0:00:02 > 0:00:04Hello and welcome to the show. If you are thinking about
0:00:04 > 0:00:07investing in property, have you ever considered buying at auction?
0:00:07 > 0:00:09Yes, if you do fancy taking the plunge,
0:00:09 > 0:00:11there's no time like the present.
0:00:11 > 0:00:13So why not head down to your local auction house
0:00:13 > 0:00:15and find something that is right for you?
0:00:41 > 0:00:44Bidding at auction can be a scary way to buy.
0:00:44 > 0:00:46You don't know what's going to happen on the day
0:00:46 > 0:00:48and you can end up spending an awful lot of money.
0:00:48 > 0:00:50- Oh, it's not that bad, Lucy!- It is!
0:00:50 > 0:00:54Just arrive early, make sure you bid clearly, and you never know,
0:00:54 > 0:00:55- you could win your lot.- Yeah.
0:00:55 > 0:00:57What properties did the buyers bid on
0:00:57 > 0:00:58on today's show? Let's find out.
0:01:00 > 0:01:03Today's journey takes me to Croydon,
0:01:03 > 0:01:06spotting public transport at this two-bedroom end terrace.
0:01:06 > 0:01:09Look! Train.
0:01:10 > 0:01:13I'm in Maerdy, Wales, where there is an unexpected welcome
0:01:13 > 0:01:16in the hillside at this three-bedroom semi,
0:01:16 > 0:01:17but I've got the cure.
0:01:17 > 0:01:19The visit to the local tip.
0:01:20 > 0:01:23My trip is into the unknown at this Midland shop
0:01:23 > 0:01:26and two-bedroom flat in Sutton Coldfield.
0:01:26 > 0:01:30Chopping away at hair, not so much mine, but let's not go there.
0:01:32 > 0:01:34All these properties have been sold at auction.
0:01:34 > 0:01:36We will find out who bought them and what they paid for them
0:01:36 > 0:01:38when they went under the hammer.
0:01:38 > 0:01:39It's yours, sir.
0:01:43 > 0:01:46Croydon, like many commuter towns, has developed from the sleepy
0:01:46 > 0:01:51backwater it once was into a bustling, cosmopolitan place.
0:01:51 > 0:01:54Today, I am on the trail of my next property in South Croydon.
0:01:56 > 0:01:59And this is far from a sleepy little street.
0:01:59 > 0:02:03It has train lines running behind it and a bus route in front of it
0:02:03 > 0:02:06and clearly, lots of people living here, which is great.
0:02:06 > 0:02:09Now, the property that was up for auction was this two-bed end terrace
0:02:09 > 0:02:13with a guide price of £160,000.
0:02:13 > 0:02:16Really is lovely on the outside, symmetrical,
0:02:16 > 0:02:18it's even...well, quite pretty.
0:02:18 > 0:02:20Let's see what it's like on the inside.
0:02:23 > 0:02:26Hm. This is not what I was expecting on the inside.
0:02:26 > 0:02:28It's funny because sometimes the exterior
0:02:28 > 0:02:31and the interior just completely don't match up.
0:02:31 > 0:02:33Bit of advice for anybody looking at auction properties,
0:02:33 > 0:02:35soon as you walk in the door, I would say,
0:02:35 > 0:02:38look up, look across even
0:02:38 > 0:02:39because look at that.
0:02:39 > 0:02:42A big crack.
0:02:42 > 0:02:44Mm. Clearly, there's been a bit of movement.
0:02:44 > 0:02:47So, advice - get a structural engineer round, bring a builder,
0:02:47 > 0:02:50bring a friend, anybody that knows about stuff like that
0:02:50 > 0:02:53because you wouldn't want to be bidding on a property like this
0:02:53 > 0:02:54if there are lots of danger zones.
0:02:54 > 0:02:56So, what do we have?
0:02:56 > 0:03:00Well, it's clear it needs an awful lot of work, there's damp.
0:03:00 > 0:03:01I mean, look. Look at this.
0:03:01 > 0:03:03- It's just flaking away... - SHE SNIFFS
0:03:03 > 0:03:05..and it absolutely stinks.
0:03:05 > 0:03:06You can smell the damp.
0:03:06 > 0:03:09It's very pungent in here. There are signs of woodworm
0:03:09 > 0:03:12down there in the corner.
0:03:12 > 0:03:15And the kitchen. Well, a bit on the small side, actually.
0:03:15 > 0:03:17Again, everything needs doing in here.
0:03:17 > 0:03:21You literally have got the ceiling hanging down,
0:03:21 > 0:03:24so I'm not quite sure what has gone on upstairs.
0:03:24 > 0:03:27And I'd like to see if I can get outside to the garden.
0:03:27 > 0:03:31But I think that is all locked up. Let's see if I go through here.
0:03:32 > 0:03:35Nope, no way out through the second reception room,
0:03:35 > 0:03:39which, at some stage, has suffered a similar fate to the kitchen.
0:03:39 > 0:03:41I've had to come round the side of the house.
0:03:41 > 0:03:43A bit of a disappointing space, actually.
0:03:43 > 0:03:45I was expecting a garden,
0:03:45 > 0:03:47but you do have some outdoor space.
0:03:47 > 0:03:49So nevertheless, that's a positive,
0:03:49 > 0:03:51but it's quite interesting to see the back of the building.
0:03:51 > 0:03:55That was obviously a window, that was the back door from the lounge.
0:03:55 > 0:03:59I think that may have even been an outside loo.
0:03:59 > 0:04:03And it's quite unusual to see old toys scattered everywhere,
0:04:03 > 0:04:06but another big, fat negative is this.
0:04:06 > 0:04:08Follow me, if you would.
0:04:10 > 0:04:13That! Look.
0:04:13 > 0:04:16Trains are literally whizzing past this hedge
0:04:16 > 0:04:20every couple of minutes and it really is noisy.
0:04:20 > 0:04:22So, not everybody's cup of tea.
0:04:23 > 0:04:27Nope. The toys out here also as sad as the inside.
0:04:27 > 0:04:29And whilst you may be able to reduce the noise in the house
0:04:29 > 0:04:32with soundproofing, there's little you could do
0:04:32 > 0:04:36to quieten down the 3.15 as it rushes past your barbecue.
0:04:38 > 0:04:43Now, back inside and at the top of the stairs, the symmetry continues.
0:04:43 > 0:04:45Turn left on the landing
0:04:45 > 0:04:49and you have more stairs into the biggest bedroom.
0:04:49 > 0:04:52# Don't turn on the lights cos I don't want to see
0:04:52 > 0:04:55# Mama told me not to come... #
0:04:55 > 0:04:59Turn right and further stairs lead to the bathroom.
0:04:59 > 0:05:01Now, if you don't want to linger here, who could blame you?
0:05:01 > 0:05:03But mind how you go.
0:05:03 > 0:05:07Just a whole heap of problems. Nothing looks terribly secure.
0:05:07 > 0:05:12This is the small room and like I was saying...
0:05:12 > 0:05:15it's almost like the walls are coming in on you.
0:05:15 > 0:05:18It's rather unusual to see a property like this that hasn't
0:05:18 > 0:05:23been touched in so many years, but there is heaps of potential here.
0:05:23 > 0:05:25I would love to get my hands on a property like this
0:05:25 > 0:05:29because it could look fantastic.
0:05:29 > 0:05:33# I've seen so many things I ain't NEVER seen before
0:05:33 > 0:05:36# Don't know what it is I don't wanna see no more... #
0:05:36 > 0:05:40I wouldn't want to keep many of the original features in this property.
0:05:40 > 0:05:43Let's see what a local estate agent thinks.
0:05:43 > 0:05:45The fact that it's got an upstairs bathroom is good
0:05:45 > 0:05:49because many other houses on this road have a downstairs bathroom,
0:05:49 > 0:05:52so that's a real advantage for this house.
0:05:53 > 0:05:55The size of the rooms is very good
0:05:55 > 0:05:58and easy access to the station in Central Croydon.
0:05:58 > 0:06:02So, these are the benefits of this property.
0:06:02 > 0:06:05At a guide price of £160,000,
0:06:05 > 0:06:08what could it do if it achieved its full potential?
0:06:08 > 0:06:10Once refurbished, this property would either sell
0:06:10 > 0:06:14for around £300,000 or on the rental market,
0:06:14 > 0:06:17we would mark it at £1,100 per calendar month.
0:06:19 > 0:06:23This property is a bit of a "good news, bad news" kind of affair.
0:06:23 > 0:06:25On the one hand, you've got good size rooms,
0:06:25 > 0:06:28but on the other, they show signs of damp and the cracks.
0:06:28 > 0:06:31Good news - you've got a good layout and an upstairs bathroom and toilet,
0:06:31 > 0:06:35but on the other hand, it's a noisy location.
0:06:35 > 0:06:37Finally, it's an end terrace.
0:06:37 > 0:06:39You've got one set of neighbours,
0:06:39 > 0:06:41but you don't have much outside space,
0:06:41 > 0:06:43so let's find out who thought the good news outweighed
0:06:43 > 0:06:45the bad news when it went under the hammer.
0:06:47 > 0:06:50Lot 12, South Croydon, Surrey -
0:06:50 > 0:06:52two-bed, end-of-terrace house.
0:06:52 > 0:06:54Who would like to kick off on this?
0:06:54 > 0:06:57I will start low, so at least you can get a bid in. 150.
0:06:57 > 0:07:01150. 155, at the back. 155.
0:07:01 > 0:07:04160. 165.
0:07:04 > 0:07:05170.
0:07:05 > 0:07:09Having passed the guide price at £160,000,
0:07:09 > 0:07:14bids continue to where we rejoin the bidding at £238,000.
0:07:14 > 0:07:18238, in the front. Anyone else?
0:07:18 > 0:07:23239, back in. 240, 241.
0:07:24 > 0:07:26One more crack. 241?
0:07:29 > 0:07:32242.
0:07:32 > 0:07:33243.
0:07:34 > 0:07:36243. Yes?
0:07:39 > 0:07:41242, in the front.
0:07:41 > 0:07:44First time, second time,
0:07:44 > 0:07:47third and last time, if you are all done.
0:07:47 > 0:07:49Sold, 242.
0:07:49 > 0:07:54The successful bidder was Nick at the auction with his father.
0:07:54 > 0:07:57He is a store manager at a well-known chemist.
0:07:57 > 0:07:59We met up back at the house to discuss his plans.
0:08:00 > 0:08:03- Congratulations, Nick.- Thank you. - Well done.- Cheers.
0:08:03 > 0:08:06So, is this for you to live in or an investment opportunity?
0:08:06 > 0:08:10- A bit of both, but it is mainly for me to live in.- Really?
0:08:10 > 0:08:11- Yeah.- Yes! I love it.
0:08:11 > 0:08:14I love it when I meet people that want to do it for themselves.
0:08:14 > 0:08:18It's nice to see somebody renovate and put money into a property
0:08:18 > 0:08:20so that they can actually get the fruits of their labour.
0:08:20 > 0:08:24Yeah, I just really want to enjoy somewhere I live. Really love it.
0:08:24 > 0:08:25- Yes!- Really feel at home.
0:08:25 > 0:08:28There is nothing nicer than doing all the work and then knowing
0:08:28 > 0:08:31that you are going to be living in it and enjoying what you've done.
0:08:31 > 0:08:34- Yeah, exactly.- And this is such an attractive house, isn't it?
0:08:34 > 0:08:37Yeah, especially from the front. Like, it's a double building.
0:08:37 > 0:08:41- It's something you would draw when you are a kid.- Yes, it is.
0:08:41 > 0:08:43I really like the front of the building.
0:08:43 > 0:08:46Problem is when you walk inside, that's when it all goes wrong.
0:08:46 > 0:08:48Just a little bit.
0:08:48 > 0:08:52So, come on. On first glance, when you first opened the front door,
0:08:52 > 0:08:54what were your thoughts and were you put off?
0:08:54 > 0:08:56- Smell, firstly. - SHE LAUGHS
0:08:56 > 0:08:59When I first saw the building before the auction,
0:08:59 > 0:09:03I don't remember it being as tough as it looks now.
0:09:03 > 0:09:07So, on second glance, it was a bit like, "Ooh."
0:09:07 > 0:09:08So, it is...
0:09:08 > 0:09:10It's nothing scary.
0:09:10 > 0:09:14Stop. Big, fat cracks everywhere.
0:09:14 > 0:09:16I mean, you walk in the front door and you look up
0:09:16 > 0:09:17- and there are big cracks.- Yeah.
0:09:17 > 0:09:21Now, anybody would be put off by that because straightaway,
0:09:21 > 0:09:22you think there is a structural problem.
0:09:22 > 0:09:25How far did you go to check that out?
0:09:25 > 0:09:29Builder's been in, checking the cracks out,
0:09:29 > 0:09:32my dad, who has done a lot of these properties himself.
0:09:32 > 0:09:35So, it's not just your dad that's involved in the property, is it?
0:09:36 > 0:09:40No, so my mum...
0:09:40 > 0:09:42will be in here probably cleaning more than anything,
0:09:42 > 0:09:46my stepdad is an upholsterer,
0:09:46 > 0:09:48so curtains are going to be free, I'm hoping.
0:09:48 > 0:09:53My uncle and auntie have recently bought an old pub
0:09:53 > 0:09:56near Bath that they are turning into a house, a family home.
0:09:56 > 0:10:00So, several the family have done a lot of this.
0:10:00 > 0:10:02- Oh, property bores.- Yeah.
0:10:02 > 0:10:06- So, your Sunday lunches are all about houses.- Yeah.
0:10:06 > 0:10:09I'm going to be dragging them all in at certain times.
0:10:09 > 0:10:11As much help as I can get, I'll be getting.
0:10:11 > 0:10:14Something else that worries me slightly with property,
0:10:14 > 0:10:15along the cracks,
0:10:15 > 0:10:19is the train line that is literally behind that hedge there.
0:10:20 > 0:10:25I was nervous about it when I first saw the property before the auction,
0:10:25 > 0:10:29but the aim is triple glazing on the back, soundproofing walls...
0:10:29 > 0:10:32Buses go past these windows and you can hear that.
0:10:32 > 0:10:34You can also hear the train at the back,
0:10:34 > 0:10:37but with good quality soundproofing like you said...
0:10:37 > 0:10:41It will make a difference and the hope is that will deal with it...
0:10:41 > 0:10:43One of my...
0:10:43 > 0:10:46My stepgrandad is an architect as well so...
0:10:46 > 0:10:48All right, stop showing off.
0:10:48 > 0:10:51Well, Nick has got plenty of expertise to draw on
0:10:51 > 0:10:54and he's planning on having an air gap between the outside brick
0:10:54 > 0:10:56walls and the new interior plasterboard walls
0:10:56 > 0:11:01he'll be fitting, almost building a room within a room to significantly
0:11:01 > 0:11:02dampen the external noise.
0:11:06 > 0:11:10But the changes he's planning in the bedroom should be less challenging.
0:11:10 > 0:11:13In the main bedroom, there is a cupboard over the stairwell,
0:11:13 > 0:11:16which he is going to knock through to the small upstairs room
0:11:16 > 0:11:17to give it some more space.
0:11:19 > 0:11:20But what about the bathroom?
0:11:22 > 0:11:25The bathroom, we're likely to turn it into a shower room
0:11:25 > 0:11:28- rather than a bathroom to give it a little bit more space.- No!
0:11:28 > 0:11:31- We're not sure.- No, no.
0:11:31 > 0:11:35Are you saying that whoever you sell this on to won't want a bath?
0:11:35 > 0:11:38- We just...- This could be a family house. This IS a family house
0:11:38 > 0:11:41and whoever takes this on after you, they will want a bath.
0:11:41 > 0:11:45Yeah, we've had... We are, once again, thinking about it.
0:11:45 > 0:11:47We need to do it for the right reasons.
0:11:47 > 0:11:49We need to make sure it's sellable. It's not just for me.
0:11:49 > 0:11:53- It's about the future.- But I bet you're not keen on an over shower.
0:11:53 > 0:11:57- My height doesn't help that situation.- What are you?- 6'3", 6'4".
0:11:57 > 0:11:596'3", so by the time you've stood in into the bath...
0:11:59 > 0:12:01It does go a little bit high.
0:12:01 > 0:12:04Might have to do dig the floor out a little bit.
0:12:04 > 0:12:07Well, bath versus shower aside, Nick wants to sort out that rather
0:12:07 > 0:12:12cosy kitchen by combining it into an open-plan kitchen-diner.
0:12:12 > 0:12:15And where the living room has been blocked out, he will open
0:12:15 > 0:12:17that up, too, with French windows
0:12:17 > 0:12:19and might even think about extending.
0:12:21 > 0:12:22Nick has 60 grand to spend
0:12:22 > 0:12:24and he's hoping to get the major works done
0:12:24 > 0:12:27in six months and then move in.
0:12:27 > 0:12:29He has picked up this approach from his dad, Charles,
0:12:29 > 0:12:33who has been on Homes Under The Hammer in 2014
0:12:33 > 0:12:35with his own renovation project.
0:12:35 > 0:12:40And what a result that was. So, I'm expecting something special here.
0:12:40 > 0:12:41No pressure.
0:12:43 > 0:12:46- You are very passionate about this house, aren't you?- Yeah.
0:12:46 > 0:12:49- And I can see you working all day and then being here all night.- Yeah.
0:12:49 > 0:12:53- And putting your heart and soul into it.- I've got that from my family.
0:12:53 > 0:12:54My family are exactly the same.
0:12:54 > 0:12:56My dad has done this so many times
0:12:56 > 0:12:58and I've lived in it as a child.
0:12:58 > 0:13:01I've lived in places like this as an eight- to ten-year-old
0:13:01 > 0:13:03and seen it go round and round me.
0:13:03 > 0:13:07So, I'm very used to it. It's exciting that it's mine this time.
0:13:07 > 0:13:09I'm so excited to see your house,
0:13:09 > 0:13:10your home that you are going to create.
0:13:10 > 0:13:12And it's lovely that you are doing it for yourself.
0:13:12 > 0:13:15- Congratulations, Nick.- Thank you. Cheers.- Well done.
0:13:17 > 0:13:20Isn't it great to see Nick buying this property
0:13:20 > 0:13:22to turn into his own home?
0:13:22 > 0:13:25He is just so excited by it.
0:13:25 > 0:13:27Well, he's certainly got support from all of his family, but will
0:13:27 > 0:13:33his plans to reduce the noise and increase the space inside pay off?
0:13:33 > 0:13:37Join me later in the programme to see how it all works out for Nick.
0:13:41 > 0:13:45I'm in Wales and heading about half an hour's drive from Cardiff
0:13:45 > 0:13:48to the Rhondda Valley village of Maerdy.
0:13:48 > 0:13:50Named after the ancient Welsh word,
0:13:50 > 0:13:53in medieval times, maerdy was the name given
0:13:53 > 0:13:58to the dwelling place of a very important person indeed.
0:13:58 > 0:14:00Well, maerdy actually means house of the mayor.
0:14:00 > 0:14:05So, will the property I'm here to see be a suitably mayoral residence?
0:14:05 > 0:14:07Well, he or she would certainly be attracted by the guide price.
0:14:07 > 0:14:10£25,000, it was for this -
0:14:10 > 0:14:12a three-bed semidetached.
0:14:12 > 0:14:14Let's have a look.
0:14:14 > 0:14:17And if you are thinking I've gone off in a mardy strop,
0:14:17 > 0:14:18you are wrong.
0:14:18 > 0:14:21I just had to get to the other side of these railings.
0:14:23 > 0:14:24OK, quite interesting.
0:14:24 > 0:14:27We've got this little, sort of porch-y area built
0:14:27 > 0:14:28into the living room here.
0:14:28 > 0:14:31A few signs of damp as you come in.
0:14:31 > 0:14:35You'd definitely want to address that sooner rather than later,
0:14:35 > 0:14:36but you know, I mean,
0:14:36 > 0:14:39it's designed to... It at least keeps the cold and the noise out.
0:14:39 > 0:14:43And then into, basically, this one large area.
0:14:43 > 0:14:48Quite an interesting design. Not what I was expecting. What about you? No.
0:14:48 > 0:14:51You've got this one room here and then you've got the bathroom
0:14:51 > 0:14:53leading off there. That's a bit strange.
0:14:53 > 0:14:56The stairs to your bedrooms, there.
0:14:56 > 0:14:58I mean, it's a nice space. It has a nice open-plan feel to it.
0:14:58 > 0:15:01Almost big enough for a mayoral banquet or...
0:15:01 > 0:15:03HE LAUGHS
0:15:03 > 0:15:04..sort of gathering, perhaps.
0:15:05 > 0:15:07Well, to prepare the food for that banquet,
0:15:07 > 0:15:10obviously you need a kitchen and this is it.
0:15:10 > 0:15:13It feels a bit like it's been built on as a sort of extension
0:15:13 > 0:15:17to the property. It's got this low ceiling height, which isn't ideal.
0:15:17 > 0:15:20And obviously, you'd need to spend some time and money on this.
0:15:20 > 0:15:24New units, a bit of a think about the layout, but it's not a bad space.
0:15:24 > 0:15:26Another thing you have to think about is a boiler,
0:15:26 > 0:15:30which looks like it's been removed in a bit of a hurry.
0:15:30 > 0:15:33But overall, bearing in mind that guide price, you know,
0:15:33 > 0:15:35yeah, it's ticking the boxes.
0:15:37 > 0:15:40With telltale signs like the severed boiler pipe,
0:15:40 > 0:15:44it is worth having a closer inspection throughout.
0:15:44 > 0:15:49# This house goes on sale every Wednesday morning...
0:15:49 > 0:15:52I think the auctions are less frequent than that, Tom.
0:15:52 > 0:15:58# ..and taken off the market in the afternoon... #
0:15:58 > 0:16:00Oh, come on, that's a bit pessimistic.
0:16:00 > 0:16:04Anyway, upstairs the three bedrooms are all accessed by this
0:16:04 > 0:16:05windowless, central corridor.
0:16:07 > 0:16:09There are a few cracks
0:16:09 > 0:16:12and although not palatial, they are a reasonable size
0:16:12 > 0:16:13for a cottage of this type.
0:16:17 > 0:16:22The eaves and a short set of stairs encroach into the middle
0:16:22 > 0:16:26bedroom of the three, but at least all the bedrooms are double-glazed
0:16:26 > 0:16:28to help with those cold winter nights.
0:16:32 > 0:16:38# It's true he once had childish laughter. #
0:16:38 > 0:16:41Not even you could sell this one, Tom. We will give it a rest.
0:16:43 > 0:16:45Well, at the rear of the property,
0:16:45 > 0:16:49and good news, you've got a half-decent sized rear garden,
0:16:49 > 0:16:51although it could do with a bit of tidying up,
0:16:51 > 0:16:55but some potential bad news because there is this side gate.
0:16:55 > 0:16:56Well, that's OK.
0:16:56 > 0:16:58It accesses this little lane here,
0:16:58 > 0:17:02but unfortunately, it is the only access to the neighbouring property's
0:17:02 > 0:17:09garden. So, they have a right-of-way through your rear area here.
0:17:09 > 0:17:10So, that's really not ideal.
0:17:10 > 0:17:13Solicitors don't like that kind of thing and probably
0:17:13 > 0:17:15if you were living here, neither would you.
0:17:15 > 0:17:16So, we need to find some solutions to that.
0:17:16 > 0:17:21Maybe, there is a way of bringing their entrance in some other place.
0:17:21 > 0:17:22Anyway, just talk to them
0:17:22 > 0:17:24and see if there is a way you can make that happen.
0:17:24 > 0:17:26But your first step when it comes to this garden...
0:17:28 > 0:17:30..is a visit to the local tip.
0:17:30 > 0:17:31Ahem.
0:17:33 > 0:17:37The exterior at the back has a hint of mildew on the stone paintwork
0:17:37 > 0:17:41and there are signs of other damage, but mostly superficial.
0:17:44 > 0:17:48The decking area, however, certainly has seen better days.
0:17:48 > 0:17:50With a bit of care and attention and a tidy-up,
0:17:50 > 0:17:53it would be different again.
0:17:53 > 0:17:55# One man's rubbish
0:17:55 > 0:18:00# Is another man's gold. #
0:18:02 > 0:18:05And this man's gold, at our invitation,
0:18:05 > 0:18:09is to come and give us a local estate agent's perspective on the property.
0:18:09 > 0:18:12I wonder what his first impression is going to be.
0:18:13 > 0:18:16First impressions of the property are quite quaint.
0:18:16 > 0:18:18It's quite a nice, little place, but when you get in here,
0:18:18 > 0:18:21it's actually quite large. I mean, three bedrooms upstairs,
0:18:21 > 0:18:23wasn't expecting that. It's got quite a large back garden
0:18:23 > 0:18:25and for the area, it's quite different
0:18:25 > 0:18:26cos it's quite a flat garden.
0:18:26 > 0:18:30Although its flatness is somewhat disguised by the full bin bags,
0:18:30 > 0:18:34but I do take the point that this is a hilly location.
0:18:34 > 0:18:37I think the work on this property is quite minimal inside.
0:18:37 > 0:18:39I mean, obviously, it needs a new boiler, some windows are missing.
0:18:39 > 0:18:42I would touch up paint and decorating.
0:18:42 > 0:18:44I would completely re-gut the bathroom.
0:18:44 > 0:18:46I would add a few carpets here and there,
0:18:46 > 0:18:48a bit of lino on the floor in the kitchen.
0:18:48 > 0:18:50But the main work for me is in the garden.
0:18:50 > 0:18:51You can say that again.
0:18:51 > 0:18:53So, onto valuations.
0:18:53 > 0:18:55What would you value this for
0:18:55 > 0:18:57for the refurbished with tidy garden
0:18:57 > 0:18:59if you were putting it up for let?
0:19:01 > 0:19:03On the rental market, you would get at least 400,
0:19:03 > 0:19:06but I would try £450 per calendar month.
0:19:06 > 0:19:09Well, the guide price was £25,000.
0:19:09 > 0:19:13What could be the potential of this place when refurbished?
0:19:13 > 0:19:16If this place was refurbished to a good standard,
0:19:16 > 0:19:20I should imagine it would get anywhere between £60-70,000.
0:19:20 > 0:19:23Well, it's a pretty decent-sized property for an attractive
0:19:23 > 0:19:26guide price. And you certainly can't criticise the location.
0:19:26 > 0:19:28Sort out the issues with the garden at the back
0:19:28 > 0:19:31and obviously, spend some time and money refurbishing the place
0:19:31 > 0:19:34and, yeah, a nice house to end up with.
0:19:34 > 0:19:36Let's see who agreed when it went under the hammer.
0:19:37 > 0:19:43Will you start me, please, for lot number three guided at 25,000...
0:19:43 > 0:19:47Start me near, someone at 25. 25. Make it 20, if you like.
0:19:47 > 0:19:5020, can we see? Got to be 20 at least. Two hands. Thank you.
0:19:50 > 0:19:56Take you to 20, sir. 21. Thank you. 21. 22. And three? 24, 25, 26, 27,
0:19:56 > 0:19:5828. 29.
0:19:58 > 0:20:0129, no. At £28,000, on my left.
0:20:01 > 0:20:0329. And 30.
0:20:03 > 0:20:0731. 32. 33. 34, madam.
0:20:07 > 0:20:1135? 35. 36. 37. 37?
0:20:11 > 0:20:14Or 36.5, if it helps you. 36.5.
0:20:14 > 0:20:1737 now. 37. And a half.
0:20:17 > 0:20:2037.5. 38. 38, no.
0:20:20 > 0:20:24At 37,500, on my left-hand side. You been there from the start.
0:20:24 > 0:20:26At 37.5, then, for the first time.
0:20:26 > 0:20:2938, back to you. 38.5.
0:20:29 > 0:20:3138.5, 39. 39, no.
0:20:31 > 0:20:34At 38,500, on my left-hand side then.
0:20:34 > 0:20:36For the first time,
0:20:36 > 0:20:37second time,
0:20:37 > 0:20:40- third and last time at 38,500. - GAVEL BANGS
0:20:40 > 0:20:42Well done, sir. Yours. Your number, please.
0:20:42 > 0:20:48The successful bid of £38,500 came from construction site manager Chris
0:20:48 > 0:20:52who, as a former builder, has renovated and sold on property
0:20:52 > 0:20:53in the past.
0:20:53 > 0:20:57He was prepared to go up to £40,000 for this house
0:20:57 > 0:20:59where we met up to discuss his plans.
0:21:01 > 0:21:04- Chris, good to meet you.- Morning. - Congratulations.- Thank you.
0:21:04 > 0:21:06Tell me why you wanted to buy this place, then.
0:21:06 > 0:21:09I just wanted to get back on the property market
0:21:09 > 0:21:12and seen it come up on auction.
0:21:12 > 0:21:15So, I come and had a little view and basically, here I am.
0:21:15 > 0:21:19Right. So, what was it about this particular house that titillated you?
0:21:19 > 0:21:22Been looking around the area at properties
0:21:22 > 0:21:26and basically, this was a bigger size, you know what I mean,
0:21:26 > 0:21:28- and nice area.- Yeah.
0:21:28 > 0:21:31- Great views.- Lovely views. Mountains.
0:21:31 > 0:21:34- Fantastic.- Yeah.- So, what do you do when you are not doing this?
0:21:34 > 0:21:36- I'm a construction site manager. - OK.- Yeah.
0:21:36 > 0:21:40And what sort of projects do you normally get involved in?
0:21:40 > 0:21:43I just finished working on the Children's Hospital for Wales
0:21:43 > 0:21:45in Cardiff, in the Heath Hospital, yeah.
0:21:45 > 0:21:50Been there for a couple of years, so that's been a great,
0:21:50 > 0:21:56great job and I just recently started on a school, so, yeah.
0:21:56 > 0:21:59- So, worthwhile projects there. - Yeah, yeah, brilliant.
0:21:59 > 0:22:01Absolutely lovely. Yeah.
0:22:01 > 0:22:05And do get hands dirty when it comes to doing your own stuff?
0:22:05 > 0:22:08Yeah, I do jump in, now and then, but I've got a team of friends
0:22:08 > 0:22:11who come in and be sorting everything out for me.
0:22:11 > 0:22:14- Right, so you manage your own little projects as well, do you?- Yes, yes.
0:22:14 > 0:22:17So, tell me what you are going to do to the place.
0:22:17 > 0:22:20Basically, we are going to change doors, kitchen,
0:22:20 > 0:22:26bathroom suite, do a bit of plastering works,
0:22:26 > 0:22:31new front doors, back doors, garden works, etc.
0:22:31 > 0:22:35Now, any issues that you can see particularly?
0:22:35 > 0:22:37Just a bit with the garden.
0:22:37 > 0:22:40Obviously, next-door has got right-of-way
0:22:40 > 0:22:42and hopefully, we can try and sort something out
0:22:42 > 0:22:44whereas I would like to put the entrance
0:22:44 > 0:22:46down the back of the garden, so...
0:22:46 > 0:22:48Would you be able to do that within your boundaries, then?
0:22:48 > 0:22:51- You'd just give them a different entrance.- Yeah, yeah.
0:22:51 > 0:22:53I've already had a little chat to them
0:22:53 > 0:22:55and so, we'll have a little chat later
0:22:55 > 0:22:59- and see what we can sort out for both.- Yeah, a friendly solution.
0:22:59 > 0:23:03- Yeah, so it's sorted for both parties, to be honest.- Oh, great.
0:23:03 > 0:23:05Whilst it's good to have a friendly solution
0:23:05 > 0:23:08to problems like shared access with neighbours,
0:23:08 > 0:23:10I always advise getting plans drawn up
0:23:10 > 0:23:13and a binding legal agreement made.
0:23:13 > 0:23:14When it comes to selling,
0:23:14 > 0:23:18a verbal contract, as they say, isn't worth the paper it's written on.
0:23:20 > 0:23:22And then what's the plan for it, then?
0:23:22 > 0:23:24Are you going to sell it on or rent it out?
0:23:24 > 0:23:27- I think we will sell it straight on, like, you know what I mean?- Mm-hm.
0:23:27 > 0:23:31Yeah, so that's... We are looking about six to eight weeks.
0:23:31 > 0:23:34Come in, a team of boys, straightaway
0:23:34 > 0:23:36and then get it straight on the market.
0:23:36 > 0:23:39What kind of budget have you set aside to do the work?
0:23:39 > 0:23:42- We will do it about 8,000 to 10,000. - OK.
0:23:42 > 0:23:44If we go over a little bit, yeah.
0:23:44 > 0:23:48So, you paid 38,500, so you are in it for 48,500-ish.
0:23:48 > 0:23:50- Done, yeah.- Done.
0:23:50 > 0:23:52What do you think it might be worth?
0:23:52 > 0:23:54I'd like about 65, something like that.
0:23:54 > 0:23:5565 to 70.
0:23:55 > 0:23:57- So, a reasonable return. - Yeah, not bad.
0:23:57 > 0:24:00And the market round here, are you confident you can sell it?
0:24:00 > 0:24:02Yeah, I think we should sort something out, yeah.
0:24:02 > 0:24:04- But you enjoy it, do you?- Yes, I do.
0:24:04 > 0:24:07I have a great team of friends as well,
0:24:07 > 0:24:11- So, that's everything, isn't it? - Good. How was the auction?
0:24:11 > 0:24:15- Yeah, yeah. First experience for me in the auction.- Oh, was it?
0:24:15 > 0:24:18Yes, yes. No, it was good.
0:24:18 > 0:24:20Heart was racing a bit, like, know what I mean?
0:24:20 > 0:24:24- But no, very good.- Well, listen, congratulations. Good luck with it.
0:24:24 > 0:24:28- We look forward to seeing how you get on.- Thank you very much. Thank you.
0:24:28 > 0:24:31So, Chris taking on a project here that is slightly smaller than
0:24:31 > 0:24:32the ones he is used to.
0:24:32 > 0:24:35But he has got the skills to make it a success
0:24:35 > 0:24:37and a team of people who can help him.
0:24:37 > 0:24:39How will he get on sorting this place out
0:24:39 > 0:24:42and how will that whole thing with the garden turn out?
0:24:42 > 0:24:44You can find out later in the show.
0:24:45 > 0:24:47DION: Coming up, my first time in the barber's chair
0:24:47 > 0:24:49in Sutton Coldfield.
0:24:49 > 0:24:52Now, this won't be a hair-raising experience,
0:24:52 > 0:24:55but I think it's a great investment opportunity.
0:24:56 > 0:25:00And Chris has got every reason to be mardy in Maerdy.
0:25:00 > 0:25:02We've had to get a lot gone from here,
0:25:02 > 0:25:05so we've had wagons and wagons gone from here.
0:25:10 > 0:25:13In London's South Croydon, we first saw a two-bed,
0:25:13 > 0:25:16end-of-terraced house, which looked OK from the outside.
0:25:16 > 0:25:18But stepping inside,
0:25:18 > 0:25:21well, the level of the task was evident from the off.
0:25:22 > 0:25:25Look at this. It is just flaking away...
0:25:25 > 0:25:28- SHE SNIFFS - ..and it absolutely stinks.
0:25:28 > 0:25:30You can smell the damp. It's very pungent in here.
0:25:30 > 0:25:34There are signs of woodworm down there in the corner.
0:25:34 > 0:25:37And on top of that, there were cracks
0:25:37 > 0:25:40and the whole house was in a pretty desperate state.
0:25:40 > 0:25:43And if that wasn't enough, you had to contend with trains
0:25:43 > 0:25:44and buses whizzing past.
0:25:46 > 0:25:49But none of this put off store manager Nick from buying it
0:25:49 > 0:25:53for £242,000 as his new home.
0:25:53 > 0:25:56And why should it when you've got a whole family team to call on?
0:25:58 > 0:26:01My dad who is done a lot of these properties himself, my stepdad
0:26:01 > 0:26:06is an upholsterer, so curtains are going to be free, I'm hoping.
0:26:06 > 0:26:10My uncle and auntie have recently bought an old pub
0:26:10 > 0:26:13near Bath that they are turning into a house,
0:26:13 > 0:26:18my stepgrandad is an architect as well, so...
0:26:18 > 0:26:20Oh, right, stop showing off.
0:26:20 > 0:26:24And so with the whole family team on hand and a £60,000 budget,
0:26:24 > 0:26:27he hoped he could get it turned into his new home in just six months.
0:26:27 > 0:26:29# We
0:26:29 > 0:26:32# Can make it together
0:26:35 > 0:26:38# We
0:26:38 > 0:26:41# Can make it together. #
0:26:41 > 0:26:43And now, over a year later,
0:26:43 > 0:26:46we are back to see what teamwork can get you.
0:26:46 > 0:26:49With a new front door and double-glazed windows,
0:26:49 > 0:26:52there's promising signs, but it's behind that front door
0:26:52 > 0:26:54where the house was in need of desperate attention.
0:27:08 > 0:27:11Wow. Just take a look at that!
0:27:11 > 0:27:14The kitchen and dining room are unrecognisable.
0:27:14 > 0:27:17Obviously, the kitchen was in a really, really bad state.
0:27:17 > 0:27:19It had lots of damp issues.
0:27:19 > 0:27:22We ripped the roof off completely, started afresh with the roof,
0:27:22 > 0:27:24where we added the roof terrace.
0:27:24 > 0:27:28Crikey! A roof terrace. That's a real bonus.
0:27:28 > 0:27:30And with rebuilding the kitchen area,
0:27:30 > 0:27:32they sorted out the crack in this part of the house.
0:27:32 > 0:27:36When we moved into the living room, we opened up the bifold doors,
0:27:36 > 0:27:38it's got some nice light coming through.
0:27:38 > 0:27:41Really extended the size of the room as well.
0:27:48 > 0:27:51Again, it is hard to believe we are looking at the same
0:27:51 > 0:27:54dark, damp house. This is some transformation!
0:27:58 > 0:28:02Those changes continue upstairs with the small bedroom
0:28:02 > 0:28:04and bathroom completely transformed.
0:28:07 > 0:28:10But the more significant changes have taken place
0:28:10 > 0:28:12in the master bedroom.
0:28:16 > 0:28:17Halfway through the year
0:28:17 > 0:28:21we decided to use the cupboard as an en-suite shower.
0:28:21 > 0:28:24Just give myself an en-suite in my room so I can be a bit lazy.
0:28:24 > 0:28:27Also, we did actually have to add a bit of a step in the shower.
0:28:27 > 0:28:29It's quite a large step, but actually,
0:28:29 > 0:28:32it does still make it feel like a nice-sized shower.
0:28:33 > 0:28:35I love that. That's a really clever use of space.
0:28:35 > 0:28:38And, of course, this bedroom's not just an en-suite,
0:28:38 > 0:28:41it also has access to the bonus roof terrace.
0:28:41 > 0:28:45And so, overall, Nick's got himself a fantastic house.
0:28:45 > 0:28:47And having moved in just three weeks ago,
0:28:47 > 0:28:50a long list of people need to be thanked.
0:28:51 > 0:28:53I've been lucky with my dad and the builder.
0:28:53 > 0:28:56They've done the majority of the work in the house.
0:28:56 > 0:28:59I've had some great support networks in terms of my friends have
0:28:59 > 0:29:02come in and helped knock some walls down, knock some ceilings down.
0:29:02 > 0:29:04Gut the place, basically. Towards the end,
0:29:04 > 0:29:07my friends have been helping again in terms of painting.
0:29:07 > 0:29:09My mum in terms of the garden and cleaning.
0:29:09 > 0:29:12She won't like that I said that but she's been brilliant with that.
0:29:12 > 0:29:15My family and friends in general have been absolutely fantastic.
0:29:15 > 0:29:18And my girlfriend, she's the one that puts the arty touch,
0:29:18 > 0:29:20the feminine touch on the side.
0:29:20 > 0:29:24For most of the renovation period Nick lived at his mother's.
0:29:24 > 0:29:28So how does it feel to finally have a place of his own?
0:29:28 > 0:29:31I bought the house to live in, to get into London.
0:29:31 > 0:29:36And it's just I now have a place to be, I have a place to stay,
0:29:36 > 0:29:38and it's just nice to have something of my own.
0:29:38 > 0:29:42Nick did a lot of the painting and some of the finishing touches.
0:29:42 > 0:29:44And although the cracks and the damp are a thing of the past,
0:29:44 > 0:29:48the road traffic and railway line are still certainly present.
0:29:49 > 0:29:52Yet the inside of the house has gone from this...
0:29:52 > 0:29:54METALLIC SCREECHING
0:29:54 > 0:29:56..to this...
0:29:56 > 0:29:57# It's oh so quiet
0:29:57 > 0:30:00# Sh, sh
0:30:00 > 0:30:04# It's oh so still... #
0:30:04 > 0:30:08We've actually soundproofed the whole house, all the walls,
0:30:08 > 0:30:10and plastered over.
0:30:10 > 0:30:14Getting the air to trap the sound, just to really reduce it.
0:30:14 > 0:30:17And also double glazing across the whole house.
0:30:17 > 0:30:21New windows, new doors, it just really helps out that sound.
0:30:21 > 0:30:23That's really impressive.
0:30:23 > 0:30:27Except there is no getting away from it when you are on the roof terrace.
0:30:30 > 0:30:32Well, I guess you might get used to it, eh?
0:30:32 > 0:30:35Nick's timescale for the renovation work went completely
0:30:35 > 0:30:36out of the window.
0:30:36 > 0:30:39Was he still able to keep his budget on track?
0:30:41 > 0:30:45I did originally say I was going to spend 60,000 on the house.
0:30:45 > 0:30:49I have spent a little bit over that. I spent between 65 and 70.
0:30:49 > 0:30:52It's just because of little things, like we've had to buy
0:30:52 > 0:30:55a brand-new kitchen that we weren't planning to do.
0:30:55 > 0:30:58We've added, obviously, the downstairs toilet,
0:30:58 > 0:31:00the upstairs shower room.
0:31:00 > 0:31:02Just those little added extras we've done along the way
0:31:02 > 0:31:04has added to the cost.
0:31:04 > 0:31:09£70,000 spent on top of his £242,000 purchase price
0:31:09 > 0:31:13takes Nick's total cost to 312,000.
0:31:13 > 0:31:18And I think this Croydon pad really looks to be something quite special.
0:31:18 > 0:31:21But what did two local estate agents think?
0:31:21 > 0:31:24Firstly, the agent who saw it last time.
0:31:24 > 0:31:28It's a complete transformation of this property.
0:31:28 > 0:31:31I think the owner has maximised
0:31:31 > 0:31:36and really eked out every opportunity to enhance and improve.
0:31:36 > 0:31:38I think it's a beautiful property.
0:31:38 > 0:31:40It's got lots of little quirky features. I really like it.
0:31:40 > 0:31:43It's really bright and open and airy. It's a lovely property.
0:31:43 > 0:31:44Yeah, I think
0:31:44 > 0:31:48the addition of the roof terrace above the kitchen area and
0:31:48 > 0:31:53cleaning up of the garden has really maximised on the outside space.
0:31:53 > 0:31:55The only negative that I can see is the train tracks being
0:31:55 > 0:31:58so close to the back of the property.
0:31:58 > 0:32:01If you open a window, a bedroom window, the downstairs,
0:32:01 > 0:32:04you're going to hear the trains. And they are so frequent as well.
0:32:04 > 0:32:05I think that is a drawback
0:32:05 > 0:32:08but I think they've offset that with the standard of finish.
0:32:09 > 0:32:12This is certainly, for the moment, going to be Nick's home.
0:32:12 > 0:32:17But is it a good investment having spent £312,000 on the house so far?
0:32:19 > 0:32:23We would market this property at £360,000.
0:32:23 > 0:32:27This property going on sale would sell for approximately £330,000.
0:32:27 > 0:32:31I'm quite happy with that. I was expecting closer to 330 anyway.
0:32:31 > 0:32:36360 is really nice to hear. But this is a long-term project for me still.
0:32:36 > 0:32:39Yes, Nick is not ready to cash in on a potential pre-tax
0:32:39 > 0:32:43profit of between £18,000-£48,000 quite yet.
0:32:43 > 0:32:48And the agents felt a rental figure of £1,300 per calendar month
0:32:48 > 0:32:52was right for the house, which would generate a 5% yield.
0:32:52 > 0:32:55Overall, does he feel it's all been worth it?
0:32:56 > 0:33:00If the last year has been a massive learning curve for me.
0:33:00 > 0:33:04It's been scary, it's been exciting, it's been upsetting,
0:33:04 > 0:33:06stressful, but I wouldn't change it for the world.
0:33:06 > 0:33:09Absolutely loved every single moment of it.
0:33:09 > 0:33:11And I look forward to doing it again in the future.
0:33:16 > 0:33:20- DION:- Today, I'm visiting Sutton Coldfield in the West Midlands.
0:33:20 > 0:33:22Lying just to the north of Birmingham,
0:33:22 > 0:33:27the town was incorporated into its larger neighbour back in 1974.
0:33:34 > 0:33:38Two years later saw the birth of the town's most famous celebrity,
0:33:38 > 0:33:39Cat Deeley.
0:33:39 > 0:33:41# She came
0:33:41 > 0:33:44# In the Year of the Cat... #
0:33:46 > 0:33:50In amongst this row of commercial units is the property
0:33:50 > 0:33:51I'm here to see.
0:33:51 > 0:33:54It used to be a barber's
0:33:54 > 0:33:57but the barber's is only half the story cos the barber's
0:33:57 > 0:34:02is on the lower floor and upstairs, you get two-bed flat as well.
0:34:02 > 0:34:07Now, for this whole unit, the guide price is £150,000.
0:34:07 > 0:34:09Let's go and see what you get for your money.
0:34:16 > 0:34:19Right, nice and bright in here. I do like that.
0:34:19 > 0:34:21All white, everywhere.
0:34:21 > 0:34:23I can imagine two mirrors on that wall
0:34:23 > 0:34:28and people chopping away at gentlemen's hair.
0:34:28 > 0:34:30Not so much mine, but let's not go there.
0:34:30 > 0:34:34Through here, bit more space as well to cut some more hair.
0:34:34 > 0:34:38Reception area. People waiting to get their hair cut as well.
0:34:38 > 0:34:42It all seems to be pretty well-kept. All white.
0:34:42 > 0:34:43Back here we've got the kitchen.
0:34:43 > 0:34:47All the cups of tea would have been made here. And...
0:34:47 > 0:34:49There is a toilet in there with a sink.
0:34:49 > 0:34:52So it's all set up to be a barber's.
0:34:52 > 0:34:55All looks in very good condition.
0:34:56 > 0:34:58Of course, there are other options.
0:34:58 > 0:35:01If you fancied running a caff or restaurant, you'd have to
0:35:01 > 0:35:03apply to the local council for change of use.
0:35:03 > 0:35:07But with its existing A1 status, you'd be free to convert
0:35:07 > 0:35:08this into a shop.
0:35:10 > 0:35:12But if you are anything like me,
0:35:12 > 0:35:16hopeless with a pair of scissors, you wouldn't keep it as a barbers.
0:35:16 > 0:35:19# I'm all fingers and thumbs
0:35:19 > 0:35:23# I don't know what I've done... #
0:35:23 > 0:35:27OK, upstairs, above the barbershop, and we have the two-bed flat.
0:35:27 > 0:35:29There is one of the bedrooms there,
0:35:29 > 0:35:33which would be bedroom number one, which is the larger of the two.
0:35:33 > 0:35:35The other one is just here, which is... It is a small bedroom.
0:35:35 > 0:35:37You'd squeeze a single bed in there.
0:35:37 > 0:35:40Across the hallway, into the lounge area.
0:35:40 > 0:35:44Decent size. Nice high ceilings. Nice and bright.
0:35:44 > 0:35:47Well-kept. Double glazed windows.
0:35:47 > 0:35:50Behind this curtain, we've got...
0:35:50 > 0:35:54the boiler. Bit of storage space there.
0:35:54 > 0:35:57I'd want to do something with that, make it look a little bit neater.
0:35:57 > 0:35:59Through into the kitchen, just here.
0:36:01 > 0:36:06And it's not a bad sized kitchen for a small two-bed flat.
0:36:07 > 0:36:11Through the sliding doors, you've got the shower room in there.
0:36:11 > 0:36:13Basically...
0:36:13 > 0:36:16You've got a place I think you'd be able to move
0:36:16 > 0:36:19straight into without doing a whole lot.
0:36:19 > 0:36:23The only thing I would do is probably put a door where
0:36:23 > 0:36:26the curtain was to hide that boiler.
0:36:26 > 0:36:28But I'm splitting hairs.
0:36:28 > 0:36:30I really like this flat.
0:36:30 > 0:36:33I'm leaving the splitting of hairs to any would-be barber
0:36:33 > 0:36:35looking to take this place on.
0:36:35 > 0:36:37There really isn't much to do here.
0:36:39 > 0:36:42The flat has its own entrance at the back of the building
0:36:42 > 0:36:45where there is also car parking and a small back yard.
0:36:46 > 0:36:49With a guide price of £150,000,
0:36:49 > 0:36:53will a local property expert see any opportunity to add value here?
0:36:56 > 0:36:59Well, there's little scope here to add value,
0:36:59 > 0:37:02because the work has already been done.
0:37:02 > 0:37:04The flat itself is very presentable.
0:37:04 > 0:37:06The shop likewise.
0:37:06 > 0:37:10Where it will become a good purchase is when it's fully occupied
0:37:10 > 0:37:13and the ground floor and first floor are both let.
0:37:13 > 0:37:17The flat upstairs is going to appeal to young professional types.
0:37:17 > 0:37:20There is a hospital around the corner.
0:37:20 > 0:37:23The area does benefit from a local railway station and good bus
0:37:23 > 0:37:26services into Birmingham city centre and Sutton Coldfield itself.
0:37:26 > 0:37:29So it's perfect for the younger professional type.
0:37:32 > 0:37:35And what about potential rental valuations?
0:37:35 > 0:37:39On the flat, we think the maximum rent is likely to be
0:37:39 > 0:37:41£525 per calendar month.
0:37:41 > 0:37:43On the ground-floor retail space,
0:37:43 > 0:37:47we would anticipate £750 per calendar month.
0:37:47 > 0:37:51Which would give a total of £1,275 per calendar month.
0:37:53 > 0:37:54And what about resale?
0:37:56 > 0:38:01The opportunity here is that the property was purchased vacant.
0:38:01 > 0:38:05Fully occupied at the type of rentals we've mentioned,
0:38:05 > 0:38:09then there is scope to make a small profit on resale.
0:38:10 > 0:38:13There is not a lot of work that needs to be done here.
0:38:13 > 0:38:16But what I would say, if you are going to get involved
0:38:16 > 0:38:19in commercial property, you've got to know what you are doing.
0:38:19 > 0:38:21Now this won't be a hair-raising experience,
0:38:21 > 0:38:24but I think it's a great investment opportunity.
0:38:24 > 0:38:27Let's see who's seen it when it went under the hammer.
0:38:28 > 0:38:31Retail premises. Well presented. Refurbished.
0:38:31 > 0:38:33Self-contained flat above.
0:38:33 > 0:38:35Start me at, what, 150.
0:38:35 > 0:38:36150, yes.
0:38:37 > 0:38:39£150,000 for lot 39.
0:38:41 > 0:38:44The auctioneer couldn't generate any interest at all at that price.
0:38:44 > 0:38:48And it was only at £100,000 when he received the opening bid.
0:38:48 > 0:38:52We rejoin the auction with the price standing at £144,000.
0:38:52 > 0:38:54144, sir. 144.
0:38:54 > 0:38:57Have another two, sir.
0:38:57 > 0:39:00At £144,000 then.
0:39:00 > 0:39:02For the first time. Are you all done at 144,000?
0:39:02 > 0:39:04I'll take 1,000 anyway.
0:39:04 > 0:39:06£1,000, sir?
0:39:06 > 0:39:08Yes, 145.
0:39:08 > 0:39:10At 145,000. You're out now at the back, sir.
0:39:10 > 0:39:13At £145,000. 146.
0:39:13 > 0:39:15147, sir? Have another one.
0:39:15 > 0:39:17147.
0:39:17 > 0:39:18148.
0:39:18 > 0:39:20148.
0:39:20 > 0:39:22Make it 150, sir?
0:39:22 > 0:39:23150?
0:39:23 > 0:39:25150 bid.
0:39:25 > 0:39:2815... Well, I say one, I'll just say two?
0:39:28 > 0:39:30150 seated. 151, sir?
0:39:31 > 0:39:36I'll take 1,000 anywhere. Are you all done at £150,000? It's cheap.
0:39:36 > 0:39:38Being sold for the first time.
0:39:39 > 0:39:43For the second time then at £150,000. Are you all done?
0:39:43 > 0:39:46- Third and the very last time. - BANGS GAVEL
0:39:46 > 0:39:49It's yours, sir. You won the race. Well done.
0:39:49 > 0:39:54All that effort just to end up where we started. That's auctions for you.
0:39:54 > 0:39:58Hidden from view for most of the option was successful bidder, Steve.
0:39:58 > 0:40:03A buy-to-let landlord who paid exactly the guide price of £150,000.
0:40:03 > 0:40:05So, what's his plan?
0:40:05 > 0:40:09Will he go for the complete restyle or just take a bit off the top?
0:40:09 > 0:40:11I met him back at the property to find out.
0:40:16 > 0:40:19# Almost cut my hair... #
0:40:21 > 0:40:22Steve, nice to meet you.
0:40:22 > 0:40:25- Me too.- Congratulations, sir. - Thank you very much.
0:40:25 > 0:40:28What was it about this property that made you say, "I want it"?
0:40:28 > 0:40:32I'd seen it advertised. And viewed it.
0:40:32 > 0:40:36I thought, "Well, OK. There doesn't seem to be a great deal
0:40:36 > 0:40:38"the matter with it. Give it a go."
0:40:38 > 0:40:41And I think it's just probably a little bit of an instinct.
0:40:41 > 0:40:43I've only been doing this for about ten years
0:40:43 > 0:40:46so I still feel that I'm quite new to it.
0:40:46 > 0:40:50But, you know, you develop little sort of instincts and things.
0:40:50 > 0:40:54The day that I came along to look at it, it was a nice, bright day
0:40:54 > 0:40:56and, yeah, it's got a good feel about it.
0:40:56 > 0:40:59Do you think there's a niche for this kind of property
0:40:59 > 0:41:02and people like yourself, because not many people go for these
0:41:02 > 0:41:04commercial/residential mixes, do they?
0:41:04 > 0:41:08No. No, that's right. It has worked for me, yes.
0:41:08 > 0:41:12So I suppose that's why I've got that bit of confidence about this
0:41:12 > 0:41:14sort of place. You look for a bargain,
0:41:14 > 0:41:18but you look for what you are sort of used to, I suppose.
0:41:18 > 0:41:22- And I've had quite good results with shops with flats over.- Mm.
0:41:22 > 0:41:25And that seems to be a little thing that I tune in on.
0:41:25 > 0:41:30A nice little flat like this, close to Sutton town centre,
0:41:30 > 0:41:32it can't really fail.
0:41:32 > 0:41:35And the shop, I'm sure we will, one way or another,
0:41:35 > 0:41:37tailor it to lease to someone.
0:41:38 > 0:41:43Steve has gathered 25 properties in his ten years at this game.
0:41:43 > 0:41:46He has some two- and three-bedroom houses, a mixture of flats,
0:41:46 > 0:41:50and some retail units. He has carved out a niche here.
0:41:50 > 0:41:52So what are his plans for it?
0:41:52 > 0:41:55With shops, quite often you don't have to do a lot.
0:41:55 > 0:41:57I mean, it's clean and tidy.
0:41:57 > 0:42:01- People will come along and do their own shop fit, you see.- Of course.
0:42:01 > 0:42:04So there is not much point in changing things.
0:42:04 > 0:42:07- Initially, for the marketing, leave it as it is.- Yes.
0:42:07 > 0:42:11If we market it and we find that we are struggling then we would
0:42:11 > 0:42:17look at possibly going for change of use to A3, which would be fast food.
0:42:17 > 0:42:19- Yeah.- It's a bit speculative
0:42:19 > 0:42:23and we would have to see what the planners thought about that.
0:42:23 > 0:42:25And also the local residents. Yeah.
0:42:25 > 0:42:29I wouldn't want to do anything if everybody was up in arms against it.
0:42:29 > 0:42:32- So...- It's just doing a little bit of research, isn't it?
0:42:32 > 0:42:33Yeah, that's right.
0:42:33 > 0:42:35Making sure what you put your works for people
0:42:35 > 0:42:38- because if you put the right thing in the right place...- Yeah.
0:42:38 > 0:42:40- Surely that's got to be good. - That's right.
0:42:40 > 0:42:43I could see it being a successful takeaway
0:42:43 > 0:42:48because it's a heavily populated residential area. So it could work.
0:42:48 > 0:42:50But the planners may not agree.
0:42:50 > 0:42:54And some of the residences may not be too happy with that.
0:42:57 > 0:43:01I like the fact that Steve is being flexible with his plans,
0:43:01 > 0:43:02but one thing puzzles me.
0:43:04 > 0:43:06He's set himself a budget of two to three grand
0:43:06 > 0:43:09and a timescale of two to three weeks.
0:43:09 > 0:43:11But looking around this place,
0:43:11 > 0:43:14I'm struggling to see where the time and money would go.
0:43:14 > 0:43:16You go through the whole thing.
0:43:16 > 0:43:19And the central heating system, sometimes there are bugs,
0:43:19 > 0:43:20things that need to be dealt with.
0:43:20 > 0:43:23So I'm giving myself a generous margin
0:43:23 > 0:43:26- and I hope it won't come to that.- I think you'll be OK with that budget.
0:43:26 > 0:43:28I think you'll get some change out of that as well.
0:43:28 > 0:43:30Yeah, I think so. Or I hope so. Yeah.
0:43:30 > 0:43:31Definitely from what I've seen upstairs.
0:43:31 > 0:43:33But you only need an iffy boiler or something
0:43:33 > 0:43:36- and that can be, you know, 700 or 800 quid.- Uh-huh.
0:43:36 > 0:43:39Steve is right to be cautious. You just never know.
0:43:39 > 0:43:42Even the best-looking property can catch you out.
0:43:42 > 0:43:45Am I tempting fate by asking this question?
0:43:45 > 0:43:49Is this going to be the easiest one in your portfolio to turn around?
0:43:49 > 0:43:53So far, it certainly looks by far the easiest, yeah.
0:43:53 > 0:43:56I haven't sort of picked one up before that's in this condition.
0:43:56 > 0:43:58So, yeah.
0:43:58 > 0:44:03Will you deviate from your background of commercial
0:44:03 > 0:44:05and residential?
0:44:05 > 0:44:08Will you maybe go all residential or all commercial one day?
0:44:08 > 0:44:10I keep an open mind.
0:44:10 > 0:44:14And I have to say, if a good deal comes along I would look at it.
0:44:14 > 0:44:17- Wherever and whatever. - That is the correct answer.
0:44:17 > 0:44:19Oh, thank you. THEY BOTH LAUGH
0:44:19 > 0:44:22- Thank you very much.- I wish you all the best here.- Thank you, Dion.
0:44:25 > 0:44:27So Steve is quite a shrewd chap.
0:44:27 > 0:44:30And I think he's found himself a bit of a niche in the market with
0:44:30 > 0:44:33that commercial/residential mix of property.
0:44:33 > 0:44:36He has given himself two to three weeks to get the work done.
0:44:36 > 0:44:39I don't think he'll use half that time.
0:44:39 > 0:44:42And in his budget he's given himself £2,000-£3,000.
0:44:42 > 0:44:46He will probably use half of that but it's always good to have a
0:44:46 > 0:44:49contingency just in case you find something you are not expecting.
0:44:49 > 0:44:52But you can find out how Steve gets on later on in the programme.
0:44:56 > 0:44:58That's one property done, just two to go.
0:44:58 > 0:45:01I know it's sometimes best to expect the unexpected.
0:45:01 > 0:45:03But how did they all get on?
0:45:03 > 0:45:06I think we should go back and find out.
0:45:07 > 0:45:11Back now to the Maerdy, the Welsh village in the Rhondda Valley,
0:45:11 > 0:45:14where earlier I looked around this three-bed semi
0:45:14 > 0:45:19bought by construction site manager Chris for £38,500.
0:45:19 > 0:45:23He had quite a list of jobs for his building trades friends to get
0:45:23 > 0:45:27through, for a budget of just eight to ten grand.
0:45:27 > 0:45:31Needs doors, kitchen, bathroom suite,
0:45:31 > 0:45:34do a bit of plastering works.
0:45:34 > 0:45:40New front doors, back doors, garden works etc.
0:45:40 > 0:45:43The garden wasn't without its problems.
0:45:43 > 0:45:45Some more obvious than others.
0:45:45 > 0:45:49Good news - you've got a half decent sized rear garden.
0:45:49 > 0:45:51Although it could do with a bit of tidying up.
0:45:51 > 0:45:56But some potential bad news, because there is this side gate. That's OK.
0:45:56 > 0:45:59It accesses this little lane here. But unfortunately,
0:45:59 > 0:46:03it isn't the only access to the neighbouring property's garden.
0:46:03 > 0:46:07Chris was hoping to come to a better arrangement.
0:46:07 > 0:46:09Hopefully we can try and sort something out.
0:46:09 > 0:46:12I'd like to put in entrance down the back of the garden.
0:46:12 > 0:46:16So we will have a little chat later and see what we can sort out.
0:46:16 > 0:46:20Chris hoped to complete in six weeks. We are back in 15.
0:46:23 > 0:46:27Chris has really opened up the lounge space by removing the wall
0:46:27 > 0:46:31that encased the stairs and under-stairs cupboard.
0:46:31 > 0:46:36The internal porch is no more. But there is much more space.
0:46:36 > 0:46:38# I'm home
0:46:38 > 0:46:40# Home
0:46:40 > 0:46:42# Home
0:46:42 > 0:46:43# Home, home
0:46:43 > 0:46:45# And I'm home
0:46:45 > 0:46:47# Home
0:46:47 > 0:46:49# Home
0:46:49 > 0:46:50# Home
0:46:54 > 0:46:59# But I'm miles and miles and miles and miles and miles away... #
0:46:59 > 0:47:03The kitchen now has modern appliances, units, tiles,
0:47:03 > 0:47:06and a boiler at the heart of the central heating system.
0:47:12 > 0:47:14# Home... #
0:47:14 > 0:47:18The electrics were tested and rewired where necessary.
0:47:18 > 0:47:21Chris reskimmed the walls and ceiling himself.
0:47:21 > 0:47:24And the room's finished off with new laminate flooring.
0:47:27 > 0:47:29# Home
0:47:29 > 0:47:31# Home
0:47:31 > 0:47:34# Home, home... #
0:47:34 > 0:47:37The final downstairs room, the bathroom,
0:47:37 > 0:47:42has also been replastering, retiled, re-floored, and has a new suite.
0:47:44 > 0:47:46# Home
0:47:46 > 0:47:48# Home
0:47:48 > 0:47:50# Home
0:47:50 > 0:47:51# Home, home
0:47:51 > 0:47:53# And I'm home... #
0:47:53 > 0:47:56There are new doors and carpets throughout the house,
0:47:56 > 0:48:00which should make it easier for Chris' plan to resell.
0:48:02 > 0:48:08# But I'm miles and miles and miles and miles and miles away... #
0:48:09 > 0:48:14But the longest time was spent, as predicted, fixing up the garden.
0:48:14 > 0:48:15# Home
0:48:15 > 0:48:17# Home
0:48:17 > 0:48:20# Home... #
0:48:20 > 0:48:25Basically, what we've done out here, we've had to rip all the wall out.
0:48:25 > 0:48:28Basically rebuild it all back up.
0:48:28 > 0:48:32We had quite a lot of rubbish in the garden so what we've done,
0:48:32 > 0:48:33we got rid of everything.
0:48:33 > 0:48:36Basically, we've had to get lots gone from here.
0:48:36 > 0:48:39We've had wagons and wagons gone from here.
0:48:39 > 0:48:43New fencing right the way round to keep it nice and safe as well.
0:48:43 > 0:48:49Re-turfed it. Shrubs and basically gold flint everywhere.
0:48:49 > 0:48:53Chris did resolve the access issue with his neighbour.
0:48:53 > 0:48:55So he was able to move the access point.
0:48:55 > 0:48:58There is a path running along the very back now.
0:48:58 > 0:49:00It basically works both ways.
0:49:00 > 0:49:05He's got a nicer walkway through and we've got a bigger garden now.
0:49:05 > 0:49:06So, yeah, worked well.
0:49:06 > 0:49:10But the intensive work on rebuilding the garden retaining wall did
0:49:10 > 0:49:15take Chris' budget right to the top of his £10,000 maximum.
0:49:16 > 0:49:19We invited two local estate agents round to give us their
0:49:19 > 0:49:22thoughts and valuations.
0:49:22 > 0:49:25I've seen this property before and the changes are great.
0:49:25 > 0:49:27He's done all the basics but he's done a really good job.
0:49:27 > 0:49:30I'm very impressed with the rear garden. Very good job.
0:49:30 > 0:49:34Organising the right of way I think is a good thing.
0:49:34 > 0:49:36It probably would have put people off
0:49:36 > 0:49:40if they knew that they had to allow access to the
0:49:40 > 0:49:43neighbour from the front, well,
0:49:43 > 0:49:46from the front of the garden as opposed to the rear of the garden.
0:49:46 > 0:49:50Chris has always been clear about reselling.
0:49:50 > 0:49:53But just in case, what would the rental values be?
0:49:54 > 0:49:58The rental market in this area isn't as strong as other
0:49:58 > 0:50:01parts of the Rhondda Valley.
0:50:01 > 0:50:05I would estimate putting the property on the market
0:50:05 > 0:50:07for £400 per calendar month.
0:50:07 > 0:50:09If the purchaser would have rented it
0:50:09 > 0:50:12he would have achieved at least £450 per calendar month.
0:50:12 > 0:50:17That top valuation could achieve an 11% yield. You tempted, Chris?
0:50:17 > 0:50:21No. No. Quick sale.
0:50:21 > 0:50:25OK, chaps. What do you think Chris should expect for a quick sale?
0:50:25 > 0:50:29If I was selling this property, I would value it today at £75,000.
0:50:29 > 0:50:32If I was to put the property on the market,
0:50:32 > 0:50:34I would market it at £60,000.
0:50:34 > 0:50:37But it is all a bit academic, chaps.
0:50:37 > 0:50:41We had someone come in straightaway. There is no mucking around.
0:50:41 > 0:50:44He's no mortgage or anything. You know, we'll pass it straight on.
0:50:44 > 0:50:48We have got another venture to go straight into. So, happy days.
0:50:48 > 0:50:50So, yeah, all good, like.
0:50:50 > 0:50:55Chris has accepted an offer of £60,000,
0:50:55 > 0:50:57the bottom end of valuations.
0:50:57 > 0:51:02A pre-taxes and expenses potential profit of nearly £12,000.
0:51:02 > 0:51:05So is he tempted to give up the day job?
0:51:05 > 0:51:10I enjoy doing this like, but no. I like my job. I'll stick to that.
0:51:15 > 0:51:18We are returning now to Sutton Coldfield in the Midlands
0:51:18 > 0:51:22where earlier I looked around a two-bed flat above a shop.
0:51:23 > 0:51:28Bought for bang on the guide price of £150,000 by Steve.
0:51:28 > 0:51:32A former electrical engineer, Steve had 25 properties.
0:51:32 > 0:51:35And so this is a perfect fit for his rental portfolio.
0:51:38 > 0:51:41A nice little flat like this, close to Sutton town centre,
0:51:41 > 0:51:43it can't really fail.
0:51:43 > 0:51:47And the shop, I'm sure we will, one way or another,
0:51:47 > 0:51:49tailor it to lease to someone.
0:51:49 > 0:51:53So do you think there is a little niche for this kind of property
0:51:53 > 0:51:55and people like yourself, because not many people go for these
0:51:55 > 0:51:58commercial/residential mixes, do they?
0:51:58 > 0:52:01No. No, that's right. It has worked for me, yeah.
0:52:01 > 0:52:03So I suppose that's why I've got that
0:52:03 > 0:52:06bit of confidence about this sort of place.
0:52:06 > 0:52:07You look for a bargain
0:52:07 > 0:52:11but you look for what you are sort of used to, I suppose.
0:52:11 > 0:52:15- And I've had quite good results with shops with flats over.- Mm.
0:52:15 > 0:52:19And that seems to be a little thing that I tune in on.
0:52:19 > 0:52:23With commercial units, it's wise to be flexible.
0:52:23 > 0:52:27The type of business interested in the shop may have different
0:52:27 > 0:52:30requirements for the layout. Or even change of use.
0:52:31 > 0:52:34I thought Steve's budget of £2,000-£3,000
0:52:34 > 0:52:39and a timescale of two to three weeks was more than adequate.
0:52:39 > 0:52:42Is this going to be the easiest one in your portfolio to turn over?
0:52:42 > 0:52:46So far, it certainly looks by far the easiest, yeah.
0:52:46 > 0:52:51I haven't picked one up before that's in this condition. So, yeah.
0:52:52 > 0:52:56We are back one month later to see the results of Steve's work.
0:52:56 > 0:52:59It would have taken just a week to ten days, he estimates,
0:52:59 > 0:53:01if he hadn't spread the work out.
0:53:03 > 0:53:07It may be a little tricky to spot the changes in places
0:53:07 > 0:53:08so I'll help you out.
0:53:08 > 0:53:12Starting with the entrance to the flat, which looked like this.
0:53:15 > 0:53:17Now it looks...
0:53:17 > 0:53:18Well, the same.
0:53:21 > 0:53:24There are big changes in the lounge. Comparatively.
0:53:28 > 0:53:29A new fire has been installed.
0:53:32 > 0:53:36And I'm glad to see the boiler curtains have been replaced
0:53:36 > 0:53:38with a pair of doors.
0:53:38 > 0:53:40Apart from a clean up all round,
0:53:40 > 0:53:42it has to be said, everything looks the same.
0:53:42 > 0:53:44Because it is.
0:53:44 > 0:53:46Apart from the bathroom.
0:53:46 > 0:53:49Where there is now a shower curtain.
0:53:49 > 0:53:53Oh, and the bathroom and the kitchen have had a coat of emulsion.
0:54:02 > 0:54:05We could carry on playing spot-the-difference in the shop,
0:54:05 > 0:54:08but there's little point as nothing has really changed.
0:54:13 > 0:54:17However, there has been a relatively significant change
0:54:17 > 0:54:18outside at the back.
0:54:21 > 0:54:24Steve's replaced the bin-store lid.
0:54:28 > 0:54:33So did Steve's minimalist approach cut it with the potential renters?
0:54:33 > 0:54:37Yes, we have a tenant for the flat lined up to go in next Wednesday.
0:54:37 > 0:54:41And we're talking to some people regarding taking a lease on the shop.
0:54:41 > 0:54:44Which we're very positive about.
0:54:44 > 0:54:46They have a good business model, a good plan,
0:54:46 > 0:54:49which we're very confident will work for them.
0:54:49 > 0:54:51So yeah, very positive about that.
0:54:51 > 0:54:55So the lack of refurbishment in the shop didn't deter the tenants
0:54:55 > 0:54:57he's got lined up.
0:54:57 > 0:55:00They want to change the whole inside of the shop anyway.
0:55:00 > 0:55:05So it would've been a waste of time and money to really change anything.
0:55:05 > 0:55:07There's no point. So that's the same.
0:55:07 > 0:55:11How did the two to three grand budget fare in the end?
0:55:12 > 0:55:14Budget's about 1,200 on the flat.
0:55:14 > 0:55:20And the shop, a very small amount of money. Probably under £100.
0:55:20 > 0:55:24As we know, Steve's already got a tenant for the flat
0:55:24 > 0:55:27and is negotiating with one for the shop.
0:55:27 > 0:55:30So we called in two local property experts to give us their opinions.
0:55:32 > 0:55:35Only the agent who saw the property before will value the shop,
0:55:35 > 0:55:39as he's got commercial experience, but they'll both value the flat.
0:55:41 > 0:55:43The flat presents very well.
0:55:43 > 0:55:46It was a fairly simple project that was required here.
0:55:46 > 0:55:48It presented well at the point of sale.
0:55:48 > 0:55:50I think there has been a little bit of decorating,
0:55:50 > 0:55:52a little bit of freshening up.
0:55:52 > 0:55:54But that was really all that was required.
0:55:54 > 0:55:57The property has been finished to a basic standard,
0:55:57 > 0:56:00but for the market as it is at the moment,
0:56:00 > 0:56:03which is very buoyant in terms of lettings, I think
0:56:03 > 0:56:06he's done sufficient to be able to let the property out.
0:56:06 > 0:56:10We haven't told the agents that Steve has already let the flat
0:56:10 > 0:56:14to see how their valuations compare to the level Steve has achieved.
0:56:14 > 0:56:17If we were to put this on the market at the moment, it would
0:56:17 > 0:56:20let out for around £500 per calendar month.
0:56:20 > 0:56:23I think if he was to rent this flat it should be
0:56:23 > 0:56:28achieving between 450 and £500 per calendar month.
0:56:28 > 0:56:31Yeah, well, that's fine. I mean, we've achieved 500.
0:56:31 > 0:56:35So I'm happy with that. Or 495.
0:56:35 > 0:56:36Near enough.
0:56:36 > 0:56:39Steve paid at auction £150,000
0:56:39 > 0:56:43and has subsequently spent on refurbishment 1,300 quid.
0:56:43 > 0:56:46So what's the value of the lease on the shop?
0:56:47 > 0:56:53The shop should again be readily lettable.
0:56:53 > 0:56:58I would expect a rental there of between £8,500-£9,000 per annum.
0:56:58 > 0:57:01We've got 8,500 so I'm happy with that.
0:57:01 > 0:57:03Taking the total rental income of both the shop
0:57:03 > 0:57:07and the flat gives Steve a 9.5% yield on his investment.
0:57:07 > 0:57:09So will he keep adding to his portfolio?
0:57:12 > 0:57:15I'll keep an eye open for whatever is around.
0:57:15 > 0:57:19You know, always on the lookout for a little bargain, I suppose. Yeah.
0:57:19 > 0:57:22Shop, house, whatever. Yeah.
0:57:22 > 0:57:23Oh, and can he tell us what the
0:57:23 > 0:57:26business is he's going to be moving into the shop?
0:57:26 > 0:57:31A very upmarket gentleman's grooming salon, which is
0:57:31 > 0:57:35like a really smart sort of barbershop plus, plus.
0:57:35 > 0:57:39And we are very confident that would be in the right area for it.
0:57:39 > 0:57:43And, as the landlord, have you negotiated some mate's rates?
0:57:43 > 0:57:46Not that it would do me much good now, really, would it,
0:57:46 > 0:57:47to go and have a nice hairdo?
0:57:47 > 0:57:50I feel your pain, Steve. But there are advantages.
0:57:50 > 0:57:53Think of the money we are saving in haircuts.
0:57:58 > 0:58:01So that is the story for today's buyers.
0:58:01 > 0:58:04But with so many auctions taking place all over the country,
0:58:04 > 0:58:05we've got so many tales to tell.
0:58:05 > 0:58:08So we will look forward to seeing you next time for more
0:58:08 > 0:58:10- Homes Under The Hammer. - We will see you, then. ALL:- Bye.