0:00:03 > 0:00:05Hello there. Whether you're a seasoned pro or absolute beginner,
0:00:05 > 0:00:08your local property auction might have just what you're looking for.
0:00:08 > 0:00:11Yes, but unexpected problems can catch you out
0:00:11 > 0:00:13even if you are experienced.
0:00:13 > 0:00:15Yeah, and how you deal with those problems
0:00:15 > 0:00:17can be the difference of making money or losing money
0:00:17 > 0:00:19when you buy your property under the hammer.
0:00:45 > 0:00:48Well, property auctions throw up all sorts,
0:00:48 > 0:00:51from tired terraces to sublime semis.
0:00:51 > 0:00:55Yep. The options are vast and varied and so are the opportunities.
0:00:55 > 0:00:57Yeah, so what's on offer on today's show?
0:00:58 > 0:01:01In the railway town of Crewe in Cheshire,
0:01:01 > 0:01:03I really do mind the doors.
0:01:03 > 0:01:04Look at that door!
0:01:04 > 0:01:07(I think we'll replace that with something else.)
0:01:09 > 0:01:11Whereas in Sittingbourne, Kent,
0:01:11 > 0:01:15there's plenty ROUND ABOUT this property.
0:01:15 > 0:01:17Look, right in the middle of town!
0:01:19 > 0:01:21And I see a house in the Lake District
0:01:21 > 0:01:23that's ready for a fresh start.
0:01:23 > 0:01:26You can actually put your own stamp on it
0:01:26 > 0:01:29and make it into a lovely family home.
0:01:29 > 0:01:31All these properties have been sold at auction.
0:01:31 > 0:01:34We'll find out who bought them and what they paid for them
0:01:34 > 0:01:36when they went under the hammer.
0:01:36 > 0:01:38You bought it, sir. Well done.
0:01:42 > 0:01:45Crewe in Cheshire was a 19th-century railway powerhouse
0:01:45 > 0:01:48and is still today a major rail junction.
0:01:50 > 0:01:53It also has a good selection of shops, bars
0:01:53 > 0:01:55and a recently renovated public park
0:01:55 > 0:01:59that I'm sure makes many people happy to live in Crewe.
0:01:59 > 0:02:01# Time out
0:02:01 > 0:02:04# Feelin' all right with the crew... #
0:02:06 > 0:02:12Well, I'm in a really lovely, leafy, suburb very close to the town centre
0:02:12 > 0:02:14to see a three-bedroom semidetached.
0:02:14 > 0:02:17Guide price - ?59,000.
0:02:17 > 0:02:19Straight away, you look at that and you think,
0:02:19 > 0:02:22"In other parts of the country, how much is that going to set you back?"
0:02:22 > 0:02:24You've got off-street parking,
0:02:24 > 0:02:27looks like it's in reasonable condition,
0:02:27 > 0:02:29can't go wrong really, can you?
0:02:29 > 0:02:31'I know, I know. Famous last words.
0:02:31 > 0:02:34'So let's follow the Homes Under The Hammer rules
0:02:34 > 0:02:37'and take a look inside and see what we've got.'
0:02:39 > 0:02:43Well, through a really tiny little porch -
0:02:43 > 0:02:46that's actually very cute - into the main part of the house,
0:02:46 > 0:02:48and I'm expecting a fairly traditional layout.
0:02:48 > 0:02:51But a nice feeling the moment you walk through the door.
0:02:51 > 0:02:53It doesn't smell damp, it looks a little bit dated
0:02:53 > 0:02:55but, you know, in terms of the layout,
0:02:55 > 0:02:58it's sort of what you expect and that is quite comforting.
0:02:58 > 0:03:00There's a large, sort of, entrance area here,
0:03:00 > 0:03:03stairs up to your bedrooms, you're facing the kitchen
0:03:03 > 0:03:06down that little corridor and then into your lounge.
0:03:07 > 0:03:09You know, again, yes,
0:03:09 > 0:03:12it's obviously been someone's home relatively recently.
0:03:12 > 0:03:15So, lots of bits and pieces left around
0:03:15 > 0:03:19but you can tell it's been, well, you know, a loved house, actually.
0:03:19 > 0:03:22Um... Fire there, looks like some solid fuel sort of stove thing.
0:03:22 > 0:03:25So we need to check out what the situation is
0:03:25 > 0:03:27regarding central heating, cos I can't see any radiators,
0:03:27 > 0:03:30although there's a little electric fire there.
0:03:30 > 0:03:32But there's this archway through to the sitting room.
0:03:32 > 0:03:35So, as I was saying, very standard layout.
0:03:35 > 0:03:39Definitely crying out for a set of patio doors at the end there.
0:03:39 > 0:03:42That would be brilliant. And yet more archways.
0:03:42 > 0:03:45This is definitely arch-tastic, that's for sure.
0:03:45 > 0:03:49And also polystyrene-tastic, as well, which isn't so good.
0:03:49 > 0:03:51We've got polystyrene ceiling tiles -
0:03:51 > 0:03:54they've got to come down, they're a definite fire hazard.
0:03:54 > 0:03:57Got polystyrene or something similar on the walls.
0:03:57 > 0:03:59It just fits into that whole thing of this place
0:03:59 > 0:04:02being little bit dated. And then through to the kitchen.
0:04:02 > 0:04:05Well, you know, it's not a bad space. Again, it's a bit tired,
0:04:05 > 0:04:07it's a bit dated but you've got stuff to play with.
0:04:07 > 0:04:10You've then start thinking, "What would you do doing here?"
0:04:10 > 0:04:13Open-plan living is definitely we're at right now.
0:04:13 > 0:04:16So maybe think about taking down some of these walls
0:04:16 > 0:04:19and make sure you put some supporting beams across the top,
0:04:19 > 0:04:22but maybe take out that archway, open the whole thing up,
0:04:22 > 0:04:23then you've got a really nice space
0:04:23 > 0:04:25but what you've got to play with here
0:04:25 > 0:04:28is just a really pleasant feeling home.
0:04:29 > 0:04:32The heating situation does need investigating.
0:04:32 > 0:04:35I'm assuming the stove is heating the hot water
0:04:35 > 0:04:38with a back burner to heat the radiators in the hall.
0:04:38 > 0:04:40That's not ideal,
0:04:40 > 0:04:44and the electric hob tells me we're not cooking with gas.
0:04:45 > 0:04:49# Life's a gas
0:04:49 > 0:04:51# I hope it's going to last... #
0:04:51 > 0:04:56Now I don't see a gas meter either, so you'd need to sort out a supply
0:04:56 > 0:04:59with the gas distribution network and get the meter
0:04:59 > 0:05:02and pipes installed. Getting connected could cost a bit of money.
0:05:02 > 0:05:05# Life's a gas. #
0:05:07 > 0:05:10So upstairs and a very traditional layout.
0:05:10 > 0:05:12We've got a little landing area here,
0:05:12 > 0:05:14the three bedrooms and the bathroom head off it.
0:05:14 > 0:05:16I mean, again, when you come up here the whole thing
0:05:16 > 0:05:20just feels a little bit dated but the basics are really, really good.
0:05:20 > 0:05:24We've got a nice-sized bathroom there and then the bedrooms, yeah.
0:05:24 > 0:05:26A smaller one there but two good-sized doubles.
0:05:26 > 0:05:28So it just adds to that whole feeling
0:05:28 > 0:05:32that this is a really, really solid family house.
0:05:32 > 0:05:35There really are some amazing throwbacks
0:05:35 > 0:05:38to the '60s or '70s, aren't there?
0:05:38 > 0:05:39Look at that door!
0:05:39 > 0:05:41(I think we'll replace that with something else.)
0:05:41 > 0:05:44No, those doors don't offer the best privacy.
0:05:44 > 0:05:47But the garden certainly does.
0:05:48 > 0:05:52Well at the back of the property, a real find.
0:05:52 > 0:05:54My kind of garden, for sure.
0:05:54 > 0:05:58Lots of pants in planters and just in general all sort of things here.
0:05:58 > 0:06:01Cost you a fortune to buy these at a garden centre.
0:06:01 > 0:06:03And then, my second favourite thing, lots and lots of little buildings.
0:06:03 > 0:06:06Outbuildings! There's an outbuilding there to put stuff in.
0:06:06 > 0:06:08There's something on the way out there. There's a toilet.
0:06:08 > 0:06:09There's a greenhouse.
0:06:09 > 0:06:12Behind that, believe it or not, there's a shed. It's brilliant!
0:06:12 > 0:06:14You could almost think you're at some villa in France, actually.
0:06:14 > 0:06:16It's great.
0:06:16 > 0:06:20Tres bien, indeed. In fact you could even say it's Nice...
0:06:20 > 0:06:22..nice. Sorry.
0:06:22 > 0:06:26But does an agent from the auction house that sold this property
0:06:26 > 0:06:27think this house is a good buy
0:06:27 > 0:06:31or will you have too much "Toulouse" by taking it on?
0:06:31 > 0:06:32(Ugh, that was really...)
0:06:32 > 0:06:33Yeah, it's very dated,
0:06:33 > 0:06:37but you can tell it's been looked after over the years.
0:06:37 > 0:06:38Obviously needs a lot of work
0:06:38 > 0:06:41with the polystyrene tiles on the ceiling
0:06:41 > 0:06:44and it's probably a rewire, central heating system.
0:06:44 > 0:06:47You know, somebody coming into the property would need to spend
0:06:47 > 0:06:51in the region of about 10,000 to 15,000 to get it up to standard.
0:06:51 > 0:06:54It's a lot of house for that ?59,000 guide,
0:06:54 > 0:06:58what kind of return could you hope to achieve here?
0:06:58 > 0:07:01Once the property's been modernised, from a rental point of view,
0:07:01 > 0:07:05it should be achieving around ?525 per calendar month.
0:07:05 > 0:07:06On the sales market,
0:07:06 > 0:07:10the property would achieve around ?105,000 to ?110,000.
0:07:12 > 0:07:15Well, this clearly has been a much-loved house
0:07:15 > 0:07:17and it is instantly appealing.
0:07:17 > 0:07:20It doesn't need too much to bring it bang up-to-date.
0:07:20 > 0:07:22Possibly the whole central heating issue
0:07:22 > 0:07:25but other than that, yeah, a great auction find.
0:07:25 > 0:07:28Let's see who agreed when it went under the hammer.
0:07:28 > 0:07:31It's a three-bed semidetached house. Lounge, dining room, breakfast,
0:07:31 > 0:07:34kitchen, driveway and a back garden. Lot Number 12.
0:07:34 > 0:07:3555 to get it going.
0:07:35 > 0:07:3855 bid, thank you. At 55. 56, can I see you now?
0:07:38 > 0:07:4356 in the aisle. At 56. 57? 58.
0:07:43 > 0:07:4559. 60?
0:07:47 > 0:07:50At 60,000. The bid's in the aisle at 60,000.
0:07:50 > 0:07:5461, took it there, seen you. 62. 62.
0:07:54 > 0:07:5763, 63. 64.
0:07:58 > 0:08:0665, 66, 67, 68, 69, 70, 71.
0:08:06 > 0:08:10No. 71. In at 72, 72.
0:08:10 > 0:08:1273? No.
0:08:12 > 0:08:1772 with you, madam. 72. Over there at 73.
0:08:17 > 0:08:20No? 73 against the side wall. Your bid, madam, at 73.
0:08:20 > 0:08:2274 anywhere else?
0:08:24 > 0:08:28If not, ?73,000 for the first time,
0:08:28 > 0:08:31?73,000 for the second time,
0:08:31 > 0:08:35third and final time, ?73,000, pointing at her now, no mistakes.
0:08:35 > 0:08:36GAVEL BANGS
0:08:36 > 0:08:38You bought it, madam. Well done.
0:08:38 > 0:08:41Right at the back of the room with the winning bid of 73,000
0:08:41 > 0:08:43were Sue and Mick.
0:08:43 > 0:08:47The couple already have a few other rental properties
0:08:47 > 0:08:51and hope they've got another success here to add to their portfolio.
0:08:52 > 0:08:56Sue, Mick. Great to meet you both. Thank you. Pleasure to meet you.
0:08:56 > 0:08:58Nice to meet you as well. Congratulations. Yes.
0:08:58 > 0:09:01So why this particular house then?
0:09:01 > 0:09:03We looked at all the auction properties
0:09:03 > 0:09:05and some were out of reach
0:09:05 > 0:09:09but this one we thought we'd a good chance of getting it and...
0:09:09 > 0:09:13It is a nice size, isn't it? Quite spacious rooms, really.
0:09:13 > 0:09:15And little garden front and back.
0:09:15 > 0:09:17You can park off the road as well, so that was nice.
0:09:17 > 0:09:19It's got a lot going for it. Yeah.
0:09:19 > 0:09:21Obviously needs a bit of updating, though, doesn't it?
0:09:21 > 0:09:23It does, yeah. Yes, just a bit.
0:09:23 > 0:09:25Well, it's obviously been a well-loved house.
0:09:25 > 0:09:28Yes, that's what we thought. It's got some character,
0:09:28 > 0:09:30but you've got to just update it a bit. Exactly.
0:09:30 > 0:09:32Tell me what you're going to do to it?
0:09:32 > 0:09:35Go on now, I'll let you. Well... You're in charge of the project?
0:09:35 > 0:09:38Yes! Well, I don't know, really. It's a joint effort, really.
0:09:38 > 0:09:41There's polystyrene tiles on the ceiling,
0:09:41 > 0:09:44so we'll start with taking those off, won't we? Yes. Good.
0:09:44 > 0:09:47Think it needs rewiring, doesn't it? Yeah. Re-plumbed.
0:09:47 > 0:09:49So a new bathroom, new kitchen.
0:09:49 > 0:09:52There's no gas central heating here but we have looked into it.
0:09:52 > 0:09:55We've been in touch and there's some live gas in the area,
0:09:55 > 0:09:58we just need to get it connected here. OK.
0:09:58 > 0:10:00And then perhaps have gas central heating put in.
0:10:00 > 0:10:02But keep the layout pretty much the same?
0:10:02 > 0:10:04Are you keeping in the archways? We think so.
0:10:04 > 0:10:07Well, we're thinking about those and it's divided opinion, let's say,
0:10:07 > 0:10:09so we don't know if you have any thoughts on it yourself...
0:10:09 > 0:10:12Oh, well, you know, some people like it, some people don't.
0:10:12 > 0:10:14I mean, the more you can take out the better as far as I'm concerned.
0:10:14 > 0:10:17Open-plan! Do open-plan! Knock all the walls down. Oh, no!
0:10:17 > 0:10:21As long as they're not supporting walls. Yes.
0:10:22 > 0:10:23Well, I'm certainly looking forward
0:10:23 > 0:10:25to seeing what they do with the layout in the end.
0:10:25 > 0:10:27But the changes there will be tied into
0:10:27 > 0:10:30how much they have to spend on the property.
0:10:32 > 0:10:35So you paid 73 at the auction for it. Any idea of your budget?
0:10:35 > 0:10:38Yeah, we're hoping to get it done
0:10:38 > 0:10:41within about ?20,000, really, aren't we? Oh, OK.
0:10:41 > 0:10:42If you're putting in new central heating,
0:10:42 > 0:10:45that's going to swallow up quite a big chunk, isn't it? Yeah.
0:10:45 > 0:10:47So what's the timescale?
0:10:47 > 0:10:51We're hoping to try and get it completed in about six months. OK.
0:10:51 > 0:10:54But you never know what sort of hidden snags will crop up,
0:10:54 > 0:10:56do you, really?
0:10:56 > 0:11:00Maximum nine months. Yeah. OK. So a realistic timescale as well.
0:11:00 > 0:11:04So what about you two? How long have you known each other for? Ooh!
0:11:04 > 0:11:0640-odd years, I think. Many years!
0:11:06 > 0:11:09Have you been married all that time? No, we're not married, you know.
0:11:09 > 0:11:13OK, whatever. That's the next project, actually.
0:11:13 > 0:11:15Never got around to it.
0:11:15 > 0:11:18We were at Macclesfield College and there was a college disco
0:11:18 > 0:11:19and we met there.
0:11:19 > 0:11:22And Mick wrote my phone number on a ten-shilling note.
0:11:22 > 0:11:26On a ten-shilling note, right. Shows you how long ago it is. Right.
0:11:26 > 0:11:30So we were together for some years then, maybe ten years.
0:11:30 > 0:11:33We drifted apart really, didn't we? Because of our careers.
0:11:33 > 0:11:36And got back together sort of... In fact, 20 years apart.
0:11:36 > 0:11:38Yes, we had 20 years and didn't see...
0:11:38 > 0:11:4020 years apart? And how recently did you get together then, again?
0:11:40 > 0:11:44Was it maybe 14 years or something? Wow. Yes. So ten years together.
0:11:44 > 0:11:47Following his romantic gesture on the back of a ten-bob note.
0:11:47 > 0:11:50That is brilliant. Then 20 years apart. Then 14 years back together.
0:11:50 > 0:11:53I know. Wow. And are you going to get married sometime?
0:11:53 > 0:11:55Well, we hope to, really, yes. Yes, that's the plan, isn't it?
0:11:55 > 0:11:57Sometime in the future. When we get round to it.
0:11:57 > 0:12:00Mick says he deserves another 20 years off now, you know.
0:12:00 > 0:12:03I think Mick looks pretty happy where he is, Sue.
0:12:03 > 0:12:06I'm a big softie for a romantic story.
0:12:06 > 0:12:09I've taken even more of a shine to them
0:12:09 > 0:12:11given that they've done all their homework.
0:12:11 > 0:12:13Researching the location - yep.
0:12:13 > 0:12:16Viewings - several. Legal pack - tick!
0:12:16 > 0:12:18Anyone would think they'd been paying attention
0:12:18 > 0:12:20to a certain TV programme.
0:12:21 > 0:12:23Our friends say we've got the HUTH bug -
0:12:23 > 0:12:25the Homes Under The Hammer bug.
0:12:25 > 0:12:27cos we're addicted. We watch it all the time.
0:12:27 > 0:12:29Oh, well, that's good to hear.
0:12:29 > 0:12:31Have we been responsible for your passion in property?
0:12:31 > 0:12:34Well, we're blaming you. Yes, yes. You can take the credit.
0:12:34 > 0:12:36When it does well, send me a thank you card.
0:12:36 > 0:12:39I will do, yes. "Living here's bad and I've left the country." Yes!
0:12:39 > 0:12:42You sound like perfect Homes Under The Hammer students, actually.
0:12:42 > 0:12:45Read the legal pack, you visited the property loads of times
0:12:45 > 0:12:48you haven't overstretched yourself, you've got a realistic budget.
0:12:48 > 0:12:49That's brilliant.
0:12:49 > 0:12:51We didn't want you to catch us out but we'll see in the end.
0:12:51 > 0:12:53I bet we'll go over the budget, but I hope not.
0:12:53 > 0:12:56Didn't want me to catch you out! That's funny.
0:12:56 > 0:13:00Well, listen, really lovely to meet you both. Congratulations.
0:13:00 > 0:13:02Thank you, pleasure to meet you, thank you. Thanks.
0:13:02 > 0:13:06I look forward to seeing how you get on. Thanks for your tips.
0:13:06 > 0:13:09Well, how gratifying to hear Sue and Mick
0:13:09 > 0:13:13following all the Homes Under The Hammer golden rules.
0:13:13 > 0:13:15Take a lesson out of their book and, look,
0:13:15 > 0:13:19they've got a really nice house here and an interesting project.
0:13:19 > 0:13:22Can't wait to see how they get on.
0:13:22 > 0:13:24You can find out later in the show.
0:13:32 > 0:13:35We're in Sittingbourne in Kent, about eight miles from Gillingham,
0:13:35 > 0:13:39and about an hour by train into Central London.
0:13:40 > 0:13:43We always say on the show that it's great to buy
0:13:43 > 0:13:48in a location where there's a lot of investment plans for the area.
0:13:48 > 0:13:49Now, here in Sittingbourne,
0:13:49 > 0:13:53a huge, multimillion-pound regeneration project
0:13:53 > 0:13:55is about to start.
0:13:55 > 0:13:58There are plans for a multiplex cinema, restaurants,
0:13:58 > 0:14:01new car parks and a traffic system.
0:14:01 > 0:14:04So, generally, the centre of Sittingbourne
0:14:04 > 0:14:05is set to be transformed,
0:14:05 > 0:14:09which can only be great news if you're buying property here.
0:14:11 > 0:14:15And the property I'm here to see is right in the heart of it all.
0:14:15 > 0:14:20# Stuck in the middle Stuck in the middle... #
0:14:20 > 0:14:22And when I say, "It's in the middle of town,"
0:14:22 > 0:14:27I mean slap, bang, boom! Look - right in the middle of town!
0:14:27 > 0:14:29We're on this roundabout here,
0:14:29 > 0:14:33very close to the railway station, in a prominent position.
0:14:33 > 0:14:36Now the property used to be offices for an electrical company
0:14:36 > 0:14:42and it went auction with a guide price of ?140,000 to ?150,000.
0:14:42 > 0:14:45And what a lovely house.
0:14:45 > 0:14:49It stands so proud. It's gorgeous.
0:14:49 > 0:14:52# I'm stuck in the middle... #
0:14:52 > 0:14:53BEEP
0:14:53 > 0:14:56Ooh! That's a bit annoying. And loud. A little beep!
0:14:56 > 0:14:58BEEP
0:14:58 > 0:15:00We'd have to sort that out for starters.
0:15:00 > 0:15:01OK, so first in, well,
0:15:01 > 0:15:04there's none of the character that's on the exterior.
0:15:04 > 0:15:06It's as you would expect from a commercial building.
0:15:06 > 0:15:13Magnolia walls, hard-wearing carpet, strip lighting and, through here,
0:15:13 > 0:15:17I think this was probably a reception area of some sort
0:15:17 > 0:15:20and again look, you've got big old strip lighting up there.
0:15:20 > 0:15:22This is where you would have walked in and gone,
0:15:22 > 0:15:24"Morning. Can I help you?"
0:15:24 > 0:15:28# We need to talk Need to talk
0:15:28 > 0:15:31# Step into my office, baby... #
0:15:31 > 0:15:35Actually, I think it's this property that needs the help.
0:15:35 > 0:15:36Along with the hall and reception,
0:15:36 > 0:15:39there's a small office to the right of the entrance,
0:15:39 > 0:15:40then, towards the rear...
0:15:40 > 0:15:43Well, it all gets a little bit cluttered.
0:15:43 > 0:15:45Well, it looks like the rest of the ground floor
0:15:45 > 0:15:48is being used as a furniture store. Gosh, look.
0:15:48 > 0:15:51There's beds and frames and sofas everywhere -
0:15:51 > 0:15:52stacked up against the walls.
0:15:52 > 0:15:56But if you ignore the piles of stuff and you see beyond that,
0:15:56 > 0:16:00well, it's almost a rather large open-plan space in here.
0:16:00 > 0:16:04And it goes right the way through there and beyond.
0:16:08 > 0:16:12Stairs at the back lead up and down to other floors.
0:16:12 > 0:16:14Go down and there's a basement -
0:16:14 > 0:16:16it's a bit of a warren of small rooms
0:16:16 > 0:16:18which are being used for storage.
0:16:18 > 0:16:22There are no windows, but at least it seems pretty sound and dry.
0:16:24 > 0:16:28It's only when you get up to the clear and empty first-floor
0:16:28 > 0:16:29that you can get a real sense
0:16:29 > 0:16:32of how much square footage this property offers.
0:16:34 > 0:16:36So what could you do with this property?
0:16:36 > 0:16:38Well, you could keep it as offices
0:16:38 > 0:16:42or you could apply for Change Of Use for another business.
0:16:42 > 0:16:45Maybe a restaurant could work downstairs
0:16:45 > 0:16:47because you're so close to the train station. Look.
0:16:47 > 0:16:49You're in such a prominent position.
0:16:49 > 0:16:51Or there's yet another option.
0:16:51 > 0:16:55Maybe you could convert this into residential use.
0:16:55 > 0:16:57Now I think flats would work best here.
0:16:57 > 0:17:00Maybe two, maybe four. Maybe more.
0:17:01 > 0:17:05Since 2013, it has been permissible to convert some offices
0:17:05 > 0:17:08into residential using the permitted development rights.
0:17:08 > 0:17:10But there are still some exemptions in force,
0:17:10 > 0:17:14so you should always check with the local planning officer
0:17:14 > 0:17:16before ploughing your cash in here.
0:17:16 > 0:17:19What does a local estate agent make of the potential
0:17:19 > 0:17:23of this interesting lot, guided at 140,000 to 150,000?
0:17:23 > 0:17:26Because of the square footage of it, I think it you could probably
0:17:26 > 0:17:28convert this into four reasonable-sized flats
0:17:28 > 0:17:30if someone put their mind to it
0:17:30 > 0:17:32and, you know, went down the planning route correctly.
0:17:32 > 0:17:36Personally, I don't think there's a great need or a great demand
0:17:36 > 0:17:40for commercial where this is situated, right by the station.
0:17:40 > 0:17:42I think it's much better as residential.
0:17:43 > 0:17:46So, the agent's keen on the idea of converting it
0:17:46 > 0:17:48into residential properties,
0:17:48 > 0:17:52but what kind of rental value could one-bed flats generate?
0:17:52 > 0:17:55It's ideal for a rental. There's a lot of rental round here.
0:17:55 > 0:17:59And I would have thought, for a one-bedroom flat in this area,
0:17:59 > 0:18:02being so close to the station, you'd probably be around the 650,
0:18:02 > 0:18:04?650 a month mark.
0:18:04 > 0:18:07What about the sales value of one-bedroom flats?
0:18:07 > 0:18:09Due to the location of the property,
0:18:09 > 0:18:13I would say that you could probably achieve about ?135,000.
0:18:14 > 0:18:16I absolutely love a property
0:18:16 > 0:18:19that offers so many different options for redevelopment.
0:18:19 > 0:18:22Now this building, it could stay as offices,
0:18:22 > 0:18:24it could become a different business altogether,
0:18:24 > 0:18:27such as a restaurant or a retail outlet.
0:18:27 > 0:18:32Or could it be converted into residential use flats?
0:18:32 > 0:18:34What will the new owner pick?
0:18:34 > 0:18:37Let's find out who bought it when it went to auction.
0:18:40 > 0:18:44Good-looking detached building right in the town centre.
0:18:44 > 0:18:47Obvious potential for different uses, subject to planning.
0:18:47 > 0:18:50So, where will you start me? 140, 150 is the guide.
0:18:50 > 0:18:54Is there a bid of 140 to start me? ?140,000?
0:18:54 > 0:18:58Give me 130 then. 130 to start. ?130,000.
0:18:58 > 0:19:01130, in at the back. 130, I'm on the way.
0:19:01 > 0:19:03130, and 2?
0:19:03 > 0:19:08132, I have. 135 if you like. You were just behind 132.
0:19:08 > 0:19:10135? 135.
0:19:10 > 0:19:13138? 138. 140, and 2.
0:19:13 > 0:19:16142 at the back. And 4.
0:19:16 > 0:19:18144, keep with it.
0:19:18 > 0:19:20144?
0:19:20 > 0:19:23144. And 6. 146.
0:19:23 > 0:19:25There was some real auction tension
0:19:25 > 0:19:28as two very determined sets of bidders chased the lot.
0:19:28 > 0:19:34We rejoin when we've soared way past that top guide price of ?150,000
0:19:34 > 0:19:36to ?174,000.
0:19:36 > 0:19:39At 174, it's with you, standing at the back now.
0:19:39 > 0:19:45176 is against you in the front. 175? 175 - I can read your mind.
0:19:45 > 0:19:47175, 176?
0:19:47 > 0:19:50176? 176. 177?
0:19:50 > 0:19:53177. And 8? 178.
0:19:53 > 0:19:56Why not make it 180? Get there first. 180.
0:19:57 > 0:19:59180.
0:19:59 > 0:20:02At ?178,000, standing at the back.
0:20:02 > 0:20:05At 178 standing at the back for the first time.
0:20:06 > 0:20:08For the second time at 178.
0:20:08 > 0:20:12If you're sure you're done, third and final time, ?178,000.
0:20:12 > 0:20:17Sold to the back at ?178,000 and that's G664.
0:20:18 > 0:20:21The successful winning bid of 178,000
0:20:21 > 0:20:24was made by full-time property developer Sunil,
0:20:24 > 0:20:27and we've featured Sunil on the show a couple of times before.
0:20:29 > 0:20:33Last time, in December 2013, Sunil and his wife, Gita,
0:20:33 > 0:20:35bought an old pub, also in Sittingbourne,
0:20:35 > 0:20:38which they converted into flats.
0:20:38 > 0:20:41So, here we go again.
0:20:41 > 0:20:44# Can I come back for more?
0:20:45 > 0:20:48# Can I come back for more? #
0:20:48 > 0:20:50Sunil, congratulations. Thank you so much.
0:20:50 > 0:20:52This is the third time we've met,
0:20:52 > 0:20:55but you've not got lovely Gita, your wife, with you today.
0:20:55 > 0:20:58No, unfortunately, she's got the property bug.
0:20:58 > 0:21:01But she's also unwell, so she's not been able to make it today.
0:21:01 > 0:21:04So she's got the property bug and she's also got a bug. Yes.
0:21:04 > 0:21:06Oh, my gosh. Well, look, tell me the story.
0:21:06 > 0:21:08Why have you ended up buying this?
0:21:08 > 0:21:10This is right on the doorstep of the new development
0:21:10 > 0:21:13and the regeneration that's going on in Sittingbourne. Yeah.
0:21:13 > 0:21:16And it's five minutes' walk from our offices,
0:21:16 > 0:21:21so it made sense to go to the auction and look and buy.
0:21:21 > 0:21:24Do you feel you got this for a good price on auction day?
0:21:24 > 0:21:27On auction day, I always have after-auction regrets.
0:21:27 > 0:21:29Do you feel you might have got a little bit carried away
0:21:29 > 0:21:31and paid a little bit too much? Oh, definitely.
0:21:31 > 0:21:33Really? Yeah.
0:21:33 > 0:21:37But looking back in a very short period of time, I think, you know,
0:21:37 > 0:21:40if the generation does happen and everything does take place,
0:21:40 > 0:21:42I think it'll be good.
0:21:42 > 0:21:45So, even an experienced property developer like Sunil
0:21:45 > 0:21:48can get auction fever, but he's got it now.
0:21:48 > 0:21:50So what are his plans for it?
0:21:52 > 0:21:54Because of the regeneration,
0:21:54 > 0:21:56we've made a pre-application to the council
0:21:56 > 0:21:59and asked them, what would they like to see here?
0:21:59 > 0:22:01To see if we can somehow fit in with the plans,
0:22:01 > 0:22:04which will make our planning process easier later.
0:22:04 > 0:22:07That's a really sensible, savvy thing to do.
0:22:07 > 0:22:09My architect said, "You know, maybe if we put a plan in,
0:22:09 > 0:22:11"it might get refused, because of the regeneration."
0:22:11 > 0:22:14And that takes so much of your time. And money, of course.
0:22:14 > 0:22:17So they decided that, you know, "Let's do a pre-application.
0:22:17 > 0:22:20"Maybe they can come up with some ideas of what they would like
0:22:20 > 0:22:23"to see happening with this particular building."
0:22:23 > 0:22:26Of course, all that regeneration planning
0:22:26 > 0:22:28and negotiation could take time.
0:22:28 > 0:22:30While Sunil waits on the planning guidance,
0:22:30 > 0:22:34he's got a short-term plan to make this property pay.
0:22:34 > 0:22:36The first opportunity that we saw
0:22:36 > 0:22:39was that there's going to be a lot of builders in the area,
0:22:39 > 0:22:42coming out from other areas because of the regeneration,
0:22:42 > 0:22:44and they're going to need accommodation
0:22:44 > 0:22:47whilst they're working, rather than travelling each day.
0:22:47 > 0:22:50So, we've divided the property into ten rooms,
0:22:50 > 0:22:51which were previously offices.
0:22:51 > 0:22:54with shared bathrooms and shower rooms, et cetera.
0:22:54 > 0:22:57So that's the first opportunity to get some income coming in.
0:22:57 > 0:22:59So, it'll be more like an HMO? Yes, definitely.
0:22:59 > 0:23:01For the time being? Yes.
0:23:01 > 0:23:03So stage one is to turn the property
0:23:03 > 0:23:07into a house of multiple occupancy, or HMO.
0:23:07 > 0:23:10Sunil hopes this will take two months.
0:23:10 > 0:23:13His long-term plan - depending on the council's advice -
0:23:13 > 0:23:16is to turn the ground floor into a commercial unit
0:23:16 > 0:23:19and the first floor into two high-end flats.
0:23:19 > 0:23:20Phew!
0:23:20 > 0:23:25So lots of plans and ideas, but will it all be worthwhile?
0:23:25 > 0:23:27So, how much you think you're going to have to cough up
0:23:27 > 0:23:30to get it to this stage? I mean, you've got to put two kitchens in,
0:23:30 > 0:23:33four, three bathrooms, a couple of showers.
0:23:33 > 0:23:37Yeah, between 15,000 and 25,000,
0:23:37 > 0:23:39in order to get everything up to standard.
0:23:39 > 0:23:43So you think it's worth spending 15 to 20 grand for the time being?
0:23:43 > 0:23:45I mean, you'll easily make that, won't you? Definitely, yes.
0:23:45 > 0:23:48If they're here in the area for two, three years,
0:23:48 > 0:23:50they're going to need accommodation.
0:23:50 > 0:23:52So, you could leave it like this for two, three years,
0:23:52 > 0:23:54while you've got your plans in motion... Yes.
0:23:54 > 0:23:57..for ultimate scheme, which is what you want to do. Yes, yes.
0:23:57 > 0:24:00I mean, how much can you rent one of these for?
0:24:00 > 0:24:02The total income, it's...
0:24:02 > 0:24:05Well, we're looking at ?400 per month, per room.
0:24:05 > 0:24:09So it's ?4,000, anticipated income.
0:24:09 > 0:24:12A month? Yes. That's fantastic. Yeah.
0:24:12 > 0:24:13Sunil, congratulations.
0:24:13 > 0:24:16I am sure we're going to meet each other again soon.
0:24:16 > 0:24:19But well done, and good luck with the scheme. Thank you so much.
0:24:19 > 0:24:22As always, Sunil is being very savvy
0:24:22 > 0:24:25when it comes to maximising the potential of this property.
0:24:25 > 0:24:28Stage one, he hopes, will be an HMO,
0:24:28 > 0:24:32with ten letting rooms cashing in on the redevelopment in the area.
0:24:32 > 0:24:35But will he get the permission he needs?
0:24:35 > 0:24:38You can find out how he gets on later in the programme.
0:24:40 > 0:24:41Coming up in the Lake District,
0:24:41 > 0:24:45I see a house that starts off pretty well, but how will it finish?
0:24:45 > 0:24:47Down here, I'm quite happy.
0:24:47 > 0:24:49It's got a lot of potential.
0:24:50 > 0:24:53And I return to Sittingbourne in Kent,
0:24:53 > 0:24:57to find out what Sunil and Gita made of their old office block.
0:24:57 > 0:25:00Everything's finished now, so we're quite pleased.
0:25:02 > 0:25:05But, first, it's off to Crewe in Cheshire.
0:25:05 > 0:25:09It was here that we saw a three-bedroom semidetached house.
0:25:09 > 0:25:13This was a property in good order, with a large, well-stocked garden
0:25:13 > 0:25:16and nicely proportioned rooms, although somewhat dated.
0:25:18 > 0:25:22Downstairs was distinguished by one common feature.
0:25:22 > 0:25:23More archways.
0:25:23 > 0:25:26This is definitely arch-tastic, that's for sure.
0:25:27 > 0:25:29# Underneath the arches
0:25:31 > 0:25:34# I dream my dreams away... #
0:25:34 > 0:25:37And the people hoping this was their dream and investment
0:25:37 > 0:25:39were long-term partners Sue and Mick,
0:25:39 > 0:25:42who bought it at auction for ?73,000.
0:25:45 > 0:25:48It obviously needs a bit of updating, though, doesn't it?
0:25:48 > 0:25:50It does, yeah. It's a shame. Yes, just a bit.
0:25:50 > 0:25:52Well, it's obviously been a well-loved house.
0:25:52 > 0:25:54Yeah, that's what we thought. It's got some character,
0:25:54 > 0:25:56but you got to just update it a bit. Yes. Exactly.
0:25:56 > 0:25:59Keep the layout pretty much the same, are you keeping the archways?
0:25:59 > 0:26:01We think so. Well, we're thinking about those
0:26:01 > 0:26:03and it's divided opinion, let's say.
0:26:03 > 0:26:06So, I don't know if you have any thoughts on it yourself or...?
0:26:06 > 0:26:07Well, you know, some people like them.
0:26:07 > 0:26:10I mean, the more it you can take out the better, as far as I'm concerned.
0:26:10 > 0:26:12Open-plan! Do open-plan. Yes.
0:26:14 > 0:26:18My over-ARCHING feeling it a lot of refurbishment is to open places up
0:26:18 > 0:26:21and get more light in, but it was obviously up to Sue and Mick
0:26:21 > 0:26:24how they spent their proposed ?20,000 budget.
0:26:24 > 0:26:26With both of them in full-time jobs,
0:26:26 > 0:26:29this was going to be an evening and weekend project.
0:26:29 > 0:26:33So they'd given themselves six to nine months to complete it
0:26:33 > 0:26:35and get it ready for the rental market.
0:26:37 > 0:26:40Well, now, eight months later, we're back to check on progress.
0:26:44 > 0:26:46Well, that's much more practical out front.
0:26:46 > 0:26:50There's now off-road parking for two cars.
0:26:50 > 0:26:51While, inside...
0:26:57 > 0:27:00Yeah, the kitchen is revamped, clean and ready to go.
0:27:01 > 0:27:05But it's that large through lounge I'm most intrigued about.
0:27:05 > 0:27:06Did they keep those arches?
0:27:08 > 0:27:12In this particular room, we've re-plastered all the room.
0:27:12 > 0:27:17We've put the LED lights in the ceiling.
0:27:17 > 0:27:23We taken the old fireplace out and replaced it with an electric fire.
0:27:23 > 0:27:28The laminate floor we've put all the way through the building.
0:27:28 > 0:27:34And opened this room into the garden more with the French doors.
0:27:37 > 0:27:41Well, I have to concede, even with the arches still in place,
0:27:41 > 0:27:44the room still seems much lighter and brighter.
0:27:44 > 0:27:48With new central heating fitted, it should also be so much warmer.
0:27:54 > 0:27:59Upstairs, the three bedrooms are also crisp, clean and bright.
0:27:59 > 0:28:03Thankfully, those polystyrene tiles are a thing of the past.
0:28:07 > 0:28:08But what about the bathroom?
0:28:10 > 0:28:13Well, the bathroom, it was OK, but it needed to be updated,
0:28:13 > 0:28:15didn't it, that bathroom? We thought,
0:28:15 > 0:28:17"Well, I wonder if we could reconfigure the room?"
0:28:17 > 0:28:20It would be great if we could fit a bath
0:28:20 > 0:28:24and a separate shower compartment in, shower cubicle. Yes.
0:28:24 > 0:28:29With some juggling around, really, it has managed all fit in.
0:28:29 > 0:28:32That's worked really well and doesn't look crammed in at all.
0:28:32 > 0:28:35With shower and bath, you've got the best of both worlds.
0:28:37 > 0:28:39So the house is now looking spick and span.
0:28:39 > 0:28:42Good job, guys. But what about that garden?
0:28:45 > 0:28:47Well, we loved the garden at first.
0:28:47 > 0:28:49It was a lovely country garden, wasn't it?
0:28:49 > 0:28:52But it's not practical for what we are planning,
0:28:52 > 0:28:56really, for this house. I think we're moving towards renting it out.
0:28:56 > 0:28:59So, what we decided in the end, just to open up the area,
0:28:59 > 0:29:02so you can sit out and have a cup of tea or a barbecue
0:29:02 > 0:29:04or a glass of wine, can't you?
0:29:05 > 0:29:08Well, I'm always sorry to see green spaces go.
0:29:08 > 0:29:12Even in this case, it's the practical head ruling.
0:29:12 > 0:29:14Gardens do need maintenance and unless you have
0:29:14 > 0:29:17green-fingered tenants that are keen to look after it,
0:29:17 > 0:29:21you're better off thinking of a practical solution.
0:29:21 > 0:29:23But how have Sue and Mick got on,
0:29:23 > 0:29:26while working on all the different aspects of the house?
0:29:26 > 0:29:28I've found it OK, have you? Yes.
0:29:28 > 0:29:30Yeah, it's been OK. Yeah.
0:29:30 > 0:29:35I've enjoyed every minute. Sue's really helped a lot, so, yeah.
0:29:35 > 0:29:37Is that the right thing? Ahh, no.
0:29:37 > 0:29:40We do work all right together, don't we? It's fine. Yes, we do actually.
0:29:40 > 0:29:43We decide what's best and then go along with Sue's idea.
0:29:43 > 0:29:46He's got it right there. You see, you can't go wrong, can you then?
0:29:46 > 0:29:48Well, Mick might know who's boss,
0:29:48 > 0:29:52and he found himself delegated into doing the heavy work,
0:29:52 > 0:29:54while Sue was in charge of decorating.
0:29:54 > 0:29:58They did have professional tradesmen in where necessary.
0:29:58 > 0:30:02And though there are really few jobs still to finish off inside,
0:30:02 > 0:30:05and they want to tarmac the drive, the house is nearly finished.
0:30:05 > 0:30:09So, how has that ?20,000 budget fared?
0:30:09 > 0:30:14All in all, we've spent around ?25,000 altogether, haven't we now?
0:30:14 > 0:30:18Mm. And that's included, obviously, the costs -
0:30:18 > 0:30:21you know, solicitor and auction fees, et cetera.
0:30:21 > 0:30:24So, 25,000 finally.
0:30:24 > 0:30:29A ?25,000 budget on top of their ?73,000 purchase price
0:30:29 > 0:30:32takes their total costs to 98,000.
0:30:32 > 0:30:34I think that, for that money,
0:30:34 > 0:30:36they've got a pretty impressive house.
0:30:36 > 0:30:39But what do two local property experts think?
0:30:44 > 0:30:47I think the standard of finish is not bad.
0:30:47 > 0:30:51It is light and bright and it is what young couples are looking for.
0:30:51 > 0:30:54I think the standard of the finish is OK.
0:30:54 > 0:30:56The bathroom has been done and that's nice.
0:30:56 > 0:30:58It's got a separate shower and a bath, which is always good.
0:30:58 > 0:31:00The kitchen's decent.
0:31:00 > 0:31:02It's double glazed and central heated,
0:31:02 > 0:31:04and it's also got a nice-sized garden and a driveway.
0:31:04 > 0:31:06So it's an ideal home.
0:31:06 > 0:31:07OK, time to talk money.
0:31:07 > 0:31:10Mick and Sue are planning to let the house out,
0:31:10 > 0:31:12but with ?98,000 invested here currently,
0:31:12 > 0:31:16could they see some return on the resale market?
0:31:18 > 0:31:20If I was going to do this property on the market for sale,
0:31:20 > 0:31:22I'd look to market it at ?115,000.
0:31:22 > 0:31:24I think if this property came onto the open market,
0:31:24 > 0:31:27we'd be looking at a sale value within the region
0:31:27 > 0:31:30of ?105,000 to ?110,000.
0:31:30 > 0:31:32That's exactly what we thought, isn't it? Yeah.
0:31:32 > 0:31:35It's been worth doing. Yeah. So, yeah, we're pleased with that.
0:31:35 > 0:31:39Although I think we'll probably still go for the rental for now.
0:31:39 > 0:31:42Yeah. But it's handy to know what we could get if needs be, isn't it?
0:31:42 > 0:31:45That's true. Yeah, yeah. Yeah.
0:31:45 > 0:31:49So a pre-tax profit of between 7,000 and 17,000 might be on offer,
0:31:49 > 0:31:53but what about that all-important rental figure?
0:31:53 > 0:31:55If it were on the market for rent,
0:31:55 > 0:31:57then probably about 575 per calendar month.
0:31:57 > 0:32:01If the property came onto the rental market, I'd certainly envisage this
0:32:01 > 0:32:05making around about ?525 to ?550 per calendar month.
0:32:05 > 0:32:07Well, that's fair enough. That's about what we thought,
0:32:07 > 0:32:09isn't it, really? Yeah, yeah. We have got someone interested
0:32:09 > 0:32:11and that's the sort of figure we'd mentioned.
0:32:11 > 0:32:14He's coming to have a look around this weekend, isn't he?
0:32:14 > 0:32:19So, hopefully, he'll be pleased and sign up and be a good tenant for us.
0:32:19 > 0:32:24And if they do get the tenant in at around ?550 per calendar month,
0:32:24 > 0:32:28it would be seeing a nice annual yield of just below 7%.
0:32:28 > 0:32:30And now that the house is nearly finished,
0:32:30 > 0:32:34is their next project to finally tie the knot
0:32:34 > 0:32:36on their 40-year relationship?
0:32:37 > 0:32:40Well, we still... We definitely plan to get married, don't we?
0:32:40 > 0:32:42Yes, yeah. It's not changed, has it?
0:32:42 > 0:32:48We'll get the house out of the way, rented and then...
0:32:48 > 0:32:53Either this year or next year, we think, really, don't we? Yeah.
0:32:53 > 0:32:54Watch this space.
0:32:58 > 0:33:02Penrith is a pretty market town in the County of Cumbria.
0:33:02 > 0:33:05It lies less than three miles from the Lake District National Park
0:33:05 > 0:33:08and I've got my eye on some of the town's older housing stock.
0:33:11 > 0:33:13This post-war local authority housing scheme
0:33:13 > 0:33:16is still doing what it was designed to do -
0:33:16 > 0:33:20providing a great standard of living for those who actually live here.
0:33:20 > 0:33:21Here's our house.
0:33:21 > 0:33:24It's got three bedrooms and a guide price of ?80,000.
0:33:24 > 0:33:28Plus, I think that's a lot of house for the money.
0:33:28 > 0:33:31And it's just a short drive from the M6.
0:33:31 > 0:33:33So, let's get in and see what it's got to offer.
0:33:33 > 0:33:37# Some of us were meant to last... #
0:33:39 > 0:33:44OK, so, we are in off the front garden into a nice, long hallway.
0:33:44 > 0:33:47There's your stairs going up to the bedrooms.
0:33:47 > 0:33:51And here, we've got the front sort of lounge/living area.
0:33:51 > 0:33:54It's a good-sized room. Real fireplace as well.
0:33:54 > 0:33:57I wonder what it's like in the kitchen.
0:33:59 > 0:34:02Right, into the kitchen/sort-of-dining area.
0:34:02 > 0:34:05It is a nice-sized room.
0:34:05 > 0:34:11In here, a lean-to, which I'm pretty sure has passed no building regs.
0:34:11 > 0:34:14Looks a little bit shabby and definitely has to come down.
0:34:14 > 0:34:18But, beyond that, you've got a really nice-sized back garden.
0:34:18 > 0:34:21So, all in all, down here, I'm quite happy.
0:34:21 > 0:34:24It's got a lot of potential.
0:34:24 > 0:34:27Well, the main structure of the house might have been built to last,
0:34:27 > 0:34:29but this lean-to definitely wasn't.
0:34:29 > 0:34:34It might have been once upon a time, but now it really has to go.
0:34:34 > 0:34:36# I've had it
0:34:36 > 0:34:39# Well, I've had it... #
0:34:39 > 0:34:41There's also a more substantial outhouse,
0:34:41 > 0:34:43which, like the rest of the property,
0:34:43 > 0:34:44is currently full of stuff.
0:34:44 > 0:34:47It could make a useful storage area, though.
0:34:47 > 0:34:51I also think there could be some merit in replacing the lean-to
0:34:51 > 0:34:54with a conservatory or you could at least open up the kitchen-diner
0:34:54 > 0:34:57with some patio doors to make the most of the good-sized garden
0:34:57 > 0:35:01and the fabulous views, when the weather isn't so miserable.
0:35:04 > 0:35:06There are a couple of really good points here.
0:35:06 > 0:35:09The house already central heating and double glazing,
0:35:09 > 0:35:13add to that a newish front door so those basics which can
0:35:13 > 0:35:17sometimes be expensive to sort have been done and dusted.
0:35:17 > 0:35:22Up to the three bedrooms and your family bathroom which is
0:35:22 > 0:35:23a good sized space.
0:35:23 > 0:35:26You would have to put a brand-new suite in there but once
0:35:26 > 0:35:29you'd done that, that would be basically it.
0:35:29 > 0:35:31Three bedrooms, two large bedrooms,
0:35:31 > 0:35:36and just here more of a box bedroom to the front of the house.
0:35:36 > 0:35:39This project does need a lot of work but while you are doing that work,
0:35:39 > 0:35:43you can put your own stamp on it and make it into a lovely family home.
0:35:45 > 0:35:47I do like houses that are structurally solid and have
0:35:47 > 0:35:49a decent layout.
0:35:49 > 0:35:52OK, it really needs to be stripped back to the bare bones but
0:35:52 > 0:35:54you do have a blank canvas here.
0:35:54 > 0:35:58# That's why I'm leaving it up to you
0:36:02 > 0:36:06# You decide what you're gonna do... #
0:36:08 > 0:36:10But once it has been given that love and attention,
0:36:10 > 0:36:14is there anything else worth doing that and add value?
0:36:15 > 0:36:18What does the auctioneer who sold it think?
0:36:18 > 0:36:22I think it may be worth going into some of the outhouses but you
0:36:22 > 0:36:25have to be careful with how much you spend.
0:36:25 > 0:36:29You don't want to be the most expensive property in the street.
0:36:29 > 0:36:31You want to be in the middle somewhere
0:36:31 > 0:36:36so be careful about the cost of conversion or refurbishment
0:36:36 > 0:36:40or extending and what the gross development value is.
0:36:40 > 0:36:43So there is a definite ceiling price in this area, so could this
0:36:43 > 0:36:49house that was guided at ?80,000 plus have much uplift in value?
0:36:49 > 0:36:53If this property was refurbished to a good standard, if it was exposed
0:36:53 > 0:36:57to the sales market, it would achieve in the region of ?150,000.
0:36:58 > 0:37:01And what about its rental potential?
0:37:01 > 0:37:04There is a strong rental market at the moment in Penrith and I
0:37:04 > 0:37:08think if this property was done to a good standard,
0:37:08 > 0:37:14it would attract a rate of definitely ?550 per calendar month,
0:37:14 > 0:37:17you might even get a little bit more.
0:37:21 > 0:37:23Let's not gloss over the fact this house needs
0:37:23 > 0:37:28a lot of work doing but it is a good size and it is in a great location.
0:37:28 > 0:37:30So, it should create a lot of interest.
0:37:30 > 0:37:34Let's see if that was the case when it went under the hammer.
0:37:36 > 0:37:41OK, lot number 13. Lucky for some. Penrith.
0:37:41 > 0:37:45A mid-terraced three-bedroom house, gas central heating,
0:37:45 > 0:37:47PVC double glazing in need of some improvement.
0:37:47 > 0:37:5180 is your guide on this one. 80. At ?80,000.
0:37:51 > 0:37:5582. 84. 84, bid.
0:37:55 > 0:37:5986. 88. 90. 90, I am bid.
0:37:59 > 0:38:05The Penrith property was popular and we rejoin the bidding at ?110,000.
0:38:05 > 0:38:11110. 112. 111.
0:38:11 > 0:38:14112 on the phone. 113.
0:38:14 > 0:38:17113, I am bid. 114.
0:38:17 > 0:38:20114, bid. 115.
0:38:22 > 0:38:26Thinking about it. At ?114,000 against you and the proxy.
0:38:26 > 0:38:30The proxy is out. With you, sir. On the phone at ?114,000.
0:38:30 > 0:38:34For the first time. And the second time. All done? Selling away.
0:38:36 > 0:38:39On the phone, well done.
0:38:39 > 0:38:44So, the hammer fell at ?114,000 and the successful bidder at the
0:38:44 > 0:38:46other end of the phone was Howard.
0:38:47 > 0:38:51Howard is based a couple of hours away in York and has been
0:38:51 > 0:38:54a property developer for many a long year.
0:38:54 > 0:38:57# Cos I'm free to do what I want
0:38:57 > 0:39:02# To be what I want, any old time... #
0:39:02 > 0:39:05Howard, nice to meet you, sir. Congratulations. Thank you very much.
0:39:05 > 0:39:08What was it about this house that made you buy it?
0:39:08 > 0:39:10Well, Penrith is a great place.
0:39:10 > 0:39:14It is a nice town, it has lots of independent shops around it.
0:39:14 > 0:39:17The house itself has got well proportioned rooms,
0:39:17 > 0:39:20three bedrooms, great views out to the garden
0:39:20 > 0:39:22so hopefully it is the right house,
0:39:22 > 0:39:26in the right place, and with a bit of luck at the right price.
0:39:26 > 0:39:28Are you happy with the price he paid? Yeah,
0:39:28 > 0:39:31I would have gone another thousand pounds on it but that was about it.
0:39:31 > 0:39:34Is this the kind of project you look for, are these the kind of houses?
0:39:34 > 0:39:38Yeah, it is something with a fairly quick turnaround.
0:39:40 > 0:39:44Howard has worked as a property developer for over 20 years now
0:39:44 > 0:39:47so this house was right up his street.
0:39:47 > 0:39:50What are his plans for it?
0:39:50 > 0:39:53It is a shade more than cosmetic.
0:39:53 > 0:39:56It needs a new kitchen, new bathroom, redecorate throughout.
0:39:56 > 0:39:59It might need replastering throughout.
0:39:59 > 0:40:01But hopefully that is about it.
0:40:01 > 0:40:03Are you keeping the same configuration and layout?
0:40:03 > 0:40:06Yeah, I think so. It would be nice if
0:40:06 > 0:40:09we could get a small cloakroom in here somewhere,
0:40:09 > 0:40:12a separate WC and wash hand basin that just looking at the layout,
0:40:12 > 0:40:15I don't think we will have room to do that.
0:40:15 > 0:40:17What about your budget for all that work?
0:40:17 > 0:40:21I am hoping to bring it in between eight and ?10,000.
0:40:21 > 0:40:24That is tight. Yes.
0:40:24 > 0:40:29A lot of the money is going on electrics and plastering but
0:40:29 > 0:40:32the amount of stuff to clear away is incredible.
0:40:32 > 0:40:36There was an extension at the back which needs demolishing.
0:40:36 > 0:40:38That needs all the rubbish clearing away from that.
0:40:38 > 0:40:42We will loosely call it an extension, shall we? Yes.
0:40:42 > 0:40:44It may blow away before we come to demolish at!
0:40:44 > 0:40:48So, that might take a lot of your time up clearing what is all
0:40:48 > 0:40:50ready here. Yes. Possibly.
0:40:50 > 0:40:54I'm hoping we will get the whole lot done in ten to 12 weeks.
0:40:54 > 0:40:56It is just weather dependent, really.
0:40:56 > 0:41:01A lot of the guys working here are coming over the A66
0:41:01 > 0:41:06and the weather is bad. OK, eight to ten grand.
0:41:06 > 0:41:08Ten to 12 weeks.
0:41:08 > 0:41:11Who is going to do the work for you, will you do it yourself?
0:41:11 > 0:41:16I do some myself if it requires no skill than I tend to do it!
0:41:16 > 0:41:19Don't put yourself down! Seriously,
0:41:19 > 0:41:24no, I do sweeping up and the demolition but I have guys I've been
0:41:24 > 0:41:28working with for a long time now - joiners, electricians, plumbers.
0:41:28 > 0:41:31They will be coming along and do their bit.
0:41:34 > 0:41:38Once the builders have done their stuff, Howard hopes to sell the house on.
0:41:38 > 0:41:41If he doesn't think there is enough profit in the resell,
0:41:41 > 0:41:44he will add it to his growing portfolio.
0:41:44 > 0:41:47Howard, what is it about the property world and buildings
0:41:47 > 0:41:48that you love?
0:41:48 > 0:41:51Well, when I left school I studied architecture at
0:41:51 > 0:41:54Canterbury and then I went to work for various architectural
0:41:54 > 0:41:57practices around Harrogate.
0:41:57 > 0:42:00I was lucky enough when I got to 24, 25,
0:42:00 > 0:42:05I built my first house and then it went on from there.
0:42:05 > 0:42:09It was easier in those days. I wouldn't like to be doing that these days.
0:42:09 > 0:42:12So, it's not just a job to you, then.
0:42:12 > 0:42:15It's a passion, something I really enjoy.
0:42:15 > 0:42:17I have been doing it all my working life.
0:42:17 > 0:42:20And it is still there? Absolutely. Oh, yeah.
0:42:20 > 0:42:23Will you continue buying properties?
0:42:23 > 0:42:26Yeah, we have done around 50 so far.
0:42:26 > 0:42:31Really? Yeah, yeah. Keep doing it, hopefully. That is the plan.
0:42:31 > 0:42:33Good on you. I wish all the best, sir.
0:42:33 > 0:42:36I don't think this is going to be a problem for you. I hope not, no.
0:42:36 > 0:42:39Good luck. All the best, Howard. Take care. Thank you.
0:42:39 > 0:42:43Howard has property in his blood, he has been doing it for 20 years.
0:42:43 > 0:42:46So this project should be a walk in the park.
0:42:46 > 0:42:50The only question I have is will the rent or will he sell?
0:42:50 > 0:42:53You can find out how he gets on later in the programme.
0:42:55 > 0:43:00We've seen how one of our buyers got on but what about the other two?
0:43:00 > 0:43:02Have they been triumphant or have they just toiled?
0:43:02 > 0:43:06We won't leave you hanging any longer. Let's find out.
0:43:06 > 0:43:10It was Sittingbourne in Kent, slap bang in the middle of an area
0:43:10 > 0:43:14of regeneration, and with good rail and road links almost literally
0:43:14 > 0:43:18on its doorstep, where we first saw a large brick building.
0:43:20 > 0:43:22Once a huge townhouse,
0:43:22 > 0:43:26the building had been converted into a rather mundane office inside.
0:43:28 > 0:43:31This is where you would have walked in and gone, "Morning,
0:43:31 > 0:43:33"can I help you?"
0:43:33 > 0:43:35Once past that smiling receptionist,
0:43:35 > 0:43:38it was a warren of varying sized rooms.
0:43:41 > 0:43:43But clearly with so much space,
0:43:43 > 0:43:47it could be so much more and offered a range of possibilities.
0:43:47 > 0:43:51From grand residential home to apartments or flats
0:43:51 > 0:43:55and it was bought at auction by experienced property developer Sunil
0:43:55 > 0:43:57for ?178,000.
0:43:58 > 0:44:01So, do you feel you got this for a good price on auction day?
0:44:01 > 0:44:05On auction day, I always have after auction regrets.
0:44:05 > 0:44:08Do you feel you might have got a little carried away and paid a bit too much?
0:44:08 > 0:44:11Oh, definitely. Really? Yeah.
0:44:11 > 0:44:14# Regret, regret, if you never did it... #
0:44:16 > 0:44:19Regretful or not, he had bought the property and together with his
0:44:19 > 0:44:25wife Gita they had come up with a plan to make this investment work.
0:44:25 > 0:44:27What is it going to be?
0:44:27 > 0:44:31The first opportunity we saw was there will be lots of builders in
0:44:31 > 0:44:34the area because of the regeneration and they will need
0:44:34 > 0:44:38accommodation so we've divided the property into ten rooms which
0:44:38 > 0:44:42were previously offices, with shared bathrooms and shower rooms.
0:44:42 > 0:44:46The idea was that this would be a short-term solution while planning
0:44:46 > 0:44:51was sought for a conversion into a mixture of office space and flats.
0:44:51 > 0:44:54They hoped to convert it into a house of multiple occupancy or HMO,
0:44:54 > 0:45:00on a budget of ?15-?20,000 and a timescale of two months.
0:45:01 > 0:45:04Now, 13 months later, we're back.
0:45:08 > 0:45:11Well, judging by the outside, some work has been carried out.
0:45:11 > 0:45:14Let's hope the inside doesn't disappoint.
0:45:15 > 0:45:18Right, well, I wasn't expecting that.
0:45:18 > 0:45:21A corner kitchen in the room,
0:45:21 > 0:45:24and a separate shower area
0:45:24 > 0:45:27and also a separate bedroom.
0:45:27 > 0:45:29OK, Sunil and Gita, what's going on?
0:45:29 > 0:45:33We did look at HMO situations but when we looked
0:45:33 > 0:45:37at the actual figures, and the bills we would have to pay on an HMO,
0:45:37 > 0:45:40we decided to go for individual apartments.
0:45:44 > 0:45:48Yes, so they did the maths and then they did the maths again.
0:45:48 > 0:45:52Whatever way they looked at the HMO route, it just didn't add up.
0:45:52 > 0:45:56So, having submitted plans for the flats, they put the project
0:45:56 > 0:46:00on hold and waited until finally they got the go-ahead.
0:46:00 > 0:46:04So we've got six flats, three upstairs and three downstairs.
0:46:04 > 0:46:07They're all pretty much designed in the same way, just slightly
0:46:07 > 0:46:10some colour differences but other than that, yeah,
0:46:10 > 0:46:14they've been finished now so we're quite pleased.
0:46:14 > 0:46:17All the properties are one-bedroom flats but because of
0:46:17 > 0:46:20the nature of the building, each one is unique, with flats on
0:46:20 > 0:46:23the upper floor slightly bigger than this ground floor flat.
0:46:26 > 0:46:31This is the bedroom and this is the living room-cum-kitchen diner.
0:46:31 > 0:46:36So, what we've done here is gone for different coloured tiles and
0:46:36 > 0:46:40different coloured kitchen units to give people the choice but
0:46:40 > 0:46:43basically all of them have carpets in the bedrooms.
0:46:43 > 0:46:46This one has an en-suite because we were trying to get
0:46:46 > 0:46:50the maximum layout in the overall space on both floors
0:46:50 > 0:46:54so some had to be en-suite and some not but it gives people the choice.
0:46:54 > 0:46:57They all have wooden flooring.
0:46:57 > 0:46:59And the way the windows are positioned,
0:46:59 > 0:47:02it's great because it brings in a lot of light
0:47:02 > 0:47:05but this is the best one because the colour of the tiles.
0:47:09 > 0:47:12And this overall design look is down to Gita
0:47:12 > 0:47:15while Sunil project-managed the development.
0:47:15 > 0:47:17So, how well did that work?
0:47:17 > 0:47:21We did work really well together but we did have some incidences
0:47:21 > 0:47:24where I wanted to do one thing because I wanted to save money
0:47:24 > 0:47:29and Gita is going, "No, we need to got for the best design and best look" and now, looking at the flats,
0:47:29 > 0:47:32I'm really glad she put her foot down and it looks really good.
0:47:32 > 0:47:37It's the little things that make a place stand out, even if it's
0:47:37 > 0:47:42little cupboard doorknobs to toilet roll holders or mirrors.
0:47:42 > 0:47:46Those are the finishing touches, I think that does make a difference.
0:47:46 > 0:47:48Gita's right.
0:47:48 > 0:47:51It is the little things that can make all the difference but
0:47:51 > 0:47:55I'm guessing one of the small things wasn't the budget.
0:47:56 > 0:48:02So, in total it has cost us about 140,000 for all six flats.
0:48:04 > 0:48:09140,000 on top of their ?170,000 purchase price takes their
0:48:09 > 0:48:12total spend to 318,000.
0:48:12 > 0:48:14So, it is a sizeable chunk of money.
0:48:14 > 0:48:18But was it the right decision to convert the building into flats?
0:48:18 > 0:48:21What do two local property experts think?
0:48:23 > 0:48:25The whole development has come out very nicely.
0:48:25 > 0:48:28It started out as a redundant office building and
0:48:28 > 0:48:31has been turned into six very smart flats.
0:48:31 > 0:48:35The standard of the development is very good.
0:48:35 > 0:48:38It is exactly what you need for this type of property.
0:48:38 > 0:48:42Everything is clean and fresh and they are ready to move into
0:48:42 > 0:48:45so they should be good and easy to let.
0:48:45 > 0:48:48Sunil and Gita run their own lettings and property
0:48:48 > 0:48:51management company and the plan was always to keep the flats
0:48:51 > 0:48:53as rental investments.
0:48:53 > 0:48:55But if they need to sell them on,
0:48:55 > 0:48:58have they invested their ?318,000 wisely?
0:49:00 > 0:49:04The six flats are going to vary in prices but anywhere between
0:49:04 > 0:49:06about 90 and ?110,000.
0:49:06 > 0:49:11The smaller apartments, probably ?95,000.
0:49:11 > 0:49:16Going up to ?110,000 for the larger ones,
0:49:16 > 0:49:18probably in a better position within the block.
0:49:18 > 0:49:22We estimated around 100 for each one so that's good.
0:49:22 > 0:49:25Yes, they're slightly different in terms of size
0:49:25 > 0:49:29so I think the valuations are spot-on.
0:49:29 > 0:49:33Yes, an average of ?100,000 would be about right, which would mean
0:49:33 > 0:49:38there would be a potential pre-tax profit of 282,000 should they
0:49:38 > 0:49:40choose to sell all the flats on.
0:49:40 > 0:49:43But what about the all-important rental?
0:49:43 > 0:49:46I think the flats are going to be popular and will achieve
0:49:46 > 0:49:49anywhere between 600 and ?650 per calendar month.
0:49:49 > 0:49:52In terms of the rental market, you would be looking at
0:49:52 > 0:49:57between ?600 per calendar month to ?650 per calendar month.
0:49:57 > 0:50:01We've managed to let two already, we have applications on two others.
0:50:01 > 0:50:06Two flats upstairs are being rented at 650 per calendar month and we are
0:50:06 > 0:50:11hoping to achieve a rental of 600 to 625 for the four remaining flats.
0:50:13 > 0:50:16So, when all the flats are let out, the total monthly return is
0:50:16 > 0:50:21likely to be around ?3,750 per calendar month
0:50:21 > 0:50:25which equates to a whopping yield above 14%.
0:50:25 > 0:50:27That isn't bad for a property purchase that
0:50:27 > 0:50:29Sunil thought might be a mistake.
0:50:33 > 0:50:37We don't have regrets now that we spent that initially.
0:50:37 > 0:50:40On the day of the auction, I was regretting having put my hand up
0:50:40 > 0:50:42a few more times than I should have done, I got carried away.
0:50:42 > 0:50:45You did a bit. He always does!
0:50:47 > 0:50:52# Non, rien de rien
0:50:52 > 0:50:56# Non, je regrette ne rien... #
0:51:02 > 0:51:05Nestled in the heart of the Lake District is the town of Penrith.
0:51:05 > 0:51:09It was here we first saw a three-bed mid-terrace house
0:51:09 > 0:51:12clearly in need of improvement.
0:51:12 > 0:51:13It had a ramshackle conservatory,
0:51:13 > 0:51:16and was generally in quite a bit of a mess.
0:51:16 > 0:51:20But none of that put off experienced property developer Howard who
0:51:20 > 0:51:24snapped it up at auction for ?114,000.
0:51:25 > 0:51:28The house itself has got well proportioned rooms,
0:51:28 > 0:51:31three bedrooms, great views out to the garden
0:51:31 > 0:51:35so hopefully it's the right house in the right place...
0:51:35 > 0:51:37With a bit of luck, at the right price.
0:51:44 > 0:51:47And Howard hoped it would work out right for him and his budget
0:51:47 > 0:51:53of ?8,000-?10,000 and that timescale of around three months.
0:51:53 > 0:51:55Five months later,
0:51:55 > 0:51:59we are back to see if this house was the right choice for Howard.
0:52:02 > 0:52:04Outside looks a little tidier,
0:52:04 > 0:52:08but it was inside where most of the changes were going to take place.
0:52:15 > 0:52:19That front room is so much better. And the kitchen diner?
0:52:22 > 0:52:25Yeah, that looks a lot smarter.
0:52:25 > 0:52:27So, all straightforward for Howard, then?
0:52:27 > 0:52:32The biggest challenge we had with the job was the amount of
0:52:32 > 0:52:34stuff that was left here.
0:52:36 > 0:52:38# There's too much stuff...
0:52:38 > 0:52:40# Too much stuff... #
0:52:40 > 0:52:44Yes, there were a few bits and pieces but I didn't realise it was that bad.
0:52:44 > 0:52:47We hadn't been up into the loft space and the joiner was
0:52:47 > 0:52:51the first one up there and he couldn't believe what he saw.
0:52:51 > 0:52:54It was absolutely full to the ridge.
0:52:56 > 0:52:58There was so much stuff in the loft,
0:52:58 > 0:53:01it was causing the ceilings to crack.
0:53:01 > 0:53:06In the end, we had five skips of rubbish to lead away from the house.
0:53:07 > 0:53:09# There's more stuff Is that your stuff?
0:53:09 > 0:53:13# And you know what to do with it That's a lot of stuff... #
0:53:13 > 0:53:15And to add to the unexpected surprises,
0:53:15 > 0:53:19when he removed the wallpaper, most of the plaster came off
0:53:19 > 0:53:22so he had to re-plaster the whole of the house.
0:53:24 > 0:53:27With the old bathroom suite ripped out and replaced,
0:53:27 > 0:53:29he had even more things to be skipped.
0:53:32 > 0:53:33It didn't stop there.
0:53:33 > 0:53:37The outbuildings also had their fair share of bits and pieces
0:53:37 > 0:53:40but here Howard decided on a more drastic measure.
0:53:43 > 0:53:47There was a lean-to at the back of the house which had been
0:53:47 > 0:53:51assembled from, I think they were old pallets and things found
0:53:51 > 0:53:56in a skip and that really had passed its best.
0:53:56 > 0:53:58Well, it didn't have a best!
0:53:58 > 0:54:00And so we took that down.
0:54:00 > 0:54:04There's a lot of repainting and patching up to do at the back
0:54:04 > 0:54:06which we haven't done yet but it
0:54:06 > 0:54:10has opened the back out a lot and made a big difference to the area.
0:54:10 > 0:54:13So there's a bit more tidying left to do in the garden
0:54:13 > 0:54:16but at least you can admire the views when you're out here.
0:54:16 > 0:54:20Is gardening the type of role Howard likes to help out with?
0:54:20 > 0:54:24I was involved in anything that requires no skill!
0:54:24 > 0:54:29I was here every day that the work was going on.
0:54:29 > 0:54:34I was involved in the decorating, cleaning, just moving stuff around.
0:54:34 > 0:54:37We had local tradesmen in for plastering,
0:54:37 > 0:54:41electrical works and for plumbing and the joiner is
0:54:41 > 0:54:45a friend that's been working with me for a long time.
0:54:45 > 0:54:49Howard also had help from his stepson Stuart but was that enough
0:54:49 > 0:54:52to keep control of his proposed eight to ten grand budget?
0:54:53 > 0:54:56We've gone over budget.
0:54:56 > 0:55:00It came in at ?14,800.
0:55:00 > 0:55:05That increase was due to the additional plaster work
0:55:05 > 0:55:08we had to do, and the skips.
0:55:08 > 0:55:11So, a slight overspend on the budget
0:55:11 > 0:55:14which now sits at just below ?15,000.
0:55:14 > 0:55:17On top of his ?114,000 purchase price,
0:55:17 > 0:55:22Howard has nearly ?129,000 invested here
0:55:22 > 0:55:26but has clearing and tidying the house meant he's cleaned up here?
0:55:26 > 0:55:29What do two local estate agents think?
0:55:29 > 0:55:31First impressions of the property are very good.
0:55:31 > 0:55:33He has done a really nice job.
0:55:33 > 0:55:38More of a standard makeover, a very nice property in a great location.
0:55:38 > 0:55:42The selling points of the property, I feel, are the good sized bedrooms
0:55:42 > 0:55:45and the size of the garden.
0:55:45 > 0:55:47The standard of finish overall is very good.
0:55:47 > 0:55:49Walking around I was quite impressed.
0:55:49 > 0:55:52There are one or two things to finish off but overall if
0:55:52 > 0:55:54he continues to do what he has done,
0:55:54 > 0:55:57whoever purchases this property in the future will be very happy.
0:55:58 > 0:56:01Howard's first plan was to sell the house on
0:56:01 > 0:56:04but he has not totally ruled out rental.
0:56:04 > 0:56:07If his property came to the rental market I would expect it to achieve
0:56:07 > 0:56:10somewhere in the region of ?550 per calendar month.
0:56:10 > 0:56:15Rental valuation, I would say this property should bring
0:56:15 > 0:56:19between ?575-?595
0:56:19 > 0:56:22per calendar month.
0:56:22 > 0:56:26I was thinking around six, so yeah, that falls within pretty well
0:56:26 > 0:56:28what I was expecting.
0:56:29 > 0:56:34Even 550 per calendar month will see a rental yield of just over 5%
0:56:34 > 0:56:39but Howard would prefer to sell on his ?129,000 investment.
0:56:39 > 0:56:42In terms of resale for the property, after the renovations that have
0:56:42 > 0:56:44been carried out, I would imagine
0:56:44 > 0:56:49I would market this property somewhere in the region of ?150,000.
0:56:49 > 0:56:50In terms of the sales market,
0:56:50 > 0:56:55I would put this property on the market at ?157,000
0:56:55 > 0:57:01with the view to probably getting offers over the ?150,000.
0:57:01 > 0:57:05Those are the sort of figures, I was thinking 155, actually
0:57:05 > 0:57:07so there's no surprise there.
0:57:07 > 0:57:12That 155 grand figure would mean a profit of just over 26 grand.
0:57:12 > 0:57:15Is that enough profit for Howard?
0:57:15 > 0:57:19I think what we may do is rent out for a couple of years because
0:57:19 > 0:57:23at that level, that will repay all the money we spent
0:57:23 > 0:57:27refurbishing it and then put it on the market after a couple of years.
0:57:27 > 0:57:31And with 20 years' experience and over 50 property renovations
0:57:31 > 0:57:34under his belt, if anyone should know how to maximise
0:57:34 > 0:57:38a profit's return, it's got to be Howard.
0:57:38 > 0:57:41While this house brings in a return on the rental market,
0:57:41 > 0:57:43what will Howard do next?
0:57:44 > 0:57:48We already have another property we're working on
0:57:48 > 0:57:50that we bought at auction in Norfolk
0:57:50 > 0:57:53so that's going to keep us busy for a while.
0:57:56 > 0:57:58From north to south, east to west,
0:57:58 > 0:58:00we go to auction houses all over the country.
0:58:00 > 0:58:04We do, and perhaps you'll find us next time in your neck of the woods.
0:58:04 > 0:58:06Yep, wherever you are, you won't want to miss it
0:58:06 > 0:58:08so make sure you join us for more Homes Under The Hammer.
0:58:08 > 0:58:10Goodbye! Goodbye! Bye!
0:58:37 > 0:58:40Sir Terry was the ultimate master at talking to his audience.