Episode 29 Homes Under the Hammer


Episode 29

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Transcript


LineFromTo

Hello, and welcome to the programme.

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None of us who have a crystal ball so knowing when or where to invest

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-in property, it can sometimes be tricky.

-Yeah, that's correct.

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And taking the plunge needn't be that scary, there's

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some good deals out there.

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Yeah. And one way you might be able to pick them up is by heading to

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your local property auction.

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Well, property auctions are for all sorts of possibilities,

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-but you need to be eagle-eyed to spot a bargain.

-Yes.

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So what caught the eye of today's buyers in the auction catalogue?

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Yes, what do they walk out the room with? Let's find out.

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In Buckinghamshire, this house really has some design issues.

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As it stands at the moment, it's not working.

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Whereas we catch up with a property in Cheshire I first saw in 2004.

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Meet the man on a mission.

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And in South London, there is a house

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I'm really struggling to get my head round.

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It's all a little bit topsy-turvy in this room.

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All these properties have been sold at auction.

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We'll find out who bought them and what they paid for them

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when they went under the hammer.

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Yours, sir, thank you. Well done.

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We are visiting Stony Stratford now, which forms part of Milton Keynes

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in Buckinghamshire.

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Now, one of Stony Stratford's claims to fame is that the phrase

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"a cock and bull story" describing tales are far-fetched

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and rather fanciful, allegedly originated right here.

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Now, it supposedly came from the fact there were two former

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coaching inns in the old town right here.

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One called The Cock and one called The Bull.

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Whether it is a true story or not, it could be a cock and bull tale

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all of its own, but it certainly makes for a great story.

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# I heard a rumour

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# Yes, I did, boy, ooh-oh-ooh. #

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The property I'm here to see lies quite close to the high street

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on this residential road full of Victorian terraced houses.

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Now, here it is.

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It's got three bedrooms and it

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went to auction with a guide price of £140,000.

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And it's very blue!

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Yes, there's an awful lot of woodchip, but I'm not put off.

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There's polystyrene tiles on the ceiling, but I'm not put off.

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There's a whole load of damp just there with plaster on the floor,

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but I'm still not put off.

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An inside, into the sitting-room, there's a brick-effect wallpaper

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and a period of fireplace, but it just seems to be the wrong period.

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This is a Victorian house, so I think I'd have to change that for

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something a little more in keeping.

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That's definitely got to go.

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Hmm, I'm not quite sure about this glass window.

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I think I'd be more inclined to brick this up and have this as

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a separate little sitting-room.

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So there's loads you can do to bring this up to scratch,

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but, yes, you need to start as soon as you can

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because as it stands at the moment,

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it's not working.

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Something else that won't be working is anything in this kitchen,

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if you can call it that.

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Actually, I call it pokey, so an extension

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has to be on the menu here.

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A pinch of the garden and you'll have the perfect recipe for

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a family-sized kitchen.

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So, upstairs some rather unusual paint choices, I see.

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But you have got two fabulous bedrooms there, one here,

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and some lovely sash windows

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to the front, which once refurbished will look amazing.

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Ah-ha-ha. And the bathroom!

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Now, that's a rather unusual place to put a loo.

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You've got a kind of curve bath here against the back wall.

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It's quite a luxury to have a bathroom of this size.

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I think in a previous life this may have been another bedroom.

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So, you could try and sneak this bathroom in somewhere else

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in the house and turn this back into bedroom four or you could think

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about potentially going up into the loft, but you may need to steal

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a little bit of this space to get some stairs to go up there.

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So, I think this house really does need a big layout change.

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This bathroom needs an overhaul no matter where it goes.

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But there are plenty of options,

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so you should find yourself backed into a corner.

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# Oh, come along with me

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# To my little corner of the world. #

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Now, one issue which was mentioned in the legal pack is that this area

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is an area identified as possibly

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being at risk from raised levels of radon.

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Now, radon is radioactive gas formed

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naturally by the decay in the rocks and soil around us.

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Outside air levels are usually quite low, but the gas can accumulate

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inside buildings.

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And certain areas of the country,

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well, they are more prone to the problems than others.

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So, my suggestion is get in an expert as soon as possible

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to check the levels.

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Radon levels are associated with

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health issues, but you need to get a test done

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before you start getting concerned.

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Is there anything to worry about here?

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Time to ask a local property expert.

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Radon is certainly not an issue for Stony Stratford.

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Local test results show a 1 to 3% risk.

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If you do have a problem with radon, there are many solutions.

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They vary from about £500 up to £2,000.

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You can get a company in just to seal up pipes and anywhere around

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loft hatches that are accessible to the ground.

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Or you go as far as installing fans

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and sumps, which will be about £2,000.

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Forewarned is forearmed.

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Now, the house needs a total refurbishment, but would it be

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worth extending?

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Definitely worthwhile adding

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square footage to increase the accommodation.

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The kitchen really requires doubling in size.

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There's potential to go into the loft space to gain maybe

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a fourth bedroom.

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I'm fully aware that a house locally has achieved a very high value

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by doing that.

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Now, that's positive feedback.

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And the agent thinks the value for

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this three-bed with a kitchen extension would be 295,000,

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which is more than double the guide price.

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What about it as a four-bed?

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If you extended into the loft space to gain the fourth bedroom,

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maybe an en suite to service that bedroom in the loft,

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you would increase the value to £340,000.

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That's very encouraging.

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The agent also thinks you can get £900 per month for the three-bed

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and £1,100 for the four-bed.

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With those prices,

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taking this house to the top level seems like the thing to do.

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So the slight risk of radon aside,

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this property has so much potential and a few lovely period features.

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Yes, it's dated, it smells of damp, it needs loads of work, but

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you could do this up and turn it into a really nice family home.

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So, who was interested in bidding for this at auction? Let's find out.

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Lot 36.

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Mid-terrace house, which is near Milton Keynes, in Bucks.

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Start me, please, shall we say, at 140?

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£140,000. 140, may I say?

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Thank you, yellow shirt. 140.

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45? 145.

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150, sir, with the yellow shirt, please? 150.

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55? 55, 60...

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This lot soon flew past its £140,000 guide price,

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and we rejoin the bidding at £200,000.

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£200,000, lady in front.

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One? All right, 201. You'll give me 202.

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You won't give me 203, will you?

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-MOUTHS:

-No.

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First time at 202.

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Second time at 202.

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Third and final time at £202,000, are we done?

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I think we are.

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You've got it.

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Sadly, our cameras didn't catch the successful bidders Hazel and Steve,

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who bought this lot for 202,000.

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This married couple are former teachers, so I am hoping to learn

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something new today.

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Steve and Hazel, congratulations.

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So, guys, who was it that spotted this in the auction catalogue?

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It was me. I already knew that this was our house.

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When we saw it, it was a bit run down and it needed a lot of work.

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But it's got the character and the features

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that we like in these old places and we love to do

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those sorts of things up, so it'll be perfect.

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I know that you two used to be schoolteachers, so why have

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you decided to give up teaching and go into property full-time?

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Steve got to retirement age and retired.

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And I got really ill.

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I got bitten by a tick and I contracted Lyme disease.

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And it took me four years to get over it.

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And it got to the point where it's affected my memory,

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which isn't that good for teaching.

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We decided that we can be together all the time and do property

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and Steve can look after me.

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Do you know, I'm so sorry to hear that,

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that you can be so ill from a tick.

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They carry lots of diseases and there is a bacterial infection

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that causes Lyme disease.

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And they gave me antibiotics, orally, but that wasn't good enough.

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I actually had to remortgage the house to afford the IV antibiotics,

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so it's a good job that we've done a house before otherwise

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we wouldn't have been able to remortgage.

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So are you quite, you know,

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thankful for your property developing to...?

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You know, obviously,

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it paid for your medicine that you so desperately needed.

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I don't think I'd be alive if we hadn't done

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the properties up previously.

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So, really, you've got a lot to thank for the houses, haven't you?

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Yes, and watching Homes Under The Hammer.

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And how are you feeling now? And how has it been for you both recovering?

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You know, a four-year time span with an illness is a long time.

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She's far better now. Aren't you?

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Now that she's given up the teaching and we're doing this full-time,

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it's far better for her.

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Now, it's gorgeous cos you two actually worked in the same school

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for many years so you could be close together, didn't you?

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-Yes.

-And you've both now retired and you've come into something

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that you can still be together. So clearly,

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you're very happy and in love and you want to work together a lot.

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Sometimes.

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It doesn't always work out that way.

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-As long as I do what I'm told, It's fine.

-That's it.

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That's the only time we have difficulties,

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-when he doesn't do what he's told.

-I just need a long list to follow.

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And it keeps getting longer and longer, usually.

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So you get your long list.

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Do you actually have to do the work and do you just write the list

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and send out the orders?

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I shop for a living, which is perfect.

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I quite like doing some of the work, like the carpentry,

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some of the plumbing, a bit of demolition, labouring,

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but the technical stuff we leave to the professionals.

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I mean, this house really does need a lot of work.

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Are you prepared for that?

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We're going to have a good look at it and get professionals in to

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tell us what might need doing and what we can get away with

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keeping, but if we need to take it back to bricks, we will do that.

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I think the extension out the back, the old scullery, that needs to go

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because it's not really salvageable.

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We'll put a different extension on that.

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Otherwise, we'll do whatever is required to bring it back to life.

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We want the old features back.

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We want to make it a four-bed family house. It's a big house,

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there's plenty of room for four bedrooms.

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But it's just a case of the configuration

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we haven't quite worked out yet.

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Hazel and Steve are going to tackle the damp first and then

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think about that fourth bedroom, but I think they'll definitely

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need to go back to brick regardless of the layout.

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One less issue to worry about is the radon,

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as they've done the test and it's come back with the results that it

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is perfectly safe for someone to live here.

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Speaking of which...

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We're going to do it up the way we'd like it to be done,

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restore all the original features,

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and then live here for as long as we really feel like.

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So, what sort of money are you going to be spending on this house?

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What is your budget?

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Well, if we do the extension out the back and we're thinking

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about a loft conversion, so we're thinking probably about £50,000.

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-Oh, that could be a little bit tight.

-It could be.

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If we do some of the work ourselves, we'll save money that way.

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How long do you intend it taking?

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Well, we've set ourselves six months.

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What are you most looking forward to?

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Most looking forward to that time where I can open the front

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door and think, "I'm home!"

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And there's no jobs.

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Oh, that's a long way ahead of you yet!

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I'm really, really excited to see that outcome.

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-Hazel, congratulations, well done.

-Thank you.

-Steve, thank you.

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Thank you.

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Well, a change of career due to illness

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has been rather forced on Hazel, but Hazel and Steve have done up

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property before and they do enjoy the work.

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This time round, they won't have to juggle the renovations around

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their day jobs, so how will they get on with fixing the damp,

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extending the property and bringing this back to life?

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You can find out later on in the programme.

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Now, are you sitting comfortably?

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Well, get a pen and paper because this isn't going to be easy.

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We've been visiting the hamlet of Preston on the Hill,

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in the beautiful Cheshire countryside,

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since - wait for it - 2004.

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I spotted what seemed like a bargain lot, even if it was

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next to a busy road.

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It all pales into insignificance when you see what is up for auction.

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For a guide price of £120,000,

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this old church could be yours.

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'Not changed a bit, have I, really(?)

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HE CLEARS HIS THROAT

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'And neither had the lovely mission building,

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'considering it was built in 1887.'

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This is what you get for your money.

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It's primarily this one big room.

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But what a space.

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Fantastic old windows.

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The roof supports.

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Original oak flooring.

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Imagine what somebody with a bit of imagination and building

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skills could do with a place like this.

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Building skills would definitely be important and it certainly

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wasn't a job for an amateur.

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Yeah, it's always quite sad when a place like this comes up for

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auction. It was originally the church hall.

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You can almost imagine the members of the WI sitting round,

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singing Jerusalem.

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However, I suppose it's better that it does go to auction and

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somebody buys it and it doesn't just fall into disrepair.

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And, hopefully, it will become part of the community once again.

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MUSIC: Jerusalem

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Three years before I visited it in 2004, the property was deemed

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to be dangerous after a large crack appeared in the sidewall.

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Services were suspended and planning permission was sought for

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conversion into a four-bedroomed house.

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This was to try and make it more appealing at the auction,

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where the property was guided at £120,000.

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So, what an opportunity for somebody with a bit of imagination,

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this place is. Perfect auction material.

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And it certainly exceeded all expectations when the hammer

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finally fell.

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At 272,500, I'm selling them. Once, twice.

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The third and final time at 272,500.

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Yours, sir, well done.

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The new owner, Ed, was no stranger to the auction room,

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and he certainly was a man on a mission

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with his £272,500 bid.

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-Ed, congratulations.

-Thank you very much.

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You're the owner of this wonderful old church.

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Yeah, it's brilliant, isn't it?

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-What was it that struck you about it?

-Oh, all sorts of things.

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You know, the location of course.

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The character.

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A wonderful opportunity. I've got to develop it, you know.

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-Tell me a bit about you, then.

-Well, I'm in the construction

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business myself. I have a national roofing company.

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And I also have a development company.

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And we noticed there's a big shortage

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-of prestige houses in the area.

-Let's come on to the building.

-Yes.

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What are you going to do with it?

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Well, first of all, I'm going to leave, you know,

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my options open here.

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We already have permission for a four-bedroom detached house.

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I've been speaking to the planners and there's options perhaps

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available of converting it into apartments,

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maybe even three dwellings, possibly even four.

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So we've got to explore that avenue.

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So, do you have any idea of budgets for this project?

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Well, a fair scale, we reckon about £140,000 to spend on it.

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The roof is in superb condition.

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There's only one structural crack I have to worry about,

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which I knew about beforehand.

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Super floors that we're going to possibly keep.

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So the budget is coming down now as we're getting into it.

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-So what about timescales?

-Six to 12 months is a realistic timescale.

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So, if we come back in a few, we'll be seeing some changes?

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I hope so. Well, in a few months,

0:17:230:17:25

you may see some sort of clearing up.

0:17:250:17:27

Well, we first returned nine months later and little had changed,

0:17:270:17:32

except Ed was pursuing the four-apartment option,

0:17:320:17:35

partly because of the dip in the housing market at the time.

0:17:350:17:38

He felt he'd get a better chance of getting

0:17:380:17:40

a quick return on his investment with the apartments.

0:17:400:17:43

But planning was proving problematic.

0:17:430:17:46

The mission was a Grade II listed building.

0:17:460:17:48

And when we filmed for the second time,

0:17:480:17:51

Ed had received some bad news from the planners.

0:17:510:17:54

We've had the results back and

0:17:580:18:00

they're not very happy with

0:18:000:18:02

us going forward on that suggestion.

0:18:020:18:03

So we're back to the original plan -

0:18:030:18:05

converting the whole thing into one large, detached dwelling.

0:18:050:18:09

Ed's only planning option seemed to be to build

0:18:090:18:12

a prestige house in the times of a falling property market,

0:18:120:18:16

and his planning woes looked like they were going to continue.

0:18:160:18:21

Large trees close to the building run the risk of drying out

0:18:210:18:24

the soil, which could in turn cause cracking and even subsidence.

0:18:240:18:28

However, just chopping them down wasn't going to be straightforward.

0:18:280:18:32

One of the issues we've had is that the premises is surrounded by

0:18:340:18:37

trees that have got TPOs on - Tree Preservation Orders.

0:18:370:18:41

And that has actually shielded it.

0:18:410:18:43

It probably has protected it over the years as well.

0:18:430:18:46

But to get the true beauty out of the building,

0:18:460:18:48

I want to take some of these trees down.

0:18:480:18:51

And one in particular, this one here close to the road,

0:18:510:18:54

is stopping a lot of daylight going into the building.

0:18:540:18:57

I'm going to put an application in to see if it can be removed.

0:18:580:19:03

Ed's optimistic six- to 12-month timescale was now clearly

0:19:030:19:07

impossible.

0:19:070:19:08

Well, we returned again for our third filming session,

0:19:130:19:15

this time eight-and-a-half years later,

0:19:150:19:18

to find out if Ed had taken on a mission impossible.

0:19:180:19:22

By now, it was March 2013.

0:19:240:19:27

Surrounding shrubs had been removed

0:19:270:19:29

and the trees cut back.

0:19:290:19:30

But at the back of the mission, there were telltale signs

0:19:300:19:34

revealing that the work was some way from completion.

0:19:340:19:38

So before we went inside,

0:19:380:19:40

Ed brought us up-to-date with this epic saga.

0:19:400:19:44

With a lot of patience and perseverance,

0:19:450:19:47

we've actually managed to get four dwellings out of it now,

0:19:470:19:50

which we wanted to originally, but it took a long time.

0:19:500:19:55

And the way the economy has gone,

0:19:550:19:57

it's probably been the right thing to do.

0:19:570:19:59

Building a £500,000,

0:19:590:20:01

£600,000 house

0:20:010:20:03

at the time was just about a little over ambitious.

0:20:030:20:07

So we've managed to gut the mission and we've started the construction.

0:20:070:20:12

Ed had returned to his initial concept of dividing up the

0:20:120:20:15

mission into more than one dwelling,

0:20:150:20:18

the original chapel entrance being the front door to the

0:20:180:20:21

first completed house.

0:20:210:20:22

The large open-plan kitchen/living room

0:20:220:20:25

took natural light from the bottom of the mission's side window.

0:20:250:20:29

The huge front window made for very light stairs and landing.

0:20:290:20:33

The top section of the same window,

0:20:330:20:35

illuminating the main bedroom on the first floor.

0:20:350:20:38

Being directly above the kitchen,

0:20:390:20:41

additional light came from the top of the side window.

0:20:410:20:45

Also on the first floor was a stylish family bathroom and

0:20:450:20:48

small bedroom.

0:20:480:20:50

On the second floor, bedroom three had the added value

0:20:540:20:58

of the original character wooden beams.

0:20:580:21:01

Lighting up here was from new roof windows.

0:21:010:21:04

The overall design made for a modern and contemporary style with

0:21:040:21:08

preserved original features.

0:21:080:21:10

It was really important to me to maintain the character

0:21:120:21:15

of the building.

0:21:150:21:16

I fell in love with this the minute I see it, like a lot of people did,

0:21:160:21:20

and I really wanted to put my mark on it.

0:21:200:21:23

Eventually, when completed, there will be four dwellings,

0:21:230:21:26

each with their own street-level access and garden area.

0:21:260:21:30

The layout would be individual to each house, with the end

0:21:300:21:33

property enjoying cellar rooms and a veranda overlooking the open fields.

0:21:330:21:37

But getting the right design to make the most of the building's

0:21:400:21:43

features and space wasn't as easy as it first appeared.

0:21:430:21:47

We knew the houses were always going to be

0:21:470:21:49

a contemporary type living. But literally, despite the size

0:21:490:21:53

of the church, there wasn't that much footage in it.

0:21:530:21:56

So we've designed it in a way to maximise the actual height of

0:21:560:22:00

the church by lowering the floors and going right into the roof space.

0:22:000:22:05

A loft space is planned for each of the new dwellings,

0:22:050:22:08

taking advantage of every available square inch.

0:22:080:22:11

Lowering the floors meant the removal of the original parquet

0:22:130:22:16

flooring Ed had been so keen to keep.

0:22:160:22:19

Considering the eight-year struggle waiting for the housing

0:22:210:22:25

market recovery, it was a small price to pay.

0:22:250:22:27

Well, all but recently, it's been a real roller coaster and been very

0:22:300:22:33

difficult for us construction workers and developers.

0:22:330:22:37

The economy has been horrendous, but being an experienced developer,

0:22:370:22:40

we carefully and patiently decided to hold off this particular

0:22:400:22:45

development till the time was right.

0:22:450:22:46

But Ed had judged that the first quarter of 2013 was the right

0:22:460:22:52

time to start again with this development.

0:22:520:22:54

# Almost there

0:22:540:22:58

# We are almost there. #

0:22:580:23:03

Even back in 2013, this had become one of the longest refurbishment

0:23:040:23:09

projects we've ever covered here on Homes Under The Hammer.

0:23:090:23:13

But like Ed, we persevered.

0:23:140:23:17

You can find out if he finally finished his mission on the

0:23:170:23:21

mission and if the value of his four dwellings will leave him with

0:23:210:23:24

profit or not when we return a further three years later.

0:23:240:23:29

Coming up... I really like this South London house,

0:23:320:23:36

but I wouldn't say it was love at first sight.

0:23:360:23:39

I'm not sure whether I love this room as much as that little

0:23:390:23:42

heart does.

0:23:420:23:43

And nearly 12 years on, has Ed got what he hoped for?

0:23:450:23:50

This particular one I am very proud of.

0:23:500:23:52

Earlier in the show, I met Hazel and Steve, a couple who paid £202,000

0:23:570:24:02

for this three-bed mid-terrace in Stony Stratford,

0:24:020:24:05

near Milton Keynes.

0:24:050:24:07

These former teachers had dabbled in property

0:24:070:24:10

but decided to do it full-time after Hazel became ill with Lyme

0:24:100:24:14

disease, a tick-borne condition.

0:24:140:24:17

At this property, they planned to extend out the back and into

0:24:180:24:21

the loft while living in the house during the renovation.

0:24:210:24:24

We want to make it a four-bed family house. It's a big house,

0:24:260:24:29

there's plenty of room for four bedrooms.

0:24:290:24:31

-What are you most looking forward to?

-I'm most looking forward to

0:24:310:24:35

that time where I can open the front door and think, "I'm home!"

0:24:350:24:38

And there's no jobs.

0:24:380:24:40

Oh, that's a long way ahead of you yet!

0:24:400:24:43

Well, it's been a long road, but eight months on, we're back.

0:24:480:24:52

It's time to see what the couple's 50 grand budget

0:24:520:24:55

has done for this tired terrace.

0:24:550:24:57

And has it given them a home to live in

0:24:570:24:59

before they sell on?

0:24:590:25:01

# Gave me something that I didn't have before

0:25:030:25:08

# Gave me something I didn't have before. #

0:25:080:25:13

Well, they've given this place everything.

0:25:130:25:16

Knocking through the living room wall has given the house

0:25:160:25:19

an open-plan feel,

0:25:190:25:20

and they've managed to add stylish decor and enhance

0:25:200:25:23

the original features.

0:25:230:25:25

Further through the house,

0:25:250:25:26

they've given it what it really needed - an extension.

0:25:260:25:30

So goodbye to the cramped kitchen...

0:25:300:25:33

and hello, light, bright and modern space.

0:25:330:25:36

And take a leaf out of Hazel

0:25:390:25:41

and Steve's book of property development.

0:25:410:25:43

With extra space from the extension, they've added a library.

0:25:430:25:47

Well, initially, we were just going to convert what was already there,

0:25:500:25:54

but it wasn't really feasible,

0:25:540:25:56

so we got permission to demolish the old kitchen and outhouses and

0:25:560:26:02

then we basically replaced it with something that was very

0:26:020:26:05

similar to the old, but bigger,

0:26:050:26:07

much bigger and more useful with a nice open aspect into the garden.

0:26:070:26:10

So it's a really nice space and we are really pleased with it.

0:26:100:26:13

Upstairs, on the first floor, there are three beautiful rooms.

0:26:130:26:17

And you just can't believe it's the same house, can you?

0:26:170:26:21

Although, it's not quite the same.

0:26:210:26:23

The stylish new bathroom is smaller than the old one,

0:26:250:26:27

as they stole some space from the new fourth bedroom in the loft

0:26:270:26:31

which comes with an en suite.

0:26:310:26:33

With the loft, it was a case of wanting to get a fourth bedroom.

0:26:380:26:43

Originally, it was a four-bedroom house.

0:26:430:26:46

But in the 1930s, they put a bathroom in one of the bedrooms.

0:26:460:26:50

Somebody came and did the staircase

0:26:500:26:53

and...the roof.

0:26:530:26:55

Steve plasterboarded it and insulated it.

0:26:550:26:59

We had it plastered, I painted it.

0:26:590:27:01

It was a lot of work we did ourselves.

0:27:010:27:03

We got the basics done by the builders and

0:27:030:27:05

we did all the finishing ourselves.

0:27:050:27:06

We had to take 76 plasterboards up there, two flights of stairs.

0:27:060:27:10

We got some help with that, but it was hard work,

0:27:100:27:12

once it was up there, fitting it. And so everything took a long time.

0:27:120:27:15

But we got the finish we wanted by doing it ourselves, really.

0:27:150:27:18

And it does keep prices down as well being able to take advantage

0:27:180:27:23

of somebody that can do the carcassing and we do the fixing.

0:27:230:27:27

The price is still higher than they'd hoped for this spectacular

0:27:300:27:33

finish - 75,000 in total,

0:27:330:27:36

now, that's 50% over their 50 grand budget - and took longer due to

0:27:360:27:41

some tragic events.

0:27:410:27:43

We said initially it'd take us six months.

0:27:440:27:47

It's taken us about eight months overall.

0:27:470:27:50

We started off doing really well and then we went away on holiday.

0:27:500:27:53

And then we got back from there,

0:27:530:27:55

and my mum was diagnosed with

0:27:550:27:58

a terminal illness and I just

0:27:580:28:02

stopped all work at that point.

0:28:020:28:04

I moved in with Mum and spent

0:28:040:28:07

some good times with her.

0:28:070:28:09

And...

0:28:090:28:10

..she died.

0:28:120:28:13

And it took me another month or so to get back into it.

0:28:140:28:17

So I probably lost about four months.

0:28:170:28:21

But Steve was here, soldiering on.

0:28:210:28:25

-But, yeah, I think we are quite pleased.

-Yeah.

0:28:250:28:28

Considering the amount of work we've had to do,

0:28:280:28:32

we've done really well.

0:28:320:28:34

Really happy.

0:28:340:28:36

It's clearly been a difficult time for Hazel since the loss of

0:28:360:28:40

her mum, Diane, who herself was a keen DIYer and so very proud

0:28:400:28:45

that Hazel and Steve were appearing on Homes Under The Hammer.

0:28:450:28:48

I'm sure she would have been equally proud of the fantastic job

0:28:480:28:52

they've done here.

0:28:520:28:53

How did they find working as a team?

0:28:530:28:55

Overall, we worked really well together.

0:28:550:28:57

Though, we do have arguments, obviously.

0:28:570:28:59

-Well, I have a difference of opinion and I'm told I'm wrong.

-That's it.

0:28:590:29:03

We actually love being together all the time anyway, so...

0:29:030:29:06

-Yep.

-I'd be surprised... THEY LAUGH

0:29:080:29:11

-I'm supposed to say yes.

-SHE LAUGHS

0:29:110:29:13

Ah, now that's marital bliss for you, eh?

0:29:160:29:19

Time to ask a couple of local estate agents what they think

0:29:190:29:22

of the property. Let's start

0:29:220:29:24

with the agent who saw it before the renovation.

0:29:240:29:27

Having had a look round the property,

0:29:280:29:30

the changes are absolutely superb.

0:29:300:29:32

Full credit to the vendors, it's amazing what they've achieved

0:29:320:29:36

with the extensions, by going into the loft space,

0:29:360:29:40

retaining a lot of character.

0:29:400:29:42

It really is a wonderful transformation.

0:29:420:29:44

I think the property is

0:29:440:29:46

absolutely fantastic.

0:29:460:29:47

The work that's been done in here is of a really high standard.

0:29:470:29:50

It's decorated brilliantly throughout.

0:29:500:29:53

It's quite plain and neutral, which appeals to a lot of buyers.

0:29:530:29:57

Hazel and Steve's total spend is 277,000,

0:29:580:30:03

so can they make a profit on the resale market?

0:30:030:30:06

I believe this property could sell for anywhere

0:30:080:30:11

between £400,000 and £425,000.

0:30:110:30:14

I would say this property would sell

0:30:140:30:18

for £450,000.

0:30:180:30:21

Perhaps the asking price can be pitched slightly higher,

0:30:210:30:25

£475,000, and just see what the market returns.

0:30:250:30:29

Amazed! I can't believe it's so much.

0:30:290:30:33

-That's fantastic.

-And all I can say is... I told you so!

0:30:330:30:36

THEY LAUGH

0:30:360:30:38

Taking that figure of 450,000 would mean

0:30:400:30:43

a very handsome pre-tax profit of 173,000.

0:30:430:30:48

I'm really pleased for them that everything has worked out

0:30:480:30:51

so well after all the tough times they have gone through and with

0:30:510:30:54

that great finish.

0:30:540:30:56

I hope we'll be seeing them at the auction room sometime soon.

0:30:560:30:59

Yes, we would buy at auction again. We've done it a couple of times now.

0:31:010:31:05

-The adrenaline rush.

-Who's turn is it to bid next time?

-Yours.

-OK.

0:31:050:31:09

She always says that, but I never get to do it.

0:31:110:31:13

THEY LAUGH

0:31:130:31:16

Over now to South London, and Streatham, to be precise,

0:31:190:31:23

a name that comes from its origins as a hamlet on the street.

0:31:230:31:27

Wait a minute! Doesn't that mean it should be called Hamstreet?

0:31:280:31:32

Anyway, today, it is less than a hamlet, more of a London suburb.

0:31:320:31:36

Well, this is a residential area, but Streatham Common Station is

0:31:380:31:41

only a ten-minute walk away, so it is still fairly accessible.

0:31:410:31:45

Now, I'm here to see this three-bed end-of-terrace.

0:31:450:31:48

It had a guide price of £350,000 plus.

0:31:480:31:51

Now, being end-of-terrace is always popular as you only ever have

0:31:510:31:55

neighbours on one side.

0:31:550:31:57

So not a bad start so far.

0:31:570:31:59

One thing I'm not sure about is that stone facing.

0:31:590:32:03

I think I'd change that and up its curb appeal.

0:32:030:32:06

Well, into the hallway. Lots of lovely storage space.

0:32:060:32:09

And a fridge!

0:32:090:32:11

Of course, only on this programme.

0:32:110:32:13

But you have got a larger-than-average space here.

0:32:130:32:16

Lovely, big, chunky stairs that lead up there, which is great.

0:32:160:32:20

Lovely sized lounge as well. Not sure about the colours in there.

0:32:200:32:23

Lime green and red, don't know whether they go. But a big room.

0:32:230:32:27

And a larger-than-average kitchen,

0:32:270:32:29

which is good because I was just about to talk about knocking

0:32:290:32:32

a wall down, but in this case, I don't think you need to.

0:32:320:32:35

In here, you've got a loo, so that's a real bonus.

0:32:350:32:37

And through into a second reception room,

0:32:370:32:40

which you could keep that wall there.

0:32:400:32:42

You only need to walk through to put a nice dining table here.

0:32:420:32:46

I'm not sure whether I love this room as much as that little

0:32:460:32:49

heart does, because, look, there's still loads of work to do.

0:32:490:32:52

You've got, like, a tongue-and-groove chimney breast

0:32:520:32:54

here, an old gas fire.

0:32:540:32:56

The flooring needs sorting. It does need to be updated.

0:32:560:32:59

But a lot of potential with this property

0:32:590:33:02

and quite a nice little garden to look out onto as well.

0:33:020:33:04

Look at this.

0:33:070:33:08

I might be getting a little ahead of myself,

0:33:080:33:10

but would you go as far as calling this a walled garden?

0:33:100:33:13

I mean, look, you've got little pink roses sprouting out on the

0:33:130:33:16

back wall. This is a great space for London.

0:33:160:33:19

Needs a bit of a lawnmower to go over it.

0:33:190:33:21

And another big, big bonus -

0:33:210:33:23

you've got independent access down this covered little walkway

0:33:230:33:27

here, which is fantastic because it means,

0:33:270:33:30

once renovating the building, you don't have to bring all the

0:33:300:33:33

tools and everything through the front door, you can use that.

0:33:330:33:35

It's also attached to a single-skinned,

0:33:350:33:38

little brick-built sort of shed here.

0:33:380:33:40

So fantastic for storage.

0:33:400:33:42

So a real bonus for this property.

0:33:420:33:44

You might want to rethink the kitchen layout so you don't have the

0:33:440:33:48

fridge in the hall, but other than that, these room sizes are OK.

0:33:480:33:53

And in this case, I like having a second reception room.

0:33:530:33:56

If you've got teenagers who take over the telly, really,

0:33:560:33:58

it can be a blessing.

0:33:580:34:00

As for outdoors, well, in London, let me tell you,

0:34:000:34:04

it's almost as good as it gets.

0:34:040:34:06

So I think this is potentially a gem waiting to be polished and

0:34:060:34:10

made to shine.

0:34:100:34:11

But upstairs, there are some things I'm finding, well,

0:34:110:34:14

slightly disorientating.

0:34:140:34:16

In one of the bedrooms here, I'm not quite sure what's going on

0:34:180:34:21

because this window here has been put in...upside down?

0:34:210:34:25

I don't know why.

0:34:250:34:26

And in the corner over here,

0:34:260:34:28

there is a plug socket right on the floor there,

0:34:280:34:31

been put in...upside down?

0:34:310:34:33

It's all a little bit topsy-turvy in this room.

0:34:330:34:35

-# Ain't got no cares

-Ain't got no cares

0:34:350:34:38

-# I ain't got no rules

-Ain't got no rules

0:34:380:34:41

-# I think I like

-I like

0:34:410:34:43

-# Living upside down

-# Living upside down. #

0:34:430:34:46

Well, I'm glad to say the other two bedrooms,

0:34:460:34:48

and particularly the bathroom, seem to be in the right orientation,

0:34:480:34:52

but I don't know whether it's all this upside-down action that

0:34:520:34:56

makes the blood rush my head,

0:34:560:34:58

but I've suddenly seen another way of looking at this property.

0:34:580:35:02

Rather than renovate as one home, could you split it into two flats?

0:35:020:35:07

Now, I know flats are in high demand around here and other

0:35:070:35:11

conversions have been done in this area, so I think it might

0:35:110:35:14

just work, subject to planning permission, of course.

0:35:140:35:17

Yes, it would cost more money to do,

0:35:170:35:19

probably double your budget compared to converting this as one

0:35:190:35:23

property, but if you are in it for the profit, well,

0:35:230:35:25

that would be greater too.

0:35:250:35:28

Hm, that is food for thought.

0:35:280:35:30

Yes, something to think about all right.

0:35:300:35:33

And there are real pros and cons to dividing this house up,

0:35:330:35:36

so it's not really an easy call to make.

0:35:360:35:38

# A very fine line.

0:35:380:35:41

# Split decision It's a fine line. #

0:35:410:35:44

But what does a local property agent think?

0:35:440:35:48

Would it be the right decision

0:35:480:35:50

to go the two-flats route?

0:35:500:35:52

I think splitting the property into two flats could be an option,

0:35:520:35:57

but to be honest with you, I think if you're looking for

0:35:570:35:59

something to just make some money on,

0:35:590:36:02

then I would just refurb the property and sell it on,

0:36:020:36:05

cos you'd get a good return on it as it is.

0:36:050:36:08

OK, but this house was guided at £350,000 plus,

0:36:080:36:12

so what kind of return could this property give if fully refurbished?

0:36:120:36:17

I believe the house could sell for 460,000

0:36:170:36:20

to 475,000.

0:36:200:36:22

I believe you could achieve a rent o £1,500 per calendar month.

0:36:220:36:26

And if split into two flats, what kind of return would you get then?

0:36:260:36:30

I believe each flat could sell for £325,000 each.

0:36:330:36:36

And if each flat was to be rented, I believe they could

0:36:360:36:40

achieve rental figures of £1,250 to £1,300 a month, excluding bills.

0:36:400:36:44

So, splitting into two flats would definitely be

0:36:440:36:47

a more lucrative route.

0:36:470:36:49

Yes, I think you'll agree, it needs modernisation,

0:36:510:36:54

some new windows - oh, and don't forget - those plug sockets.

0:36:540:36:57

But there could be money to be made from this auction lot,

0:36:570:36:59

whether that be as one house or maybe even flats.

0:36:590:37:03

Who agreed? Well, let's head to auction and find out.

0:37:030:37:06

Lot 30 is a good-sized, three-bed mid-terraced house.

0:37:100:37:14

Handy location. 330 anywhere?

0:37:140:37:16

330.

0:37:160:37:18

335?

0:37:180:37:19

335. 340.

0:37:190:37:22

345? Yes or no? Yeah?

0:37:230:37:26

345. 350.

0:37:260:37:29

355?

0:37:290:37:31

355.

0:37:310:37:33

360? 360.

0:37:330:37:35

365? Yep? 365.

0:37:350:37:38

370? 370.

0:37:380:37:41

375?

0:37:410:37:44

375.

0:37:440:37:45

380? 380.

0:37:450:37:47

Back in. 385?

0:37:470:37:49

385. 390?

0:37:510:37:54

Struggling. At 385 with you.

0:37:540:37:57

390 elsewhere?

0:37:570:37:59

If not, 385, with you, first time.

0:37:590:38:03

Second time.

0:38:030:38:05

Third and last time.

0:38:050:38:07

Sold 385.

0:38:070:38:09

So the hammer fell at £385,000.

0:38:100:38:14

The successful bid was made by Thomas,

0:38:140:38:16

who was at the auction with one of his sons, Crawford.

0:38:160:38:19

This house was bought as a family project for him and his brother,

0:38:190:38:22

Will.

0:38:220:38:24

I met the brothers back at the property.

0:38:270:38:30

Will and Crawford, lovely to meet you both. Congratulations.

0:38:340:38:37

-Lovely to meet you.

-This is a great property, isn't it?

0:38:370:38:39

Yeah, we are really, really happy with it and we almost bought

0:38:390:38:42

the other one at auction that wasn't half as good as this one,

0:38:420:38:45

so we felt like actually it was worth holding back

0:38:450:38:48

and pushing ourselves for this one.

0:38:480:38:50

So on auction day, did you have

0:38:500:38:51

-a few that you were thinking about bidding on?

-Yeah,

0:38:510:38:54

cos we went to auction a month before and we only had two

0:38:540:38:57

properties that we were gunning for,

0:38:570:38:59

and then they both went for silly money,

0:38:590:39:01

so we walked away with nothing.

0:39:010:39:03

So the second auction, we really made an effort to make sure that we

0:39:030:39:06

had five or six, like, potentials, and this was our second on the list.

0:39:060:39:10

And you weren't there on auction day, were you, Will?

0:39:100:39:13

No, I had to hold down the fort, so to speak.

0:39:130:39:15

So someone has to work, and that was me.

0:39:150:39:17

I got that short straw.

0:39:170:39:19

So, tell me what you both do.

0:39:190:39:21

We work our family business,

0:39:210:39:22

a plumbing and heating company that we both run.

0:39:220:39:24

Aha! That's perfect.

0:39:240:39:27

This family firm was originally set up by their dad and they see

0:39:270:39:30

the move into property development as a natural progression.

0:39:300:39:33

They've already got a few properties to their name, which they rent out.

0:39:330:39:38

They're hoping this will be a resale project.

0:39:380:39:41

And it sounds very much like we have been seeing the same potential here.

0:39:410:39:45

Well, the big thing, cos it's end-of-terrace,

0:39:450:39:47

we are looking into the option of splitting it...

0:39:470:39:49

Obviously, it's a single dwelling house at the moment,

0:39:490:39:52

we are looking at seeing if we can split it into two two-bedroom flats.

0:39:520:39:55

What plans have you got to do that? How would you get that extra space?

0:39:550:39:58

We're planning to develop the loft, obviously,

0:39:580:40:00

and we're potentially looking at extending the back as well.

0:40:000:40:03

And, obviously, with the side anyway there,

0:40:030:40:06

we can actually maybe make a second entrance to the flat there.

0:40:060:40:09

So they are the options we are kind of looking at, at the moment.

0:40:090:40:12

Plan A is to divide it into two flats. Your plan B will be?

0:40:120:40:16

The family home, if worse comes to worse.

0:40:160:40:18

But that's not a bad option either, nice-sized property for it.

0:40:180:40:22

We can add to it, extend it as well.

0:40:220:40:23

What sort of budget have you got for the work here, Crawford?

0:40:230:40:26

I think if we are just redeveloping the house on its own,

0:40:260:40:29

we'll probably spend somewhere around 20,000.

0:40:290:40:33

And if we're splitting it, I'd say somewhere between 30 and 40.

0:40:330:40:36

Hm, so still relatively low.

0:40:360:40:39

I suppose taking into account the amount of work you're going

0:40:390:40:41

to put in yourselves.

0:40:410:40:43

So as brothers, how does that work for you both?

0:40:430:40:46

-THEY LAUGH

-It works.

-It works.

0:40:460:40:48

Not always, but it does work.

0:40:480:40:50

Yeah, I mean, we're quite lucky the family business has done so well

0:40:500:40:53

and we've thrown ourselves into it.

0:40:530:40:55

Cos it's sort of a medium-sized property,

0:40:550:40:58

Will does a lot more of the accounts' side

0:40:580:41:00

and runs the finance of the business

0:41:000:41:02

and I am sort of more client and sort of job management.

0:41:020:41:06

That's pretty much our division of labour.

0:41:060:41:09

But we do a number of varied, different tasks,

0:41:090:41:11

cos that's what's involved in running a business.

0:41:110:41:14

Did you always think

0:41:140:41:15

that you were going to go into the family business?

0:41:150:41:17

I flopped my A-level, so I thought I better become a plumber.

0:41:170:41:20

-LUCY LAUGHS

-So...

0:41:200:41:23

So you've been a big disappointment to the family.

0:41:230:41:25

They were quite clever.

0:41:250:41:26

They didn't put us under any pressure, they were like,

0:41:260:41:29

"Oh, do whatever you want to do."

0:41:290:41:30

And then I just sort of thought I better become

0:41:300:41:32

a plumber before I started trying to run the business,

0:41:320:41:35

so that was good grounding, to where I am today.

0:41:350:41:38

Come on, Will, what about you?

0:41:380:41:40

For myself, I think my father always wanted

0:41:400:41:44

-me to go more in the accounts' side.

-So were you quite good on that?

0:41:440:41:47

-Yeah.

-Is that were your talent lies?

0:41:470:41:48

Yeah, that's where my talent lies.

0:41:480:41:50

-I've got a brain for numbers.

-Good.

0:41:500:41:52

So what a fantastic combination.

0:41:520:41:54

So they've got the perfect skill set to take on the trials and

0:41:540:41:59

tribulations of the property jungle.

0:41:590:42:01

And Crawford, in particular,

0:42:010:42:03

knows only too well how to survive in a new environment.

0:42:030:42:07

I know you are no stranger to TV, because while you were

0:42:070:42:10

flunking your A-levels, you were very busy on another TV show

0:42:100:42:13

that was very popular in its time, weren't you?

0:42:130:42:15

Yeah, I was really lucky enough I saw an advert to be Shipwrecked

0:42:150:42:19

and I went for it, so I spent five months on the Cook Islands,

0:42:190:42:23

and it was a fantastic experience.

0:42:230:42:26

I was climbing trees for coconuts, cooking fires.

0:42:260:42:29

I built a five-bedroom hut out in beautiful surroundings.

0:42:290:42:35

Yeah, I fell in love with the whole thing.

0:42:350:42:37

So, Crawford, was that a life lesson for you or did you just

0:42:370:42:39

have a five-month holiday and it was brilliant?

0:42:390:42:41

No, it was cos I became sort of a natural...

0:42:410:42:43

I ended up leading the troops and it was like 15 of us at the end.

0:42:430:42:46

One of the biggest things I learned is you just can't

0:42:460:42:48

please all the people all the time.

0:42:480:42:50

And I was a bit younger then, thinking,

0:42:500:42:52

"You can always accommodate everyone and try make everyone happy,"

0:42:520:42:55

but it is more important, you just get things done and you've just

0:42:550:42:58

got to appreciate that you're going to upset a few people.

0:42:580:43:00

What was it like watching your big brother on the telly week in,

0:43:000:43:03

week out? I mean, what was it like for you?

0:43:030:43:05

It was a little bit surreal to begin with. I enjoyed it at the same

0:43:050:43:08

-time, it was nice.

-And here you are, making your TV debut.

-I know.

0:43:080:43:11

-With Homes Under The Hammer. You're catching up with him.

-That's it.

0:43:110:43:15

Listen, guys, I'm really, really pleased for you both.

0:43:150:43:18

I think it is a great property.

0:43:180:43:19

And it's going to be interesting to find out if you get

0:43:190:43:22

the planning permission granted.

0:43:220:43:23

If you don't, you're going to have to revert to plan B. Good luck.

0:43:230:43:27

-Thank you.

-We'll catch up soon and find out how it all went.

0:43:270:43:30

-Brilliant.

-Lovely to meet you both.

-Thank you.

-Thank you.

0:43:300:43:32

Nice to meet you.

0:43:320:43:34

Brothers Crawford and Will certainly have useful skills that they can

0:43:340:43:38

apply to this project, but will they get planning permission

0:43:380:43:41

so they can go ahead with plan A and convert this house into flats?

0:43:410:43:45

Join me later on in the programme

0:43:450:43:47

and you can find out how the brothers get on.

0:43:470:43:49

One property down, two to go.

0:43:520:43:54

Have they stuck to their plans or have their plans become unstuck?

0:43:540:43:57

Well, I think we'd better find out, don't you?

0:43:570:44:00

SLOW GUITAR MUSIC PLAYS

0:44:000:44:04

Welcome back to the beauty and tranquillity

0:44:060:44:08

of the Cheshire countryside.

0:44:080:44:10

And if the music seems a little sad, that's because this will be the last

0:44:100:44:15

time we're here to cover the story of Preston on the Hill's mission.

0:44:150:44:19

The village hasn't changed much since we first came here in 2004

0:44:200:44:26

to meet the mission's new owner, Ed,

0:44:260:44:28

who had just bought it at auction for

0:44:280:44:30

£272,500.

0:44:300:44:33

-Let's come onto the building then.

-Yes.

0:44:330:44:35

What are you going to do with it?

0:44:350:44:36

We already have permission for a four-bedroom detached house.

0:44:360:44:40

I've been speaking to the planners and there is options perhaps

0:44:400:44:43

available of converting it into apartments,

0:44:430:44:45

maybe even three dwellings, possibly even four.

0:44:450:44:48

So we've got to explore that avenue.

0:44:480:44:50

Do you have any idea of budgets for this project?

0:44:500:44:52

Well, a fair scale, we reckon about £140,000 to spend on it.

0:44:520:44:56

So what about timescales?

0:44:560:44:57

Six to 12 months.

0:44:570:44:59

Well, the best laid plans of church, mice and men, eh?

0:44:590:45:03

Because little did he know that he was going to have planning

0:45:030:45:06

problems and a recession to contend with.

0:45:060:45:10

The last time we'd seen significant progress here was

0:45:100:45:13

back in 2013.

0:45:130:45:14

Ed had returned to his initial concept of dividing up the

0:45:210:45:24

mission into more than one dwelling.

0:45:240:45:26

The first of the four three-bedroom three-storey houses with

0:45:260:45:30

vaulted ceilings was finished.

0:45:300:45:32

Now, over 11 years since we first filmed here,

0:45:370:45:42

we're back as the last of the four properties is finally completed,

0:45:420:45:47

and this one needed some novel thinking to make the space work.

0:45:470:45:50

# Going underground. #

0:45:500:45:53

It required a subterranean solution

0:45:530:45:55

to achieve two bedrooms and a wet room.

0:45:550:45:58

# We're going underground. #

0:45:580:46:01

In fact, there is more square footage underground than it

0:46:030:46:06

has on the first- and second-floor.

0:46:060:46:08

# I'm going underground

0:46:080:46:12

# La, la, la, la

0:46:160:46:18

# La, la, la, la... #

0:46:180:46:20

But complying with building regulations for underground

0:46:200:46:23

living, especially with things like fire management, was tricky.

0:46:230:46:27

That had its challenges because we had to form a means of escape,

0:46:270:46:32

So we constructed a sunken garden with a spiral staircase.

0:46:320:46:36

And that obviously fulfilled the regulations.

0:46:370:46:40

We also wanted to try and get natural light into the basement,

0:46:400:46:43

particularly in one of the bedrooms because it didn't have any

0:46:430:46:46

patio windows.

0:46:460:46:49

Ed's solution was to fit walkable skylights -

0:46:490:46:51

a type of light well with glass tough enough to walk over

0:46:510:46:55

set into the patio.

0:46:550:46:57

With the lights sorted, the next problem was air.

0:46:570:47:00

We also had a difficulty in getting ventilation into these rooms.

0:47:020:47:07

So natural ventilation and rapid installation was important.

0:47:070:47:12

We managed to overcome that with the help from Building Control.

0:47:120:47:16

As well as natural ventilation in the bedrooms,

0:47:160:47:19

humidity-controlled fans extract moist air

0:47:190:47:22

whenever the wet room is being used.

0:47:220:47:24

Time to ring the changes on the other two floors.

0:47:260:47:29

MUSIC: Faith by George Michael

0:47:290:47:31

Ed has had faith in the project and has remained undaunted for

0:47:310:47:35

nearly 12 years now,

0:47:350:47:36

so there can really only be one song to accompany it in all its glory.

0:47:360:47:41

# Cos I gotta have faith

0:47:410:47:44

# I gotta have faith

0:47:440:47:46

# Because I gotta have faith, faith, faith

0:47:460:47:49

# I gotta have faith, faith, faith. #

0:47:490:47:52

On the ground floor, there is a huge open-plan living and

0:47:520:47:56

kitchen area, which is part new build and part refurbished space.

0:47:560:48:01

Where possible, the original features have been retained

0:48:020:48:05

or refurbished, like the new rope to ring the mission's bell.

0:48:050:48:09

Ed spent more than he budgeted for on renovation,

0:48:120:48:15

around £325,000.

0:48:150:48:18

Added to his auction purchase price,

0:48:180:48:21

this takes his total cost to approximately £600,000.

0:48:210:48:25

He has sold houses one, two and three over the years for

0:48:270:48:31

approximately £200,000 each to help fund the project.

0:48:310:48:35

So, basically, the value of the rectory would be his profit

0:48:350:48:38

on the development, before taxes and expenses.

0:48:380:48:41

# I gotta have faith, faith, faith. #

0:48:410:48:45

We called in two local estate agents to find out that value and give us

0:48:450:48:49

their opinion of the development.

0:48:490:48:52

I love it.

0:48:520:48:53

A nice big open-plan kitchen/diner,

0:48:530:48:56

which is very important today.

0:48:560:48:58

The cellar conversion or basement level - very quirky

0:48:580:49:01

but has the access externally to upstairs and

0:49:010:49:04

a great master suite upstairs with a fantastic sun terrace.

0:49:040:49:08

So, quirky but fantastic.

0:49:080:49:10

I actually find it is quite a stunning property.

0:49:100:49:13

I love the period features

0:49:130:49:14

and love the impression

0:49:140:49:16

from the outside, that the old red brick has been kept,

0:49:160:49:19

that so many of the features are still in situ.

0:49:190:49:21

I love the fact that there are balconies and that the light

0:49:210:49:25

is used so much for the property and I can see it being very popular.

0:49:250:49:29

What attributes would they be emphasising if they were selling it?

0:49:300:49:34

I think the main selling points of the property are the

0:49:340:49:37

proximity to the transport links.

0:49:370:49:39

I think it being in its own area and surrounded by the green fields

0:49:390:49:42

is a definite plus.

0:49:420:49:44

And also being able to sit outside.

0:49:440:49:47

I think everybody loves a bit of that.

0:49:470:49:49

The biggest selling point for this property is the individuality,

0:49:490:49:53

the fantastic views, its own private garden,

0:49:530:49:57

which is different to the other ones on the development.

0:49:570:50:00

The basement level - quirky, but it all adds to the impact.

0:50:000:50:04

So very individual, very sellable.

0:50:040:50:06

"Very sellable," good news.

0:50:060:50:08

What would they market it at, then, if they were selling it?

0:50:080:50:12

If the owner is looking to sell the property,

0:50:120:50:14

I would hopefully expect to achieve £225,000.

0:50:140:50:19

I think, if you're looking at purchase, it'd probably be around

0:50:190:50:22

£230,000 to £240,000,

0:50:220:50:25

and I think that should be easily attained.

0:50:250:50:27

Well, that's very encouraging. That is bang on the money.

0:50:270:50:30

And we are delighted with the outcome.

0:50:300:50:34

240,000 sounds to be a lot of profit, but don't forget, over

0:50:340:50:39

the time period of 12 years, that equates to around £20,000 per year.

0:50:390:50:43

But for Ed, it's not all about the money.

0:50:450:50:47

I have a social responsibility to keep men at work and,

0:50:490:50:54

literally, do developments that I am proud of.

0:50:540:50:58

And this is a particular one that I am very proud of.

0:50:580:51:01

Ed is also proud the development has been nominated for

0:51:010:51:05

Best Development in the Halton District.

0:51:050:51:08

But I'm sure he'll forgive us if we don't come back again for

0:51:080:51:11

a fifth time if he wins.

0:51:110:51:13

We return now to Streatham, in South London,

0:51:190:51:21

to a three-bed end-of-terrace house that was basically pretty sound,

0:51:210:51:26

but certain aspects of it left me in a bit of a spin.

0:51:260:51:29

I'm not quite sure what is going on because this window here

0:51:310:51:34

has been put in...upside down? I don't know why.

0:51:340:51:38

And in the corner over here,

0:51:380:51:39

there is a plug socket right on the floor there,

0:51:390:51:42

been put in...upside down?

0:51:420:51:44

# Upside down, you're turning me

0:51:440:51:47

# You're giving love instinctively

0:51:470:51:49

# Round and round you're turning me. #

0:51:490:51:51

It was bought by Thomas on behalf of his sons, Crawford and Will,

0:51:510:51:56

for 385,000.

0:51:560:51:58

And they also had their own angle on it.

0:51:580:52:01

Well, the big thing, cos it's end-of-terrace,

0:52:020:52:05

we are looking into the option of splitting it...

0:52:050:52:08

Obviously, it's a single dwelling house at the moment,

0:52:080:52:10

we're looking at seeing if we can split it into two two-bedroom flats.

0:52:100:52:14

Crawford and Will work in their family plumbing and

0:52:150:52:18

heating firm, so not only did they have their own experience,

0:52:180:52:21

but knew people in the building trade to call on.

0:52:210:52:24

They'd had hoped to convert the house into the two two-bed flats for

0:52:240:52:28

between 30,000 to 40,000,

0:52:280:52:30

or, failing that, to refurbish it as a three-bed house for 20,000.

0:52:300:52:34

The plan was to complete all the work in three to four months

0:52:340:52:38

and get it back on the resale market.

0:52:380:52:40

Now, over seven months later,

0:52:420:52:44

we're back to see if they've doubled their investment.

0:52:440:52:47

Overall, outside, I'm glad to see that that stone cladding has gone.

0:52:480:52:53

New windows and doors show promising signs, albeit unfinished ones.

0:52:530:52:58

And inside...

0:52:580:53:00

Well, it is freshly plastered and nearly ready for decoration.

0:53:010:53:06

And the kitchen area?

0:53:060:53:07

Wow, that has changed a bit with an open-plan layout

0:53:090:53:12

and rear extension.

0:53:120:53:14

This is going to be a wonderful space when it's finished,

0:53:140:53:18

but it doesn't look like a layout for a flat to me.

0:53:180:53:21

So, what's been going on?

0:53:210:53:24

-# Ay, ay, ay

-No, you're still the one

0:53:240:53:27

-# Ay, ay, ay

-No, you're still the one. #

0:53:270:53:31

We originally did look to split it into two flats,

0:53:310:53:34

but then it wasn't big enough for Lambeth Borough,

0:53:340:53:36

it didn't meet their requirements,

0:53:360:53:39

so we were unable to split the property into two flats.

0:53:390:53:41

# Well, there's only one option that is left for me

0:53:410:53:46

# Plan B! #

0:53:460:53:47

So it was reverting to plan B,

0:53:470:53:50

not a bad option after all.

0:53:500:53:52

So now what we've had to do is we've got a four-bedroom house with

0:53:520:53:55

an extension and a loft,

0:53:550:53:57

and the loft also has an en suite.

0:53:570:53:59

So it's four bedrooms with a lovely loft with an en suite.

0:53:590:54:03

Well, it might only be one property, but they've really gone for it,

0:54:030:54:07

with not only a full re-plaster, re-plumb and rewire

0:54:070:54:10

of the three bedrooms.

0:54:100:54:12

And there is a rather impressive bathroom, as you might expect

0:54:120:54:15

from people running a plumbing firm.

0:54:150:54:17

But they've also added that fourth en-suite bedroom in the loft,

0:54:170:54:21

which really makes this a great family house.

0:54:210:54:23

In addition to the problem of not having enough space to

0:54:260:54:29

split into two flats,

0:54:290:54:31

there was an issue with the party wall which actually halted

0:54:310:54:34

the project for six weeks, hence the overrun in the timescale.

0:54:340:54:38

They're hoping in another two to three weeks they'll be done.

0:54:390:54:42

But with brothers running the family firm,

0:54:420:54:45

how much of were they involved?

0:54:450:54:47

I've been coming here once...about once a week.

0:54:500:54:53

And we've had a really good team working here and

0:54:530:54:56

a good project manager who has kept the project working,

0:54:560:54:59

ticking along beautifully.

0:54:590:55:01

And the only real claim to fame I've done anything good around

0:55:010:55:05

here is I helped hoist the reinforced steel girders at

0:55:050:55:08

the top of the house and the loft.

0:55:080:55:10

I actually helped put them in place with about five, six others,

0:55:100:55:12

and that was good fun. I quite enjoy that kind of stuff.

0:55:120:55:15

# I want muscles! #

0:55:150:55:18

While Crawford did his muscleman act, Will stayed mainly in

0:55:180:55:22

the background, keeping an eye on the numbers.

0:55:220:55:25

So how is that budget looking?

0:55:250:55:27

On the subject of budget...

0:55:270:55:29

We spent about 80,000 on the property,

0:55:290:55:32

which was obviously slightly more than originally anticipated,

0:55:320:55:36

but I think it's been money well spent.

0:55:360:55:38

Slightly more? That's four times over their original budget.

0:55:380:55:42

But they did decide to go for it with a loft extension and

0:55:420:55:46

a rear extension,

0:55:460:55:47

and they've upped their spec, but an 80 grand spend on top

0:55:470:55:50

of their £385,000 purchase price

0:55:500:55:54

well, that takes their total

0:55:540:55:55

now to 465,000.

0:55:550:55:58

So was it worth the extra spend?

0:55:580:56:01

What do two local estate agents think?

0:56:010:56:03

The finish here is really, really lovely.

0:56:030:56:06

You can tell it's going to be a great finish.

0:56:060:56:08

I think they've got a nice open-plan kitchen,

0:56:080:56:10

which I would do in this property, in this area.

0:56:100:56:12

It's what people are looking for.

0:56:120:56:13

It's good they went into the loft to get an extra bedroom, bathroom.

0:56:130:56:16

It's a really good refurbishment.

0:56:160:56:17

They've gone right back to the brick and done a proper job.

0:56:170:56:20

The kitchen layout is expanded because the kitchens in these

0:56:200:56:22

houses are traditionally small. So he's done that very well.

0:56:220:56:25

The attention to detail in the kitchen and bathroom is very good.

0:56:250:56:28

I think the fact that it's brand-new is unusual for the area,

0:56:280:56:31

being mainly 1930s, second-hand houses.

0:56:310:56:33

So to have something brand-new,

0:56:330:56:34

refurbished and very close to a station

0:56:340:56:36

Great selling point, very unusual.

0:56:360:56:38

In this area, four beds are definitely in demand.

0:56:380:56:41

We've seen three- and four-beds rise in value from the last couple of

0:56:410:56:45

years, go up to maybe about 600,000, so I think it definitely could work.

0:56:450:56:50

So the interest in four-bed properties might have risen,

0:56:500:56:54

but will that mean Crawford and Will's £465,000 investment is sound?

0:56:540:57:00

This property could achieve £625,000 if put on the market.

0:57:000:57:04

I think for sales the property will achieve a figure of £625,000.

0:57:040:57:08

I think I'd be happy with 600.

0:57:080:57:11

I'd be delighted with that.

0:57:110:57:13

We might even get £625,000, Crawford,

0:57:140:57:17

and that gives you a pre-tax profit of 160,000.

0:57:170:57:22

With a possible rental yield of around 5%,

0:57:220:57:26

you can see this is a great investment.

0:57:260:57:29

But how would Crawford sum up this slightly protracted project?

0:57:290:57:33

Well, I feel, as Churchill said, "The key to success is go from

0:57:340:57:39

"failure to failure without loss of enthusiasm."

0:57:390:57:42

And that's basically been my mantra for getting this project done.

0:57:420:57:46

Hardly a failure, Crawford.

0:57:460:57:49

And with a healthy profit on offer,

0:57:490:57:50

it really shouldn't be too hard to maintain that enthusiasm.

0:57:500:57:55

Well, there are auctions taking place all over the country

0:57:570:58:00

at all times of the year.

0:58:000:58:01

Yep, and we're at our fair share to capture that action.

0:58:010:58:04

Yeah, so please join us next time for more Homes Under The Hammer.

0:58:040:58:07

-Goodbye.

-Yeah, goodbye.

-Goodbye.

-We'll see you then.

0:58:070:58:10

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