0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:05The thing I love about property in this country
0:00:05 > 0:00:08is that there's such variety and something for everyone.
0:00:08 > 0:00:12But knowing where to start looking can be the biggest challenge.
0:00:12 > 0:00:14Yes, but I can almost guarantee you'll find
0:00:14 > 0:00:16exactly what you're looking for
0:00:16 > 0:00:18if you visit your local property auction.
0:00:43 > 0:00:46Buying at auction can be so exciting,
0:00:46 > 0:00:49but sometimes people get what's known as "auction fever",
0:00:49 > 0:00:52where they end up bidding more than they intended to.
0:00:52 > 0:00:54But that can still work in your favour,
0:00:54 > 0:00:56as long as there are bargains to be had.
0:00:56 > 0:00:59Let's see what our buyers on today's show went for.
0:01:00 > 0:01:04In Crumlin, Wales, I'm not crazy about the house,
0:01:04 > 0:01:06but I am mad about the garage.
0:01:06 > 0:01:09Is it me, or is this just lovely?
0:01:10 > 0:01:11In Westminster, London,
0:01:11 > 0:01:16surely a basement office can't be worth over half a million quid?!
0:01:16 > 0:01:19Welcome to the crazy world of London property prices.
0:01:20 > 0:01:22And in Bootle near Liverpool,
0:01:22 > 0:01:25two flats with a guide price of £30,000?!
0:01:25 > 0:01:28And that's not the only surprising thing.
0:01:28 > 0:01:30Again, a lot of the rooms here have surprised me.
0:01:31 > 0:01:34All these properties were bought at auction.
0:01:34 > 0:01:36We'll find out who got them and how much they paid
0:01:36 > 0:01:38when they went under the hammer.
0:01:38 > 0:01:40Thank you, sir.
0:01:44 > 0:01:47I'm in Crumlin, a town in Caerphilly, Wales,
0:01:47 > 0:01:49where this mural reminds us
0:01:49 > 0:01:54that once this was home of the highest railway viaduct in the UK.
0:01:54 > 0:01:59200 feet high and made from wrought iron, it opened in 1857,
0:01:59 > 0:02:04but now, all that remains are a couple of stone abutments.
0:02:06 > 0:02:08Well, bridging the property gap
0:02:08 > 0:02:12is the property that I'm here to see in Crumlin today.
0:02:12 > 0:02:16Three-storey, three-bedroomed mid-terrace.
0:02:16 > 0:02:20Guide price was £39,000 plus. Let's take a look.
0:02:21 > 0:02:26OK, nice little entrance porch here with a separate door.
0:02:26 > 0:02:28That's good for keeping the draughts out.
0:02:28 > 0:02:32It does get a bit claustrophobic as you walk in though,
0:02:32 > 0:02:36probably cos there are way too many doors. Front sitting room here.
0:02:36 > 0:02:40It's not a bad size, it doesn't seem in too bad a condition.
0:02:40 > 0:02:42But I'm wondering, straightaway,
0:02:42 > 0:02:46if there's any way of combining that room with this one.
0:02:46 > 0:02:48This wall almost... Grrr.
0:02:48 > 0:02:51It just makes the house feel quite cramped.
0:02:51 > 0:02:56Um...take it out? Big job. Worth doing?
0:02:56 > 0:02:59Maybe. Depends what you do with the house - rent it out or live in it.
0:02:59 > 0:03:03Getting rid of an internal wall can really transform
0:03:03 > 0:03:06the flow of a house, but any structural alterations require
0:03:06 > 0:03:09that you make a building regulations application and, of course,
0:03:09 > 0:03:13it could be a supporting wall, in which case you would need steelwork
0:03:13 > 0:03:17and props to stop the building falling down as you remove it.
0:03:17 > 0:03:20This house is quite typical in its layout around here,
0:03:20 > 0:03:23so the next stop is downstairs.
0:03:28 > 0:03:32Ah, down here it's a case of good news and bad news.
0:03:32 > 0:03:37The bad news is this is the only loo and bathroom in the property,
0:03:37 > 0:03:40so you can imagine being on one of the higher floors,
0:03:40 > 0:03:42having to come all the way down here to use it.
0:03:42 > 0:03:47It's also just off the kitchen, so not ideal on lots of levels.
0:03:47 > 0:03:51The good news, though - the kitchen itself is really nice.
0:03:51 > 0:03:54It's big enough to be a sort of kitchen-living area.
0:03:54 > 0:03:58It's got this little extension there with access out the back.
0:03:58 > 0:04:00Not in bad condition,
0:04:00 > 0:04:02but it's a nice size and has a nice feel to it,
0:04:02 > 0:04:04so the biggest challenge is,
0:04:04 > 0:04:08is there anywhere else in the house we could put the bathroom?
0:04:08 > 0:04:11MUSIC: Popcorn by Herb Alpert and The Tijuana Brass
0:04:11 > 0:04:13I'd want to keep a toilet down here,
0:04:13 > 0:04:16as that would be much more family friendly,
0:04:16 > 0:04:18but I don't think most families would fancy
0:04:18 > 0:04:21coming all the way down here from the bedrooms
0:04:21 > 0:04:22for a wash in the morning.
0:04:22 > 0:04:25The stairs to the first-floor level can be found
0:04:25 > 0:04:27in the back corner of the house.
0:04:30 > 0:04:34Starting with the smallest bedroom, it's a comfortable single.
0:04:34 > 0:04:37It's already got one in it.
0:04:39 > 0:04:41Next to it, with the striped rug,
0:04:41 > 0:04:45I'm going to declare it a bedroom number two,
0:04:45 > 0:04:49but with so much furniture it's hard to gauge its size.
0:04:50 > 0:04:53Then, last but not least, bedroom one,
0:04:53 > 0:04:57and I don't think any of these rooms are big enough for a toilet,
0:04:57 > 0:05:00let alone a bathroom. Whichever way you call it,
0:05:00 > 0:05:03bedrooms two and one overlook the front of the house.
0:05:05 > 0:05:08And then who could resist a peek in the loft?
0:05:11 > 0:05:15So, up a loft ladder into what was obviously the loft at some point,
0:05:15 > 0:05:18which has been converted into actually quite a useable space.
0:05:18 > 0:05:23It's got a big roof light, it's got power, it's got lighting.
0:05:23 > 0:05:26It certainly couldn't be a bedroom or anything like that,
0:05:26 > 0:05:30but for a kids' play area or somewhere to store stuff,
0:05:30 > 0:05:32absolutely ideal. What a bonus!
0:05:32 > 0:05:36On second thoughts - playroom? Maybe not.
0:05:37 > 0:05:41# All you ever do is bring me down
0:05:43 > 0:05:48# Cos, honey, all you do is bring me down... #
0:05:49 > 0:05:53Out back, the garden is, well, being kind, bijou,
0:05:53 > 0:05:56and the chimney needs some fairly urgent attention.
0:05:56 > 0:06:00Also, the outbuilding's window frames leave a lot to be desired,
0:06:00 > 0:06:04but it's my favourite bit of the house!
0:06:04 > 0:06:09A garage. But I just wish you could be here with me, cos it's the smell.
0:06:09 > 0:06:13It's one of those garages that your granddad used to have.
0:06:13 > 0:06:18In fact, it's identical to a garage I rebuilt an old MGB Roadster in.
0:06:18 > 0:06:24It smells of old-fashioned oil. It's even got a pit. The oil stains,
0:06:24 > 0:06:30the bench at the end... Is it me, or is this just lovely?
0:06:32 > 0:06:37Hmm, OK, I accept the smell of old-fashioned oil
0:06:37 > 0:06:39isn't to everyone's taste.
0:06:39 > 0:06:41We called in a local estate agent
0:06:41 > 0:06:43to see is SHE liked the smell of old-fashioned...
0:06:43 > 0:06:47Only joking. ..to give us her views and valuations,
0:06:47 > 0:06:50beginning with a bit of background on Crumlin.
0:06:50 > 0:06:55It's for local people to live in, although it's quite central
0:06:55 > 0:06:58for Cardiff, Newport, Abertillery,
0:06:58 > 0:07:01Ebbw Vale and Pontypool, so it's a good commuting area.
0:07:01 > 0:07:05If this property was yours, how would you renovate it?
0:07:05 > 0:07:08I would put a bathroom on the middle floor.
0:07:08 > 0:07:10Because it's three-storey, you can get access to it
0:07:10 > 0:07:13from the lower ground floor and first floor,
0:07:13 > 0:07:15so I would put the bathroom on the middle floor
0:07:15 > 0:07:18and perhaps make a utility room-cum-dining room-kitchen
0:07:18 > 0:07:19on the lower ground floor.
0:07:19 > 0:07:23What could this house, with a guide price of £39,000,
0:07:23 > 0:07:25achieve once refurbished?
0:07:25 > 0:07:28Once renovated, I would estimate
0:07:28 > 0:07:34that the sales achieve price would be in the region of £69,950.
0:07:36 > 0:07:39Well, there are a few things you'd want to change with this place
0:07:39 > 0:07:42but, primarily, it's a lot of house for the money
0:07:42 > 0:07:44and when you've got that as a backdrop,
0:07:44 > 0:07:46for that kind of guide price,
0:07:46 > 0:07:48I don't think you can go too far wrong.
0:07:48 > 0:07:51Let's see who agreed when it went under the hammer.
0:07:51 > 0:07:56Lot number 64. Guided at £39,000. Start me, will you, somewhere.
0:07:56 > 0:07:59I'm in your hands. 35, can we? Thank you.
0:07:59 > 0:08:0235, I've got you there. At 35. 35. And 6.
0:08:02 > 0:08:07This is late in the day, with only four more lots to go.
0:08:07 > 0:08:09All the bidders are at the rear of the room,
0:08:09 > 0:08:12making it difficult for our cameras to see them.
0:08:12 > 0:08:15We rejoin the bidding at £47,000.
0:08:15 > 0:08:19At £47,000, on my left-hand side. One more might get it for you.
0:08:19 > 0:08:21I've got 47 then, on my left-hand side.
0:08:21 > 0:08:2447.5. 48? 48, no.
0:08:24 > 0:08:28There you go. At the back, for the first time, second time,
0:08:28 > 0:08:30third and last time, at £47,500...
0:08:30 > 0:08:32- GAVEL BANGS - There you go. 61.
0:08:32 > 0:08:35Thank you. We'll have somebody with you shortly.
0:08:35 > 0:08:37The moral of the story is, whatever you think your maximum is,
0:08:37 > 0:08:41- always go a couple of bids beyond. - Hmm, he WOULD say that, wouldn't he?
0:08:41 > 0:08:44At the very back of this auction crowd were successful bidders
0:08:44 > 0:08:47Dave, Christie and baby Elliot.
0:08:47 > 0:08:53Elliot's parents are IT consultants, while Elliot - well, he's a baby.
0:08:53 > 0:08:56We all met up at this £47,500 purchase.
0:08:56 > 0:08:58Dave, Christie and Elliot.
0:08:58 > 0:09:02- Nice to see you all.- And you. - And you as well. Nice to meet you.
0:09:02 > 0:09:05- How old is he now?- He's just turned seven weeks.- Oh, my golly!
0:09:05 > 0:09:08So, you've got quite a lot going on in your life then,
0:09:08 > 0:09:11- with a new baby and buying a new house.- Yeah.
0:09:11 > 0:09:14So, tell me why you wanted to buy it then.
0:09:14 > 0:09:19Um, well, we've been thinking about it for a while,
0:09:19 > 0:09:23and, yeah, just the opportunity came up really.
0:09:23 > 0:09:25We ended up with a bit of money to invest
0:09:25 > 0:09:28and we thought there's nothing in the bank at the moment,
0:09:28 > 0:09:31so we wanted to find a nice property to do up
0:09:31 > 0:09:33and, as Dave keeps saying,
0:09:33 > 0:09:36blame your programme for us ending up at the auction.
0:09:36 > 0:09:39It's definitely inspired what we're doing, I think.
0:09:39 > 0:09:42You won't be blaming me, you'll be thanking me when you make money.
0:09:42 > 0:09:47- Yeah, yeah. - And why the Valleys of Wales?
0:09:47 > 0:09:51- Well, we live about 20 minutes...? - 20 minutes away.
0:09:51 > 0:09:53About 20 minutes from here.
0:09:53 > 0:09:56We looked at a few other properties but they were a bit further away
0:09:56 > 0:09:59and we liked the location of this one
0:09:59 > 0:10:00and also, when we looked around,
0:10:00 > 0:10:03we thought the place had a lot you could do to it.
0:10:03 > 0:10:05What was it you liked about it, Dave?
0:10:05 > 0:10:10Um, we like space, don't we? I quite liked having the three floors.
0:10:10 > 0:10:13To me, that was quite interesting in a terraced property.
0:10:13 > 0:10:15Bathroom downstairs, so that's the old conundrum -
0:10:15 > 0:10:18what can you do with the bathroom downstairs versus getting it up?
0:10:18 > 0:10:21We felt, structurally, it felt sound.
0:10:21 > 0:10:23It's our first investment property.
0:10:23 > 0:10:28- It just felt relatively of a safe one to go for, I think.- Hopefully.
0:10:28 > 0:10:31Hopefully. But one we can still flip relatively quickly
0:10:31 > 0:10:34- and make some money on, hopefully. - Right, and a good price.- Yes.
0:10:34 > 0:10:37Yeah, obviously paid more than we would have liked to, but yeah.
0:10:37 > 0:10:41- Did you?- We went to the top of our ceiling, didn't we?
0:10:41 > 0:10:45Yeah, 47 was our limit and we got 47.5.
0:10:45 > 0:10:47We were mentally out at that point
0:10:47 > 0:10:49and willing the hammer to go down and it did
0:10:49 > 0:10:51and suddenly we'd bought a house. First auction,
0:10:51 > 0:10:54suddenly we didn't know where we were, but now we're here.
0:10:54 > 0:10:58Wow, fantastic. So, what's the plan for it?
0:10:58 > 0:11:01We'll probably rent it out for a few years, at least initially.
0:11:01 > 0:11:04So, we're looking at a fairly quick turnaround.
0:11:04 > 0:11:09The usual thing - paint throughout, plaster where needed,
0:11:09 > 0:11:11new carpets throughout.
0:11:11 > 0:11:13And probably knocking through the two reception rooms
0:11:13 > 0:11:15- on the ground floor.- Right.
0:11:15 > 0:11:17There's a small sitting room and a lounge,
0:11:17 > 0:11:20so try and open that up, although it is a load-bearing wall,
0:11:20 > 0:11:23- so we're still consulting. - Careful.- Yeah, RSJs, etc.
0:11:23 > 0:11:27And it's terrace so there's party walls, so we're consulting builders
0:11:27 > 0:11:29to see, with what we want to spend now,
0:11:29 > 0:11:33whether it's the right thing to do, but, ideally, we'd open that up.
0:11:33 > 0:11:36- What about outside?- Hmm.- Hmm.
0:11:36 > 0:11:41At the moment, probably, literally, lick of paint round the garage.
0:11:41 > 0:11:46The gardener in me wants to go out and start making more space
0:11:46 > 0:11:50and putting plants everywhere but, especially for rental,
0:11:50 > 0:11:55trying to stay realistic and so, I think, at least for now,
0:11:55 > 0:11:56we'll probably just leave that as is.
0:11:56 > 0:12:00So, how much of the work are you going to do yourselves?
0:12:00 > 0:12:02- In theory...- If there's a wall to be knocked down,
0:12:02 > 0:12:06- I'll always step forward to do that. - Yeah, smashing stuff up.
0:12:06 > 0:12:09Smashing stuff up, moving stuff around - that's definitely me.
0:12:09 > 0:12:10You're a bit of a keen tiler.
0:12:10 > 0:12:13Yeah, I'll do the painting and tiling and that sort of stuff.
0:12:13 > 0:12:15Yeah, fit most of the bathroom,
0:12:15 > 0:12:17but we probably need the electrics checked
0:12:17 > 0:12:19and plumbing, we'll get the professionals in,
0:12:19 > 0:12:22and the same for plastering, but we'll do as much as we can.
0:12:22 > 0:12:24At our own property, we do quite a bit,
0:12:24 > 0:12:27so we're happy getting our hands dirty around little one.
0:12:27 > 0:12:30- And what's the budget?- We'd like to try and get it done for 8.
0:12:30 > 0:12:35That's putting the little shower room in, knocking the wall
0:12:35 > 0:12:38- and then all the usual carpets, walls, etc.- New bathroom.
0:12:38 > 0:12:40I think that should be doable. Yeah, new bathroom suite.
0:12:40 > 0:12:43As we're doing a lot of it ourselves...
0:12:43 > 0:12:46You'll probably tell us otherwise - but hopefully, it should be doable.
0:12:46 > 0:12:48As long as you do a lot of the work yourself, absolutely.
0:12:48 > 0:12:51- What about timescale? - Two or three months.
0:12:51 > 0:12:53He will dictate a lot of that.
0:12:53 > 0:12:56If there's a swimming class or something that he's going to,
0:12:56 > 0:13:01that takes priority, so it really is, we'll do it as we need to
0:13:01 > 0:13:04but, having said that, I don't want it to go for three years.
0:13:04 > 0:13:07I think, ideally, we'd turn it around in three months,
0:13:07 > 0:13:09get it on the rental market and then go from there.
0:13:09 > 0:13:11- Well, congratulations.- Thank you. - Good luck with it.- Thank you.
0:13:11 > 0:13:15Good luck with the family and I look forward to seeing how you get on.
0:13:15 > 0:13:17- Thank you.- Thank you very much. Cheers.
0:13:17 > 0:13:22Wow! Lots going on in the Dave, Christie and Elliot household.
0:13:22 > 0:13:24New baby, new house,
0:13:24 > 0:13:27lots of challenges ahead to sort this place out,
0:13:27 > 0:13:30but it seems like they've got the right ideas
0:13:30 > 0:13:33and the enthusiasm to make it a success.
0:13:33 > 0:13:37How will they get on? You can find out later in the show.
0:13:39 > 0:13:43MUSIC: Towers Of London by XTC
0:13:48 > 0:13:50# Towers of London
0:13:50 > 0:13:52# When they had built you
0:13:52 > 0:13:57# Did you watch over the men who fell...? #
0:13:57 > 0:13:59If you want to be in the heart of London,
0:13:59 > 0:14:03well, it's safe to say you can't get much more central than this.
0:14:03 > 0:14:06We're in Westminster and it's a buzzing area,
0:14:06 > 0:14:08full of iconic landmarks.
0:14:08 > 0:14:10However, the clock is ticking
0:14:10 > 0:14:12and I need to find today's auction property.
0:14:15 > 0:14:18No, it's never going to be the most peaceful place to be,
0:14:18 > 0:14:20but I've turned a couple of streets and, actually,
0:14:20 > 0:14:25the hustle and bustle of SW1 has become that little bit quieter.
0:14:25 > 0:14:28Now, what about the property I'm here to see?
0:14:28 > 0:14:30Well, it was last used as an office
0:14:30 > 0:14:34and it had a guide price of £250,000 to £300,000.
0:14:34 > 0:14:37It's in this eight-storey building here
0:14:37 > 0:14:40but, no, I'm not going UP too many flights of stairs,
0:14:40 > 0:14:43I'm actually walking down to a lower ground floor.
0:14:46 > 0:14:49# I'm going underground... #
0:14:49 > 0:14:51That's an attractive guide price for London
0:14:51 > 0:14:55and, although it has a B1 classification for business use,
0:14:55 > 0:14:58you might be asking yourself if there is an opportunity
0:14:58 > 0:15:00for residential conversion.
0:15:00 > 0:15:01Well, while I head down,
0:15:01 > 0:15:05the answer to that question might be found if you look up.
0:15:05 > 0:15:07These are all flats above.
0:15:11 > 0:15:13Oh, this really does have the feeling
0:15:13 > 0:15:15of going down, down, underground.
0:15:15 > 0:15:18And it's not often I walk into a property
0:15:18 > 0:15:21and I'm greeted by not one, but two, loos.
0:15:21 > 0:15:23So, you know this is a commercial building,
0:15:23 > 0:15:26you can just see this strip lighting everywhere.
0:15:26 > 0:15:28This was obviously somebody's office.
0:15:28 > 0:15:33Not a bad space, though. One big negative - hardly any natural light.
0:15:33 > 0:15:36In fact, this ceiling is coming halfway down through this window
0:15:36 > 0:15:40and you're looking straight out there onto another building,
0:15:40 > 0:15:42somebody else's courtyard.
0:15:42 > 0:15:45I'm just wondering whether you could take this ceiling higher.
0:15:45 > 0:15:47Maybe somebody's tried to have a look
0:15:47 > 0:15:50because you can see all the plasterboard here.
0:15:50 > 0:15:52It's not ideal at the moment.
0:15:52 > 0:15:55I'm just wondering if it gets any better when I go through there.
0:15:57 > 0:16:00So, through here, you've got a fairly respectable space.
0:16:00 > 0:16:03You've got the kitchen just through here.
0:16:03 > 0:16:06Now, overall, this is a good size space
0:16:06 > 0:16:10and, actually, I think, instead of an office,
0:16:10 > 0:16:15it could be converted into a really good size two-bedroom flat.
0:16:15 > 0:16:19My advice is to consult an architect who'll be able to advise you
0:16:19 > 0:16:22on the best way to make use of the space,
0:16:22 > 0:16:24although you will need to take into account
0:16:24 > 0:16:27any walls that could be load-bearing.
0:16:27 > 0:16:30And another thing - a big, big factor here
0:16:30 > 0:16:32is the lack of natural light. Look at this.
0:16:32 > 0:16:35Whoever takes this on needs to invest
0:16:35 > 0:16:38in some really clever light-reflective materials.
0:16:38 > 0:16:41I'm talking shiny marble tiles, mirrors,
0:16:41 > 0:16:46spotlights everywhere, and that is just for starters.
0:16:50 > 0:16:52Because of that B1 use classification,
0:16:52 > 0:16:55if you do want to convert this into a flat,
0:16:55 > 0:16:58you'll need to apply for change of use through Westminster Council
0:16:58 > 0:17:03and, if you succeed, it really could be a very lucrative move.
0:17:04 > 0:17:06Recently, a newspaper reported
0:17:06 > 0:17:09that Westminster is the second most expensive place
0:17:09 > 0:17:12to buy property in the whole of the UK.
0:17:14 > 0:17:16So, picture this.
0:17:16 > 0:17:19Once step forward - I reckon that's about a metre.
0:17:19 > 0:17:24To the left, one to the back, and one to the right.
0:17:24 > 0:17:31Well, that single square could be worth a whopping £8,925!
0:17:31 > 0:17:36Welcome to the crazy world of London property prices, everybody!
0:17:36 > 0:17:38That is hard to comprehend, isn't it?
0:17:42 > 0:17:46Yes, a dark and dingy space this may well currently be,
0:17:46 > 0:17:51but with approximately 77 square metres to play with here, ka-ching!
0:17:51 > 0:17:54And just to demonstrate, here's a crazy comparison.
0:17:54 > 0:18:00A square metre in Westminster costs £8,925
0:18:00 > 0:18:04and in Stanley, County Durham, £818.
0:18:06 > 0:18:09So, it's time to find out what a local property expert,
0:18:09 > 0:18:12familiar with the Westminster property market,
0:18:12 > 0:18:14thinks of the potential here.
0:18:14 > 0:18:17This street is an excellent location, residential-wise.
0:18:17 > 0:18:20Probably not quite as strong commercial.
0:18:20 > 0:18:22Quite hidden away, so office users
0:18:22 > 0:18:24would tend not to want to come here.
0:18:24 > 0:18:28The property as an office is divided into several rooms
0:18:28 > 0:18:31which is not really useful for office users today.
0:18:31 > 0:18:34They tend to like total open-plan space.
0:18:34 > 0:18:39It does lead itself quite well to a conversion to residential
0:18:39 > 0:18:42or, possibly, an alternative commercial use
0:18:42 > 0:18:44for medical or education.
0:18:44 > 0:18:46This unit would require an awful lot of work
0:18:46 > 0:18:49to convert it into residential.
0:18:49 > 0:18:52It would need to be totally stripped out, bedrooms created,
0:18:52 > 0:18:55bathrooms created, kitchen created,
0:18:55 > 0:19:00new carpet, decorations and total renovation.
0:19:00 > 0:19:02I would estimate, to make this
0:19:02 > 0:19:06into a top-specification residential apartment,
0:19:06 > 0:19:10somewhere in the region of £200,000 would be required.
0:19:12 > 0:19:14When you add that figure to the possible price
0:19:14 > 0:19:19you'll be looking at spending, at least a core half million.
0:19:19 > 0:19:22So, what does our expert estimate a two-bedroom basement flat
0:19:22 > 0:19:25could be worth in this part of London?
0:19:28 > 0:19:30Once renovated to a high specification
0:19:30 > 0:19:32as a two-bedroom apartment,
0:19:32 > 0:19:36this could achieve a price in the region of £850,000.
0:19:38 > 0:19:42Buy this for the guide and I think it could be win-win,
0:19:42 > 0:19:44whichever route you decide to take.
0:19:44 > 0:19:46You'd be really hard-pushed
0:19:46 > 0:19:50to find something for that price in this prime spot.
0:19:50 > 0:19:53Let's head to the auction and find out who saw the light
0:19:53 > 0:19:56and, hopefully, the future of this office
0:19:56 > 0:19:58will be that little bit brighter.
0:20:01 > 0:20:05We move to lot 212, which is Westminster, SW1.
0:20:05 > 0:20:07Leasehold, self-contained lower ground-floor office.
0:20:07 > 0:20:10It's vacant, nice part of the world.
0:20:10 > 0:20:12Let's start at 250, see where that takes us.
0:20:12 > 0:20:14Someone bid me 250.
0:20:14 > 0:20:17Unfortunately, we had a technical issue during this auction
0:20:17 > 0:20:20but the bidder with the deepest pockets was Dilan,
0:20:20 > 0:20:27who forked out a whopping £490,000 - almost double the opening bid.
0:20:27 > 0:20:30- GAVEL BANGS - That is sold to you, sir.
0:20:31 > 0:20:33# Keepin' out of mischief now... #
0:20:33 > 0:20:36Dilan is a retired property developer,
0:20:36 > 0:20:40but instead of putting his feet up, he's out buying another property.
0:20:40 > 0:20:44- Dilan, lovely to meet you today. - Thank you, and you too.
0:20:44 > 0:20:46Aren't you supposed to be taking it easy?
0:20:46 > 0:20:51- You're retired now, aren't you? - Well, I can't sit at home.
0:20:51 > 0:20:54Why can't you sit at home? Is it too boring for you?
0:20:54 > 0:20:57It's boring, but I need something to do.
0:20:57 > 0:21:00What an interesting property this is.
0:21:00 > 0:21:03First of all, what was it that attracted you to this area?
0:21:03 > 0:21:07Well, I would like to buy in Westminster for a long time,
0:21:07 > 0:21:10so this was the time to get in.
0:21:10 > 0:21:14It's very rare that properties in this SW1 postcode come up.
0:21:14 > 0:21:17- Did you view the property before the auction?- That's right.
0:21:17 > 0:21:20- And you liked it?- Yes.
0:21:20 > 0:21:23- So, were you happy with the price you paid?- I'm happy,
0:21:23 > 0:21:27because you can't get this sort of price in the centre of Westminster.
0:21:27 > 0:21:29Currently, this is a commercial premises.
0:21:29 > 0:21:32- Are you going to leave it commercial?- No, I'm not.
0:21:32 > 0:21:34I'm going to change it to residential.
0:21:34 > 0:21:36It is very hard to get, in Westminster,
0:21:36 > 0:21:38for the residential for the right price.
0:21:38 > 0:21:41Let's get down to the nitty-gritty
0:21:41 > 0:21:43and talk about how you can improve this space
0:21:43 > 0:21:47because it's a fantastic location but, at the moment,
0:21:47 > 0:21:51ceilings are all a bit too low, it's very dark.
0:21:51 > 0:21:56I just want to see this light and open. How are you going to do that?
0:21:56 > 0:22:01We'll try to take this ceiling out and see if we can raise it up
0:22:01 > 0:22:06or in a bedroom, it doesn't make much difference.
0:22:06 > 0:22:10In the lounge and the other bedrooms and kitchen, ceilings are high.
0:22:10 > 0:22:13- OK, so you can take the ceiling up a little higher here...- Yeah.
0:22:13 > 0:22:16- ..which is really going to improve the feeling of space.- That's right.
0:22:16 > 0:22:20You don't have much natural light in here. Does that worry you at all?
0:22:20 > 0:22:24Well, it doesn't worry me because, being a basement,
0:22:24 > 0:22:26I don't have enough window lights,
0:22:26 > 0:22:30but I'm going to put artificial lights.
0:22:31 > 0:22:36So, Dilan isn't worried about light or height, but what about space?
0:22:36 > 0:22:38What ideas does he have about the layout?
0:22:41 > 0:22:43I already submitted a plan to Westminster Council
0:22:43 > 0:22:47- for two to three bedrooms. - Really?- Yeah.
0:22:47 > 0:22:50Don't you think three might be a little bit on the small side?
0:22:50 > 0:22:52- Each room would be a bit tight? - Not really.
0:22:52 > 0:22:55Kitchen can be converted into the bedroom.
0:22:55 > 0:22:59- Ah, and then you'll put the kitchen in the lounge.- In the lounge.
0:22:59 > 0:23:02- So, you are absolutely maximising this.- Yes.
0:23:05 > 0:23:08Dilan is confident that he can add a third bedroom
0:23:08 > 0:23:13without compromising the overall layout, but I'm unconvinced.
0:23:13 > 0:23:14Let's recap.
0:23:14 > 0:23:17The manager's office will be extended to make one bedroom,
0:23:17 > 0:23:20the main office space will be the master bedroom,
0:23:20 > 0:23:23and both of these will be en suite.
0:23:23 > 0:23:26The kitchen will become the third bedroom,
0:23:26 > 0:23:29with the remaining space being a lounge and kitchen area
0:23:29 > 0:23:31and there's a bathroom to fit in there too.
0:23:31 > 0:23:34Seems like a tight squeeze to me.
0:23:34 > 0:23:37To what standard do you think you're going to renovate?
0:23:37 > 0:23:42- I'm going to have a high standard in this.- So, high-spec.- Yeah.
0:23:42 > 0:23:45Are you talking wooden floors, top-end kitchen,
0:23:45 > 0:23:47- lovely fixtures and fittings? - That's right.
0:23:47 > 0:23:51- What's the budget for you to do the work here?- £20,000 to £25,000.
0:23:51 > 0:23:54Do you think that's going to be enough money for you?
0:23:54 > 0:23:58- I don't think so. I'll probably need some more.- And have you got more?
0:23:58 > 0:24:02- Have you got a little bank that you can dip into?- Yes, I can afford to.
0:24:02 > 0:24:05How long do you think it will take you before the work is completed?
0:24:05 > 0:24:11Well, work completion is six to eight weeks.
0:24:12 > 0:24:14And I'm waiting for six to eight weeks
0:24:14 > 0:24:17for the planning permission to come through.
0:24:17 > 0:24:20- So, as soon as you get the planning permission, you'll start work.- Yes.
0:24:20 > 0:24:22I'm really excited to see how you do it
0:24:22 > 0:24:25and what it looks like and how high-spec it's going to be.
0:24:25 > 0:24:27All right, thank you, you're welcome to it.
0:24:27 > 0:24:30- Congratulations. Well done. - Thank you.- Can't wait to see it.
0:24:30 > 0:24:32- Thank you.- Thank you very much.
0:24:33 > 0:24:35If you're going to have a hobby,
0:24:35 > 0:24:38it might as well be one that can make you some money.
0:24:38 > 0:24:41However, I really don't think that Dilan's £25,000 budget
0:24:41 > 0:24:43is going to cut the mustard here
0:24:43 > 0:24:47and bring his new flat up to the standard that this area commands.
0:24:47 > 0:24:50Join me later in the programme and you can find out
0:24:50 > 0:24:54whether it's lighter, brighter, top-notch and tip-top.
0:24:56 > 0:24:57Coming up,
0:24:57 > 0:25:00a familiar face with an unusual income in Bootle, Merseyside.
0:25:00 > 0:25:03There's an advertising hoarding on the side of the building.
0:25:03 > 0:25:06- That's a nice little bonus, isn't it?- It is.
0:25:07 > 0:25:10And Dilan's had an unusual problem in Westminster, London.
0:25:10 > 0:25:12Flood risk in this area.
0:25:12 > 0:25:15They are not allowing any more planning permission.
0:25:20 > 0:25:23We're returning now to Crumlin in Caerphilly, Wales,
0:25:23 > 0:25:27where earlier, I looked around this three-bedroom mid-terrace,
0:25:27 > 0:25:30sold at auction for £47,500.
0:25:30 > 0:25:33It does get a bit claustrophobic as you walk in,
0:25:33 > 0:25:35probably cos there are way too many doors.
0:25:35 > 0:25:39Front sitting room here is not a bad size.
0:25:39 > 0:25:41It doesn't seem in too bad a condition,
0:25:41 > 0:25:43but I'm wondering, straightaway,
0:25:43 > 0:25:47if there's any way of combining that room with this one.
0:25:47 > 0:25:52This wall almost... Grrr. It just makes the house feel quite cramped.
0:25:52 > 0:25:55With open-planned being the order of the day,
0:25:55 > 0:25:59I would have preferred one larger open space.
0:25:59 > 0:26:03The new owners were IT consultants Christie and Dave,
0:26:03 > 0:26:07who came along with their recent addition to the family, baby Elliot.
0:26:08 > 0:26:12- How old is he now?- He's just turned seven weeks.- Oh, my golly.
0:26:12 > 0:26:15So, you've got quite a lot going on in your life, with a new baby
0:26:15 > 0:26:20- and buying a new house.- Yeah. - So, what's the plan for it?
0:26:20 > 0:26:23We'll probably rent it out for a few years, at least initially,
0:26:23 > 0:26:27so we're looking at a fairly quick turnaround, the usually thing -
0:26:27 > 0:26:32paint throughout, plaster where needed, new carpets throughout.
0:26:32 > 0:26:35And probably knocking through the two reception rooms
0:26:35 > 0:26:37on the ground floor, although it is a load-bearing wall,
0:26:37 > 0:26:40- so we're still consulting.- Careful.
0:26:40 > 0:26:42Well, I was pleased to hear THAT.
0:26:42 > 0:26:46The couple had planned for a three to six-month turnaround.
0:26:46 > 0:26:51We're back nearly two years later to find out what caused the overrun
0:26:51 > 0:26:56and see what they've done in their first renovation.
0:26:56 > 0:27:00# We just now got the feeling that we're meeting
0:27:00 > 0:27:03# For the first time... #
0:27:05 > 0:27:08Well, it couldn't be more open-plan than that.
0:27:08 > 0:27:12But remember, if you fancy doing this under building regulations,
0:27:12 > 0:27:16you'll have to engage a structural engineer to calculate the size
0:27:16 > 0:27:19of the steelwork needed to support the rest of the house.
0:27:26 > 0:27:30The kitchen and bathroom are still located on the lower ground floor,
0:27:30 > 0:27:32but both have had a large refurbishment.
0:27:49 > 0:27:53Upstairs, the old beds and furniture have given way
0:27:53 > 0:27:55to new doors, carpets and decor.
0:27:55 > 0:27:57It's a massive improvement.
0:28:00 > 0:28:02# Even after all these years
0:28:02 > 0:28:06# We just now got the feeling that we're meeting
0:28:06 > 0:28:08# For the first time... #
0:28:08 > 0:28:11By stealing a bit of space from one of the bedrooms
0:28:11 > 0:28:14and relocating the boiler to the lower ground floor,
0:28:14 > 0:28:18Christie and Dave were able to fit in a shower room and toilet.
0:28:18 > 0:28:20It was the first time that this sort of plumbing
0:28:20 > 0:28:22had reached the upstairs,
0:28:22 > 0:28:25so was the going tough for our two novices?
0:28:26 > 0:28:31The project's taken just under two years - a little bit longer
0:28:31 > 0:28:35than initially estimated, or than Dave's original estimate.
0:28:35 > 0:28:39We did think that, for just a cosmetic change,
0:28:39 > 0:28:41that would probably be sufficient.
0:28:41 > 0:28:44We were looking at three to six months, I think,
0:28:44 > 0:28:46for just a cosmetic change.
0:28:46 > 0:28:49However, we have done quite a lot of additional jobs,
0:28:49 > 0:28:50such as adding in the shower room,
0:28:50 > 0:28:54taking out the wall between the two small reception rooms.
0:28:54 > 0:28:57And we also wanted to make sure that we weren't just spending
0:28:57 > 0:29:00every waking hour that we weren't working in the property.
0:29:00 > 0:29:02I've got my now two-year-old son
0:29:02 > 0:29:06and we didn't want to be missing his first couple of years,
0:29:06 > 0:29:09just by being at the house, so we have had to balance
0:29:09 > 0:29:13looking after Elliot with the house and also with our jobs.
0:29:13 > 0:29:16Shouldn't forget my job!
0:29:16 > 0:29:18No, don't forget your job, Christie.
0:29:18 > 0:29:21You didn't forget the £8,000 budget, did you?
0:29:21 > 0:29:25We ended up spending pretty much exactly £15,000,
0:29:25 > 0:29:29which is a little bit more than our original budget.
0:29:29 > 0:29:32We didn't want to just cut lots of corners
0:29:32 > 0:29:34and end up having to redo it in two years.
0:29:34 > 0:29:39We tried to get the balance between having a nice, clean finish
0:29:39 > 0:29:44and somewhere that a potential renter is going to look after,
0:29:44 > 0:29:49but balance that against not spending an absolute fortune on it.
0:29:49 > 0:29:52It all looks quite balanced to me, so who did what?
0:29:52 > 0:29:56I spent most days going backwards and forwards to the dump,
0:29:56 > 0:29:58pretty much removing the old bath, the old bricks
0:29:58 > 0:30:01and everything that was in the property,
0:30:01 > 0:30:04so really hands-on, where I could be, supporting the professionals.
0:30:04 > 0:30:08Having spent a few days trying to do the painting
0:30:08 > 0:30:11and also finding childcare for Elliot,
0:30:11 > 0:30:13which my parents have been really helpful with,
0:30:13 > 0:30:16we realised it was going to take us forever,
0:30:16 > 0:30:19trying to do that just in the odd days that we had.
0:30:19 > 0:30:21At the point where we felt it was becoming
0:30:21 > 0:30:23too much for us to manage,
0:30:23 > 0:30:25that's when we looked to bring professionals in,
0:30:25 > 0:30:28so I think we saw, then, an acceleration of the project.
0:30:28 > 0:30:31I'm sure I must have done something else, but I can't think what.
0:30:31 > 0:30:35Being a full-time mum and an IT consultant's enough for me!
0:30:35 > 0:30:39- What about Elliot?- I don't know how much of this he'll remember.
0:30:39 > 0:30:42Again, that was one of the things we were juggling,
0:30:42 > 0:30:45so Christie would sit with Elliot so I could come here
0:30:45 > 0:30:47and then we'd do a bit of a switch-around,
0:30:47 > 0:30:49so making it work while still looking after Elliot
0:30:49 > 0:30:52was one of those things that was quite key.
0:30:52 > 0:30:54Must have been quite a struggle at times,
0:30:54 > 0:30:56so is it something you'd repeat?
0:30:56 > 0:30:58It's a project that we've enjoyed
0:30:58 > 0:31:00and it's the first of many, hopefully.
0:31:00 > 0:31:03We called in two local estate agents
0:31:03 > 0:31:05to give us some views on valuations.
0:31:05 > 0:31:08Let's start with the agent who saw it almost two years ago.
0:31:08 > 0:31:10The changes that have taken place
0:31:10 > 0:31:13since the last time I came to the property are really good.
0:31:13 > 0:31:16They've made good use of the space
0:31:16 > 0:31:19and it should suit most people.
0:31:19 > 0:31:20Having looked around the property,
0:31:20 > 0:31:24it's been done to quite a nice standard. I like the fact
0:31:24 > 0:31:29they've put a bathroom up and down, which is a big benefit.
0:31:30 > 0:31:33We know Christie and Dave aim to let the property,
0:31:33 > 0:31:37but let's see what values they have added here first.
0:31:37 > 0:31:42They paid £47,500 at auction and a further £15,000 refurbishing,
0:31:42 > 0:31:44making a grand total of £62,500.
0:31:44 > 0:31:46So, what's it worth now?
0:31:49 > 0:31:52The recommended asking price for this property
0:31:52 > 0:31:55would be in the region of £70,000 to £75,000.
0:31:55 > 0:31:59We would hope to achieve between £76,000
0:31:59 > 0:32:02and £78,000 for this property.
0:32:02 > 0:32:04Taking a sales figure of £78,000
0:32:04 > 0:32:09would produce a gain in value of £15,500.
0:32:09 > 0:32:12We wouldn't want to be working solidly for two years
0:32:12 > 0:32:13and get that sort of return
0:32:13 > 0:32:16but, given that we've been living life at the same time,
0:32:16 > 0:32:19personally, I think that's been worth it.
0:32:19 > 0:32:22Yeah, I think, to be honest, there's a ceiling in the property
0:32:22 > 0:32:25and I think we pretty much probably hit that.
0:32:25 > 0:32:29Now, onto the figure that the couple are really interested in - rental.
0:32:29 > 0:32:31The rental value for this property
0:32:31 > 0:32:35would be in the region of £400 to £450 per calendar month.
0:32:35 > 0:32:37The property would probably rent
0:32:37 > 0:32:40for between £400 to £425 per calendar month
0:32:40 > 0:32:43because of what they've done to it, the improvements they've made.
0:32:43 > 0:32:47Taking the higher figure of £450 a month
0:32:47 > 0:32:50would equate to a yield of just over 8.5%.
0:32:51 > 0:32:55- It's pretty much what we expected, so...- Yeah.
0:32:56 > 0:32:58Given how it's turned out,
0:32:58 > 0:33:02I think we might be seeing mum and dad at the auctions again -
0:33:02 > 0:33:05not to mention Elliot in 20 or so years.
0:33:10 > 0:33:13I'm in Bootle, halfway between Southport
0:33:13 > 0:33:17and the centre of Liverpool, so great for commuting to both.
0:33:17 > 0:33:19I'm here to see this property.
0:33:19 > 0:33:22It's two flats - a one-bedroom and a two-bedroom.
0:33:22 > 0:33:26It has a guide price of £30,000 plus.
0:33:26 > 0:33:29Now, it's not looking too welcoming at present.
0:33:29 > 0:33:31Let's hope it improves on the inside.
0:33:32 > 0:33:36# I see trouble on the way... #
0:33:36 > 0:33:40We often mention kerb appeal on Homes Under The Hammer.
0:33:40 > 0:33:42Well, this isn't it.
0:33:42 > 0:33:46OK, we're into a small hallway.
0:33:46 > 0:33:47I can see the door with the stairs
0:33:47 > 0:33:50going up to the two-bedroom apartment.
0:33:50 > 0:33:52Down here, we've got the one-bedroom.
0:33:52 > 0:33:56I'm straight into the lounge, with a nice big window there.
0:33:56 > 0:33:59There's the shutters which are stopping the light coming in.
0:33:59 > 0:34:01When they've gone, it will be so much brighter in here.
0:34:01 > 0:34:04It's in decent condition. I can see they've got central heating.
0:34:04 > 0:34:10Up a step into the kitchen, again, which is in OK condition.
0:34:10 > 0:34:12There's new units and a new sink as well.
0:34:12 > 0:34:16In here, we've got...a shower room and toilet.
0:34:16 > 0:34:19There's bit of mess around here and a bit of rubble
0:34:19 > 0:34:21but you can get rid of that no problem at all.
0:34:21 > 0:34:24And we're in to the bedroom. A very small bedroom.
0:34:24 > 0:34:26You'd get a double bed, nothing more than that.
0:34:26 > 0:34:29But I think, overall, it's not a bad start.
0:34:29 > 0:34:32Not forgetting this has a guide price of £30,000 plus.
0:34:32 > 0:34:36Down here, I think it's more or less ready to go.
0:34:36 > 0:34:38Let's hope upstairs is the same.
0:34:40 > 0:34:41# Judge not
0:34:42 > 0:34:44# Before you judge yourself... #
0:34:48 > 0:34:51Yes, I can safely say I was a bit quick to judge
0:34:51 > 0:34:54because of the outside appearance.
0:34:54 > 0:34:56If upstairs is in a similar condition,
0:34:56 > 0:34:58this could be a great investment.
0:34:59 > 0:35:02So, upstairs to the two-bedroom apartment.
0:35:02 > 0:35:04This is one of the bedrooms here.
0:35:04 > 0:35:06It's got a bit of rubbish in it, a bit of old furniture.
0:35:06 > 0:35:09Get rid of that and you'd have a decent size bedroom.
0:35:09 > 0:35:12Up a couple of steps here and you've got the kitchen.
0:35:12 > 0:35:14You wouldn't be able to resurrect it,
0:35:14 > 0:35:16you'd have to start again in there, put a new kitchen in.
0:35:16 > 0:35:20And down the hallway to the bathroom.
0:35:20 > 0:35:22Again, a lot of the rooms here have surprised me.
0:35:22 > 0:35:26This is a decent size bathroom. It's got a shower into the bath as well.
0:35:26 > 0:35:29I can see on the wall there there's a bit of damp.
0:35:29 > 0:35:32Get that checked out, make sure it's not too bad.
0:35:32 > 0:35:34And we're into the lounge area,
0:35:34 > 0:35:36with reasonably high ceilings,
0:35:36 > 0:35:39two big windows letting lots of light in.
0:35:41 > 0:35:44Another light and airy room is bedroom number two,
0:35:44 > 0:35:46which is at the top of that damp staircase.
0:35:46 > 0:35:49Again, a surprising amount of room up here.
0:35:51 > 0:35:54So, get rid of all this rubble and all the mess in the house,
0:35:54 > 0:35:58take the shutters off the windows and I think this would appeal
0:35:58 > 0:36:02to the investors' market that are looking to rent.
0:36:03 > 0:36:05So, Dion, I hear you ask,
0:36:05 > 0:36:08why not turn these two flats into a family home?
0:36:08 > 0:36:11Well, there is a problem with that.
0:36:11 > 0:36:18# Tell me, where do the children pla-a-a-ay? #
0:36:20 > 0:36:22Yes, there's no garden,
0:36:22 > 0:36:26so I think that seals the deal on this staying as two flats.
0:36:26 > 0:36:31And with that very attractive guide price of £30,000 for two flats -
0:36:31 > 0:36:34not one, two - I think this is an investor's dream.
0:36:34 > 0:36:36What can an agent from the auction house who sold it
0:36:36 > 0:36:39tell us about this lot?
0:36:40 > 0:36:44The area, generally, is young families and young couples.
0:36:44 > 0:36:45It's renters, mainly.
0:36:45 > 0:36:47I don't think there'd be much point
0:36:47 > 0:36:49in changing this back to one property.
0:36:49 > 0:36:52The main income would come from it being two flats.
0:36:53 > 0:36:56So, I was spot-on in my thinking for this one.
0:36:56 > 0:36:58What does he think of the two flats?
0:36:58 > 0:37:01The property's in a fair condition.
0:37:01 > 0:37:03Someone's obviously started the renovation works.
0:37:03 > 0:37:05There's still a fair bit to do.
0:37:05 > 0:37:07There's some damp in one of the upstairs bedrooms
0:37:07 > 0:37:09and around the upstairs of the property
0:37:09 > 0:37:11that would need seeing to and then, finally,
0:37:11 > 0:37:14just cosmetic work to the bathrooms and kitchens to finish off.
0:37:14 > 0:37:18Yes, there are a few issues to attend to,
0:37:18 > 0:37:22but let me tell you that guide price just one more time. 30 grand!
0:37:22 > 0:37:25Now, although these flats are more likely to be bought
0:37:25 > 0:37:29by a landlord, it would be useful to know what they would fetch
0:37:29 > 0:37:32on the open market once the work had been carried out.
0:37:32 > 0:37:35Once the works are complete, the building, as a whole,
0:37:35 > 0:37:37should sell somewhere in the region of £75,000 to £80,000.
0:37:37 > 0:37:42What kind of rent could an investor expect from these two flats?
0:37:44 > 0:37:46I would estimate, once the works are completed,
0:37:46 > 0:37:50this one-bedroom flat should rent for about £250 per calendar month.
0:37:50 > 0:37:51The two-bedroom flat should rent
0:37:51 > 0:37:54somewhere in the region of £350 per calendar month.
0:37:56 > 0:37:59At a guide price of £30,000 plus for this,
0:37:59 > 0:38:01I think it's a great investment.
0:38:01 > 0:38:04If you can see beyond the shutters and the rubbish,
0:38:04 > 0:38:07I think you'll discover a great prospect.
0:38:07 > 0:38:10Let's see who's seen the potential when it went under the hammer.
0:38:11 > 0:38:14Lot number 9. £30,000.
0:38:14 > 0:38:15Lot 9. £30,000.
0:38:15 > 0:38:1720 then. £20,000.
0:38:17 > 0:38:2020 on the front row. At £20,000.
0:38:20 > 0:38:23At 21. 22. 23.
0:38:23 > 0:38:27No? 23 here. 24. 25. 26.
0:38:27 > 0:38:3026, on the front still.
0:38:30 > 0:38:32At £26,000.
0:38:32 > 0:38:3427. 28. 29.
0:38:34 > 0:38:36And 30. 31.
0:38:36 > 0:38:3932. 33. 34.
0:38:39 > 0:38:43- 35. 36... - The price continued to rise,
0:38:43 > 0:38:46as these two competitive bidders battled it out.
0:38:46 > 0:38:50We rejoin the bidding at £50,000.
0:38:50 > 0:38:5250. 51. 52.
0:38:52 > 0:38:5653. 54? £53,000. You've had a good go there.
0:38:56 > 0:38:59£53,000 in the doorway.
0:38:59 > 0:39:0053 for the first time.
0:39:00 > 0:39:03Second time at 53.
0:39:04 > 0:39:07Are we all finished? It's the standing bidder, £53,000.
0:39:07 > 0:39:08Shout if I've missed you.
0:39:09 > 0:39:11- GAVEL BANGS - Thank you, sir.
0:39:11 > 0:39:16And that successful bid of £53,000 came from Adrian.
0:39:16 > 0:39:19MUSIC: I'm Your Man by Wham!
0:39:19 > 0:39:22Adrian owns a property development company,
0:39:22 > 0:39:24not just for his own properties
0:39:24 > 0:39:28but also managing and developing properties on behalf of investors.
0:39:30 > 0:39:32As some of you may have noticed,
0:39:32 > 0:39:34Adrian's no stranger to Homes Under The Hammer.
0:39:37 > 0:39:40I met him back at his new property to find out his plans.
0:39:40 > 0:39:43- Adrian, good to see you again. Welcome back to the show.- Thank you.
0:39:43 > 0:39:46- Adrian, take us back to the auction. How was it?- It was good.
0:39:46 > 0:39:48It was competitive, a busy auction room.
0:39:48 > 0:39:51A couple of people bidding on this property,
0:39:51 > 0:39:53- so we did have competition. - And how did it go?
0:39:53 > 0:39:56- Were you below budget, or above? - It ended up on our maximum price.
0:39:56 > 0:39:59- You were going no more?- No more. It's a client's money, so no more.
0:39:59 > 0:40:01- Is that all you had?- That's it, yes.
0:40:01 > 0:40:04That was our final bid and we secured it, so quite lucky, really.
0:40:04 > 0:40:06So, you've bought this for somebody else.
0:40:06 > 0:40:09Yes, for a client in Southern Ireland, actually, County Cork.
0:40:09 > 0:40:13So, a client of mine who already has three flats with me.
0:40:13 > 0:40:16Could you tell us why you chose this particular property?
0:40:16 > 0:40:18It's a good-value property.
0:40:18 > 0:40:22This particular client was looking for yield, a good strong yield,
0:40:22 > 0:40:25which this one will produce, with it being two flats in one building.
0:40:26 > 0:40:28It's a no-brainer, this one.
0:40:28 > 0:40:31Even paying so much over the guide price,
0:40:31 > 0:40:34it should mean a steady income for Adrian's investor.
0:40:34 > 0:40:39Finding a company to research, buy renovate and manage a property
0:40:39 > 0:40:42is an option if you don't have self-confidence or time to do so,
0:40:42 > 0:40:45but you should also do your homework as well,
0:40:45 > 0:40:48and check the company thoroughly.
0:40:48 > 0:40:51So, what do these kind of investors want
0:40:51 > 0:40:54- from the properties that they buy? - The majority want to rent out
0:40:54 > 0:40:57because they're looking for mid to long-term investment,
0:40:57 > 0:40:59so they're looking for either pension money
0:40:59 > 0:41:03or investment on their savings which is better than the banks'.
0:41:03 > 0:41:05People like to see their investment.
0:41:05 > 0:41:08It's bricks and mortar, they can see it, they can visit it,
0:41:08 > 0:41:10so people do seem to like that.
0:41:10 > 0:41:14# I demand a better future... #
0:41:16 > 0:41:19So, with investors looking for a better future,
0:41:19 > 0:41:22this property seems to be the answer.
0:41:22 > 0:41:23And it's not just the rental income
0:41:23 > 0:41:26that makes it an attractive investment.
0:41:28 > 0:41:30There is actually a third income on this building.
0:41:30 > 0:41:33There's an advertising hoarding on the side of the building
0:41:33 > 0:41:36and that brings in £600 a year, so that's an extra £50 a month,
0:41:36 > 0:41:39which brings the yield up as well, so you've got the three incomes.
0:41:39 > 0:41:42- That's a nice little bonus, isn't it?- Yeah, it is.
0:41:42 > 0:41:44That's quite rare. I've never known that.
0:41:44 > 0:41:47It doesn't happen very often but, with it being an end terrace,
0:41:47 > 0:41:50main road, it's going to get a viewpoint there from the public,
0:41:50 > 0:41:52so there's an advertising company involved,
0:41:52 > 0:41:55- which is good for the client.- What's the yield on this then, Adrian?
0:41:55 > 0:41:58With the three units, taking into consideration both flats,
0:41:58 > 0:42:00plus the advertising hoarding,
0:42:00 > 0:42:03you're looking at 14% gross yield, which is excellent.
0:42:03 > 0:42:06- In the property world, that's a good return.- It's quite high.
0:42:06 > 0:42:09It is high, yeah, hence the attraction to this building, really.
0:42:09 > 0:42:12# You bet! If you're gonna do it, do it right, right
0:42:12 > 0:42:13# Do it with me
0:42:13 > 0:42:15# If you're gonna do it, do it right, right
0:42:15 > 0:42:17# Do it with me... #
0:42:18 > 0:42:21If you fancy earning some extra money that way,
0:42:21 > 0:42:24you will need a gable end on a good spot.
0:42:24 > 0:42:27Before you get too excited, you will need to apply for -
0:42:27 > 0:42:30you guessed it - our old friend planning permission.
0:42:30 > 0:42:33And if it's decided that it could be a distraction for drivers,
0:42:33 > 0:42:36you can kiss the idea goodbye. Back to the flats.
0:42:36 > 0:42:38What's the plan for the inside?
0:42:38 > 0:42:43It's a basic refurbishment, so we're going to change one of the kitchens,
0:42:43 > 0:42:47refurbish the other kitchen, general decoration, paintwork.
0:42:47 > 0:42:49There's some water ingress on the roof coming in,
0:42:49 > 0:42:52which is causing a bit of damp, but it's just tiles
0:42:52 > 0:42:55and which tile's missing, so that's a quite straightforward job.
0:42:55 > 0:42:58- So, who's going to do all the work? - Our own team.
0:42:58 > 0:43:00We've got decorators, builders,
0:43:00 > 0:43:03central heating guys, joiner for the kitchen,
0:43:03 > 0:43:05so we've got our own team we've established over the years.
0:43:05 > 0:43:07They'll be in there, starting tomorrow.
0:43:07 > 0:43:11- Get rid of us, get them in?- That's it - get you out, get the boys in.
0:43:11 > 0:43:13And how long will it take the boys to get this finished?
0:43:13 > 0:43:15Two to three weeks, maximum of three weeks,
0:43:15 > 0:43:17so we'll have this turned around.
0:43:17 > 0:43:20- And the budget to get everything done?- £3,500 for everything.
0:43:20 > 0:43:22- And that's from start to finish? - That's start to finish.
0:43:22 > 0:43:24- That's everything. - Adrian, good luck.
0:43:24 > 0:43:27- Thank you.- Wish you all the best. - Thank you very much.
0:43:28 > 0:43:30Adrian's a confident man
0:43:30 > 0:43:33and seems to have a system that works for his clients.
0:43:33 > 0:43:35This might not be everybody's cup of tea,
0:43:35 > 0:43:39as it's two properties in one, but with that yield of 14%,
0:43:39 > 0:43:43I think this is a property developer's paradise.
0:43:43 > 0:43:46You can find out how Adrian gets on later on in the programme.
0:43:50 > 0:43:52Well, we've seen how our first developer got on,
0:43:52 > 0:43:55- but what about the other two?- Yeah, will they come up smelling of roses
0:43:55 > 0:43:57or something a little less pleasant?
0:43:57 > 0:44:00Hopefully, it's not the latter. Let's find out.
0:44:00 > 0:44:03BIG BEN CHIMES
0:44:10 > 0:44:13It's time to head back to Westminster in London
0:44:13 > 0:44:16where, earlier, I walked from Big Ben
0:44:16 > 0:44:18to our big basement auction lot -
0:44:18 > 0:44:22an office, guided at £250,000 to £300,000.
0:44:24 > 0:44:27# Step into my office, baby
0:44:27 > 0:44:30# I want to give you the job
0:44:30 > 0:44:34# A chance of overtime
0:44:34 > 0:44:37# Say, my place at nine... #
0:44:38 > 0:44:41But, bearing in mind that residential square footage
0:44:41 > 0:44:45is amongst the priciest in the country, in Westminster,
0:44:45 > 0:44:48it's real potential, for me, lay in converting it.
0:44:49 > 0:44:55It could be converted into a really good size two-bedroom flat.
0:44:55 > 0:44:58My advice is to consult an architect
0:44:58 > 0:45:01who'll be able to advise you on the best way to make use of the space.
0:45:03 > 0:45:08Semi-retired property developer Dilan paid £490,000 for the lot,
0:45:08 > 0:45:11nearly 200 grand over the guide price.
0:45:11 > 0:45:14Somehow, I suspected he hadn't bought it
0:45:14 > 0:45:17to host the most expensive retirement party ever.
0:45:19 > 0:45:22No, I'm not. I'm going to change to residential.
0:45:22 > 0:45:24It is very hard to get, in Westminster,
0:45:24 > 0:45:26for the residential for the right price.
0:45:26 > 0:45:30With a total of £20,000 to £25,000 budget,
0:45:30 > 0:45:33Dilan planned to have this ready as a three-bed high-spec flat
0:45:33 > 0:45:35in over 16 weeks,
0:45:35 > 0:45:39as he was leaving eight weeks aside for planning permission.
0:45:41 > 0:45:45So, surely two years on, when we peek through the letterbox,
0:45:45 > 0:45:47there's a gleaming modern flat!
0:45:47 > 0:45:50# Still the same
0:45:50 > 0:45:53# I caught up with you yesterday
0:45:53 > 0:45:56# Still the same, still the same
0:45:56 > 0:45:58# You're still the same
0:46:00 > 0:46:05# You still aim high... #
0:46:06 > 0:46:12And so, nothing has really changed over the past 24 months
0:46:12 > 0:46:15bar a bit of explorative demolition in this wall.
0:46:15 > 0:46:18The reason? Well, unfortunately for Dilan,
0:46:18 > 0:46:22it's a common stumbling block for property developers -
0:46:22 > 0:46:24planning permission and change of use.
0:46:26 > 0:46:28The application has been submitted
0:46:28 > 0:46:33soon after I take over this place and it take more than a year.
0:46:33 > 0:46:36They haven't decided so far, at the moment,
0:46:36 > 0:46:38so I withdraw my application.
0:46:38 > 0:46:41Dilan has decided to withdraw his application,
0:46:41 > 0:46:45as he and his architect discovered, during the lengthy process,
0:46:45 > 0:46:47that getting the change of use
0:46:47 > 0:46:49to convert this property to residential
0:46:49 > 0:46:52was not as straightforward as it first seemed.
0:46:54 > 0:46:56So I came to know, in the end,
0:46:56 > 0:46:58there's a flood risk in this area
0:46:58 > 0:47:02and they are not allowing any more planning permission
0:47:02 > 0:47:05in future for the basement.
0:47:05 > 0:47:07They may change the policy in the future,
0:47:07 > 0:47:12so I withdrew the application but did not wait for their result.
0:47:14 > 0:47:18A flood risk in somewhere like Westminster may seem unusual,
0:47:18 > 0:47:21but planning departments have a duty to consider many things
0:47:21 > 0:47:25when it comes to change of use, including if the property is listed,
0:47:25 > 0:47:29if it's in a protected area of outstanding natural beauty
0:47:29 > 0:47:31and even ventilation.
0:47:32 > 0:47:34But despite that flooding-related decision,
0:47:34 > 0:47:37the tide has turned for Dilan.
0:47:37 > 0:47:42He's been able to sell the property on to another developer for £600,000
0:47:42 > 0:47:47and, after his cost, that should give him a very healthy return.
0:47:48 > 0:47:51Altogether, roughly about £10,000.
0:47:51 > 0:47:55The architect fee, I gave him £2,500,
0:47:55 > 0:47:57and the service charge we are still paying,
0:47:57 > 0:48:01council tax, all that blah-blah, included.
0:48:04 > 0:48:07Well, that takes Dilan's total spend to half a million quid,
0:48:07 > 0:48:11giving him a pre-tax profit of £100,000.
0:48:11 > 0:48:13Very nice, but for retired Dilan,
0:48:13 > 0:48:16property development isn't just about the business.
0:48:19 > 0:48:23It's my hobby as well. I can't sit around all day at home.
0:48:23 > 0:48:26I need something to do.
0:48:28 > 0:48:29Well, this one was a challenge.
0:48:29 > 0:48:31So, let's ask a local property expert,
0:48:31 > 0:48:34who came along the first time, to tell us more
0:48:34 > 0:48:37about the planning issue that has bogged Dilan down.
0:48:39 > 0:48:41Since we were last here,
0:48:41 > 0:48:44there has been a planning policy, created by central government,
0:48:44 > 0:48:46of permitted development.
0:48:46 > 0:48:49Local authorities, generally, have tried to resist it,
0:48:49 > 0:48:53but it is now much, much tougher to try and get this change of use.
0:48:53 > 0:48:57I think it would still be difficult to achieve planning for residential.
0:48:57 > 0:49:00Local authorities would keep on trying
0:49:00 > 0:49:02to keep employment in the area
0:49:02 > 0:49:05but, with careful consideration to the sort of residential unit,
0:49:05 > 0:49:07there may be a small chance.
0:49:07 > 0:49:11So, Dilan has found himself caught up in two different issues -
0:49:11 > 0:49:13firstly, the planning laws
0:49:13 > 0:49:16that protect residences from potential flooding
0:49:16 > 0:49:19and secondly, the local council's desire
0:49:19 > 0:49:22to keep commercial businesses and jobs in the area.
0:49:22 > 0:49:26Dilan has sold the property for £600,000,
0:49:26 > 0:49:28so has he got himself a good deal?
0:49:28 > 0:49:30I believe the commercial value of the property,
0:49:30 > 0:49:36without any residential consent, would be in the region of £675,000.
0:49:36 > 0:49:41So, this sounds like Dilan might have gotten himself £75,000 more
0:49:41 > 0:49:44for doing nothing except waiting,
0:49:44 > 0:49:46but would he have done even better
0:49:46 > 0:49:49had he renovated the offices and sold them on?
0:49:49 > 0:49:52If you carried out a total office refurbishment here,
0:49:52 > 0:49:58which would mean spending approximately £75 per square foot,
0:49:58 > 0:50:02you would achieve a price in the region of £750,000 to £800,000.
0:50:02 > 0:50:05Well, it's a very good value at the present.
0:50:05 > 0:50:08If the sale is not gone through, I might pull it out
0:50:08 > 0:50:11and put it under auction or sell it through the agents.
0:50:14 > 0:50:18A wise idea, Dilan, and perhaps refurbish as well.
0:50:18 > 0:50:22By the agent's calculations of £75 per square foot
0:50:22 > 0:50:26for refurbishment, it might cost £63,000 to renovate,
0:50:26 > 0:50:29but that top figure of £800,000
0:50:29 > 0:50:33would give Dilan a profit of £237,000,
0:50:33 > 0:50:37before the usual taxes and expenses.
0:50:39 > 0:50:42Now, what about the chance of actually getting change of use?
0:50:42 > 0:50:46What could it fetch as a two-bed flat?
0:50:46 > 0:50:49If the property did achieve planning for residential
0:50:49 > 0:50:52and it was refurbished to top quality,
0:50:52 > 0:50:57it should achieve between £950,000 and £1,000,000.
0:50:57 > 0:51:00Well, when you're thinking about the money, then...
0:51:02 > 0:51:07It's a lot of profit in it, at the present,
0:51:07 > 0:51:11if I get the residential planning permission.
0:51:12 > 0:51:16Could Dilan put that residential application in again?
0:51:16 > 0:51:18And who could blame him if he did,
0:51:18 > 0:51:21with £1,000,000 price tag on a basement flat
0:51:21 > 0:51:26and a potential profit of £500,000, minus renovation costs and fees?
0:51:26 > 0:51:31And with money like that, supposedly retired property developer Dilan
0:51:31 > 0:51:35doesn't show any interest in putting his feet up just yet.
0:51:38 > 0:51:42I'm still interested in property and I will keep going on to it
0:51:42 > 0:51:46because it's my hobby and it's a part-time job.
0:51:46 > 0:51:51If there's any potential to make some money, why not?
0:51:55 > 0:51:59Time to return to Merseyside and the tale of two flats.
0:51:59 > 0:52:03They were guided at £30,000 but even that attractive price
0:52:03 > 0:52:06couldn't overcome the initial lack of kerb appeal.
0:52:06 > 0:52:10Now, it's not looking too welcoming at present.
0:52:10 > 0:52:12Let's hope it improves on the inside.
0:52:13 > 0:52:15'And it did just that.'
0:52:15 > 0:52:20Two flats over three floors with that low guide had me intrigued.
0:52:20 > 0:52:22A lot of the rooms here have surprised me.
0:52:22 > 0:52:26This is a decent size bathroom. It's got a shower into the bath as well.
0:52:26 > 0:52:29You could keep that. You'd get away with that.
0:52:29 > 0:52:31I can see, on the wall there, there's a bit of damp.
0:52:31 > 0:52:34Get that checked out, make sure it's not too bad.
0:52:34 > 0:52:36The upper flat across two floors
0:52:36 > 0:52:40impressed me more than the one on the ground floor,
0:52:40 > 0:52:42but overall, they were all in pretty good condition,
0:52:42 > 0:52:45so I thought this would be perfect for an investment market
0:52:45 > 0:52:47and I wasn't wrong.
0:52:47 > 0:52:50Adrian, who I'd met before, is a property developer,
0:52:50 > 0:52:54who bought this on behalf of his clients for £53,000.
0:52:55 > 0:52:57Apart from being a good rental machine,
0:52:57 > 0:52:59there's another billy bonus.
0:53:01 > 0:53:04There's an advertising hoarding on the side of the building
0:53:04 > 0:53:07and that brings in £600 a year, so that's an extra £50 a month,
0:53:07 > 0:53:10which brings the yield up as well, so you've got the three incomes.
0:53:10 > 0:53:13- That's a nice little bonus, isn't it?- Yeah, it is.
0:53:14 > 0:53:17The refurbishment here seems pretty minimal.
0:53:17 > 0:53:21There are roof tiles to be sorted, which probably caused the damp.
0:53:21 > 0:53:24Adrian wanted to salvage what he could from the kitchens
0:53:24 > 0:53:28and redecorate throughout, all within a three-week timescale
0:53:28 > 0:53:30and for a budget of two to three grand.
0:53:31 > 0:53:34We're back five weeks later to see how he's got on.
0:53:38 > 0:53:40Outside, the shutters are obviously gone
0:53:40 > 0:53:43and the brickwork has had a fresh lick of paint
0:53:43 > 0:53:45and looks so much better.
0:53:45 > 0:53:47What about the inside?
0:53:54 > 0:53:56That's a big improvement.
0:53:56 > 0:54:01A fresh modern kitchen with hobs, new white goods and tiling to match.
0:54:03 > 0:54:06And the same can be said for the downstairs flat.
0:54:15 > 0:54:17The other rooms in the two flats haven't changed much,
0:54:17 > 0:54:19but they didn't really need to.
0:54:20 > 0:54:23They've had a good clean and freshen-up,
0:54:23 > 0:54:25with a lick of paint and some new blinds.
0:54:25 > 0:54:28It certainly looks as though it's ready to be moved into.
0:54:29 > 0:54:32One question though - those kitchen units don't look
0:54:32 > 0:54:36like the original ones, so what happened to the salvage plans?
0:54:37 > 0:54:39Initially, we were going to keep the original kitchens,
0:54:39 > 0:54:41but we saved some money on the flooring
0:54:41 > 0:54:45because the laminate flooring that was already down cleaned up nicely
0:54:45 > 0:54:48and we were able to use those funds, instead, on two brand-new kitchens.
0:54:48 > 0:54:51We managed to put in new worktops, tiling, ovens and hobs
0:54:51 > 0:54:53and this turned out really well,
0:54:53 > 0:54:56this nice, modern, fresh look for the new tenants coming in.
0:54:56 > 0:54:58It's certainly a lot smarter
0:54:58 > 0:55:02and Adrian has done well to find two new kitchens
0:55:02 > 0:55:05and fit them in time. But has that bust the budget?
0:55:05 > 0:55:10The original budget we had for this property was £3,500
0:55:10 > 0:55:12and, even with the new kitchens going in,
0:55:12 > 0:55:16we've managed to come in slightly under at £3,350.
0:55:17 > 0:55:21You are good, Adrian. I need to know where you shop.
0:55:21 > 0:55:23What about that timescale?
0:55:23 > 0:55:26We had a three-week timescale on this property to refurbish it.
0:55:26 > 0:55:29It did take slightly longer. We had some other projects on the go,
0:55:29 > 0:55:32but also, we wanted the gable-end wall to dry out
0:55:32 > 0:55:34after the roof was repaired
0:55:34 > 0:55:36and we did some extra work with the new kitchens,
0:55:36 > 0:55:39so slightly over the three weeks, but not too much.
0:55:39 > 0:55:42Overall, I'm really happy with the way the property's turned out.
0:55:42 > 0:55:45The kitchens look really good, this room is nice and bright.
0:55:45 > 0:55:49We fitted a new fire. You'll see some snagging.
0:55:49 > 0:55:51There's some wet paint behind me there.
0:55:51 > 0:55:53The contractors were finishing off yesterday,
0:55:53 > 0:55:56but we are ready to go now for the new tenants.
0:55:57 > 0:55:59Adrian's clients live in Ireland,
0:55:59 > 0:56:02so how did they keep an eye on their investment's progress?
0:56:03 > 0:56:05They've had photographs every week.
0:56:05 > 0:56:08Our property manager sends pictures of the refurbishment
0:56:08 > 0:56:11and regular updates and now they've had the pictures
0:56:11 > 0:56:13of when it's finished and they're happy for us
0:56:13 > 0:56:16to progress to the management side and put tenants in
0:56:16 > 0:56:17and receive a rental income.
0:56:20 > 0:56:23So, job done. Almost.
0:56:23 > 0:56:26Adrian spent a total of £56,650 here
0:56:26 > 0:56:29and it's time to find out if he's achieved
0:56:29 > 0:56:34that 14% yield he thought these two flats would earn.
0:56:34 > 0:56:37First, what do the agents reckon of the improvements?
0:56:37 > 0:56:39When I walked in the property,
0:56:39 > 0:56:42as soon as I'd taken in the new features in the property -
0:56:42 > 0:56:45the wooden floor, the new paintwork, the new kitchen -
0:56:45 > 0:56:49I think it's done to a good standard and will rent easily.
0:56:49 > 0:56:51The main selling points of the property,
0:56:51 > 0:56:55from an investor's point of view, would be the high yields.
0:56:55 > 0:56:57Now that the property's been renovated,
0:56:57 > 0:57:00the rental income would potentially be a little higher than previously.
0:57:02 > 0:57:04That's good news.
0:57:04 > 0:57:07Both agents think if the property were to be sold as a whole,
0:57:07 > 0:57:09it would sell for £60,000,
0:57:09 > 0:57:13making a potential pre-tax profit of just under £3,500.
0:57:13 > 0:57:17And another bit of good news is that the income from the hoarding
0:57:17 > 0:57:21has gone up from £600 to £1,000 a year.
0:57:21 > 0:57:23So, if we calculate that in,
0:57:23 > 0:57:26Adrian needs to get a combined rental figure
0:57:26 > 0:57:30of around £580 per calendar month from the two flats,
0:57:30 > 0:57:33so he can reach the magic figure of 14%.
0:57:34 > 0:57:36So, keep that number in your head.
0:57:36 > 0:57:41The one-bedroom flat would rent for £295 per calendar month
0:57:41 > 0:57:44and the two-bedroom flat would rent for £325 per calendar month
0:57:44 > 0:57:46on today's rental market.
0:57:46 > 0:57:50That's a combined £620 per calendar month,
0:57:50 > 0:57:56so Adrian has, in fact, surpassed the 14% yield on that calculation,
0:57:56 > 0:57:59coming in at nearly 14.9%, to be exact.
0:57:59 > 0:58:01So, is he happy with how it's gone?
0:58:02 > 0:58:06The experience on this one has been very straightforward.
0:58:06 > 0:58:09It's a basic refurbishment, it's a very quick turnaround, three weeks,
0:58:09 > 0:58:13and to achieve a yield for the client of 14%, it's a good result.
0:58:16 > 0:58:18It's always fantastic to see
0:58:18 > 0:58:21when a property renovation ends in a positive way.
0:58:21 > 0:58:24But as we know, from many years on Homes Under The Hammer,
0:58:24 > 0:58:26that's something you can't always take for granted.
0:58:26 > 0:58:30So, join us next time for more auction highlights and lowlights.
0:58:30 > 0:58:32- See you later.- Goodbye.- Goodbye.