0:00:02 > 0:00:03Hello, and welcome to Homes Under The Hammer.
0:00:03 > 0:00:06Now, one thing we constantly see while travelling round the country
0:00:06 > 0:00:09is that every property has a story to tell.
0:00:09 > 0:00:11Yeah, and if you know what that story is in your area,
0:00:11 > 0:00:13it might just give you a head start.
0:00:13 > 0:00:15So, why not gather some local knowledge
0:00:15 > 0:00:19and then head down to your local property auction?
0:00:44 > 0:00:48Once you've decided to buy a property at auction, go and see it.
0:00:48 > 0:00:51- Then do your research, then read the legal pack.- Yeah.
0:00:51 > 0:00:53I hope that's what today's buyers did.
0:00:53 > 0:00:55Shall we find out? Let's.
0:00:56 > 0:01:01There's not much space on offer in this one-bed flat in South London.
0:01:01 > 0:01:04This is the one bedroom of the one-bedroom flat,
0:01:04 > 0:01:05and it's tiny!
0:01:07 > 0:01:11And in Cheshire, there's plenty of room, but plenty of cracks.
0:01:11 > 0:01:13If you can do this,
0:01:13 > 0:01:15there's definitely, definitely structural work.
0:01:17 > 0:01:21And can you spot the problem with this two-bed semi in Derby?
0:01:23 > 0:01:26Exciting news - I think there's a problem with the floor.
0:01:28 > 0:01:30All these properties were bought at auction.
0:01:30 > 0:01:32We'll find out who got them and how much they paid
0:01:32 > 0:01:34when they went under the hammer.
0:01:34 > 0:01:36It's yours, sir. Thank you.
0:01:40 > 0:01:43Eight miles southeast of Central London is Catford.
0:01:43 > 0:01:46Word has it that the name came from a ford
0:01:46 > 0:01:51over the River Ravensbourne where wildcats once lived.
0:01:51 > 0:01:55Today, the cat theme continues with the famous giant fibreglass cat
0:01:55 > 0:01:59that sits above the entrance to the shopping centre.
0:01:59 > 0:02:02# And everybody tells me that it's cool to be a cat
0:02:02 > 0:02:04- # Cool for cats - Cool for cats... #
0:02:04 > 0:02:07Now, I'm on the prowl for a one-bedroom flat
0:02:07 > 0:02:09along this really nice road.
0:02:09 > 0:02:13It had a guide price of £100,000 plus,
0:02:13 > 0:02:16which sounds like good value for this area,
0:02:16 > 0:02:18although being an auction property,
0:02:18 > 0:02:22I'm fairly sure it won't be purr-fect inside.
0:02:22 > 0:02:24All right, enough with the cat puns. I'm going in.
0:02:24 > 0:02:26SHE GIGGLES
0:02:26 > 0:02:29The flat I'm here to see is on the top floor,
0:02:29 > 0:02:31so there better be some good views.
0:02:31 > 0:02:33It's leasehold with 99 years left to run
0:02:33 > 0:02:35and is obviously a modern build
0:02:35 > 0:02:38that's been designed to blend in with its older neighbours.
0:02:41 > 0:02:44And on the inside... Ooh!
0:02:44 > 0:02:46On the inside, it's quite compact.
0:02:46 > 0:02:49So, we'll come back to this room, but in here,
0:02:49 > 0:02:52well, this is the one bedroom of the one-bedroom flat,
0:02:52 > 0:02:55and it's tiny! I mean, it really is small.
0:02:55 > 0:02:57If you were to stick a double bed down there,
0:02:57 > 0:02:59well, it'd be touching three of the walls in here.
0:02:59 > 0:03:02You could also think about getting rid of this door
0:03:02 > 0:03:04to just create a bit more space,
0:03:04 > 0:03:07but do you really not want to have a door on your bedroom?
0:03:07 > 0:03:10Probably not. So, very disappointing in there.
0:03:10 > 0:03:13And through here? Well, this is not such a bad space.
0:03:13 > 0:03:14Although that?
0:03:14 > 0:03:16- That's the kitchen area! - SHE LAUGHS
0:03:16 > 0:03:19Look at the little designated area of lino
0:03:19 > 0:03:22in case there are any spillages, but there's no oven here.
0:03:22 > 0:03:23You have got a little hob,
0:03:23 > 0:03:26but I think you need to scrap that whole idea
0:03:26 > 0:03:29and think about creating maybe an L-shaped kitchen area
0:03:29 > 0:03:32and just put a little bit more in.
0:03:32 > 0:03:36But what I do like is the size of this room and the ceiling height.
0:03:36 > 0:03:38So, there's not a lot of storage in this flat,
0:03:38 > 0:03:40and one thing I have seen done in the past -
0:03:40 > 0:03:41and it does look fantastic -
0:03:41 > 0:03:44is lots of boxes and storage up above,
0:03:44 > 0:03:47so that is something worth thinking about.
0:03:47 > 0:03:50Bathroom, I think, is in here.
0:03:50 > 0:03:55Now, funnily, the bathroom is so much bigger than the bedroom.
0:03:55 > 0:03:58And it's got a really bad smell in there,
0:03:58 > 0:04:01I think due to some sort of sewage pipe,
0:04:01 > 0:04:04so that definitely needs to be looked at.
0:04:04 > 0:04:07Rather unusual, but that bathroom's a whole lot bigger
0:04:07 > 0:04:08than that bedroom.
0:04:08 > 0:04:11So, this flat pretty much does what it says on the tin,
0:04:11 > 0:04:14but for a one-bedder, it's fairly small.
0:04:14 > 0:04:16# Got my nose open, baby
0:04:19 > 0:04:21# Got my nose open, baby... #
0:04:22 > 0:04:25Unfortunately, in a small flat like this,
0:04:25 > 0:04:27there's no escaping the smell,
0:04:27 > 0:04:30so until it's fixed, best keep that door shut.
0:04:31 > 0:04:34Now, another downside is the lack of central heating.
0:04:34 > 0:04:36These electric wall heaters will have to suffice,
0:04:36 > 0:04:38unless the new owner wants the upheaval
0:04:38 > 0:04:41of having a boiler system installed.
0:04:42 > 0:04:44But there is one thing that I do love,
0:04:44 > 0:04:47and it's a real bonus about being on the top floor in a flat -
0:04:47 > 0:04:48it's the view outside.
0:04:48 > 0:04:51You can see right across London, which is fantastic.
0:04:52 > 0:04:56Yup, I could sit here all day and just watch the world go by,
0:04:56 > 0:04:58but I need to head down to ground level
0:04:58 > 0:05:00and check out the back of the property.
0:05:01 > 0:05:04# I've got a room
0:05:06 > 0:05:10# I've got a room with a view... #
0:05:10 > 0:05:12Now, the good news is that out the back here,
0:05:12 > 0:05:15well, you've got access to a communal garden.
0:05:15 > 0:05:17But the bad news is, well,
0:05:17 > 0:05:19- it looks like that. - SHE CHUCKLES
0:05:19 > 0:05:22Outside space in London, now, it usually adds value,
0:05:22 > 0:05:25but right now, I don't think you'll be paying much
0:05:25 > 0:05:28for the privilege of sitting out here, do you?
0:05:31 > 0:05:33He's not exactly running,
0:05:33 > 0:05:35but here comes the local property expert
0:05:35 > 0:05:38who we've invited along to take a look around the flat.
0:05:38 > 0:05:41# Be running up that road
0:05:41 > 0:05:43# Be running up that hill
0:05:43 > 0:05:46# Be running up that building... #
0:05:46 > 0:05:48There's been a lot of changes in the area.
0:05:48 > 0:05:50I mean, Lewisham's had a lot of regeneration,
0:05:50 > 0:05:52and that seems to be coming down to Catford now
0:05:52 > 0:05:54and regenerating the area.
0:05:54 > 0:05:57They've redone the high street and the paving and stuff like that,
0:05:57 > 0:05:58so the area's coming up.
0:05:58 > 0:06:00They've got new coffee shops and stuff like that,
0:06:00 > 0:06:02we've got some of the bigger brands,
0:06:02 > 0:06:05which is always a good sign that an area's on the up.
0:06:05 > 0:06:07Catford sounds like a good place to buy at the moment,
0:06:07 > 0:06:09but what are his thoughts on this flat?
0:06:11 > 0:06:16It's a small, compact flat. Probably the size of a studio flat.
0:06:16 > 0:06:19However, whoever buys this, with some very good planning,
0:06:19 > 0:06:22they could get a double bed in, sofa, a decent-sized kitchen in.
0:06:22 > 0:06:24Just for one person, it's fine.
0:06:24 > 0:06:27For two people, well, you've got to really like each other.
0:06:27 > 0:06:30And for a guide price of £100,000 plus,
0:06:30 > 0:06:33what could this flat potentially be worth?
0:06:33 > 0:06:36Once renovated, I believe the flat would sell for
0:06:36 > 0:06:39between £200,000 and £210,000,
0:06:39 > 0:06:42and rental-wise, depending on the seasons,
0:06:42 > 0:06:46it would be between £900 and £995 per calendar month.
0:06:47 > 0:06:51Well, there's only so much you can do to a small flat like this,
0:06:51 > 0:06:53but it does mean that it shouldn't take too much money
0:06:53 > 0:06:55to turn it around.
0:06:55 > 0:06:57So, who was ready to pounce on this in the auction room?
0:06:57 > 0:07:00Let's find out when it went under the hammer.
0:07:02 > 0:07:04Top-floor flat in need of modernisation.
0:07:04 > 0:07:07Offered with vacant possession.
0:07:07 > 0:07:09Who'd like to give me a start on this?
0:07:09 > 0:07:11120 anywhere?
0:07:11 > 0:07:14Yeah? You having a crack? Thank you. 120, I've got.
0:07:14 > 0:07:18122, thank you. 124. 126.
0:07:18 > 0:07:20This proved to be a popular lot.
0:07:20 > 0:07:25We rejoin the auction with the price at £150,000.
0:07:25 > 0:07:29150. 152. 154.
0:07:30 > 0:07:33No? It's with you, sir, in the grey jumper here on my left.
0:07:33 > 0:07:37It's £152,000 against the gentleman here.
0:07:37 > 0:07:40Bid's £152,000. Anybody else?
0:07:40 > 0:07:45If not, 152 for the first. 152 for the second.
0:07:45 > 0:07:49152 for the third and final time. All done?
0:07:49 > 0:07:50Sold, 152.
0:07:50 > 0:07:54And it was Steve who made that successful bid.
0:07:54 > 0:07:57He was bidding on behalf of his partner's daughter, Jackie.
0:08:00 > 0:08:03Jackie is a 19-year-old drama graduate,
0:08:03 > 0:08:04and this top-floor flat
0:08:04 > 0:08:08represents her first leap onto the property ladder,
0:08:08 > 0:08:12and a cat from Catford even turned up to welcome her.
0:08:12 > 0:08:14- CAT MIAOWS - # Black and orange stray cat
0:08:14 > 0:08:16# Sitting on a fence... #
0:08:17 > 0:08:22Jackie, congratulations. Well done. You got a London flat for £152,000.
0:08:22 > 0:08:25- That's brilliant!- Thank you. - Tell me the story.
0:08:25 > 0:08:28How did you find it? Why did you want to buy it?
0:08:28 > 0:08:30Well, I had a bit of a problem with...
0:08:30 > 0:08:34I was going to buy a studio on the market in Crystal Palace,
0:08:34 > 0:08:40but that failed, so we thought we would go to the auction market,
0:08:40 > 0:08:46and, luckily, this was the best-suited studio/one-bedroom.
0:08:46 > 0:08:48So, it's not too small for you? You're happy with the space?
0:08:48 > 0:08:51Well, I think it's perfect for one person.
0:08:51 > 0:08:55I've been kind of struggling with places to live for five months,
0:08:55 > 0:08:57and this is perfect.
0:08:57 > 0:09:00So, where have you been living for the last five months?
0:09:00 > 0:09:03I've been kind of bouncing in and out with my friends
0:09:03 > 0:09:07and my boyfriend, so it's nice to have your own space,
0:09:07 > 0:09:08and soon, this will be my own space.
0:09:08 > 0:09:10So, are they quite relieved, as well?
0:09:10 > 0:09:13- They're like, "Yes! She's got a place now!"- Yeah.
0:09:13 > 0:09:17So, when the hammer went down on auction day, how did you feel?
0:09:17 > 0:09:19Um, it was kind of exciting.
0:09:19 > 0:09:22It's a bit like gambling. SHE LAUGHS
0:09:22 > 0:09:23Like, it's crazy at auction
0:09:23 > 0:09:27because you look at other properties going up and up and up,
0:09:27 > 0:09:29and you're a bit scared about your property
0:09:29 > 0:09:31kind of reaching that high level.
0:09:31 > 0:09:34- But it did stop, and it stopped at 152...- Yeah.
0:09:34 > 0:09:36..which I think's not a bad price.
0:09:36 > 0:09:39- I mean, it's a very respectable road, this.- Yeah.
0:09:39 > 0:09:41So, tell me, how well do you know Catford
0:09:41 > 0:09:43and why have you chosen to live here?
0:09:43 > 0:09:46Um, I've chosen to live here because my friends -
0:09:46 > 0:09:48most of my friends - live around here.
0:09:48 > 0:09:52And also because I went to the BRIT School.
0:09:52 > 0:09:54That's kind of how I met my friends,
0:09:54 > 0:09:56and they all kind of live round Croydon,
0:09:56 > 0:09:58East Dulwich, Crystal Palace.
0:09:58 > 0:10:00So, hold on. The BRIT School.
0:10:00 > 0:10:03Now, that's for talented actor, singer,
0:10:03 > 0:10:05- dancer-like theatricals.- Yes.
0:10:05 > 0:10:08So, tell me what you were studying at the BRIT School.
0:10:08 > 0:10:12This is my first TV break, as I am an actor.
0:10:12 > 0:10:14So, this is your first telly break,
0:10:14 > 0:10:17- being on Homes Under The Hammer? - Yeah, yeah.
0:10:17 > 0:10:19And is it an actress that you aspire to be in the future?
0:10:19 > 0:10:24I want to be a theatre maker and make my own company
0:10:24 > 0:10:28and travel round and inspire different communities.
0:10:28 > 0:10:31So, I mean, that's really exciting for you
0:10:31 > 0:10:33and I'm sure you've got a lot of hard work ahead of you.
0:10:33 > 0:10:35And it's great that now you've got your base
0:10:35 > 0:10:38from which you can work, live and play.
0:10:38 > 0:10:41Yeah, yeah. This will, yeah, be my hub.
0:10:41 > 0:10:46# I got cat class and I got cat style... #
0:10:46 > 0:10:50Jackie's got her hub, but how does she plan to turn it into her home?
0:10:51 > 0:10:54Well, obviously, I would love a new kitchen.
0:10:54 > 0:10:56SHE CHUCKLES
0:10:56 > 0:11:00The floor needs to be redone. I'll be putting wood.
0:11:00 > 0:11:04A paint job, but I think that I could bring some friends around
0:11:04 > 0:11:06and do it myself to save money.
0:11:06 > 0:11:11Also, a lot of the plumbing needs to be done and fixed and figured out.
0:11:11 > 0:11:12So, tell me about that pipe
0:11:12 > 0:11:14because it's in that large bathroom in there,
0:11:14 > 0:11:16- and it is causing a bit of a stir.- Yeah.
0:11:16 > 0:11:19You get used to the smell, but it's not a very nice smell.
0:11:19 > 0:11:22- Drains.- Yeah. We had a builder who came round
0:11:22 > 0:11:26and said that my bedroom was a bathroom
0:11:26 > 0:11:28and this bathroom was a bedroom.
0:11:28 > 0:11:30- So, it has been swapped over? - Yeah.- OK.
0:11:30 > 0:11:33And I wonder what the reasons for that are.
0:11:33 > 0:11:36I'm not too sure, but downstairs, the neighbours,
0:11:36 > 0:11:39all their toilet is on this hand side...
0:11:39 > 0:11:40- OK.- ..where my bedroom is.
0:11:42 > 0:11:45Mystery solved, although why someone would choose to make
0:11:45 > 0:11:48the smaller room a bedroom is anyone's guess.
0:11:48 > 0:11:51With space in the flat at a premium,
0:11:51 > 0:11:53does Jackie plan to venture outdoors?
0:11:54 > 0:11:57I will be using the outside area.
0:11:57 > 0:11:59What I would like, and would be a dream,
0:11:59 > 0:12:02is to maybe even plant some vegetables outside there,
0:12:02 > 0:12:06and even have, like, the neighbours kind of join in on that
0:12:06 > 0:12:08and kind of help out.
0:12:08 > 0:12:11We could have our own kind of food system going.
0:12:11 > 0:12:12That would be amazing!
0:12:12 > 0:12:16I would love to come back and see all that up and running.
0:12:18 > 0:12:19Jackie hopes she won't have to spend
0:12:19 > 0:12:22more than four grand renovating the flat,
0:12:22 > 0:12:24and she's equally hopeful with her timescale.
0:12:26 > 0:12:29Well, my timescale would be completed in two weeks...
0:12:29 > 0:12:33- Two weeks?!- ..but obviously, I think that's a dream,
0:12:33 > 0:12:35and it'll properly take much longer -
0:12:35 > 0:12:38maybe up to a month - but because I am moving in,
0:12:38 > 0:12:41I do want it to be done as quick as possible.
0:12:41 > 0:12:42Jackie, congratulations.
0:12:42 > 0:12:45I'm really excited for you and I hope you meet that timescale.
0:12:45 > 0:12:48- Thank you so much. - Good luck. Congratulations.
0:12:48 > 0:12:49Thank you, thank you.
0:12:50 > 0:12:53Only 19 years old and already,
0:12:53 > 0:12:56well, taking her first step onto the property ladder.
0:12:56 > 0:12:59Jackie certainly gets a thumbs up from me.
0:12:59 > 0:13:01But after only four weeks,
0:13:01 > 0:13:03will this flat really be at the stage
0:13:03 > 0:13:05for her to make her grand entrance?
0:13:05 > 0:13:09We all know there's often drama in the world of property developing.
0:13:09 > 0:13:11Join me later on in the programme
0:13:11 > 0:13:13and you can find out how Jackie gets on.
0:13:18 > 0:13:20This is Sale in Cheshire,
0:13:20 > 0:13:23which sits five miles southwest of Manchester.
0:13:23 > 0:13:25This desirable area isn't far
0:13:25 > 0:13:28from where some of the wealthiest footballers in the country live.
0:13:28 > 0:13:30Just for the record, I live nowhere near here.
0:13:34 > 0:13:38I'm here in northeast Sale, Ashton upon Mersey.
0:13:38 > 0:13:39What a lovely place this looks, by the way.
0:13:39 > 0:13:42Lovely residential area, lovely gardens,
0:13:42 > 0:13:44some old houses, some new houses,
0:13:44 > 0:13:47but I'm here to see a three-bed detached
0:13:47 > 0:13:51with a guide price of £130,000.
0:13:51 > 0:13:54It's not the prettiest property, but looks can be deceiving.
0:13:54 > 0:13:55Let's have a look.
0:13:55 > 0:13:58# This old house once knew my children
0:13:58 > 0:14:00# This old house once knew my wife
0:14:00 > 0:14:03# This old house was home and comfort
0:14:03 > 0:14:06# As we fought the storms of life Whoo! #
0:14:06 > 0:14:08This certainly doesn't look as cared for
0:14:08 > 0:14:09as the surrounding properties.
0:14:09 > 0:14:13Well, they do say it's better to have the worst house
0:14:13 > 0:14:15on the best street.
0:14:15 > 0:14:17Let's see what's shaking inside.
0:14:19 > 0:14:21That's the first thing you get -
0:14:21 > 0:14:25that the floor is sloping back towards the back of the house.
0:14:25 > 0:14:27And the smell, it's so pungent in here.
0:14:27 > 0:14:30This has been like this for some time, I would imagine.
0:14:30 > 0:14:33High ceilings, which everybody loves.
0:14:33 > 0:14:34Nice bit of floor space.
0:14:34 > 0:14:37Lounge, living area maybe here, same height.
0:14:37 > 0:14:41Another living area here with a huge crack in the wall,
0:14:41 > 0:14:44which is not a good sign. Into the back here, another room.
0:14:44 > 0:14:47What they'd use it for, I don't know, but it's a good space.
0:14:47 > 0:14:49Two big windows, which is nice.
0:14:49 > 0:14:52More cracks. Sloping floor.
0:14:52 > 0:14:53Ceiling work over there,
0:14:53 > 0:14:55which is going to need a full repair.
0:14:55 > 0:14:57And I've just caught, out of the corner of my eye,
0:14:57 > 0:15:00the kitchen, which looks like a 1980s kitchen.
0:15:00 > 0:15:04Sloping floors, cracks in walls - it's looking like subsidence.
0:15:04 > 0:15:07There's a lot of work that needs to be done to this property.
0:15:07 > 0:15:10# Crawling, crawling, crawling from the wreckage
0:15:10 > 0:15:13# Crawling, crawling, crawling from the wreckage... #
0:15:13 > 0:15:16So, the early signs aren't great.
0:15:16 > 0:15:17The ceilings may be high,
0:15:17 > 0:15:20but they're barely holding on at all.
0:15:20 > 0:15:22And there's signs of damp everywhere.
0:15:22 > 0:15:24On the positive side,
0:15:24 > 0:15:26there are three large reception rooms on the ground floor
0:15:26 > 0:15:30and the kitchen is in a side extension.
0:15:30 > 0:15:31And if you nip down one floor,
0:15:31 > 0:15:34there's a huge basement, so plenty of space.
0:15:35 > 0:15:38My concern is that the space that is here
0:15:38 > 0:15:40is trying to move elsewhere.
0:15:42 > 0:15:46OK, is this going to get any better or any worse upstairs?
0:15:46 > 0:15:48First thing, which is a bit of a surprise to me,
0:15:48 > 0:15:51is a sturdy banister. I wasn't expecting that at all.
0:15:51 > 0:15:54But everywhere in this property, there's cracks.
0:15:54 > 0:15:56Cracks there. The ceilings are falling in.
0:15:56 > 0:16:00In my experience, if you can do this
0:16:00 > 0:16:03and get your fingers within a space that big in a wall,
0:16:03 > 0:16:07there's definitely, definitely structural work.
0:16:07 > 0:16:08# Cracking up
0:16:08 > 0:16:12# I'm getting ready to go Had enough
0:16:12 > 0:16:15# I can't take any more... #
0:16:15 > 0:16:17So, there's no denying it any longer -
0:16:17 > 0:16:20this looks like a bit of a structural nightmare.
0:16:20 > 0:16:22In a period property,
0:16:22 > 0:16:25a few cracks shouldn't necessarily be cause for alarm,
0:16:25 > 0:16:27but this property is something else.
0:16:29 > 0:16:32On the outside, there are further signs of movement.
0:16:32 > 0:16:35The kitchen extension has definitely had enough of the rest of the house
0:16:35 > 0:16:38and is trying to make a break for it into next door's garden.
0:16:40 > 0:16:43- # I don't think it's funny no more - Cracking up... #
0:16:43 > 0:16:47I do love an old property, and it pains me to say it,
0:16:47 > 0:16:50but I think the damage to this one might be so severe
0:16:50 > 0:16:53that the costs to save it don't add up.
0:16:53 > 0:16:55But all is not completely lost.
0:16:55 > 0:16:58Thinking about that guide price and taking a look outside,
0:16:58 > 0:17:00there could be a glimmer of hope.
0:17:03 > 0:17:06OK, this property is absolutely huge,
0:17:06 > 0:17:08towering over me.
0:17:08 > 0:17:12They've got a boundary that spreads all the way to the trees.
0:17:12 > 0:17:14In the front of the house, they've got space as well to build.
0:17:14 > 0:17:17There's even a few metres at the back of this property as well,
0:17:17 > 0:17:21so whoever has been brave enough to put their hand up at auction
0:17:21 > 0:17:25to buy this property will have a nice, big plot to work from.
0:17:25 > 0:17:27But there's something you haven't seen. Follow me.
0:17:27 > 0:17:32# Oh, tiptoe by the garden
0:17:32 > 0:17:36# By the garden of a willow tree
0:17:36 > 0:17:42# And tiptoe through the tulips with me... #
0:17:42 > 0:17:44Now, I know you weren't expecting that.
0:17:44 > 0:17:48I wasn't expecting it either. The house is just there,
0:17:48 > 0:17:51the boundary to the property is somewhere along that line there.
0:17:51 > 0:17:53If you can imagine, on a Sunday afternoon,
0:17:53 > 0:17:55nice cup of tea and biscuits -
0:17:55 > 0:17:57in my case, it'd be a nice pint of ale -
0:17:57 > 0:18:00but the views you could get over that.
0:18:04 > 0:18:06Of course, recent events with flooding
0:18:06 > 0:18:09have made us all a bit more wary about living near water,
0:18:09 > 0:18:12and potentially, this lovely view of the River Mersey
0:18:12 > 0:18:15could have some bearing on the subsidence issues here,
0:18:15 > 0:18:19but there's no denying this is a great plot in a nice spot.
0:18:20 > 0:18:23Does a local estate agent agree with me?
0:18:23 > 0:18:26Well, the property's obviously suffered from an awful lot
0:18:26 > 0:18:29of structural movement - historical and current as well -
0:18:29 > 0:18:33but it's a big, substantial family house with a great location.
0:18:33 > 0:18:36There are advantages and disadvantages
0:18:36 > 0:18:38being next to the river, one of which is
0:18:38 > 0:18:40that it offers great opportunity for views.
0:18:40 > 0:18:42Some of the disadvantages -
0:18:42 > 0:18:46it can cause problems when it comes to house insurance.
0:18:46 > 0:18:50So, what does he think would be a sensible way forward?
0:18:50 > 0:18:52It's one of those properties that
0:18:52 > 0:18:55either you're looking at substantial redevelopment,
0:18:55 > 0:18:58which is likely to cost in excess of £100,000
0:18:58 > 0:19:00to deal with the structural problems,
0:19:00 > 0:19:02as well as the modernisation.
0:19:02 > 0:19:05But because of the size of plot and its location,
0:19:05 > 0:19:09it's probably better dealt with by redeveloping the site altogether,
0:19:09 > 0:19:13removing the property and actually building a new one.
0:19:13 > 0:19:15We'd probably recommend to look at family housing -
0:19:15 > 0:19:18four bedrooms, two bathrooms
0:19:18 > 0:19:22with the car parking that's needed for it -
0:19:22 > 0:19:26and we'd expect those to sell in the region of £450,000.
0:19:28 > 0:19:30There's plenty of issues with this property - we know that -
0:19:30 > 0:19:33but the potential is huge.
0:19:33 > 0:19:35But let's see who had the vision to take it on
0:19:35 > 0:19:38when it went under the hammer.
0:19:38 > 0:19:40Very significant building, this, in Sale.
0:19:40 > 0:19:42Will you start me at 120?
0:19:42 > 0:19:44You will. Thank you, sir.
0:19:44 > 0:19:48120, I'm bid. 121? Do I see somebody on my left?
0:19:48 > 0:19:52You were first. 121. 122. 123. 124.
0:19:52 > 0:19:56125. 26. 27. 28.
0:19:56 > 0:19:58The bidding for the property was frantic.
0:19:58 > 0:20:02We rejoin the action at £140,000.
0:20:02 > 0:20:04At 140, then, once.
0:20:04 > 0:20:06140, twice.
0:20:06 > 0:20:09Third and final time at £140,000.
0:20:09 > 0:20:14141, new bid. 142. 43. 44. 45.
0:20:14 > 0:20:1846. 147. 148. 149.
0:20:18 > 0:20:21150. 51. 52. 53.
0:20:21 > 0:20:24152 is stood at the back, is buying it at the moment.
0:20:24 > 0:20:26For the first.
0:20:26 > 0:20:29152 for the second.
0:20:29 > 0:20:31Third and final time.
0:20:31 > 0:20:34Yours at £152,000.
0:20:34 > 0:20:40That successful bid of £152,000 was made by Nick, here on the left.
0:20:40 > 0:20:43Nick owns a Cheshire property development company,
0:20:43 > 0:20:46and I met up with him and his project director, Colin,
0:20:46 > 0:20:47back at the house,
0:20:47 > 0:20:51and it turns out Colin and I have a bit of shared history.
0:20:51 > 0:20:55# The boys are back in town The boys are back in town... #
0:20:55 > 0:20:57Nick, Colin, before we start, I'm sure -
0:20:57 > 0:20:59I know - that we've crossed paths before.
0:20:59 > 0:21:02Yes, yes, I was security at Man United
0:21:02 > 0:21:04whilst you were a player there.
0:21:04 > 0:21:07- For the very short time that I was. - When you weren't injured, yeah.
0:21:07 > 0:21:09Exactly. Thank you very much for that.
0:21:09 > 0:21:10Why the big change?
0:21:10 > 0:21:14Just for the fact that, when I left school,
0:21:14 > 0:21:16I did a plastering apprenticeship,
0:21:16 > 0:21:20got a job part-time at United doing the steward and security
0:21:20 > 0:21:23and ended up with a full-time job there doing the recruiting.
0:21:23 > 0:21:27Spent ten years there and then went back to plastering,
0:21:27 > 0:21:30started working with Nick on some other projects,
0:21:30 > 0:21:33and then got together doing the property development
0:21:33 > 0:21:35with him full-time about 18 months ago.
0:21:35 > 0:21:37Good on you. Good on you.
0:21:37 > 0:21:39Nick, what have you brought to Colin's expertise?
0:21:39 > 0:21:41Why did he need you to help him out?
0:21:41 > 0:21:43- The money. - THEY LAUGH
0:21:43 > 0:21:45Always a good start.
0:21:45 > 0:21:47Yeah, basically, I've always loved property.
0:21:47 > 0:21:51I've done property for many years, but I sold my previous company.
0:21:51 > 0:21:53With my business partner, we had an event agency.
0:21:53 > 0:21:58Sold that, and wanted to go into this a bit bigger than we were.
0:21:58 > 0:22:00So, going from a company with about 100 people
0:22:00 > 0:22:03to Colin and I is interesting.
0:22:03 > 0:22:06- So, you've come from events.- Yeah. - You've come from the security world.
0:22:06 > 0:22:10You know, what do you bring together as a team?
0:22:10 > 0:22:12I mean, the reason we work so well together
0:22:12 > 0:22:13is we have completely different skills.
0:22:13 > 0:22:16We find the properties together, but I do the interiors
0:22:16 > 0:22:19and Col looks at everything that needs doing within the property
0:22:19 > 0:22:21and manages that throughout to completion.
0:22:21 > 0:22:23Colin does all the work...
0:22:23 > 0:22:25- No.- ..and you watch Colin do the work.- Absolutely.
0:22:25 > 0:22:27- HE LAUGHS - Yeah, 100%.
0:22:27 > 0:22:30OK, so, why? Why did you take it on?
0:22:30 > 0:22:32It's a fantastic location.
0:22:32 > 0:22:35The price we paid for it at auction was far under
0:22:35 > 0:22:36what we would have paid for it.
0:22:36 > 0:22:38Even if we were going to do this property up,
0:22:38 > 0:22:42there's still a lot of profit in it. But the plot is so good.
0:22:42 > 0:22:45Out the back, you directly overlook the Mersey,
0:22:45 > 0:22:47you've got a really nice village just up the road,
0:22:47 > 0:22:49so it ticked all the boxes.
0:22:49 > 0:22:51And once you'd seen the property,
0:22:51 > 0:22:53did one say one thing and one say the other?
0:22:53 > 0:22:56Straightaway, I thought, "Flatten the house and build."
0:22:56 > 0:22:59- What, before you'd even...?- Before I'd even got through the gate.
0:22:59 > 0:23:03And then I text Nick, and as I'm replying to Nick's text,
0:23:03 > 0:23:05then the text came through from Nick saying,
0:23:05 > 0:23:07"Two or three properties"
0:23:07 > 0:23:09and I was actually writing the same text.
0:23:09 > 0:23:12- To...?- To Nick, yeah. - THEY LAUGH
0:23:12 > 0:23:14So, tell us what you're going to do with this.
0:23:14 > 0:23:17We sat down with the architect, which is the first thing that we do.
0:23:17 > 0:23:20We can save the property, but it's financially not worth it.
0:23:20 > 0:23:23It's hard to resurrect something that has so many problems.
0:23:23 > 0:23:25- This house needs to be dropped.- Yeah.
0:23:25 > 0:23:29We've had a word with the planners, we've had, you know, discussions,
0:23:29 > 0:23:31and we're now drawing up the plans
0:23:31 > 0:23:35to put two four-bed, three-bath properties on the plot.
0:23:35 > 0:23:38# The boys are back in town The boys are back in town
0:23:38 > 0:23:41# The boys are back The boys are back... #
0:23:41 > 0:23:45Based on the estate agent valuation, building two houses on the plot
0:23:45 > 0:23:48could mean a resale value of 900 grand.
0:23:48 > 0:23:50But, of course, you need to factor in planning,
0:23:50 > 0:23:52demolition and building costs,
0:23:52 > 0:23:56which Nick has budgeted for up to £500,000.
0:23:57 > 0:24:00How long does Nick think this will all take?
0:24:00 > 0:24:01It's not a quick project,
0:24:01 > 0:24:04but the only thing that will really hold us up is the planners,
0:24:04 > 0:24:07so we're going into planning within the next sort of two to three weeks.
0:24:07 > 0:24:09- OK.- We've got the initial designs.
0:24:09 > 0:24:11So, as soon as we get the go-ahead from there,
0:24:11 > 0:24:13we imagine that'll be about three months...
0:24:13 > 0:24:15- OK.- ..and then we want to kick straight in.
0:24:15 > 0:24:18It's going to take us probably six to eight months then
0:24:18 > 0:24:20to actually build houses and have them finished.
0:24:20 > 0:24:22So, we're working on a timescale of about 12 months.
0:24:22 > 0:24:24- I wish you all the best. - Cheers, Dion.
0:24:24 > 0:24:27- Good luck to you.- Thank you. - Good luck to you, Colin.- Thank you.
0:24:27 > 0:24:30Colin and Nick, they've got the expertise.
0:24:30 > 0:24:32Can they stay within their budget
0:24:32 > 0:24:34and can they get the planning permission?
0:24:34 > 0:24:37That's the big question. Find out later on in the show.
0:24:38 > 0:24:42Still to come, persistence pays off for this Derby couple.
0:24:42 > 0:24:46We bid on the first two or three, didn't get them, and this was
0:24:46 > 0:24:48- the first one that we did get. - HE CHUCKLES
0:24:50 > 0:24:51And we return to Cheshire
0:24:51 > 0:24:54to see if Nick and Colin have managed to turn this...
0:24:55 > 0:24:57..into this.
0:25:06 > 0:25:08Back to South East London now,
0:25:08 > 0:25:11where earlier, I took a tour of this top-floor flat in Catford
0:25:11 > 0:25:14with a guide price of 100 grand plus.
0:25:14 > 0:25:16The tour didn't take very long.
0:25:18 > 0:25:22Ooh! On the inside, it's quite compact.
0:25:22 > 0:25:25This is the one bedroom of the one-bedroom flat,
0:25:25 > 0:25:26and it's tiny!
0:25:28 > 0:25:31- That? That's the kitchen area! - SHE LAUGHS
0:25:31 > 0:25:33For a one-bedder, it's fairly small.
0:25:34 > 0:25:38So, if you were looking to swing a cat in Catford,
0:25:38 > 0:25:40this wouldn't be the place for you.
0:25:40 > 0:25:44Lack of space didn't bother drama graduate Jackie one bit.
0:25:44 > 0:25:49She used an inheritance to buy the flat for 152,000.
0:25:49 > 0:25:52So, it's not too small for you? You're happy with the space?
0:25:52 > 0:25:54Well, I think it's perfect for one person.
0:25:54 > 0:26:00This flat had a room with a view, but also a room with a phew.
0:26:00 > 0:26:03- So, tell me about that pipe. - You get used to the smell,
0:26:03 > 0:26:06- but it's not a very nice smile. - Drains?- Yeah.
0:26:06 > 0:26:09Plenty of things for Jackie to be getting on with,
0:26:09 > 0:26:12and she couldn't wait to get started.
0:26:13 > 0:26:19With a budget of 4,000 and a very wishful target of two weeks,
0:26:19 > 0:26:21we left her to get creative.
0:26:21 > 0:26:24Three months on, will this budding thespian's work
0:26:24 > 0:26:26be getting five-star reviews?
0:26:26 > 0:26:30# Can't beat the feeling that I get
0:26:30 > 0:26:34# When I'm with you... #
0:26:35 > 0:26:38Well, the changes in the bathroom look pretty smart.
0:26:38 > 0:26:42It's been completely rearranged to create more space.
0:26:42 > 0:26:44No more smelly pipes either.
0:26:47 > 0:26:48And in the living area,
0:26:48 > 0:26:52Jackie's wish for a new kitchen has been fulfilled.
0:26:52 > 0:26:54It's even got an oven.
0:26:56 > 0:26:59Um, so, basically, obviously,
0:26:59 > 0:27:03it's been a really big refurbishment to how it used to look.
0:27:04 > 0:27:09But over here, as you can see, a new, little bit bigger kitchen.
0:27:09 > 0:27:11My floors are done.
0:27:11 > 0:27:17Nice coloured grey, which fits nice with the decor.
0:27:17 > 0:27:20A lot of nice furniture.
0:27:20 > 0:27:23I tried to keep it as minimalistic as possible,
0:27:23 > 0:27:25so there is just enough space.
0:27:25 > 0:27:30I'm very pleased and proud of how it's all looking and worked out.
0:27:33 > 0:27:36The bedroom is still on the cosy side,
0:27:36 > 0:27:37but with clever storage,
0:27:37 > 0:27:40Jackie has made the best of the available space.
0:27:40 > 0:27:44But there are a few very important touches still to add.
0:27:44 > 0:27:47There needs to be a lot of art put on the wall.
0:27:47 > 0:27:51I feel like it's a little bit bland.
0:27:51 > 0:27:55It still doesn't really shine through who I am
0:27:55 > 0:27:57because it would be nice to have someone walk into the space
0:27:57 > 0:28:02and really have a good feel of who I am without even meeting me.
0:28:04 > 0:28:07So, the styling is still a work in progress,
0:28:07 > 0:28:10but at least the hard work has been completed,
0:28:10 > 0:28:11but not without complications.
0:28:13 > 0:28:17We thought we found some builders with a nice rate,
0:28:17 > 0:28:21but the work was looking very sloppy,
0:28:21 > 0:28:24as well as they started overcharging us.
0:28:25 > 0:28:31# This is where the cowboy rides away... #
0:28:33 > 0:28:36Thankfully, rogue builders are in the minority
0:28:36 > 0:28:39and help was at hand to put things right.
0:28:39 > 0:28:45We have had one brilliant builder who has been finishing up the jobs
0:28:45 > 0:28:48the cowboy builders have left,
0:28:48 > 0:28:52which have been cleaned up and made to look very nice.
0:28:53 > 0:28:56Jackie hasn't had to do all this on her own.
0:28:56 > 0:28:58She's had a few shoulders to lean on.
0:28:58 > 0:29:02My mum and her boyfriend have put a lot of energy and input
0:29:02 > 0:29:07into really helping me and making me move in to this amazing place.
0:29:07 > 0:29:10My mum has styled my apartment,
0:29:10 > 0:29:12and you can't really argue with your mum.
0:29:12 > 0:29:14SHE LAUGHS
0:29:14 > 0:29:17It's taken two and a half months, which isn't bad,
0:29:17 > 0:29:20considering her problems with her first builder.
0:29:20 > 0:29:23But how realistic was her four-grand budget?
0:29:24 > 0:29:27It actually cost £10,000,
0:29:27 > 0:29:30but that's including all the furniture...
0:29:31 > 0:29:34..everything that's within the space.
0:29:36 > 0:29:39Well, a bit of an overspend there, but as well as moral support,
0:29:39 > 0:29:42Jackie's mum, Maria, and boyfriend, Steve,
0:29:42 > 0:29:44were also able to chip in financially.
0:29:44 > 0:29:48And once Jackie gets the chance to cultivate this back garden,
0:29:48 > 0:29:51well, she can pay them back with her vegetables.
0:29:51 > 0:29:53I haven't really thought about the garden yet
0:29:53 > 0:29:58because I've had this big project on my hands,
0:29:58 > 0:29:59but soon to be...
0:29:59 > 0:30:03I really want to grow some vegetables outside in the garden.
0:30:03 > 0:30:07But I feel that I'm very lucky, as I'm only 19 years old,
0:30:07 > 0:30:09to have an apartment like this...
0:30:10 > 0:30:14..and I think many great things and experiences,
0:30:14 > 0:30:17I am bound to have here soon.
0:30:17 > 0:30:21# I can't beat the feeling that I get
0:30:21 > 0:30:25# When I'm with you... #
0:30:26 > 0:30:28It may just be a top-floor flat in Catford,
0:30:28 > 0:30:31but for now, Jackie's on top of the world.
0:30:34 > 0:30:36To see if we can keep Jackie flying high,
0:30:36 > 0:30:38we've asked two estate agents along
0:30:38 > 0:30:41to tell us what they think of this bijou pad.
0:30:42 > 0:30:44My first impressions of this flat
0:30:44 > 0:30:46is that they've done a fantastic refurbishment job.
0:30:46 > 0:30:48It's very light, very airy,
0:30:48 > 0:30:50and they've utilised the space fantastically well.
0:30:50 > 0:30:52The bathroom was quite horrible before,
0:30:52 > 0:30:54and they had numerous problems with the sewer pipe.
0:30:54 > 0:30:56It looks like they've rectified all those
0:30:56 > 0:30:58and they've redone the bathroom.
0:30:58 > 0:31:01I like the way they've used textured tiles to give it a bit more depth.
0:31:01 > 0:31:02Really good. Really nice.
0:31:02 > 0:31:05The washing machine's in there too, which is fantastic.
0:31:05 > 0:31:06Best place for it.
0:31:07 > 0:31:11And what's the demand for flats like this in the local market?
0:31:11 > 0:31:15The demand for flats like this in the Catford area is very high.
0:31:15 > 0:31:18We have a lot of first-time buyers coming in from Central London
0:31:18 > 0:31:20and also buy-to-let investors
0:31:20 > 0:31:23that are looking for something exactly like this.
0:31:23 > 0:31:27So, we must assume there'll be good news on the valuation front.
0:31:27 > 0:31:31Having looked at the current market, this flat would sell for £225,000.
0:31:31 > 0:31:34I believe that this flat, on the current market,
0:31:34 > 0:31:38would achieve between £205,000 to £215,000.
0:31:38 > 0:31:43Given Jackie has spent a total of 162,000,
0:31:43 > 0:31:47a sale at that top figure of £225,000
0:31:47 > 0:31:52would leave her with a pre-tax and fees profit of £63,000,
0:31:52 > 0:31:54and all in the space of three months -
0:31:54 > 0:31:57a sobering fact for this 19-year-old.
0:31:57 > 0:32:01Obviously, I feel very lucky, because of my given circumstances,
0:32:01 > 0:32:03that I have a property,
0:32:03 > 0:32:06but it does make me wonder how my friends
0:32:06 > 0:32:09are going to actually afford to live in London.
0:32:13 > 0:32:14We're heading to Derby now,
0:32:14 > 0:32:16and its central position in the country
0:32:16 > 0:32:19means the city has long been a stop off on journeys
0:32:19 > 0:32:22between North and South, but none more dramatic
0:32:22 > 0:32:25than the stopover taken by Bonnie Prince Charlie
0:32:25 > 0:32:28and his army in 1745.
0:32:28 > 0:32:31They were marching on London to seize the Crown,
0:32:31 > 0:32:34but Derby was as far south as they managed
0:32:34 > 0:32:36before abandoning their quest.
0:32:37 > 0:32:41# We're on a road to nowhere. #
0:32:42 > 0:32:46I'm in Alvaston, three miles southeast of Derby,
0:32:46 > 0:32:48here to see this.
0:32:48 > 0:32:52It's a two-bedroom semidetached. Had a guide price of £72,000 plus.
0:32:52 > 0:32:54Let's have a look.
0:32:57 > 0:33:00Ooh, ah. Sorry about that.
0:33:01 > 0:33:02That's not a very...
0:33:03 > 0:33:08Oh, for goodness' sake. Erm...I already hate the place.
0:33:08 > 0:33:11No, I'm joking, I'm joking. It just needs a bit of door work.
0:33:11 > 0:33:13It's definitely not working for me.
0:33:13 > 0:33:16In fact, the moment you come in here, it's just so cramped.
0:33:16 > 0:33:19You've got a door there, you've got a door here, living room here.
0:33:19 > 0:33:20Hmm.
0:33:20 > 0:33:23That's interesting. We'll come back to that in a second.
0:33:23 > 0:33:26Let's try and fathom the layout out.
0:33:26 > 0:33:28Now, this is actually quite nice.
0:33:28 > 0:33:34This is a sort of kitchen/dining area thing,
0:33:34 > 0:33:36but there's all this woodwork, and it's dark.
0:33:36 > 0:33:39And it's begging to have lots of walls knocked down, isn't it?
0:33:39 > 0:33:41There's certainly space for it.
0:33:41 > 0:33:43Out here towards the back of the property,
0:33:43 > 0:33:44you've got a downstairs loo,
0:33:44 > 0:33:47and then out into a little conservatory,
0:33:47 > 0:33:48so lots of space.
0:33:48 > 0:33:51I just don't like the way it's all fitted together,
0:33:51 > 0:33:55and clearly, this place is door-tastic.
0:33:56 > 0:33:59Opening and closing all those doors
0:33:59 > 0:34:01certainly keeps you on your toes in this place,
0:34:01 > 0:34:04but there's plenty of other exercise to be had in here.
0:34:06 > 0:34:09# Let's get physical, physical
0:34:09 > 0:34:12# I wanna get physical... #
0:34:12 > 0:34:13Hmm.
0:34:13 > 0:34:17Well, I'm back in that front room with exciting news -
0:34:17 > 0:34:19I think there's a problem with the floor.
0:34:19 > 0:34:23It should not be that bouncy. Now, that is a bit of an issue.
0:34:23 > 0:34:26Maybe it's caused by damp penetration
0:34:26 > 0:34:29causing the floor joists to rot. Who knows?
0:34:29 > 0:34:32You need to take the carpet up and do some investigation.
0:34:32 > 0:34:34I might stay here for a bit. It's quite fun.
0:34:34 > 0:34:38MUSIC: Bounce by Calvin Harris
0:34:38 > 0:34:41The living room has certainly given me some bounce,
0:34:41 > 0:34:45but it's time for my step class. I'm off upstairs.
0:34:45 > 0:34:46# Bounce. #
0:34:47 > 0:34:51Well, upstairs, the slightly claustrophobic feel
0:34:51 > 0:34:53sort of continues. Again, too many doors.
0:34:53 > 0:34:55You've got two bedrooms -
0:34:55 > 0:34:58a reasonable sized one at the front, a small one towards the back there.
0:34:58 > 0:35:01One good bit of news - at least the bathroom is upstairs.
0:35:01 > 0:35:04There's no bath in it, but at least you've got all the plumbing,
0:35:04 > 0:35:06so you could actually improve that.
0:35:06 > 0:35:11And then here into your small second bedroom.
0:35:11 > 0:35:13Now, up here, though, there's something I need to tell you about,
0:35:13 > 0:35:15which I noticed on the way in.
0:35:15 > 0:35:19I'm definitely getting my suspicions confirmed.
0:35:19 > 0:35:23This house was built in an era
0:35:23 > 0:35:26when they used a construction called hard-to...
0:35:26 > 0:35:28Well, it's been now given the name
0:35:28 > 0:35:31hard-to-treat cavity wall construction.
0:35:31 > 0:35:32You know what a cavity wall is, right?
0:35:32 > 0:35:34You have a set of bricks there, a set of bricks there
0:35:34 > 0:35:36and a gap in the middle.
0:35:36 > 0:35:39Well, the gap's good because it provides insulation.
0:35:39 > 0:35:42You can also fill it with things to provide even more insulation.
0:35:42 > 0:35:46And it also provides a natural damp-proof, if you like, barrier.
0:35:46 > 0:35:48Well, during a period of construction,
0:35:48 > 0:35:51some houses were built with those two sets of walls
0:35:51 > 0:35:54very close together, so virtually no cavity wall.
0:35:54 > 0:35:56Now, that isn't necessarily an issue,
0:35:56 > 0:35:58and there doesn't seem to be too many signs of damp.
0:35:58 > 0:36:01The problem is, when it comes to insulating this house,
0:36:01 > 0:36:03and as you will be aware, nowadays, insulation,
0:36:03 > 0:36:06thermal efficiency is really, really important.
0:36:06 > 0:36:08There's an EPC - an Energy Performance Certificate -
0:36:08 > 0:36:10which is produced when you sell the house.
0:36:10 > 0:36:12Also, there's running costs while you live in it.
0:36:12 > 0:36:16So, if you can't treat that cavity - if you can't fill it with something
0:36:16 > 0:36:18which is going to improve your energy efficiency -
0:36:18 > 0:36:21the only option is to basically stick insulation on the outside.
0:36:21 > 0:36:22That's expensive.
0:36:22 > 0:36:26And so it is, intrinsically, not -
0:36:26 > 0:36:29but actually is - a bit of a problem.
0:36:31 > 0:36:35I hope that's filled a gap in your knowledge about cavity walls,
0:36:35 > 0:36:38but now it's time for me to head outside.
0:36:40 > 0:36:42Well, at the back of the property,
0:36:42 > 0:36:47you get to see this rather questionable lean-to
0:36:47 > 0:36:49that probably wants to go.
0:36:49 > 0:36:51Should you put an extension in its place?
0:36:51 > 0:36:53Well, that's definitely something to consider.
0:36:53 > 0:36:57Out here, then, quite a large sort of concreted area.
0:36:57 > 0:36:59You've got a garage. The only hiccup on that one is
0:36:59 > 0:37:01you can't actually get a car to the garage,
0:37:01 > 0:37:03so it'll actually be, like most people's garages,
0:37:03 > 0:37:05somewhere to store stuff.
0:37:05 > 0:37:08In fact, store stuff that you'll probably never ever use again.
0:37:08 > 0:37:11- HE CHUCKLES - So, that's it.
0:37:11 > 0:37:15Or so you would have thought. But no.
0:37:15 > 0:37:18Through this gate, there is...
0:37:21 > 0:37:22..a secret garden.
0:37:24 > 0:37:25How about that?
0:37:27 > 0:37:31An unexpected gem to round off my tour of this house.
0:37:31 > 0:37:32But we've asked
0:37:32 > 0:37:36the auctioneer who sold it to take a wander round too.
0:37:36 > 0:37:38I wonder what he thinks of this place.
0:37:38 > 0:37:40My first impressions of the property -
0:37:40 > 0:37:43you walk in the front door, you walk into the front room
0:37:43 > 0:37:46and you smell damp, which is fairly evident,
0:37:46 > 0:37:50particularly because I think the floor joists have probably rotted.
0:37:50 > 0:37:52In terms of a renovation schedule,
0:37:52 > 0:37:54you've really got almost everything here to do,
0:37:54 > 0:37:56maybe apart from the windows.
0:37:56 > 0:38:00I would be rather surprised if there's much change out of £20,000.
0:38:02 > 0:38:06How does he assess the problems facing a potential developer?
0:38:07 > 0:38:11To me, the most difficult feature about renovating this property
0:38:11 > 0:38:13is that timber lean-to.
0:38:13 > 0:38:15You can't leave it as it is - it's substandard -
0:38:15 > 0:38:18but I think you need to be careful what you spend.
0:38:18 > 0:38:19If you take that lean-to off at the back
0:38:19 > 0:38:22and you make a far better dining/kitchen arrangement,
0:38:22 > 0:38:26retaining your ground-floor toilet, I think that's going to cost you
0:38:26 > 0:38:30somewhere between £18,000, £20,000 to do it,
0:38:30 > 0:38:32depending where you take it.
0:38:32 > 0:38:36What's it going to add to the house? Maybe £10,000 or £12,000.
0:38:36 > 0:38:39So, you're not going to do it if your intention is to buy the house,
0:38:39 > 0:38:42spend money on it and try and resell it.
0:38:42 > 0:38:47Finally, what could this house be worth on the sales market?
0:38:47 > 0:38:48If you'd renovate the house as it is now,
0:38:48 > 0:38:52it will have an ultimate value, on today's market,
0:38:52 > 0:38:55I would say, of about £105,000 to £110,000.
0:38:55 > 0:38:58And if you were to take down that lean-to
0:38:58 > 0:39:01and then replace that area with a proper brick-built extension,
0:39:01 > 0:39:06it would have a value of between £115,000 and £120,000.
0:39:09 > 0:39:11Well, a few years ago,
0:39:11 > 0:39:13the whole issue of that cavity wouldn't have been a problem,
0:39:13 > 0:39:18but, of course, with everyone's concern about energy efficiency,
0:39:18 > 0:39:20these days, it is a problem.
0:39:20 > 0:39:22Will it put off a buyer? Who knows?
0:39:22 > 0:39:24Let's find out when it went under the hammer.
0:39:26 > 0:39:28Two-bedroomed semidetached property.
0:39:28 > 0:39:31Double-glazed, but otherwise needing some improvement.
0:39:31 > 0:39:34Start me on this where you will, ladies and gentlemen. 72,000?
0:39:34 > 0:39:39Who's got 70 to start me? £70,000? It's got to be worth that, surely.
0:39:39 > 0:39:4368? 68, I'll take, thank you. At £68,000.
0:39:43 > 0:39:48At 68,000. 69 there. At 69. At 70.
0:39:48 > 0:39:5171 is bid. 71,000. And two.
0:39:51 > 0:39:5772. 73. 73. 74. 75.
0:39:57 > 0:40:02At 75. 76. At £76,000.
0:40:02 > 0:40:0477 somewhere else?
0:40:04 > 0:40:06At... 77, thank you.
0:40:06 > 0:40:10At 77. 78. At 78.
0:40:10 > 0:40:1778,500. 78,500. 79. 79,500.
0:40:17 > 0:40:1880,000.
0:40:19 > 0:40:22Shakes his head at 79 and a half here.
0:40:22 > 0:40:2480,000 somewhere else? It's going to go.
0:40:24 > 0:40:28At £79,500 for the first time.
0:40:28 > 0:40:30Second time. Third opportunity.
0:40:31 > 0:40:34It's yours, sir. Thank you. 79 and a half.
0:40:36 > 0:40:40Making that final bid of £79,500 was Ian,
0:40:40 > 0:40:43seen here with his son Neil.
0:40:43 > 0:40:45Ian bought the house as a family project,
0:40:45 > 0:40:49and I met him and his wife, Anne, back at the property for a chat.
0:40:50 > 0:40:54- Anne, Ian, great to meet you both. - Nice to meet you too.- And you too.
0:40:54 > 0:40:58Congratulations. Tell me why you wanted to buy this house.
0:40:58 > 0:41:00We looked through the auction catalogue
0:41:00 > 0:41:03and identified a number of properties
0:41:03 > 0:41:06that we thought were suitable for what we wanted to do,
0:41:06 > 0:41:08and we went to the auction.
0:41:08 > 0:41:12I went to the auction with Neil, our middle lad,
0:41:12 > 0:41:16and we bid on the first two or three,
0:41:16 > 0:41:18didn't get them,
0:41:18 > 0:41:21and this was the first one that we did get, so...
0:41:21 > 0:41:24- So, it's fourth choice, then? - Well, I wouldn't say that
0:41:24 > 0:41:27because we were prepared to go for any one of them
0:41:27 > 0:41:29- that we'd looked at.- Oh, OK.
0:41:29 > 0:41:32What was it about this one that made it into the shortlist?
0:41:32 > 0:41:34I think it's the size.
0:41:34 > 0:41:38It's a family-sized house, although it's only two bedrooms,
0:41:38 > 0:41:40but the rooms are quite generous.
0:41:40 > 0:41:42The kitchen is very generous,
0:41:42 > 0:41:44and I think it's got a lot of potential.
0:41:44 > 0:41:46- Mm-hm.- Yeah, yeah.
0:41:46 > 0:41:50It wasn't sort of a tear down and rebuild
0:41:50 > 0:41:54sort of extensive project, but it was one which we felt
0:41:54 > 0:41:56was well within our capabilities and means.
0:41:56 > 0:41:59So, just run me through exactly what you're going to do to the place.
0:41:59 > 0:42:02Essentially, it's going to be decoration.
0:42:02 > 0:42:06This sort of room is basically painting and decorating.
0:42:06 > 0:42:09The floor, we'll have to deal with as to what we find.
0:42:09 > 0:42:12- Central heating. - Central heating, we need to put in.
0:42:12 > 0:42:15We need to put new electrics in
0:42:15 > 0:42:19because the box in the hall there is just the old-fashioned fuse box,
0:42:19 > 0:42:21and that needs a new consumer unit.
0:42:21 > 0:42:24So, there are things like that that we know we've got to deal with.
0:42:24 > 0:42:27- And a big new kitchen and new bathroom.- Yeah.
0:42:27 > 0:42:28That goes without saying, really.
0:42:28 > 0:42:31Yes, yes, it's a new kitchen, new bathroom.
0:42:33 > 0:42:35And who's going to carry out all this work?
0:42:35 > 0:42:37Well, being a family project,
0:42:37 > 0:42:40Ian and Anne don't have to stray too far from home.
0:42:40 > 0:42:44Sons Neil and Russell are going to help out with the renovation.
0:42:47 > 0:42:50- One of them is a plumber with a kitchen fitting...- Oh, right.
0:42:50 > 0:42:53- ..and bathroom company. - So, very relevant.- Yes.- Absolutely.
0:42:53 > 0:42:55- And a plasterer. - And a plasterer as well.
0:42:55 > 0:42:56Blimey. You are well set.
0:42:56 > 0:43:00The other lad is a landscape gardener,
0:43:00 > 0:43:03but they've both done up their own houses,
0:43:03 > 0:43:06and refurbished, renovated,
0:43:06 > 0:43:08- you know, to their own liking in the past, so...- Right.
0:43:08 > 0:43:12So, they're both experienced in dealing with this sort of thing.
0:43:12 > 0:43:13- We help as well.- Yes.
0:43:13 > 0:43:16I mean, Anne's excellent at doing all the painting and decorating.
0:43:16 > 0:43:20- Right.- And I'm just sort of odd jobs with woodwork
0:43:20 > 0:43:23- and some electrics, but not much.- Right.
0:43:23 > 0:43:25So, what about the lean-to?
0:43:25 > 0:43:27- Lean-to, we're... - Well, we're not sure...
0:43:27 > 0:43:32- No.- ..whether to keep it, open it up a little bit.- Yeah.
0:43:32 > 0:43:34We'll have a consultation with the boys
0:43:34 > 0:43:37and see what their opinion is of it.
0:43:37 > 0:43:39It needs something doing to it.
0:43:39 > 0:43:42So, what's the budget for the work?
0:43:42 > 0:43:45- We reckon on about 15,000.- OK.
0:43:45 > 0:43:50But we recognise that estimates tend to go over rather than under,
0:43:50 > 0:43:53- and we wouldn't want to go more than about 20.- OK.
0:43:53 > 0:43:57- And what about timescale? - Sort of two to three months.- Yeah.
0:43:57 > 0:43:58So, if this is successful, then,
0:43:58 > 0:44:01will it be same time next year, another property?
0:44:01 > 0:44:03- With a bit of luck, yes. - That's the general plan.
0:44:03 > 0:44:06Well, listen, congratulations, and good luck with it.
0:44:06 > 0:44:08- Thank you.- Thank you.- I look forward to seeing how you get on.
0:44:08 > 0:44:11- Thank you.- It was nice to meet you both.- And you.
0:44:12 > 0:44:15So, Anne and Ian have got a ready-made team
0:44:15 > 0:44:18in the shape of sons Russell, a landscape gardener,
0:44:18 > 0:44:20and Neil, a bathroom fitter.
0:44:20 > 0:44:22Handy when there is so much to do here.
0:44:22 > 0:44:25They don't seem too fazed by the potential issues.
0:44:25 > 0:44:28How will they get on? You can find out later in the show.
0:44:31 > 0:44:34Well, we've seen what happened to one of our properties.
0:44:34 > 0:44:37- What about the other two?- Yes, did everything go to plan or not?
0:44:37 > 0:44:38Let's find out.
0:44:40 > 0:44:44We're now heading back to beautiful Ashton upon Mersey in Cheshire,
0:44:44 > 0:44:46where I visited this three-bedroom detached property
0:44:46 > 0:44:49with a guide price of £130,000.
0:44:50 > 0:44:54From the outside, the house had clearly seen better days,
0:44:54 > 0:44:58but it was a beautiful plot of land overlooking the River Mersey.
0:44:58 > 0:45:01But inside, the reason for that low guide price
0:45:01 > 0:45:03started to become very clear.
0:45:03 > 0:45:07# Swallowed by the cracks
0:45:07 > 0:45:10# Swallowed by the cracks
0:45:10 > 0:45:13# Never been swallowed by the cracks... #
0:45:13 > 0:45:16In my experience, if you can do this
0:45:16 > 0:45:19and get your fingers within a space that big in a wall,
0:45:19 > 0:45:22there's definitely, definitely structural work.
0:45:22 > 0:45:27This was one of the worst cases of subsidence you could imagine.
0:45:27 > 0:45:30In my opinion, knocking it down and starting again seemed the best,
0:45:30 > 0:45:33indeed, the only sensible option.
0:45:33 > 0:45:36Property developer Nick and his project manager, Colin,
0:45:36 > 0:45:38figured the same.
0:45:38 > 0:45:41And ain't it a small world? Colin was a familiar face.
0:45:42 > 0:45:46I was security at Man United while you were a player there.
0:45:46 > 0:45:49- For the very short time that I was. - When you weren't injured, yeah.
0:45:49 > 0:45:51Exactly. Thank you very much for that.
0:45:51 > 0:45:52Yeah, thanks, Colin.
0:45:52 > 0:45:55But we're here to talk about the property's injury problems,
0:45:55 > 0:45:56not mine.
0:45:56 > 0:45:59We can save the property, but it's financially not worth it.
0:45:59 > 0:46:01We've had a word with the planners,
0:46:01 > 0:46:05we've had, you know, discussions, and we're now drawing up the plans
0:46:05 > 0:46:08to put two four-bed, three-bath properties on the plot.
0:46:09 > 0:46:11After speaking with an agent,
0:46:11 > 0:46:14we found out the boys could be onto a resale value
0:46:14 > 0:46:16of £900,000 for the pair.
0:46:16 > 0:46:18Of course, planning would be the key
0:46:18 > 0:46:21and would definitely take up most of the time for this build,
0:46:21 > 0:46:24so the guys factored in a timescale of around a year
0:46:24 > 0:46:29and a budget of £425,000 to £500,000.
0:46:29 > 0:46:32So, how would they get on?
0:46:32 > 0:46:35We returned 17 months later to find out.
0:46:35 > 0:46:38MUSIC: Feel Right by Mark Ronson
0:46:38 > 0:46:42MUSIC STOPS
0:46:42 > 0:46:44Hmm. Let's try that again.
0:46:44 > 0:46:47MUSIC STARTS UP AGAIN
0:46:49 > 0:46:52Yes, it looks like, well, nothing has happened.
0:46:54 > 0:46:56I think we better get some answers from Nick and Colin.
0:46:57 > 0:47:00We went in for planning with the first planning application.
0:47:00 > 0:47:04Basically, it was two four-bed, three-bathroom,
0:47:04 > 0:47:07three-storey properties. Erm, very nice-looking.
0:47:07 > 0:47:11Looked similar to the development we've got to our right-hand side.
0:47:11 > 0:47:14And the planner just felt it was just too much
0:47:14 > 0:47:15for the size of the plot.
0:47:15 > 0:47:19Hmm. As I said, planning would be key here.
0:47:19 > 0:47:22So, after the two-house plan went out the window,
0:47:22 > 0:47:25- what happened next? - We went back to the drawing board,
0:47:25 > 0:47:27had a conversation with our architect,
0:47:27 > 0:47:29sat down with the planners
0:47:29 > 0:47:31and just got more detail of what they wanted to see here,
0:47:31 > 0:47:32which was a single dwelling -
0:47:32 > 0:47:34a five-bedroom, three-bathroom property.
0:47:34 > 0:47:36The second planning application
0:47:36 > 0:47:39went in about four months after the first one.
0:47:39 > 0:47:41Took a couple of months extra, really got things right,
0:47:41 > 0:47:45but when it went in, the planners, again, wanting some alterations,
0:47:45 > 0:47:47so we stuck with that planning application,
0:47:47 > 0:47:50just made the alterations and, last week, we got planning approval.
0:47:50 > 0:47:53So, now the decision's been made to sell it on,
0:47:53 > 0:47:57maximise our profit, which, in turn, allows us to put that money
0:47:57 > 0:48:00into the other sort of nine, ten properties
0:48:00 > 0:48:02we've got on the go at the moment.
0:48:03 > 0:48:05So, now the plans are in place,
0:48:05 > 0:48:07they are hoping to sell it for a higher price
0:48:07 > 0:48:11and reinvest the profit into their other projects.
0:48:11 > 0:48:13Over the past 17 months,
0:48:13 > 0:48:16the guys have been using the site to house their building supplies.
0:48:16 > 0:48:21This is the first storage facility I've ever seen with a chandelier.
0:48:21 > 0:48:23With all that time and money spent on planning,
0:48:23 > 0:48:26how much have they invested in the house so far?
0:48:26 > 0:48:28With everything, including the planning,
0:48:28 > 0:48:31the applications and the fees, spent just under 10,000,
0:48:31 > 0:48:35so the plot stands at 162,000.
0:48:35 > 0:48:37And what would it have cost to build the house?
0:48:37 > 0:48:38To build a single house,
0:48:38 > 0:48:41we're looking between £200,000 and £225,000.
0:48:43 > 0:48:45Let's not forget demolition costs.
0:48:45 > 0:48:48That could add another £30,000 to the expenditure,
0:48:48 > 0:48:52bringing their total investment to 417 grand.
0:48:56 > 0:49:00So, what could they have made if they'd saw it through to the end?
0:49:00 > 0:49:02We invited along two local estate agents
0:49:02 > 0:49:04to get their values on the five-bed,
0:49:04 > 0:49:06three-bathroom property on this site.
0:49:07 > 0:49:09Having seen the designs
0:49:09 > 0:49:11for the proposed property here,
0:49:11 > 0:49:14I think that a five-bedroom property in this location in today's market
0:49:14 > 0:49:17would be worth in the region of £730,000.
0:49:17 > 0:49:19Completed, I think a property like that -
0:49:19 > 0:49:21a five-bed detached -
0:49:21 > 0:49:23would be worth in the region of 700,000.
0:49:23 > 0:49:27So, seeing the project through and selling for that top figure
0:49:27 > 0:49:31could mean a potential profit of around 313 grand.
0:49:31 > 0:49:33But the guys have decided to move on
0:49:33 > 0:49:37after spending 162 grand on the purchase and fees.
0:49:37 > 0:49:39So, how much can it sell for
0:49:39 > 0:49:42with the planning permission now in place?
0:49:42 > 0:49:44So, this plot, I would expect to achieve,
0:49:44 > 0:49:47with planning permission for a five-bed detached house,
0:49:47 > 0:49:50something in the region of 325,000.
0:49:50 > 0:49:54The value would be around £325,000.
0:49:54 > 0:49:58So, if the guys were to hit £325,000,
0:49:58 > 0:50:01that would give them a profit of 163 grand.
0:50:01 > 0:50:04But with the biggest profit in the build itself,
0:50:04 > 0:50:06I wonder if the lads could be tempted to hold on
0:50:06 > 0:50:08and do it themselves.
0:50:09 > 0:50:11We thought about doing the build, but as we say,
0:50:11 > 0:50:13we've got two other plots at the moment,
0:50:13 > 0:50:17both with planning permission. One's four barn conversions,
0:50:17 > 0:50:20which are going to give us, you know, £1 million net profit.
0:50:20 > 0:50:22If we did this, carried on, we'd have another 200,000,
0:50:22 > 0:50:27so commercial decision is sell this, use the 325 with the other plot
0:50:27 > 0:50:29and, you know, triple the money on it
0:50:29 > 0:50:31rather than adding another 50% to it on the side.
0:50:34 > 0:50:35Can't argue with those figures.
0:50:42 > 0:50:46It's time to return to Derby now, and the southern suburb of Alvaston.
0:50:46 > 0:50:49If you were on the lookout for a bit of a project,
0:50:49 > 0:50:52this two-bed semi ticked all the boxes -
0:50:52 > 0:50:57new kitchen, new bathroom, new electrics, central heating.
0:50:57 > 0:51:00Yes, a total revamp was required.
0:51:00 > 0:51:03Out in the back, things weren't much better.
0:51:03 > 0:51:05Well, at the back of the property,
0:51:05 > 0:51:10you get to see this rather questionable lean-to
0:51:10 > 0:51:11that probably wants to go.
0:51:13 > 0:51:15All in all, not too promising,
0:51:15 > 0:51:19and when you have trampoline floors, you know there's trouble.
0:51:19 > 0:51:24MUSIC: Riverdance by Bill Whelan
0:51:24 > 0:51:28Hmm. It should not be that bouncy.
0:51:28 > 0:51:30Now, that is a bit of an issue.
0:51:31 > 0:51:34Question is how far would the rot extend?
0:51:34 > 0:51:37The couple that would find out were Ian and Anne,
0:51:37 > 0:51:40who bought the house for £79,500
0:51:40 > 0:51:44as a project for them and their sons to get their teeth into
0:51:44 > 0:51:47and hopefully make a little profit on the way.
0:51:47 > 0:51:49But they were undaunted.
0:51:49 > 0:51:53It wasn't sort of a tear down and rebuild,
0:51:53 > 0:51:54but it was one which we felt
0:51:54 > 0:51:58was well within our capabilities and means.
0:51:58 > 0:52:01With sons Neil and Russell's experience in the trades,
0:52:01 > 0:52:03they'd be tackling the big jobs,
0:52:03 > 0:52:06which would leave Ian and Anne with the finishing touches.
0:52:10 > 0:52:14Aiming for a spend of between £15,000 and £20,000,
0:52:14 > 0:52:17the couple hoped to have everything complete in two to three months.
0:52:17 > 0:52:21How did they get on? We're back four months later to find out.
0:52:39 > 0:52:41It's clear the family enterprise
0:52:41 > 0:52:44has been fully occupied for the past few months.
0:52:44 > 0:52:47There's quite a difference from the last time we were here.
0:52:49 > 0:52:52Anne and Ian are very pleased with how the kitchen has turned out,
0:52:52 > 0:52:56and considering what was here before, I'm not surprised.
0:52:56 > 0:53:01He cleared the kitchen completely so that we had a blank canvas,
0:53:01 > 0:53:04and moved the kitchen door to where it is now
0:53:04 > 0:53:08to give a bit more room to allow a table and chairs.
0:53:08 > 0:53:11- Well, actually, it gives a lot more room...- It does.
0:53:11 > 0:53:13..because the door opened into that space originally,
0:53:13 > 0:53:17- which meant that you couldn't really have a...- It was wasted space.
0:53:17 > 0:53:20Nice, new kitchen. What more could a lady want?
0:53:20 > 0:53:23Or a gent? SHE LAUGHS
0:53:23 > 0:53:26Upstairs has been completely revamped.
0:53:26 > 0:53:28A new bathroom was an essential,
0:53:28 > 0:53:31and they've even managed to reinstate a bath too.
0:53:31 > 0:53:34The bedrooms have been redecorated and carpeted,
0:53:34 > 0:53:38but much of the work has been carried out behind the walls
0:53:38 > 0:53:40and under the floorboards.
0:53:40 > 0:53:43- The other thing was, of course, the rewiring.- Yes.
0:53:43 > 0:53:47- That was done by a separate contractor.- Yes.
0:53:47 > 0:53:50But it was certainly an essential part
0:53:50 > 0:53:52of the work that had to be done
0:53:52 > 0:53:55because when the electrician came in,
0:53:55 > 0:53:59he said it was actually dangerous and...
0:53:59 > 0:54:01- He switched it off, didn't he? - He switched it off,
0:54:01 > 0:54:03so we were without power for the...
0:54:03 > 0:54:06- Starting.- ..tools and things, all sorts.- Yes.- So...
0:54:06 > 0:54:08So, that had to be done pretty well straightaway.
0:54:08 > 0:54:10That was the major thing to do first.
0:54:12 > 0:54:14A central heating system has been installed,
0:54:14 > 0:54:16and I guess, while the floorboards were up,
0:54:16 > 0:54:19they would have sorted out the living room floor.
0:54:20 > 0:54:24When our middle son sort of stripped the carpet back,
0:54:24 > 0:54:26it was absolutely rotten, and I think,
0:54:26 > 0:54:29if we did a little dance on it, we'd have gone right through.
0:54:30 > 0:54:33Ah. Something like this, you mean?
0:54:35 > 0:54:38- Well, this room's looking nice now, isn't it?- Yeah.
0:54:38 > 0:54:41- And the fireplace sets it off all right.- Yes.
0:54:41 > 0:54:45- Nice gas fire and the floor. - The floor's now sound and...
0:54:45 > 0:54:49- Whoo! Whoo!- Yeah, yeah. - I don't sink in.
0:54:49 > 0:54:50We'd have gone through it, wouldn't we?
0:54:50 > 0:54:54- We would have, yes.- We would. Could practice our dancing on it.
0:54:54 > 0:54:58MUSIC: Riverdance by Bill Whelan
0:54:58 > 0:55:00- I don't think so. Not here. - SHE CHUCKLES
0:55:02 > 0:55:04It's taken eight weeks to complete the work,
0:55:04 > 0:55:07and Ian and Anne have carefully supervised
0:55:07 > 0:55:09every stage of this project.
0:55:09 > 0:55:12Well, apart from the first five weeks.
0:55:12 > 0:55:18We went on holiday for five weeks and left the boys to do the house.
0:55:18 > 0:55:21- SHE LAUGHS - They made all the decisions, really.
0:55:21 > 0:55:23They made all the decisions,
0:55:23 > 0:55:28so we came back and we'd just the painting to do, basically.
0:55:30 > 0:55:33And painting is really all that's happened to the lean-to.
0:55:33 > 0:55:35Ian felt that it wasn't economic
0:55:35 > 0:55:38to replace it with a brick-built extension.
0:55:38 > 0:55:40With a landscape gardener on the team,
0:55:40 > 0:55:44you might be expecting some wow factor in the back garden.
0:55:44 > 0:55:46Well...wow!
0:55:46 > 0:55:49Russell has...obviously been a bit busy
0:55:49 > 0:55:52with the inside of the house to worry too much about the back yard.
0:55:52 > 0:55:58But have there been any worries with their £15,000 to £20,000 budget?
0:55:58 > 0:56:04- We are over the 15,000 that we hoped to keep it down to...- Mm.
0:56:04 > 0:56:06..but not really by very much.
0:56:06 > 0:56:10It's probably about 16 and a half, 17. Something like that.
0:56:12 > 0:56:14On budget and on schedule,
0:56:14 > 0:56:18but can Ian and Anne make a profit on this project?
0:56:18 > 0:56:20We've asked two local property experts along
0:56:20 > 0:56:22to see if the improvements made here
0:56:22 > 0:56:25have added enough value to this house.
0:56:25 > 0:56:27I think the standard of finish is absolutely perfect
0:56:27 > 0:56:28for this type of property.
0:56:28 > 0:56:32In this location, it's just what you would expect to find. It's perfect.
0:56:32 > 0:56:35For me, there's a lot of positives with this property.
0:56:35 > 0:56:37The garden's bigger than you'd expect,
0:56:37 > 0:56:38but internally, I think the kitchen
0:56:38 > 0:56:41and the bathroom being brand-new, and the heating system,
0:56:41 > 0:56:42are going to be real positives.
0:56:42 > 0:56:45Having bought the house for 79,500
0:56:45 > 0:56:49and spent a further £17,000 on its renovation,
0:56:49 > 0:56:50how much could Ian and Anne
0:56:50 > 0:56:54expect to sell it for on the current market?
0:56:54 > 0:56:56I would anticipate a sale being achieved
0:56:56 > 0:56:59somewhere in the region of £105,000 to £110,000.
0:56:59 > 0:57:00In the current sales market,
0:57:00 > 0:57:05I would expect this property to sell between £110,000 to £115,000.
0:57:05 > 0:57:10A sale at 110,000 would mean a profit of £13,500
0:57:10 > 0:57:11before fees and tax.
0:57:13 > 0:57:17We would want to put it on the market at 115,
0:57:17 > 0:57:20and ideally, if we got 110, that would be...
0:57:20 > 0:57:22- Maybe.- That would be fine.
0:57:22 > 0:57:23It would mean that we'd make a bit of profit
0:57:23 > 0:57:25- and cover expenses as well.- Yes.
0:57:25 > 0:57:29This renovation project has kept the family busy for a few months,
0:57:29 > 0:57:31but what are their overall feelings?
0:57:33 > 0:57:35Well, it's very satisfying doing a house up
0:57:35 > 0:57:39and making it habitable and clean and nice.
0:57:39 > 0:57:44Erm, and, actually, with going away on holiday
0:57:44 > 0:57:47- and leaving it for the boys to do... - It forced the situation.
0:57:47 > 0:57:49..it was very satisfying. SHE LAUGHS
0:57:52 > 0:57:55There are lots of people buying all kinds of property
0:57:55 > 0:57:58- at auction every day.- Yeah, and we follow many of their stories.
0:57:58 > 0:58:00- They have so much to tell.- Yes.
0:58:00 > 0:58:04So, join us here on Homes Under The Hammer next time
0:58:04 > 0:58:07for more stories from the world of property.
0:58:07 > 0:58:09- See you.- Bye-bye.- Goodbye.