a lot of extra insulation and the plasterwork's been done.
0:29:53 > 0:29:56When we took the wallpaper off, all the plaster came down as well.
0:29:56 > 0:29:58We had to replaster most of the walls.
0:29:58 > 0:30:00You don't see that. You presume we've just scraped the paper off
0:30:00 > 0:30:03and painted it, but that's not true. Everything's been redone.
0:30:03 > 0:30:06Clive and Jane are still wanting to sell -
0:30:06 > 0:30:09so much so, the property is already on the market.
0:30:09 > 0:30:11With a total investment here,
0:30:11 > 0:30:14including the purchase price, of £183,000,
0:30:14 > 0:30:18will their latest bungalow project be a wise investment?
0:30:20 > 0:30:23We've asked two local estate agents to take a look,
0:30:23 > 0:30:26starting with the agent who saw it originally.
0:30:27 > 0:30:30This is the second time that I've visited the property
0:30:30 > 0:30:33and I must admit, the quality of the work that's been completed
0:30:33 > 0:30:35is to a very high standard.
0:30:35 > 0:30:38There is a strong demand for bungalows.
0:30:38 > 0:30:40There always is, to be honest with you,
0:30:40 > 0:30:42because they're in short supply.
0:30:42 > 0:30:45So, we've always got plenty of people looking for bungalows.
0:30:45 > 0:30:48The standard of finish is very high, perfect for the sales market
0:30:48 > 0:30:50and for people wanting to move straight into the property.
0:30:50 > 0:30:53It's a double thumbs-up from the agents then,
0:30:53 > 0:30:57but will their valuations make Clive and Jane equally happy?
0:30:58 > 0:31:01If we were to put the property on the sales market,
0:31:01 > 0:31:05we recommend a guide price of £210,000 to £220,000.
0:31:05 > 0:31:09And does that tie in with the evaluation of the estate agents
0:31:09 > 0:31:11who are marketing the bungalow?
0:31:11 > 0:31:15We are hoping to achieve around £220,000.
0:31:15 > 0:31:19If they did achieve that top figure of £220,000,
0:31:19 > 0:31:24that would mean a pre-tax profit of £37,000, which is a good return.
0:31:24 > 0:31:27So, with their latest brilliant bungalow complete,
0:31:27 > 0:31:30what does their future hold?
0:31:30 > 0:31:33The next project for us will be another bungalow, I hope.
0:31:33 > 0:31:35And after that, we're not sure.
0:31:35 > 0:31:37We'd like to buy at auction again, if we can,
0:31:37 > 0:31:40and if it's a bigger project, we'd like to involve our sons
0:31:40 > 0:31:43and get them into the renovating process as well.
0:31:46 > 0:31:49MUSIC: Love Rollercoaster by Red Hot Chili Peppers
0:31:49 > 0:31:51There's one word you hear a lot of
0:31:51 > 0:31:54in Margate these days - "regeneration".
0:31:56 > 0:31:58A lot of investment has been channelled
0:31:58 > 0:32:00into this once grand Victorian resort,
0:32:00 > 0:32:03with a number of multimillion pound projects under way
0:32:03 > 0:32:07to arrest the decline of this Kent seaside town.
0:32:07 > 0:32:11One such scheme, due to reopen in June, 2015,
0:32:11 > 0:32:15was the renovated amusement park and its Grade II listed rollercoaster.
0:32:15 > 0:32:18- # Rollercoaster- Say what- Of love
0:32:18 > 0:32:20# Rollercoaster... #
0:32:20 > 0:32:24Well, all along this road, there is clearly lots of roadworks going on,
0:32:24 > 0:32:27so there will be some disruption to some parking,
0:32:27 > 0:32:29but I think that's going to be temporary.
0:32:29 > 0:32:31Now, the building's here.
0:32:31 > 0:32:34It is covered in scaffolding which I think is a good sign
0:32:34 > 0:32:39because, hopefully, that means this building will be being upgraded.
0:32:39 > 0:32:42But take a look at what was once, originally,
0:32:42 > 0:32:44a beautiful Georgian house.
0:32:44 > 0:32:47These amazing pillars, you've got a lovely front door,
0:32:47 > 0:32:49the big sash windows.
0:32:49 > 0:32:52It does look a bit sorry for itself at the moment, though,
0:32:52 > 0:32:54but for a guide price of £30-£35,000
0:32:54 > 0:32:56for a one-bed lower ground-floor flat,
0:32:56 > 0:32:59hopefully, it can only get better.
0:33:04 > 0:33:06So, from the outside,
0:33:06 > 0:33:09this building looks as though it could be lovely once restored -
0:33:09 > 0:33:12a bit like that old rollercoaster.
0:33:12 > 0:33:15Will the inside deliver the same potential
0:33:15 > 0:33:17or am I in for a scary ride?
0:33:20 > 0:33:24So, what's inside? Well, I do like these really wide stairs.
0:33:24 > 0:33:26They're so welcoming. Loads of character.
0:33:26 > 0:33:30But what's not welcoming is that stench. There's a big smell in here.
0:33:30 > 0:33:32Ah, that'll be what it is.
0:33:32 > 0:33:35That must be the smallest shower room I've ever seen.
0:33:35 > 0:33:39A loo poked around there, a tiny sink and a very weird shower.
0:33:39 > 0:33:42Let's hope that's not the only bathroom facilities
0:33:42 > 0:33:45in the whole flat. I'm going to have a look around.
0:33:47 > 0:33:50Oh, dear. That's not a great start.
0:33:50 > 0:33:53But is it all downhill from here?
0:33:53 > 0:33:55# Don't bring me down
0:33:56 > 0:34:00# No, no, no, no, no, oooh... #
0:34:00 > 0:34:04So, down we go. Down, down, down down.
0:34:04 > 0:34:08It really is lower basement flat.
0:34:08 > 0:34:13You feel like you're so, so below the ground and, actually, you are.
0:34:13 > 0:34:17It's quite dingy in here. It does smell a bit as well.
0:34:17 > 0:34:20Not a bad size room but very small windows.
0:34:20 > 0:34:23There's not enough daylight coming through.
0:34:23 > 0:34:26And lots of these very small little arches
0:34:26 > 0:34:28that I don't think work at all.
0:34:28 > 0:34:31A really good size kitchen but, again,
0:34:31 > 0:34:34lots of this partitioning that could just go.
0:34:34 > 0:34:38And no bathroom, so that was the only bathroom or the shower room.
0:34:38 > 0:34:42Into a fairly sizeable lounge, I would say.
0:34:42 > 0:34:43A nice big window there
0:34:43 > 0:34:47but it looks straight out onto somebody else's land or driveway.
0:34:47 > 0:34:50You can't see the sky anywhere.
0:34:50 > 0:34:52It just feels below ground in here,
0:34:52 > 0:34:54so there's a lot you need to sort out.
0:34:54 > 0:34:57First and foremost, you need to put a bathroom in here,
0:34:57 > 0:35:00so I'm straightaway thinking I'd get rid of this,
0:35:00 > 0:35:03open this kitchen up, put a wall along here
0:35:03 > 0:35:05and stick the bathroom in there,
0:35:05 > 0:35:08because you don't actually need any natural light in the bathroom.
0:35:08 > 0:35:11And that would be a real bonus to this property.
0:35:11 > 0:35:14So, get your list and you just have to tick it as you go along.
0:35:14 > 0:35:16But I would start with the bathroom.
0:35:20 > 0:35:24Yes, this property is a bit of a rollercoaster ride.
0:35:24 > 0:35:25On the downside,
0:35:25 > 0:35:29its current condition leaves a lot to be desired, but on the upside,
0:35:29 > 0:35:34there is potential to turn this into a comfortable one-bed flat.
0:35:34 > 0:35:38Time to ask a local property expert what he thinks.
0:35:43 > 0:35:46This property does need an awful lot of work. Very poor condition.
0:35:46 > 0:35:51Quite small throughout, but also very light for a basement flat.
0:35:54 > 0:35:56Well, so far, we agree on most things,
0:35:56 > 0:35:58except the point about light.
0:35:58 > 0:36:01I suppose most people expect basements to be dark,
0:36:01 > 0:36:04but I've seen them done rather well with clever lighting.
0:36:04 > 0:36:07The big one for me here, though, is the bathroom.
0:36:07 > 0:36:10Are we agreed on moving it and making it bigger?
0:36:10 > 0:36:13No, I don't think the size of the bathroom is a problem.
0:36:13 > 0:36:15I think, with a new bathroom suite in it,
0:36:15 > 0:36:18it would make a huge difference and a lick of paint, it would be fine.
0:36:18 > 0:36:20If this was my property,
0:36:20 > 0:36:23I would completely renovate the bathroom, the kitchen,
0:36:23 > 0:36:25new carpets throughout, lick of paint throughout,
0:36:25 > 0:36:28perhaps change the windows and then we'd be good to go.
0:36:28 > 0:36:30Hmm, I know moving a bathroom could cost a lot,
0:36:30 > 0:36:31but I think it's worth doing
0:36:31 > 0:36:35and the current bathroom could be a utility room.
0:36:35 > 0:36:37But the agent is thinking about returns, I guess.
0:36:37 > 0:36:41So, what does he think the flat could sell for after refurbishment?
0:36:43 > 0:36:45If you were to sell the flat, with it completely refurbished,
0:36:45 > 0:36:49I would expect to achieve £70,000. If he was to rent the property out,
0:36:49 > 0:36:52I'd expect to achieve £400 per calendar month.
0:36:52 > 0:36:56With any luck, along with this building getting a facelift,
0:36:56 > 0:36:59somebody will want to inject some love and new life
0:36:59 > 0:37:02into that lower ground-floor flat. There's lots you can do
0:37:02 > 0:37:06and installing a proper bathroom would be my priority.
0:37:06 > 0:37:09Let's see what happened when it went under the hammer.
0:37:09 > 0:37:14So, we move to Margate, the first of mine down there. Lot 130.
0:37:14 > 0:37:15One-bed flat.
0:37:15 > 0:37:18Start me at £20...
0:37:18 > 0:37:20£22,000. 22.
0:37:20 > 0:37:2322? Thank you, sir.
0:37:23 > 0:37:2523. At 23 there. 24?
0:37:25 > 0:37:2724. 25?
0:37:28 > 0:37:31That low guide price was proving very tempting
0:37:31 > 0:37:33and the bidding took off.
0:37:33 > 0:37:38We rejoin the action with the price at £40,000.
0:37:38 > 0:37:4140. 41.
0:37:42 > 0:37:4441. 42? 42. 43?
0:37:48 > 0:37:5143. 44? 44. 45?
0:37:51 > 0:37:52No. OK, 44.
0:37:52 > 0:37:55First time at 44. Second time at 44.
0:37:55 > 0:37:58It's against you in the jacket. For the last time, anybody else?
0:37:58 > 0:38:02At £44,000, lot 130, it's your bid, third row.
0:38:02 > 0:38:06- All done. £44,000. - HE BANGS GAVEL
0:38:06 > 0:38:07Sold at 44.
0:38:09 > 0:38:12Now, Paul, just on the edge of shot there,
0:38:12 > 0:38:16was making that winning bid of £44,000.
0:38:16 > 0:38:20He and daughter Emma came along to look at his new acquisition.
0:38:20 > 0:38:24Paul deals in property as a sideline but is a professional gambler
0:38:24 > 0:38:27and it turns out the absence of viewings on this particular lot
0:38:27 > 0:38:30meant he had to take a bit of a chance.
0:38:30 > 0:38:33# Take a chance on us Take a chance on us
0:38:33 > 0:38:35# Take a chance on us... #
0:38:35 > 0:38:37- Paul, congratulations.- Thank you.
0:38:37 > 0:38:41So, I want to know the story behind why you wanted to buy this flat
0:38:41 > 0:38:42and what happened and did you view it?
0:38:42 > 0:38:45No, I didn't view it because there's no viewings
0:38:45 > 0:38:49at this particular auction, so the price, the location, it's in Margate.
0:38:49 > 0:38:51That's it, really.
0:38:51 > 0:38:53So, you've turned up here for the first time today
0:38:53 > 0:38:57and it's not at all as good or as nice as you thought it might be.
0:38:57 > 0:38:58I thought it would be horrible
0:38:58 > 0:39:01but it's just mostly the size of that room. It's just minute,
0:39:01 > 0:39:04so I've got to rethink the entire thing, I think.
0:39:04 > 0:39:07OK, so you literally just have a very small shower area
0:39:07 > 0:39:09with a toilet squashed in the corner somewhere.
0:39:09 > 0:39:14I'm definitely vexed but there'll be a way around it, I'm sure.
0:39:14 > 0:39:16So, what do you think about the rest of the property?
0:39:16 > 0:39:21It's very underground, it's very dark, it's very smelly.
0:39:21 > 0:39:24Yeah, it's a challenge, definitely. It's a challenge.
0:39:24 > 0:39:27What is your plan? What are you going to do with this property?
0:39:27 > 0:39:30I think that room is just way too small,
0:39:30 > 0:39:31so maybe that will be a wet room
0:39:31 > 0:39:35and maybe take part of this room and turn that into a toilet
0:39:35 > 0:39:38so you've got two separate areas. We'll take this wall down
0:39:38 > 0:39:41and there's some arches which are about sort of this height
0:39:41 > 0:39:44and they're completely pointless, so they're going to come out.
0:39:44 > 0:39:46And there's loads of boxing in everywhere.
0:39:46 > 0:39:49Excuse me laughing, but I'm laughing because how tall are you?
0:39:49 > 0:39:51- 6'3".- 6'3".
0:39:51 > 0:39:53- So no wonder the arches are coming up to your chin.- Yeah.
0:39:53 > 0:39:55You need to get rid of all of that,
0:39:55 > 0:39:58so you can at least pass through the doorway.
0:39:59 > 0:40:01Although he didn't get to view the flat,
0:40:01 > 0:40:04Paul did read the legal pack and checked out the lease
0:40:04 > 0:40:07and details about the maintenance of the building,
0:40:07 > 0:40:12which it turns out was a winner, with £2,500 put in the kitty
0:40:12 > 0:40:15that is going to be refunded to Paul.
0:40:15 > 0:40:18So, this was very much a calculated risk.
0:40:18 > 0:40:21Does he see a similarity between professional gambling
0:40:21 > 0:40:24- and the property game? - It's a gambling of sorts, isn't it?
0:40:24 > 0:40:26Especially when you haven't viewed it.
0:40:26 > 0:40:29So, yeah, completely comfortable going for it, really.
0:40:29 > 0:40:32So it was right, somebody like you coming along
0:40:32 > 0:40:33and taking a punt on this flat, really.
0:40:33 > 0:40:36Yeah, I think the price was low enough
0:40:36 > 0:40:38that I didn't necessarily have to view it.
0:40:38 > 0:40:40Were you pleased with the price you paid?
0:40:40 > 0:40:44I was, cos 47 was my maximum. I paid 44, so, yeah.
0:40:44 > 0:40:46Do you feel, in a way, you've got what you've paid for?
0:40:46 > 0:40:50I was thinking, before I came today, that it was a really good price
0:40:50 > 0:40:52and now I'm thinking it's about market value, probably.
0:40:52 > 0:40:55So, what sort of budget have you got in mind for the work?
0:40:55 > 0:40:59Well, as I hadn't seen it previously, I'd allowed, sort of, £8,000.
0:40:59 > 0:41:03Having looked around, I'm thinking more like £12,00, to be honest.
0:41:03 > 0:41:05What sort of tenant are you looking for here
0:41:05 > 0:41:07and what sort of rent do you expect to achieve?
0:41:07 > 0:41:10Initially, I was thinking I might try and sell it but...
0:41:11 > 0:41:14It's looking more like a rental now, to be honest.
0:41:16 > 0:41:18Well, £12,000 should be sufficient
0:41:18 > 0:41:21to turn this place into a decent rental proposition
0:41:21 > 0:41:24and Paul estimated a timeframe of six to eight weeks.
0:41:24 > 0:41:27But he's got three young children and a busy lifestyle,
0:41:27 > 0:41:30so is that a realistic target?
0:41:32 > 0:41:33I'll be project managing it.
0:41:33 > 0:41:36I'm going to do as little as possible,
0:41:36 > 0:41:40so I'll just get workmen in and get them to do it.
0:41:40 > 0:41:42Tell me a little bit about your family.
0:41:42 > 0:41:45I've got a four-year-old daughter who's just started school
0:41:45 > 0:41:49- and two sons of two and one.- So you have got quite a hectic lifestyle.
0:41:49 > 0:41:51Yeah, it's crazy. It could be a bit slower,
0:41:51 > 0:41:54but they'll grow up eventually, so...
0:41:57 > 0:41:59And, as Paul's young family grow up,
0:41:59 > 0:42:02the lease on this flat will be shrinking down.
0:42:02 > 0:42:05It currently has about 68 years left to run.
0:42:05 > 0:42:08I don't imagine it'll cost a fortune to extend it,
0:42:08 > 0:42:12but if he's going to rent this, that needn't be an issue for the moment.
0:42:14 > 0:42:17I'd like to extend it but it depends on the freeholder.
0:42:17 > 0:42:21If the freeholder gives me a good price, I'm happy to extend it.
0:42:21 > 0:42:24- Have you had a chance to chat with the freeholders?- No, not yet.
0:42:24 > 0:42:26It's good news you've come along
0:42:26 > 0:42:28and, hopefully, upgrading this property.
0:42:28 > 0:42:31- It's better to have somebody in it than it be empty.- Yeah, absolutely.
0:42:31 > 0:42:34So, hopefully, they'll be glad I'm here. I don't know.
0:42:34 > 0:42:36Good luck with this property.
0:42:36 > 0:42:38It's going to be interesting to see what you do here.
0:42:38 > 0:42:41- Well done.- Thank you. - Thank you.- Cheers.
0:42:41 > 0:42:43Changing his plans from sale to rental
0:42:43 > 0:42:46still leaves Paul with plenty to get on with.
0:42:46 > 0:42:48Join me later in the programme and you can find out
0:42:48 > 0:42:51if he does end up getting that bathroom installed.
0:42:54 > 0:42:58Well, the door is closed on one property renovation,
0:42:58 > 0:43:01- but what about the other two? - Ah, yes, cuppas at the ready.
0:43:01 > 0:43:04- Are they nearing completion? - I think it's time to find out.
0:43:06 > 0:43:08We're back in the beautiful New Forest
0:43:08 > 0:43:12where, earlier, I visited this former Victorian community hall
0:43:12 > 0:43:15in the village of Godshill.
0:43:15 > 0:43:18MUSIC: Annie And The Flowers by Vasco
0:43:18 > 0:43:20Without obtaining permission for a change of use,
0:43:20 > 0:43:23there wouldn't be much else that could be done with this place,
0:43:23 > 0:43:26so a carefully put-together planning application
0:43:26 > 0:43:28would be top priority for the new owner.
0:43:28 > 0:43:31So, in order to get planning permission
0:43:31 > 0:43:32to convert this into a house,
0:43:32 > 0:43:35not only are you going to have to approach the local planning offices,
0:43:35 > 0:43:37but also the National Parks Authority.
0:43:37 > 0:43:40And they're going to be really fussy about what you build here.
0:43:44 > 0:43:49Charles was the man who stumped up £203,000 at auction.
0:43:49 > 0:43:53But with not just one but two planning bodies to deal with,
0:43:53 > 0:43:57he didn't expect the planning process to be at all plain sailing.
0:43:58 > 0:44:01I'm not underestimating, at all, the effort and time
0:44:01 > 0:44:04it's going to take to achieve change of use.
0:44:04 > 0:44:06And I bet I won't get it on the first one,
0:44:06 > 0:44:08might not even get it on the second one.
0:44:08 > 0:44:10It might take a couple of appeals to get there.
0:44:12 > 0:44:14With a head full of ideas and ambitions
0:44:14 > 0:44:17and a blank sheet of paper in front of him,
0:44:17 > 0:44:21Charles set off on his quest to create a fabulous new home
0:44:21 > 0:44:24in this idyllic New Forest setting.
0:44:25 > 0:44:28The anticipation has been building since our first visit
0:44:28 > 0:44:30almost two years ago and now we're back
0:44:30 > 0:44:34to see how things have progressed.
0:44:35 > 0:44:39MUSIC: Fanfare For The Common Man by Aaron Copland
0:44:41 > 0:44:45Just occasionally, very occasionally, on this programme,
0:44:45 > 0:44:47we get a renovation project that is so special,
0:44:47 > 0:44:52the standard of finish is so high and the specification so luxurious,
0:44:52 > 0:44:56that mere words cannot convey its true worth.
0:45:01 > 0:45:04Oh, sorry. Not this time.
0:45:07 > 0:45:10But hang on. Before you throw something at the telly,
0:45:10 > 0:45:14let me explain. While the building itself may not have changed,
0:45:14 > 0:45:17there is one very important difference.
0:45:20 > 0:45:23Charles has finally been granted planning permission
0:45:23 > 0:45:26for a very spacious four-bedroomed house.
0:45:28 > 0:45:31Well, the planning process took about 18 months in total,
0:45:31 > 0:45:33but I had anticipated that.
0:45:33 > 0:45:36Planning within any national park is strongly constrained,
0:45:36 > 0:45:40so I went about it in a very steady way.
0:45:40 > 0:45:44I found a local architect and a local planning consultant
0:45:44 > 0:45:47and we set about putting some detailed plans together.
0:45:47 > 0:45:49I took them unofficially to the parish council
0:45:49 > 0:45:53and showed them to the people in the village to get their support.
0:45:53 > 0:45:56After getting their initial nod on the planning,
0:45:56 > 0:45:58we put a detailed planning paper together
0:45:58 > 0:46:01and that was finally submitted April of 2014.
0:46:01 > 0:46:04It then went to the National Park Authority
0:46:04 > 0:46:07and was approved in August of 2014, at the meeting,
0:46:07 > 0:46:12but the full approval wasn't received until the end of October.
0:46:13 > 0:46:17Obtaining planning consent within special locations,
0:46:17 > 0:46:19such as the New Forest,
0:46:19 > 0:46:22can often be a frustrating and time-consuming process.
0:46:22 > 0:46:27So, did Charles's expectations of a hard struggle materialise?
0:46:27 > 0:46:29In the end, it did not have to go to appeal.
0:46:29 > 0:46:32The planning officers and the National Park Authority
0:46:32 > 0:46:34were supportive and when it went to the committee,
0:46:34 > 0:46:36they turned out to approve it,
0:46:36 > 0:46:38but I was prepared for them to decline it or, perhaps,
0:46:38 > 0:46:41decline it on the basis it had been submitted
0:46:41 > 0:46:43and request changes and come back on appeal.
0:46:43 > 0:46:46But that didn't happen, which was good.
0:46:46 > 0:46:48While Charles and his team hacked their way
0:46:48 > 0:46:50through the forest of planning paperwork,
0:46:50 > 0:46:53there was intermediate work that needed to be done
0:46:53 > 0:46:56to keep the building in good condition.
0:46:56 > 0:46:59We had a number of leaks in the roof that have been fixed.
0:46:59 > 0:47:01Some of the lead flashing had been stolen,
0:47:01 > 0:47:05so that had to be replaced. Some of the guttering had to be repaired.
0:47:05 > 0:47:08A lot of the fencing needed to be replaced and that's all been done.
0:47:08 > 0:47:11I had the electrics all checked over,
0:47:11 > 0:47:14so that people could come in safely and use it whatever.
0:47:14 > 0:47:16Likewise, I had the heating serviced and repaired,
0:47:16 > 0:47:19such that it could be kept on, particularly during the winter.
0:47:19 > 0:47:23So, basically, it was to get the building sound for 12 to 18 months,
0:47:23 > 0:47:25prior to conversion work starting.
0:47:27 > 0:47:30And then, with all the pieces of this property jigsaw
0:47:30 > 0:47:33almost in place, Charles had a change of heart.
0:47:34 > 0:47:40# I see you've had a change of heart... #
0:47:40 > 0:47:43I decided, either I was going to have to mothball it
0:47:43 > 0:47:48for up to a year cos I'm very busy with my work and other things,
0:47:48 > 0:47:51or I could sell it with planning permission
0:47:51 > 0:47:53and change of use approved.
0:47:53 > 0:47:54I brought in a couple of agents
0:47:54 > 0:47:58who said that it would be very well received in the market
0:47:58 > 0:48:01and it was placed on the market and within a week,
0:48:01 > 0:48:03I'd received a number of offers,
0:48:03 > 0:48:07several of them in excess of the asking price of £295,000.
0:48:11 > 0:48:14In fact, once the sale was completed,
0:48:14 > 0:48:17the final price agreed was £320,000.
0:48:17 > 0:48:22Charles estimates that his spend over the two-year period
0:48:22 > 0:48:27came to £40,000 which, added to the purchase price,
0:48:27 > 0:48:30makes a grand total of £243,000,
0:48:30 > 0:48:34meaning he walks away with a tidy profit of £77,000,
0:48:34 > 0:48:38minus taxes and other expenses.
0:48:43 > 0:48:46Now, asking two estate agents over to a property
0:48:46 > 0:48:48that's already been sold
0:48:48 > 0:48:50is a bit like inviting kids to a birthday party
0:48:50 > 0:48:53when you've already eaten the cake.
0:48:53 > 0:48:57But we really need to know, was this an astute piece of business?
0:48:57 > 0:48:59How will their values on this building,
0:48:59 > 0:49:03with the plans all in place, compare with what Charles sold it for?
0:49:04 > 0:49:06I would value this property,
0:49:06 > 0:49:10with full planning permission, in the region of £300,000.
0:49:10 > 0:49:13As the property stands at the moment, with planning,
0:49:13 > 0:49:18I'd value it on a guide price between £300,000 to £325,000.
0:49:18 > 0:49:23So, it looks like Charles has achieved a realistic market price
0:49:23 > 0:49:26for this New Forest development project.
0:49:26 > 0:49:30But has walking away left him with any regrets?
0:49:30 > 0:49:33I'm very pleased to have achieved the planning approval
0:49:33 > 0:49:36on a building that had become redundant
0:49:36 > 0:49:40but, yes, I am very sorry not to be moving into it and to enjoy it
0:49:40 > 0:49:43and, particularly, into the village of Godshill,
0:49:43 > 0:49:47but I think, in time, I would like to return to this area.
0:49:47 > 0:49:50It is a very lovely part of the world,
0:49:50 > 0:49:53and have another project in a year or two's time.
0:49:56 > 0:49:59MUSIC: Holiday by Dizzee Rascal
0:50:03 > 0:50:07Back now to the up-and-coming seaside town of Margate in Kent
0:50:07 > 0:50:09where, just a Frisbee throw from the beach,
0:50:09 > 0:50:12was this lovely old Georgian property.
0:50:12 > 0:50:18It had me cooing on the outside but, sadly, sniffing on the inside.
0:50:18 > 0:50:21So, down we go. Down, down, down, down.
0:50:21 > 0:50:25It really is lower basement flat.
0:50:25 > 0:50:30You feel like you're so, so below the ground and, actually, you are.
0:50:30 > 0:50:34It's quite dingy in here. It does smell a bit as well.
0:50:35 > 0:50:38# Lord, I smell trouble
0:50:38 > 0:50:41- # Ahead of me...- #
0:50:42 > 0:50:46As well as being a pongy property, this one-bed lower ground-floor flat
0:50:46 > 0:50:50had one of the smallest shower rooms I'd ever seen,
0:50:50 > 0:50:53as well as some peculiar archways throughout.
0:50:55 > 0:50:58It clearly needed a lot of work,
0:50:58 > 0:51:02plus it only had a short lease of 68 years.
0:51:02 > 0:51:05However, despite that,
0:51:05 > 0:51:10its low guide price of £30,000 to £35,000 had the bidders hooked.
0:51:10 > 0:51:13£44,000. Sold at 44.
0:51:15 > 0:51:18The successful bid of £44,000
0:51:18 > 0:51:22went to father-of-three and property dabbler Paul
0:51:22 > 0:51:23who, along with daughter Emma,
0:51:23 > 0:51:26only got to see the property once he'd bought it,
0:51:26 > 0:51:28as there were no viewing sessions for this property.
0:51:28 > 0:51:31So, you've turned up here for the first time today
0:51:31 > 0:51:34and it's not at all as good or as nice as you thought it might be.
0:51:34 > 0:51:36I thought it would be horrible,
0:51:36 > 0:51:38but it's just mostly the size of that room.
0:51:38 > 0:51:42It's just minute, so I've got to rethink the entire thing.
0:51:42 > 0:51:45OK, so you literally just have a very small shower area
0:51:45 > 0:51:47with a toilet squashed in the corner somewhere.
0:51:47 > 0:51:51I'm definitely vexed, but there'll be a way around it, I'm sure.
0:51:51 > 0:51:55So, Paul's latest acquisition may have gone a little wrong,
0:51:55 > 0:51:57but he was keeping a cool head
0:51:57 > 0:52:02and had earmarked an eight-week turnaround with a £12,000 budget,
0:52:02 > 0:52:03with a plan to rent.
0:52:06 > 0:52:08It's now two months later
0:52:08 > 0:52:11and I'm glad to see the scaffolding has come down,
0:52:11 > 0:52:15but will the improvements continue inside?
0:52:15 > 0:52:18MUSIC: All We Are by One Republic
0:52:26 > 0:52:29Wow, what a difference knocking the wall down
0:52:29 > 0:52:31between the kitchen and living room makes.
0:52:31 > 0:52:34It's now so much brighter and fresher,
0:52:34 > 0:52:36with a very contemporary feel to it.
0:52:37 > 0:52:40Paul explains exactly what he did.
0:52:42 > 0:52:45So, there was a wall here between the living room and kitchen
0:52:45 > 0:52:49with a serving hatch around here somewhere, so we got rid of that.
0:52:49 > 0:52:52Er, there was a legged entrance around here
0:52:52 > 0:52:55to about here to the living room.
0:52:55 > 0:52:59We just straightened this out to meet with this structural pillar here
0:52:59 > 0:53:05and then we used this space here to put a space for a fridge-freezer
0:53:05 > 0:53:08which then made the kitchen a bit more functional.
0:53:08 > 0:53:10Paul and his team of builders
0:53:10 > 0:53:13have really used the space creatively here,
0:53:13 > 0:53:16none more so than when creating a new shower room downstairs
0:53:16 > 0:53:19in what was an under stairs cupboard...
0:53:21 > 0:53:25..leaving him free to transform the former tiny shower room upstairs
0:53:25 > 0:53:28into a good size cloakroom.
0:53:39 > 0:53:42The bedroom, like the rest of this lower ground-floor flat,
0:53:42 > 0:53:44has been tastefully decorated
0:53:44 > 0:53:48and is now ideal for either rental or sales markets.
0:53:48 > 0:53:51Yeah, my initial thoughts, when you came last time
0:53:51 > 0:53:53when I'd only just seen it,
0:53:53 > 0:53:57it was disappointment with the whole place but especially the bathroom.
0:53:57 > 0:53:59It just didn't look like something I could sell,
0:53:59 > 0:54:03so I'd sort of refigured my plans to rent it out,
0:54:03 > 0:54:06but then, since we found this space,
0:54:06 > 0:54:09it's kind of worked out to be quite a nice flat,
0:54:09 > 0:54:12so I think I'll put it on the market for six weeks.
0:54:12 > 0:54:14If it doesn't go, then I'll rent it.
0:54:15 > 0:54:18Along with a little reconfiguring,
0:54:18 > 0:54:20Paul and his team have rewired the property
0:54:20 > 0:54:23and, I'm happy to say, got rid of those archways.
0:54:23 > 0:54:25Plus, his clever use of spotlights
0:54:25 > 0:54:29has made this once dark and dingy flat bright and airy.
0:54:29 > 0:54:31Don't forget, though,
0:54:31 > 0:54:35Paul had never had a chance to view this property before he bought it.
0:54:35 > 0:54:38So, now it's complete, how does he feel it's all turned out?
0:54:41 > 0:54:44To be honest, when I first stepped in here, it was bad
0:54:44 > 0:54:47and then it just got worse and worse, every step I took.
0:54:47 > 0:54:50Sometimes you reconfigure things, and you think,
0:54:50 > 0:54:51"Actually, it's not that bad".
0:54:51 > 0:54:55It didn't happen on this one. It just got worse and worse and worse.
0:54:55 > 0:54:57So, I think it was probably a mistake,
0:54:57 > 0:54:59but you win some, you lose some.
0:54:59 > 0:55:02I didn't view the property, I've lost on this one,
0:55:02 > 0:55:05I'll probably win on another one, so that's the way it goes.
0:55:05 > 0:55:07Paul's right.
0:55:07 > 0:55:10Sometimes you win and sometimes you lose in property development,
0:55:10 > 0:55:13but I think he's done a really nice job
0:55:13 > 0:55:15with what was a very unpromising flat.
0:55:15 > 0:55:18So, why does he think he's going to lose on this one?
0:55:18 > 0:55:21I just think I've spent a lot of money
0:55:21 > 0:55:25to get it to the standard where I hoped it would be anyway,
0:55:25 > 0:55:28so there's not quite the margin involved
0:55:28 > 0:55:31that I'd hoped there would be, but it doesn't matter.
0:55:31 > 0:55:33When I met Paul on the day he first saw the flat,
0:55:33 > 0:55:37he did a quick reckoning that his budget might be £12,000.
0:55:37 > 0:55:39In fact, he spent £15,000,
0:55:39 > 0:55:44plus there's a lease extension which he's been told will be £5,000,
0:55:44 > 0:55:46although he's choosing to wait and see
0:55:46 > 0:55:50whether potential buyers will want to renew the lease themselves
0:55:50 > 0:55:52or use it as part of a price negotiation.
0:55:54 > 0:55:56So, has Paul won or lost?
0:55:56 > 0:55:59We've asked two estate agents along to take a look,
0:55:59 > 0:56:02starting with the agent who saw it first.
0:56:02 > 0:56:04I think opening up the lounge and kitchen
0:56:04 > 0:56:06has made a tremendous difference
0:56:06 > 0:56:09and also separating the shower room is also very good too.
0:56:09 > 0:56:12Bearing in mind that it's a lower ground-floor apartment,
0:56:12 > 0:56:15they've managed to get good light into the property.
0:56:15 > 0:56:17Obviously, it's very light, in terms of the decor
0:56:17 > 0:56:21and the way that they've presented it, so that will certainly help.
0:56:21 > 0:56:24Paul's changes have clearly impressed the agents,
0:56:24 > 0:56:27but what kind of valuations will they place on the property?
0:56:27 > 0:56:32- Rental first.- I'd put a rental value on the property
0:56:32 > 0:56:35of between £400 and £425 per calendar month.
0:56:35 > 0:56:40I think he could achieve £425 to £450 a month on this property.
0:56:41 > 0:56:45So, if he was to achieve that top valuation of £450 a month,
0:56:45 > 0:56:48that would mean a rental yield of over 9.5%,
0:56:48 > 0:56:50which is a really respectable return.
0:56:50 > 0:56:52Now, what about resale values?
0:56:52 > 0:56:58Remember, he paid £44,000, got £2,500 back for the maintenance fees
0:56:58 > 0:57:04and then spent £15,000, so a grand total investment of £56,500.
0:57:04 > 0:57:08With a suitable lease extension to the property,
0:57:08 > 0:57:12I would put a value of between £70,000 and £75,000.
0:57:12 > 0:57:15I think he could achieve £75,000 for this property.
0:57:15 > 0:57:18Yeah, that's quite surprising, to be honest,
0:57:18 > 0:57:21cos there's a very similar one just ten doors down which I've been in,
0:57:21 > 0:57:24cos I know the guy selling it, and that sold for £97,000.
0:57:24 > 0:57:28Paul is disappointed, but on those valuations from the agents,
0:57:28 > 0:57:33he would still stand to make a potential £18,500 profit,
0:57:33 > 0:57:36not including taxes and fees, like that lease.
0:57:36 > 0:57:38That's not a disaster, by any means.
0:57:38 > 0:57:41Property development can be a lonely and stressful business
0:57:41 > 0:57:43and Paul seems to have found this project frustrating.
0:57:43 > 0:57:46So, will he be back at the auction soon?
0:57:46 > 0:57:49Um...it's not really for me.
0:57:49 > 0:57:53I don't really get much out of it, so I'm going to move on to pastures new.
0:57:56 > 0:57:58Well, that's it for today's show,
0:57:58 > 0:58:01but join us next time for more action from the auction rooms.
0:58:01 > 0:58:03We'll see you then for more Homes Under The Hammer.
0:58:03 > 0:58:05- Goodbye.- Goodbye.- Bye-bye.