0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:05Now, the world of property provides an ever-changing
0:00:05 > 0:00:08and challenging environment which really fascinates me and Dion.
0:00:08 > 0:00:13Yes, but there's one key principle - get it for the best price possible.
0:00:13 > 0:00:15But that's not always as easy as it seems.
0:00:15 > 0:00:18No, but one way you could stack the odds in your favour
0:00:18 > 0:00:20is by going to your local auction house.
0:00:46 > 0:00:49Buying at auction is a very popular way to approach things.
0:00:49 > 0:00:54Every month, millions and millions of pounds is spent at auction.
0:00:54 > 0:00:57So, with all that auction action going on,
0:00:57 > 0:01:00what inspired the buyers on today's show?
0:01:02 > 0:01:06We are off to the seaside and in Lytham St Annes near Blackpool,
0:01:06 > 0:01:08so the question has to be...
0:01:08 > 0:01:10Have we got a view?
0:01:12 > 0:01:15Lucy loved this Georgian property in Faversham, Kent,
0:01:15 > 0:01:17and will echo that sentiment.
0:01:17 > 0:01:20Echoey, echoey!
0:01:21 > 0:01:25And I see an ex-local authority flat in North London and, as always,
0:01:25 > 0:01:28first impressions hinge on the entrance.
0:01:28 > 0:01:31Oh! What a lovely front door.
0:01:32 > 0:01:35All these properties have been sold at auction,
0:01:35 > 0:01:37and we'll find out who bought them
0:01:37 > 0:01:39and what they paid when they went under the hammer.
0:01:39 > 0:01:41Well done, sir.
0:01:51 > 0:01:55Six miles from the bright lights of Blackpool in Lancashire
0:01:55 > 0:01:58is Lytham St Annes, a traditional coastal town.
0:01:59 > 0:02:03It's been described as one of the gems of the Northwest.
0:02:04 > 0:02:06# Life's a beach... #
0:02:11 > 0:02:14And I've found a property just a hop, skip and a jump
0:02:14 > 0:02:18from the beach, with a park right on its doorstep,
0:02:18 > 0:02:20so you have to say the location is spot-on.
0:02:23 > 0:02:26So, just across the road from that beautiful park,
0:02:26 > 0:02:29and hopefully with views over it, is the property I'm here to see.
0:02:29 > 0:02:31It's a first-floor flat,
0:02:31 > 0:02:36it's got three bedrooms and a guide price of £75,000 to £85,000.
0:02:36 > 0:02:37Let's take a look.
0:02:41 > 0:02:43If the location isn't enough to impress you,
0:02:43 > 0:02:45then the building should.
0:02:45 > 0:02:48Built from locally produced engineering bricks,
0:02:48 > 0:02:51this Victorian building oozes character.
0:02:52 > 0:02:55Along with the well-maintained communal garden,
0:02:55 > 0:02:57it also has private parking.
0:03:00 > 0:03:03Just look at that beautiful staircase
0:03:03 > 0:03:05that I've just come up to get to this flat.
0:03:05 > 0:03:07Very, very nice.
0:03:07 > 0:03:10And into this very spacious hallway.
0:03:10 > 0:03:13There's lots of light in it.
0:03:13 > 0:03:16Got a door just here which I can see, actually,
0:03:16 > 0:03:18as I approach it, that it's sealed up.
0:03:18 > 0:03:22Into the lounge, and what a lounge it is.
0:03:22 > 0:03:26Let me just check something first. Have we got a view over the park?
0:03:26 > 0:03:27And, yes, we have.
0:03:27 > 0:03:30Albeit from the side of the building,
0:03:30 > 0:03:31but it's a view all the same.
0:03:31 > 0:03:34What a really nice-sized lounge.
0:03:34 > 0:03:36Central heating's already in.
0:03:36 > 0:03:39Wow. What a very positive start.
0:03:39 > 0:03:43Yes, light, airy, beautiful bay windows with views
0:03:43 > 0:03:47and a £75,000 to £85,000 guide price.
0:03:47 > 0:03:51But not only that, there are loads of original features,
0:03:51 > 0:03:55from skirting to architraves, and I love those panels on the wall.
0:03:55 > 0:03:58I suspect there may be a few more gems
0:03:58 > 0:04:01hidden behind that fireplace or under the carpet.
0:04:01 > 0:04:04So what else has this flat got to offer?
0:04:04 > 0:04:06So, around the corner, we have got this bedroom.
0:04:06 > 0:04:11And that sealed doorway that was there comes into this bedroom,
0:04:11 > 0:04:13but it's hidden behind these wardrobes
0:04:13 > 0:04:16and it's sealed up because you've got this door here.
0:04:16 > 0:04:19A very nice-sized bedroom, nice high ceilings.
0:04:19 > 0:04:23The decor could do with changing, but I'm happy so far.
0:04:25 > 0:04:26A little bit further down the hallway
0:04:26 > 0:04:30we have got the kitchen and the bathroom.
0:04:30 > 0:04:33Now, that kitchen just feels too small
0:04:33 > 0:04:35for the size of this property,
0:04:35 > 0:04:37and I definitely want something a little bit bigger than that
0:04:37 > 0:04:39and a bit grander.
0:04:39 > 0:04:42And the two further bedrooms are down here.
0:04:42 > 0:04:46Now, it might be that you sacrifice one of these bedrooms
0:04:46 > 0:04:48to create that bigger kitchen.
0:04:48 > 0:04:49That's a possibility.
0:04:49 > 0:04:53I'd think about creating a kitchen/diner in that bedroom
0:04:53 > 0:04:56that has the blocked-up door from the lounge.
0:04:56 > 0:04:58You could make the bathroom bigger
0:04:58 > 0:05:00by knocking through that tiny kitchen
0:05:00 > 0:05:02and maybe have a utility room.
0:05:02 > 0:05:04Of course, you probably need permission
0:05:04 > 0:05:06from the management company looking after the block,
0:05:06 > 0:05:09which brings me to another important issue.
0:05:09 > 0:05:13The management company, or the residents of this building,
0:05:13 > 0:05:17have put restrictions on this place being rented out,
0:05:17 > 0:05:18so if you do buy this place,
0:05:18 > 0:05:22you're either going to have to live in it or sell it.
0:05:22 > 0:05:24So, no buy to let here.
0:05:24 > 0:05:26Hopefully whoever fancied this flat
0:05:26 > 0:05:28will be happy to compromise on this issue.
0:05:28 > 0:05:31# You've got to give a little
0:05:31 > 0:05:34# Take a little
0:05:34 > 0:05:37# Pay the price, make a sacrifice... #
0:05:38 > 0:05:40If you were looking to sell this flat on,
0:05:40 > 0:05:42it might just come down to the maths.
0:05:42 > 0:05:45Would it be worth sacrificing that biggest bedroom?
0:05:48 > 0:05:51Let's find out what a local estate agent thinks.
0:05:54 > 0:05:56I would say that to lose one of the bedrooms
0:05:56 > 0:05:58and make it from a three- to a two-bed flat,
0:05:58 > 0:06:00it may not affect the value,
0:06:00 > 0:06:02cos obviously having a three-bed flat
0:06:02 > 0:06:03isn't really that common anyway.
0:06:04 > 0:06:07OK, so, that could be the way forward,
0:06:07 > 0:06:09but what about the no-letting clause on the flat?
0:06:09 > 0:06:12Would that be detrimental to its appeal?
0:06:12 > 0:06:14Having the restrictions doesn't really affect the value.
0:06:14 > 0:06:17It may restrict the number of people that look to purchase it,
0:06:17 > 0:06:18but it won't affect the value.
0:06:18 > 0:06:22If anything, it may attract somebody to buy it to live in and think,
0:06:22 > 0:06:23"Well, that's good.
0:06:23 > 0:06:26"I'm not going to have anybody renting it next to me."
0:06:26 > 0:06:27That's good news,
0:06:27 > 0:06:30but with resale the only option from an investor's standpoint,
0:06:30 > 0:06:34could that route result in a profit for this flat
0:06:34 > 0:06:37that was guided at 75,000 to 85,000 grand?
0:06:37 > 0:06:41If the property was renovated from a three-bed to a two-bed,
0:06:41 > 0:06:44sacrificed the bedroom to make a larger kitchen
0:06:44 > 0:06:48and more living space, then I would market the property at £140,000.
0:06:48 > 0:06:50If the property was renovated
0:06:50 > 0:06:52and just left in the complete same layout it is now,
0:06:52 > 0:06:57I'd probably expect the value to be around £125,000, £130,000.
0:07:04 > 0:07:07I do like this place and I can kind of understand
0:07:07 > 0:07:11why the residents have got restrictions on it being rented out.
0:07:11 > 0:07:13They are managing this property themselves,
0:07:13 > 0:07:17and it looks like a well-maintained block to live in.
0:07:17 > 0:07:20So were there bidders who were desperate to live here
0:07:20 > 0:07:23or did the restriction put off would-be landlords?
0:07:23 > 0:07:25Let's see what happened when it went under the hammer.
0:07:29 > 0:07:33OK, there's a telephone bid on lot number 47.
0:07:33 > 0:07:35We're going posh.
0:07:35 > 0:07:39Three-bedroom, first-floor apartment. 80 to start.
0:07:39 > 0:07:4170. I need a bid.
0:07:41 > 0:07:4370 here. At 70, I'm bidding twos.
0:07:43 > 0:07:4672 seated there. 74.
0:07:46 > 0:07:50Where's the original bidder? 74. 74. 76 here.
0:07:50 > 0:07:51Can you?
0:07:51 > 0:07:5476 I've got. 78. 80 on the aisle.
0:07:54 > 0:07:5882. 84. 86.
0:07:58 > 0:08:0188. 90. 92.
0:08:01 > 0:08:04No. With you at 90 to the rear.
0:08:04 > 0:08:07Been with me all the way. At £90,000.
0:08:07 > 0:08:12I'll take one. 91. 92. 93. 94. 95.
0:08:12 > 0:08:15A shake of the head. At 94, back with you, sir.
0:08:15 > 0:08:18At £94,000.
0:08:18 > 0:08:23At 94 first time and second time. At £94,000, I'm selling this.
0:08:23 > 0:08:28Be sure. At £94,000, all done. Selling away.
0:08:28 > 0:08:31Well done, sir. 386.
0:08:32 > 0:08:34After a bit of a battle,
0:08:34 > 0:08:39the hammer fell at 94 grand and the successful bidder was Mark.
0:08:40 > 0:08:43He lives in 45 minutes away in Manchester,
0:08:43 > 0:08:45so I was intrigued to find out
0:08:45 > 0:08:47what brought him to this coastal town.
0:08:49 > 0:08:51- Mark, nice to meet you. - Nice to meet you.- Congratulations.
0:08:51 > 0:08:55- Thank you very much. - Apart from this amazing location,
0:08:55 > 0:08:57what was it about this place that you loved?
0:08:57 > 0:09:00St Annes is a place I've visited quite a few times over the years.
0:09:00 > 0:09:03I've got grandparents who live less than a mile away,
0:09:03 > 0:09:06- so, yeah, I've been coming here for 28 years.- OK.
0:09:06 > 0:09:09Obviously, I know the area well and it's lovely here.
0:09:09 > 0:09:12And were you looking for something like this, a flat,
0:09:12 > 0:09:14or were you looking for a house?
0:09:14 > 0:09:17This is my first solo renovation,
0:09:17 > 0:09:20so it kind of ticked the boxes of it being a flat
0:09:20 > 0:09:22in a building that's well-maintained
0:09:22 > 0:09:24and there shouldn't be too many major problems with it.
0:09:24 > 0:09:27- What's your background? - In the past, I've helped my parents.
0:09:27 > 0:09:30They've got three at the moment that they rent out.
0:09:30 > 0:09:33They bought them in disrepair and had to renovate them
0:09:33 > 0:09:36and get them up to scratch and rent them out,
0:09:36 > 0:09:38so I helped out with three of them.
0:09:38 > 0:09:40So what was your job beforehand?
0:09:40 > 0:09:43Beforehand, I was doing media forensics.
0:09:43 > 0:09:46- Were you really?- Yes.- That's just gone straight over my head.
0:09:46 > 0:09:48- THEY LAUGH - It does with a lot of people.
0:09:48 > 0:09:50So what is media forensics?
0:09:50 > 0:09:52It's forensics to do with audio and visual,
0:09:52 > 0:09:55so it's a lot to do with CCTV, audio enhancements
0:09:55 > 0:09:59- and crime scene reconstructions. - Really?
0:09:59 > 0:10:01Yeah. It's a very niche market.
0:10:01 > 0:10:03Yeah, it is a niche market. I've never heard of it before.
0:10:03 > 0:10:04No, not many people have.
0:10:04 > 0:10:06But, yeah, I left that behind
0:10:06 > 0:10:08and went travelling in New Zealand for two years.
0:10:08 > 0:10:11Started doing property management over there
0:10:11 > 0:10:13and then obviously, with the background in renovations,
0:10:13 > 0:10:16decided to come back and give it a really good go at renovation.
0:10:16 > 0:10:19- That's amazing. In New Zealand?- New Zealand, yes.
0:10:19 > 0:10:23- It's a long way to go.- It's not a hop, is it?- No, it's not. No.
0:10:23 > 0:10:25So how long were you there for? When did you come back?
0:10:25 > 0:10:27I was there for two years.
0:10:27 > 0:10:29It was initially a short-term holiday.
0:10:29 > 0:10:32I went there, loved it and ended up staying for two years.
0:10:32 > 0:10:34So, yeah, I've only been back two months now.
0:10:34 > 0:10:37- All change now.- All change, yeah. - A new direction into property.
0:10:37 > 0:10:40Yeah, so it's nice to have a new direction and move forward a bit.
0:10:43 > 0:10:44So, having gone around the world,
0:10:44 > 0:10:47he now finds himself exploring options nearer to home,
0:10:47 > 0:10:50but what direction does he hope to take the flat in?
0:10:50 > 0:10:52Tell us what you're going to do.
0:10:52 > 0:10:54It just needs complete stripping out at the moment.
0:10:54 > 0:10:57Obviously, new kitchen, new bathroom, carpets.
0:10:57 > 0:11:00I think there's two windows which are double glazed,
0:11:00 > 0:11:01but the rest are all single and cracked,
0:11:01 > 0:11:03so it needs a complete overhaul, really.
0:11:03 > 0:11:05I don't think at the moment
0:11:05 > 0:11:06they're making the most use of the space,
0:11:06 > 0:11:09with the kitchen being as small as it is,
0:11:09 > 0:11:11so there's scope to change things round, change the layout.
0:11:11 > 0:11:13Tell us what you're going to do, then.
0:11:13 > 0:11:16How are you going to make use of the space and change things around?
0:11:16 > 0:11:18At the moment, it's a three-bedroom,
0:11:18 > 0:11:21but two of the rooms are quite small.
0:11:21 > 0:11:23I don't think it needs to be a three-bedroom,
0:11:23 > 0:11:24so there is scope to change it around.
0:11:24 > 0:11:26This is the master bedroom,
0:11:26 > 0:11:28so maybe change this into the kitchen.
0:11:28 > 0:11:30Knock the bathroom and kitchen into one, maybe.
0:11:30 > 0:11:34- Make that into a bedroom...- OK. - ..and just change it around a bit.
0:11:34 > 0:11:36And are you going to get involved in that kind of work?
0:11:36 > 0:11:37Do you get people in to do it for you?
0:11:37 > 0:11:40I've got quite a few friends and family in the trade,
0:11:40 > 0:11:42but a lot of the work I'm going to do myself
0:11:42 > 0:11:43- and try and keep the cost down. - Are you really?
0:11:43 > 0:11:46- You're going to get your hands dirty?- I hope so, yeah.
0:11:46 > 0:11:49So how much have you got in your budget to turn this around?
0:11:49 > 0:11:52To do it properly, I'm hoping between 15,000 and 20,000.
0:11:52 > 0:11:55Along with that 15 to 20 grand budget,
0:11:55 > 0:11:58he hopes to complete the flat in three to four months,
0:11:58 > 0:12:00and having done all his homework,
0:12:00 > 0:12:05he did know he wasn't going to be able to rent the flat out.
0:12:05 > 0:12:08But did that to change his thinking on it at all?
0:12:08 > 0:12:11It was bought as a renovation project to sell,
0:12:11 > 0:12:14but obviously after looking round and doing work on it myself,
0:12:14 > 0:12:17it might end up that it might be my place to stay and live,
0:12:17 > 0:12:19so we'll just see how it goes.
0:12:19 > 0:12:22That doesn't surprise me cos when you come in here
0:12:22 > 0:12:23- it is quite homely, isn't it?- Yeah.
0:12:23 > 0:12:25- You feel homely as soon as you come in.- It is, yeah.
0:12:25 > 0:12:28Would you change the way you were doing this place
0:12:28 > 0:12:29if it was for yourself?
0:12:29 > 0:12:33I think it's always best to do it the way you want it anyway.
0:12:33 > 0:12:36That's part of the fun of doing it, that you do it how you like it.
0:12:36 > 0:12:38Listen, I wish you all the best on your first project.
0:12:38 > 0:12:41You've chosen somewhere really nice. Good luck to you.
0:12:41 > 0:12:43- Thank you very much. - Take care. Cheers.
0:12:44 > 0:12:47I think Mark would be wise to sacrifice a bedroom
0:12:47 > 0:12:50for a bigger kitchen and living area.
0:12:50 > 0:12:52I really like this place
0:12:52 > 0:12:54and if Mark doesn't move in, I might.
0:12:54 > 0:12:57You can find out how he gets on and who's living here
0:12:57 > 0:12:58later in the show.
0:13:02 > 0:13:04It was in March, 2014
0:13:04 > 0:13:07when we were in the market town of Faversham,
0:13:07 > 0:13:09just under an hour's train journey from London,
0:13:09 > 0:13:13where Lucy saw an amazing listed Georgian property.
0:13:14 > 0:13:18OK, this is what you call a hallway.
0:13:18 > 0:13:22Wow! Look at that beautiful arch.
0:13:22 > 0:13:25Although it does feel very clinical.
0:13:25 > 0:13:27It's got that commercial feel to it.
0:13:27 > 0:13:30There's lots of strip lighting everywhere,
0:13:30 > 0:13:33and that's because it was previously used as a youth centre.
0:13:33 > 0:13:37Now, this place is just vast and echoey.
0:13:37 > 0:13:39- ECHOING:- Echoey!
0:13:39 > 0:13:41Echo!
0:13:41 > 0:13:42Brilliant.
0:13:44 > 0:13:47# Didn't you say we would stay
0:13:47 > 0:13:51# Till we heard the last echo, echo, echo... #
0:13:51 > 0:13:56What does bear repeating is that this was a former youth centre,
0:13:56 > 0:13:58so you'd have to apply for change of use
0:13:58 > 0:14:01if you had any other plans for it.
0:14:01 > 0:14:04But it also has a much more modern extension at the back
0:14:04 > 0:14:07that, for Lucy, was a bit old-school.
0:14:09 > 0:14:12And this is where, well, it just feels to me as though
0:14:12 > 0:14:14I've been transported back to my old secondary school.
0:14:14 > 0:14:17It's like a corridor feel to it,
0:14:17 > 0:14:19and this is where the original part of the house
0:14:19 > 0:14:22and the new part meet.
0:14:22 > 0:14:24So we've got a couple of loos over here,
0:14:24 > 0:14:26some other redundant spaces,
0:14:26 > 0:14:30and what do you think this room is going to be?
0:14:30 > 0:14:33Ta-da! A sports hall, of course.
0:14:33 > 0:14:34It's massive.
0:14:34 > 0:14:38- ECHOING:- If you thought that room was echoey, listen to this!
0:14:40 > 0:14:43But I'm sorry, I need to just quickly do something.
0:14:43 > 0:14:45Bear with me.
0:14:45 > 0:14:46No, Lucy, don't do it!
0:14:51 > 0:14:52D'oh!
0:14:52 > 0:14:53Well, Lucy didn't drop the ball
0:14:53 > 0:14:56when she looked around the rest of the original building.
0:14:56 > 0:15:00Now, that is what you call an arch window.
0:15:00 > 0:15:02Look at that. It's magnificent.
0:15:02 > 0:15:04Sadly, you have to look out onto that sports hall
0:15:04 > 0:15:07with the asbestos roof, but you can't have everything.
0:15:07 > 0:15:10So up these steps and you've got an amazing landing space,
0:15:10 > 0:15:14again exactly what you would expect in a house like this.
0:15:14 > 0:15:16And all the rooms leading off,
0:15:16 > 0:15:19just got amazing proportions, lovely ceiling height.
0:15:19 > 0:15:22They've all got the original sash windows.
0:15:22 > 0:15:25And then through here into the room at the front of the building,
0:15:25 > 0:15:27and there's just so much light coming in.
0:15:27 > 0:15:31Quite interesting, because you can see somebody has started
0:15:31 > 0:15:33to rip down the fake walls.
0:15:33 > 0:15:34Look.
0:15:34 > 0:15:37There's walls that have been put on but they've been taken off,
0:15:37 > 0:15:41and over here you can see the original cornicing.
0:15:41 > 0:15:44And my, that is absolutely stunning.
0:15:44 > 0:15:47Can you imagine what this place will look like
0:15:47 > 0:15:50once all these fake walls have been ripped off
0:15:50 > 0:15:53and the original features put back in?
0:15:53 > 0:15:55The longer I'm walking around this house
0:15:55 > 0:15:57and I'm falling in love with it even more.
0:15:57 > 0:16:01# I can't help
0:16:01 > 0:16:06# Falling in love with you... #
0:16:06 > 0:16:09Lucy wasn't the only one who was head-over-heels
0:16:09 > 0:16:13for this property, as it had plenty of suitors at the auction.
0:16:13 > 0:16:16Loads of accommodation, arranged mainly in two buildings.
0:16:16 > 0:16:19Lots of possibilities for future uses,
0:16:19 > 0:16:20subject to planning on this one.
0:16:20 > 0:16:23Where do you want to start me? Guide is 220.
0:16:23 > 0:16:26£220,000. Where'd you want to start? Start me at 200, then.
0:16:26 > 0:16:28I don't really mind. £200,000 straight in.
0:16:28 > 0:16:32It was the last lot of the day and it may have been slow to start,
0:16:32 > 0:16:34but determined bidders soon pushed the bidding
0:16:34 > 0:16:37well beyond the guide price of 220,000.
0:16:37 > 0:16:39We re-join at 400,000.
0:16:41 > 0:16:45400,000. Keep with it. 400, it's with you.
0:16:45 > 0:16:47405 now. With you at 405 now.
0:16:47 > 0:16:50405. 410.
0:16:51 > 0:16:56At £410,000, it's back with you, then, for the first time.
0:16:56 > 0:16:59At £410,000 for the second time.
0:17:03 > 0:17:05This is your last chance, maybe. 410.
0:17:05 > 0:17:09It's with you, third and final time if you are sure you're all done.
0:17:09 > 0:17:11At £410,000.
0:17:11 > 0:17:14Well done, sir. It's yours at 410. Well done.
0:17:14 > 0:17:18The winning bidder paying 410,000 for this
0:17:18 > 0:17:21was film director and artist Paul.
0:17:21 > 0:17:24# I got 35 millimetre dreams
0:17:26 > 0:17:30# 35 millimetre dreams... #
0:17:30 > 0:17:34And he was ready for his close-up with Lucy.
0:17:34 > 0:17:36Paul, I've gone weak at the knees with this house.
0:17:36 > 0:17:39I absolutely love it.
0:17:39 > 0:17:40Why did you buy this?
0:17:40 > 0:17:44How did you find this and what have you bought it for?
0:17:44 > 0:17:47Well, weak at the knees is a very good reaction.
0:17:47 > 0:17:49Ladies don't go weak at the knees
0:17:49 > 0:17:51very often with me nowadays... SHE LAUGHS
0:17:51 > 0:17:55But I bought it from the catalogue.
0:17:55 > 0:18:00I obviously viewed it before I bid, but I thought, "This can be a home.
0:18:00 > 0:18:02"This is a Georgian house."
0:18:02 > 0:18:04Oh, I'm so glad you've said that.
0:18:04 > 0:18:06Because straight away, walking around here,
0:18:06 > 0:18:10I would love to see this as a home, because it's just so handsome,
0:18:10 > 0:18:12it's just got wonderful windows.
0:18:12 > 0:18:16The configuration of the rooms is pretty much as it was 200,
0:18:16 > 0:18:17250 years ago.
0:18:17 > 0:18:19The rooms are the Georgian proportion,
0:18:19 > 0:18:22so all you need to do is strip it out, go back to the basics.
0:18:22 > 0:18:24Are you going to replace things like the sash windows?
0:18:24 > 0:18:28This is Grade II listed, which means that all the exterior
0:18:28 > 0:18:31is subject to council approval and control.
0:18:31 > 0:18:34And I wouldn't want to replace the sash windows.
0:18:34 > 0:18:38I mean, I'd like to insulate them with a double-glazing behind,
0:18:38 > 0:18:41but judiciously, so that it doesn't interfere
0:18:41 > 0:18:42with the look from the outside.
0:18:42 > 0:18:47At the moment, it's like a cake with a beautiful outside
0:18:47 > 0:18:51and a deteriorating interior.
0:18:51 > 0:18:53Paul wanted to have his cake and eat it
0:18:53 > 0:18:55because he also planned on turning the old gym
0:18:55 > 0:18:59into his own private artist studio.
0:18:59 > 0:19:01I do three things.
0:19:01 > 0:19:04I'm a photographer, a film-maker and an artist.
0:19:04 > 0:19:07And that studio will be used for all those functions.
0:19:07 > 0:19:111,500 square feet, a wonderful space.
0:19:11 > 0:19:17This blockbuster had a healthy budget of up to £150,000.
0:19:17 > 0:19:20Well, I'm really intrigued to find out about your film-making.
0:19:20 > 0:19:21Yes, yes.
0:19:21 > 0:19:24I've worked with Paul Scofield, Dirk Bogarde.
0:19:24 > 0:19:26Lots of, you know, quite well-known actors.
0:19:26 > 0:19:31I directed Tom Baker's exit from Doctor Who.
0:19:32 > 0:19:35# So, all I need
0:19:35 > 0:19:39# Is a time machine
0:19:39 > 0:19:43# A one-way track
0:19:43 > 0:19:46# Cos I'm taking it back, taking it back... #
0:19:46 > 0:19:49We time-travelled four months into the future
0:19:49 > 0:19:51to see how Paul was getting on.
0:19:51 > 0:19:55He was just a little over halfway into this interesting project,
0:19:55 > 0:19:56and he'd made some good progress.
0:19:56 > 0:20:00The first job was transforming the former gymnasium
0:20:00 > 0:20:03into his artist's studio, which was very pleased with.
0:20:06 > 0:20:08I couldn't really ask for anything better.
0:20:08 > 0:20:13We've left just one hoop on the wall to show what it was.
0:20:13 > 0:20:15I put on a mezzanine floor
0:20:15 > 0:20:20to work and to bring the level of my artistic endeavours
0:20:20 > 0:20:23up to where the light is best.
0:20:23 > 0:20:26And that's also good for storage and desks and computers
0:20:26 > 0:20:27and things like that,
0:20:27 > 0:20:31and it gives a fantastic view down into the studio space.
0:20:31 > 0:20:34But inside the much older Georgian house,
0:20:34 > 0:20:37the changes were glimpses of what the house could be
0:20:37 > 0:20:39when fully restored.
0:20:39 > 0:20:41Work like this takes time,
0:20:41 > 0:20:43and, of course, a considerable amount of money.
0:20:43 > 0:20:48When I said 150,000, I was hoping it would be less,
0:20:48 > 0:20:50and I think it will be.
0:20:50 > 0:20:52I'm probably spending about 10,000 a month
0:20:52 > 0:20:57and I've spent something between £40,000 and £45,000 so far.
0:20:57 > 0:21:00But I think if you look and see what's been achieved with that,
0:21:00 > 0:21:01it's not bad.
0:21:01 > 0:21:03We're into month four.
0:21:03 > 0:21:07I reckoned it would be a nine-month, at least.
0:21:07 > 0:21:10Everybody who comes in now feels that...
0:21:11 > 0:21:13..we're doing quite well.
0:21:13 > 0:21:18With 15 years of property developing experience behind him,
0:21:18 > 0:21:20Paul had every reason to feel confident
0:21:20 > 0:21:24and he wasn't intimidated by the scale of the task at all.
0:21:24 > 0:21:28To make sure that the changes that I impose upon the house
0:21:28 > 0:21:31are in the character of the original architecture,
0:21:31 > 0:21:35I want to make sure that it's got those touches
0:21:35 > 0:21:39that make it personal to me, so it'll never really be finished.
0:21:39 > 0:21:43One wants to keep the best of the past.
0:21:43 > 0:21:46Find out later if Paul has finally managed
0:21:46 > 0:21:49to take this house back to its elegant heyday
0:21:49 > 0:21:51by restoring this Georgian masterpiece
0:21:51 > 0:21:53two and a half years on.
0:21:53 > 0:21:57# Taking it back, taking it back. #
0:21:58 > 0:22:02Coming up, I try to get my head around a flat in North London
0:22:02 > 0:22:04with unexpected features.
0:22:04 > 0:22:05That's also a bit weird.
0:22:05 > 0:22:07It's got sort of bits of kitchen unit in it.
0:22:09 > 0:22:11And we finally find out if Paul
0:22:11 > 0:22:15has completed the work on his Grade II listed Georgian home.
0:22:15 > 0:22:17With a house like this, it's never quite 100%.
0:22:21 > 0:22:25DION: Time now to head back to the sandy beaches of Lytham St Annes.
0:22:25 > 0:22:28Just a short walk away from the seafront,
0:22:28 > 0:22:29I saw a three-bed flat
0:22:29 > 0:22:32in a very impressive Victorian building.
0:22:32 > 0:22:36It had grand rooms and period features in abundance.
0:22:36 > 0:22:38Just what you might expect,
0:22:38 > 0:22:41although not all the rooms were impressive.
0:22:41 > 0:22:43Now, that kitchen just feels too small
0:22:43 > 0:22:45for the size of this property.
0:22:45 > 0:22:48And the two further bedrooms are down here.
0:22:48 > 0:22:52Now, it might be that you sacrifice one of these bedrooms
0:22:52 > 0:22:54to create that bigger kitchen.
0:22:54 > 0:22:56So far, so good,
0:22:56 > 0:22:58but there was one important issue with this property,
0:22:58 > 0:23:02and it was a serious one if you were planning to let this flat out.
0:23:03 > 0:23:07The management company, or the residents of this building,
0:23:07 > 0:23:11have put restrictions on this place being rented out,
0:23:11 > 0:23:13so if you do buy this place,
0:23:13 > 0:23:16you're either going to have to live in it or sell it.
0:23:17 > 0:23:19This restriction didn't put
0:23:19 > 0:23:22first-time property developer Mark off.
0:23:22 > 0:23:25He played 94 grand for this.
0:23:25 > 0:23:27He had experience helping his parents
0:23:27 > 0:23:29renovate their rental properties
0:23:29 > 0:23:31and had worked in property management for two years
0:23:31 > 0:23:35whilst living on the other side of the world in New Zealand.
0:23:35 > 0:23:37He'd only been back two months
0:23:37 > 0:23:41and his plans for this flat might've been turned upside down.
0:23:41 > 0:23:44It was bought as a renovation project to sell,
0:23:44 > 0:23:46but, obviously, after looking around
0:23:46 > 0:23:47and, you know, doing work on it myself,
0:23:47 > 0:23:50it might end up being my place to stay and live,
0:23:50 > 0:23:53so we'll just see how it goes.
0:23:53 > 0:23:54Would you change the way you're doing it
0:23:54 > 0:23:55if it was for yourself?
0:23:55 > 0:23:58I think it's best to do it the way you want it anyway,
0:23:58 > 0:24:00and that's part of the fun of doing it,
0:24:00 > 0:24:02that you do it how you like it.
0:24:02 > 0:24:05Mark wanted to do a lot of the work himself
0:24:05 > 0:24:07and significantly change the layout
0:24:07 > 0:24:11in three to four months, which was a big ask,
0:24:11 > 0:24:14so I'm not surprised we are heading back three months later than planned
0:24:14 > 0:24:15to see how he got on.
0:24:18 > 0:24:22The small bedroom is now a very sleek bathroom,
0:24:22 > 0:24:23so what happened to the old one?
0:24:26 > 0:24:28Now this is better.
0:24:28 > 0:24:31The small bathroom and kitchen have been knocked into one
0:24:31 > 0:24:34so there's a good-sized bedroom here.
0:24:34 > 0:24:38The other bedroom is where it was at the back.
0:24:38 > 0:24:41Of course, now we seem to be missing a kitchen.
0:24:47 > 0:24:50As planned, Mark has turned the large bedroom
0:24:50 > 0:24:53into a proper kitchen that this flat deserves.
0:24:53 > 0:24:56As with the rest of the flat, he's gone for a modern look,
0:24:56 > 0:25:00as new plumbing and electrics were required here.
0:25:01 > 0:25:05It's a shame he had to lose a lot of the period features
0:25:05 > 0:25:06but sometimes, it can't be helped.
0:25:08 > 0:25:11Mark has also lost a bedroom,
0:25:11 > 0:25:13but with the increased living space on offer,
0:25:13 > 0:25:15I think it was a wise choice.
0:25:17 > 0:25:18For his first solo project,
0:25:18 > 0:25:23Mark has done a great job and can be proud of the graft he's put in.
0:25:23 > 0:25:25Most of the work I've done myself.
0:25:25 > 0:25:29Obviously, certain things like the electrics and the plumbing,
0:25:29 > 0:25:30I've had to get experts in.
0:25:30 > 0:25:34I've learnt a lot, and having tradesmen in to do jobs with me,
0:25:34 > 0:25:36I've shadowed them and seen what they do
0:25:36 > 0:25:39and obviously learnt a lot from that as well.
0:25:39 > 0:25:41I'm most pleased with the kitchen, I think -
0:25:41 > 0:25:44just for the time and effort that's gone into, you know,
0:25:44 > 0:25:47from the initial planning stages to getting the layout right.
0:25:47 > 0:25:49There was times, you know, in the middle of it,
0:25:49 > 0:25:51where I just thought it was a million miles away,
0:25:51 > 0:25:54but it's great now just to see it nearly finished.
0:25:55 > 0:25:59He may have added some new skills whilst renovating this flat,
0:25:59 > 0:26:02but do the figures for the work still add up?
0:26:02 > 0:26:07Mark hoped all the work would cost between 15 and 20 grand.
0:26:07 > 0:26:09I think the initial budget was just a basic refit,
0:26:09 > 0:26:12but, obviously, the spec's gone a lot higher now.
0:26:12 > 0:26:15So, in the end, I've spent about 24,000.
0:26:15 > 0:26:19Well, by upping the spec and getting things just the way he likes it,
0:26:19 > 0:26:22I take it Mark is ready to move in.
0:26:22 > 0:26:24Um, I was. It's just...
0:26:24 > 0:26:26It's nice round here, but it's so quiet,
0:26:26 > 0:26:28so I think now I'm just going to be selling the property
0:26:28 > 0:26:29and moving on to the next one.
0:26:29 > 0:26:32# Shh
0:26:32 > 0:26:36# It's oh so quiet
0:26:36 > 0:26:37# Shh
0:26:37 > 0:26:39# Shh... #
0:26:39 > 0:26:40Oh, well, then.
0:26:40 > 0:26:44Mark is still in his 20s, so I can understand why a vibrant city
0:26:44 > 0:26:47like Manchester might be more his style.
0:26:47 > 0:26:50Someone else can enjoy living in this lovely flat
0:26:50 > 0:26:52in Lytham St Annes, which is...
0:26:52 > 0:26:55# So peaceful until... #
0:26:58 > 0:27:00Time to shatter the peace and quiet
0:27:00 > 0:27:02by asking two local estate agents along
0:27:02 > 0:27:05to hear their thoughts on the changes Mark has made
0:27:05 > 0:27:06on this flat.
0:27:07 > 0:27:11First, let's hear from the agent who saw it last time.
0:27:11 > 0:27:13The main selling points to the property
0:27:13 > 0:27:15are its proximity to St Annes,
0:27:15 > 0:27:17the park, and the excellent finish of the kitchen.
0:27:17 > 0:27:19It really is phenomenal.
0:27:19 > 0:27:22There's no real negatives to the property.
0:27:22 > 0:27:23Obviously, it was a three-bedroom before.
0:27:23 > 0:27:25That would've suited some people,
0:27:25 > 0:27:27but the excellent finish throughout will make a difference.
0:27:27 > 0:27:29I think the layout works really well.
0:27:29 > 0:27:32The getting rid of the three bedrooms and having two
0:27:32 > 0:27:34and a lovely big dining kitchen
0:27:34 > 0:27:36is really what the buyers will be looking for
0:27:36 > 0:27:37for this type of property.
0:27:37 > 0:27:40As we know, Mark isn't planning on living here,
0:27:40 > 0:27:42but because the management company of the building
0:27:42 > 0:27:46have put a restriction on the flat, he can't rent it out.
0:27:46 > 0:27:51Bearing in mind Mark has spent a total of 118 grand on this,
0:27:51 > 0:27:53what kind of figure could it be worth?
0:27:53 > 0:27:54In the sales market,
0:27:54 > 0:27:56this property will fetch somewhere in the region
0:27:56 > 0:27:59of £140,000 to £145,000.
0:27:59 > 0:28:00In the sales market,
0:28:00 > 0:28:02I would feel the property should be able to achieve
0:28:02 > 0:28:05in the region of £145,000.
0:28:05 > 0:28:08The sale valuation is around what I was expecting.
0:28:08 > 0:28:12I was working towards about £145,000 at the start of the project.
0:28:12 > 0:28:14Obviously, with going over on the budget,
0:28:14 > 0:28:17it's pleasing to know that it's at the higher end
0:28:17 > 0:28:19of what I was expecting.
0:28:19 > 0:28:23Even though Mark went with high-spec and over budget,
0:28:23 > 0:28:28he could still come away with a pre-tax profit of £27,000
0:28:28 > 0:28:30if he gets that top valuation.
0:28:30 > 0:28:32Well, Mark won't be staying here,
0:28:32 > 0:28:36but will he be staying with property development as a career?
0:28:36 > 0:28:39Overall, the experience has been very good.
0:28:39 > 0:28:40I've learnt lots and obviously,
0:28:40 > 0:28:43I can take that forward into the next project.
0:28:46 > 0:28:48I'm in New Southgate,
0:28:48 > 0:28:51a residential suburb of North London.
0:28:51 > 0:28:53It has both a railway and tube station,
0:28:53 > 0:28:56from where it takes 25 minutes to reach the city,
0:28:56 > 0:28:59so it's well located and you can certainly get more property
0:28:59 > 0:29:03for your money than in certain Central London spots.
0:29:03 > 0:29:05This is especially the case
0:29:05 > 0:29:07with ex-local authority properties,
0:29:07 > 0:29:10and that's what I'm here to see.
0:29:10 > 0:29:13In this case, the guide price is 210,000 quid.
0:29:13 > 0:29:14Let's have a look.
0:29:18 > 0:29:22I like the fact these blocks are only three storeys high,
0:29:22 > 0:29:24although the one I'm here to see is on the ground level,
0:29:24 > 0:29:28which isn't usually as popular as the favoured middle floor.
0:29:28 > 0:29:31The communal areas are functional and clean,
0:29:31 > 0:29:34so nothing major to worry about so far.
0:29:37 > 0:29:40Oh! What a lovely front door.
0:29:40 > 0:29:42Well, you know, first impressions really matter.
0:29:42 > 0:29:44I know it's silly - it's just a door -
0:29:44 > 0:29:46but, actually, it really sets the scene.
0:29:46 > 0:29:49I don't know if the rest of the flat's going to match up to that
0:29:49 > 0:29:52but we always talk about first impressions when you see a property,
0:29:52 > 0:29:55and a prospective purchaser would see that and go,
0:29:55 > 0:29:57"Ooh! Nice door." Well, maybe.
0:29:57 > 0:30:00Anyway, a bathroom there. Looks like it needs refurbishing.
0:30:00 > 0:30:02It needs the door treatment, actually.
0:30:02 > 0:30:04A living room there.
0:30:04 > 0:30:08That's a bit weird. It's got some kitchen units in it.
0:30:08 > 0:30:11So, OK, we've got a kitchen-living area there.
0:30:11 > 0:30:12And then, a bedroom.
0:30:13 > 0:30:15That's also a bit weird.
0:30:15 > 0:30:17It's got sort of bits of kitchen unit in it.
0:30:17 > 0:30:21My guess is that was originally the kitchen
0:30:21 > 0:30:25and it's been basically taken to bits...
0:30:25 > 0:30:27Boiler's still there, but the rest of it taken out.
0:30:27 > 0:30:28..to create a third bedroom.
0:30:28 > 0:30:31Now, in London, that probably makes sense,
0:30:31 > 0:30:34cos a three-bedroom flat's obviously going to be worth more
0:30:34 > 0:30:35than a two-bed.
0:30:35 > 0:30:40On the other hand, is that good for that living area?
0:30:40 > 0:30:42I'm not so sure.
0:30:42 > 0:30:47You'd need to seek some professional advice on that one for sure.
0:30:47 > 0:30:48Hmm.
0:30:48 > 0:30:54# There's no use in trying when the pieces don't fit any more
0:30:55 > 0:30:58# The pieces don't fit here any more... #
0:30:58 > 0:31:01You can't just go bunging kitchens into any old place.
0:31:01 > 0:31:04First, you'd probably need the freeholder's permission.
0:31:04 > 0:31:08Then building regulations approval is needed to cover drainage,
0:31:08 > 0:31:12ventilation and escape in case of fire, amongst other things.
0:31:12 > 0:31:15The real conundrum here is that by adding a third bedroom
0:31:15 > 0:31:17you would lose the good proportion
0:31:17 > 0:31:19and practical layout which are normally associated
0:31:19 > 0:31:21with ex-council properties.
0:31:21 > 0:31:25That being said, I can see the attraction financially.
0:31:25 > 0:31:28I'm definitely in two minds on this one.
0:31:28 > 0:31:29So, down the end of the corridor here,
0:31:29 > 0:31:33you've got bedrooms one or two, or potentially three.
0:31:33 > 0:31:34They're not a bad size.
0:31:34 > 0:31:38They've got these fairly old-fashioned built-in units
0:31:38 > 0:31:40which you'd probably want to take out cos they definitely
0:31:40 > 0:31:43shrink the size of the room.
0:31:43 > 0:31:48It looks like you've got relatively new sockets and light switches,
0:31:48 > 0:31:49but don't be fooled.
0:31:49 > 0:31:51This is a really important point.
0:31:51 > 0:31:54It's very easy just to stick a new switch on like that
0:31:54 > 0:31:55and you think, "Oh, new electrics,"
0:31:55 > 0:31:58but, of course, what's behind there is what's important -
0:31:58 > 0:32:01the wires that run up and down and, of course, the consumer unit.
0:32:01 > 0:32:03So don't assume just cos it looks new
0:32:03 > 0:32:05that in fact the wiring is new as well.
0:32:05 > 0:32:07But one other thing to point out while we're in here,
0:32:07 > 0:32:12down here looks to be a bit of damp of some sort.
0:32:12 > 0:32:16That could be just condensation, it could be a bit of rising damp.
0:32:16 > 0:32:17You just want to check that out.
0:32:17 > 0:32:19It could be just the house - flat, rather -
0:32:19 > 0:32:21has been left unoccupied for a while.
0:32:21 > 0:32:23It doesn't look too serious,
0:32:23 > 0:32:25but it needs to be investigated before it gets any worse.
0:32:25 > 0:32:28All in all, yeah, it's all right.
0:32:28 > 0:32:31That wasn't really praising, was it?
0:32:31 > 0:32:32It's fine.
0:32:32 > 0:32:33# Ain't that fine
0:32:35 > 0:32:37# Ain't that fine... #
0:32:37 > 0:32:41OK, I'm not exactly bursting at the seams with adulation here,
0:32:41 > 0:32:44but aside from the rather suspicious looking kitchen units
0:32:44 > 0:32:47in the living room, this flat is pretty much as you would expect.
0:32:47 > 0:32:49Can we say the same for the outside?
0:32:53 > 0:32:55Well, as with any flat,
0:32:55 > 0:32:57outside space is an absolute premium,
0:32:57 > 0:32:59and in this case you do have
0:32:59 > 0:33:02- what's described as a shared garden. - HE CHUCKLES
0:33:02 > 0:33:05There's somewhere where you can hang your washing, which is good,
0:33:05 > 0:33:09and then to cap it all you have your very own little storage shed.
0:33:10 > 0:33:13Extra storage in a London flat is a definite bonus.
0:33:13 > 0:33:16You could certainly fit a bike or two in here no problem.
0:33:19 > 0:33:22Time now to get the thoughts of a local estate agent
0:33:22 > 0:33:25on this flat, guided at £210,000.
0:33:29 > 0:33:31First impressions of the flat are good.
0:33:31 > 0:33:33The decor is good.
0:33:33 > 0:33:36It seems all structurally fine,
0:33:36 > 0:33:38but obviously somebody would have a survey, I suspect.
0:33:38 > 0:33:42But generally speaking, it's quite a clean, bright,
0:33:42 > 0:33:43pleasant flat.
0:33:43 > 0:33:45Well, we're in agreement on that,
0:33:45 > 0:33:47but let's get the professional's opinion
0:33:47 > 0:33:50on that two- or three-bedroom conundrum.
0:33:50 > 0:33:51Conversion-wise,
0:33:51 > 0:33:54I think it would be better to leave it as a three-bed.
0:33:54 > 0:33:56You might be able to sell it for a little bit more money,
0:33:56 > 0:33:59and it may be a better situation
0:33:59 > 0:34:02for an investor to purchase something that's a three-bed flat.
0:34:03 > 0:34:05So what difference would the numbers make,
0:34:05 > 0:34:09bearing in mind that guide price of 210,000?
0:34:11 > 0:34:13As a three-bed,
0:34:13 > 0:34:19I would say it could sell for in the region of £365,000,
0:34:19 > 0:34:22and as a two-bed, I would say that this would sell
0:34:22 > 0:34:25For somewhere in the region of £350,000.
0:34:26 > 0:34:28Well, it's a nice enough flat in a good location.
0:34:28 > 0:34:31Clearly the biggest question on this one
0:34:31 > 0:34:34is whether or not you leave it as a three-bed, sort of,
0:34:34 > 0:34:37or you reinstate the kitchen where it originally was.
0:34:37 > 0:34:39I guess that will be down to the buyer.
0:34:39 > 0:34:42Let's find out who that was when it went under the hammer.
0:34:42 > 0:34:45Ground-floor flat in need of modernisation.
0:34:45 > 0:34:47Who'd like to get me started on this?
0:34:47 > 0:34:49You're bidding? How much? 240, OK.
0:34:49 > 0:34:51We'll go upwards from there. 242, thank you.
0:34:51 > 0:34:54244. 246.
0:34:54 > 0:34:57248. 250.
0:34:57 > 0:35:00After a hesitant start, the lot gained interest,
0:35:00 > 0:35:03and we return to bidding at £270,000.
0:35:03 > 0:35:06270. 272.
0:35:06 > 0:35:09274. 276.
0:35:09 > 0:35:12No? It's with the lady and gentleman here in the middle on my right.
0:35:12 > 0:35:14Anybody else for lot 132?
0:35:14 > 0:35:16Bids... 276, yeah?
0:35:16 > 0:35:20276. 278. 280.
0:35:20 > 0:35:22282. 284.
0:35:22 > 0:35:26Back to you in the middle here on my right.
0:35:26 > 0:35:30282 for the first, 282 for the second,
0:35:30 > 0:35:32282 for the third and final time.
0:35:32 > 0:35:34All done?
0:35:34 > 0:35:36Sold, 282. Well bought.
0:35:38 > 0:35:43The successful bid of 282,000 for this ex-local authority flat
0:35:43 > 0:35:45was made by property developer Tina.
0:35:45 > 0:35:47On this occasion, Tina had bought this property
0:35:47 > 0:35:49with her business partners,
0:35:49 > 0:35:52so I'm keen to hear what they have planned for it.
0:35:54 > 0:35:56- Tina, lovely to meet you. - Lovely to meet you, Martin.
0:35:56 > 0:35:57Congratulations.
0:35:57 > 0:36:00- Thank you very much.- Tell me why you wanted to buy this flat.
0:36:00 > 0:36:03Basically, this flat actually fits our budget,
0:36:03 > 0:36:06and I saw the location is up-and-coming.
0:36:06 > 0:36:10It is close to another project I'm working on,
0:36:10 > 0:36:14and in terms of timescales, fitting into our time as well,
0:36:14 > 0:36:17there's only three to four, maybe four to five weeks' work here.
0:36:17 > 0:36:20- So is this something you do? - Yes, yes.
0:36:20 > 0:36:22I trained as a medic.
0:36:22 > 0:36:26- A medic?- Yeah, about 15 years ago,
0:36:26 > 0:36:29and then I moved onto doing neuroscience research.
0:36:29 > 0:36:32- Neuroscience research?- Yes, yes.
0:36:32 > 0:36:35I was a scientist for ten years,
0:36:35 > 0:36:37but I always wanted to be an architect,
0:36:37 > 0:36:39even when I was a little girl.
0:36:39 > 0:36:42So it's kind of just a career change,
0:36:42 > 0:36:47that I want to do something I really want to explore, a new area.
0:36:47 > 0:36:49Wow. I don't know how many neuroscientists
0:36:49 > 0:36:51turn into property developers.
0:36:51 > 0:36:54I've never spoken to one on the show before, so that's a first.
0:36:54 > 0:36:56- OK.- It just goes to show. Wow.
0:36:56 > 0:36:58What was it about this flat you liked?
0:36:58 > 0:37:01There's not too much work involved.
0:37:01 > 0:37:03It's actually in quite good condition
0:37:03 > 0:37:07apart from moving the kitchen back to where the kitchen is,
0:37:07 > 0:37:10so it's quite straightforward.
0:37:10 > 0:37:12With a view to what? Renting it out or selling it on?
0:37:12 > 0:37:15So we want to turn this one over quickly,
0:37:15 > 0:37:18put it on the market and sell it on,
0:37:18 > 0:37:21and then we will start looking for the next project.
0:37:21 > 0:37:25You mentioned there moving the kitchen back to where it was.
0:37:25 > 0:37:28Obviously, at some stage, somebody has moved the kitchen into here,
0:37:28 > 0:37:30- presumably to create a third bedroom.- Yeah.
0:37:30 > 0:37:34- And you're taking away that third bedroom.- Yeah.
0:37:34 > 0:37:36In the world of moving it on quickly to maximise profit,
0:37:36 > 0:37:38is that the right thing to do or not?
0:37:38 > 0:37:42Well, I think personally that will be the right thing to do
0:37:42 > 0:37:45because you can see this living area is not that big
0:37:45 > 0:37:48and the kitchen is not connected even.
0:37:48 > 0:37:50- Oh, wow.- They've just literally dumped it here,
0:37:50 > 0:37:53created a third bedroom.
0:37:53 > 0:37:57- Ah.- And within the area, I don't think this works,
0:37:57 > 0:38:01so there's two nice-sized bedrooms down the corridor there,
0:38:01 > 0:38:05and whoever buys this can do with a nice kitchen,
0:38:05 > 0:38:08a proper kitchen/diner, use the other bedroom.
0:38:08 > 0:38:10Right, OK.
0:38:10 > 0:38:12And have you checked what difference that will make
0:38:12 > 0:38:14to the price at the end of the day?
0:38:14 > 0:38:18I went to two agents.
0:38:18 > 0:38:22Estate agents came through and straight away they said
0:38:22 > 0:38:23this one has to be moved back.
0:38:23 > 0:38:27- Oh, did they?- Yes, they did, so this is not big enough.
0:38:27 > 0:38:31It just goes to show that, when it comes to property developing,
0:38:31 > 0:38:32professional opinions can differ.
0:38:32 > 0:38:34Tina's research has led her to conclude
0:38:34 > 0:38:37that it's better to put the kitchen back.
0:38:37 > 0:38:41Given there are not going to be any major refitting costs,
0:38:41 > 0:38:44she's certainly giving that opinion serious consideration,
0:38:44 > 0:38:47but I'm wondering if it's the right decision.
0:38:47 > 0:38:50So you paid £282,000 for this at auction.
0:38:50 > 0:38:53How much are you hoping to spend on the refurbishment?
0:38:53 > 0:38:56We have a budget of around 12,000...
0:38:56 > 0:39:00- Right. OK. - ..with a 3,000 contingency.
0:39:00 > 0:39:04We're kind of thinking about four to five weeks.
0:39:04 > 0:39:07- And who's going to do the work? - My builders.
0:39:07 > 0:39:11- OK.- Yes.- Are you going to get your hands dirty?
0:39:11 > 0:39:16Not very much, apart from choosing the colours,
0:39:16 > 0:39:20maybe doing a bit of cleaning before professional photo shooting.
0:39:20 > 0:39:23- Ah, well done. - And that's pretty much...
0:39:23 > 0:39:27And is this something you see being your career from now on?
0:39:27 > 0:39:30I think so. I really enjoy the progress,
0:39:30 > 0:39:33and you can see how you turn a property
0:39:33 > 0:39:37from not being loved for a long time
0:39:37 > 0:39:41into somebody's lovely home, so I enjoy the progress.
0:39:41 > 0:39:43Listen, congratulations. Good luck with it.
0:39:43 > 0:39:45I look forward to seeing how you get on.
0:39:45 > 0:39:46Thank you very much.
0:39:47 > 0:39:49In London, in this property market,
0:39:49 > 0:39:53I'm so nervous about losing a bedroom in this flat.
0:39:53 > 0:39:57I'd really want to canvass even more opinion than Tina has
0:39:57 > 0:40:00to find out exactly how much difference it made
0:40:00 > 0:40:05before I actually move that kitchen back into the bedroom.
0:40:05 > 0:40:07It really is an interesting one.
0:40:07 > 0:40:11What will she decide? You can find out later in the show?
0:40:15 > 0:40:18Well, earlier, we saw how one of our properties had turned out,
0:40:18 > 0:40:20but what about the other two?
0:40:20 > 0:40:22Yes, all sorts of problems can crop up.
0:40:22 > 0:40:24What have our buyers on today's show had to deal with?
0:40:24 > 0:40:26Why don't we find out?
0:40:26 > 0:40:28We now return to Faversham,
0:40:28 > 0:40:33and that fantastic Grade II listed Georgian property Lucy saw earlier.
0:40:33 > 0:40:36Despite some beautiful original features,
0:40:36 > 0:40:39it would be fair to RECORD that the building
0:40:39 > 0:40:41has had a utilitarian feel,
0:40:41 > 0:40:44because it was used as a youth centre previously,
0:40:44 > 0:40:47and the biggest clue for this was at the back.
0:40:47 > 0:40:51Ta-da! A sports hall, of course! It's massive!
0:40:53 > 0:40:55Someone who thought this was a slam dunk
0:40:55 > 0:40:57was artist and film-maker Paul.
0:40:57 > 0:41:00He paid £410,000 for it,
0:41:00 > 0:41:03and certainly had a vision for this amazing lot.
0:41:03 > 0:41:08I thought, "This can be a home. This is a Georgian house."
0:41:08 > 0:41:09Oh, I'm so glad you've said that,
0:41:09 > 0:41:12because straight away, walking around here,
0:41:12 > 0:41:15I would love to see this as a home.
0:41:15 > 0:41:18When we returned four months later to see the progress of the work,
0:41:18 > 0:41:20we saw that Paul had turned the old gym
0:41:20 > 0:41:22into his artist's studio.
0:41:22 > 0:41:25But the work on the main house itself was still taking shape.
0:41:28 > 0:41:31I want to make sure that it's got those touches
0:41:31 > 0:41:35that make it personal to me, so it'll never really be finished.
0:41:35 > 0:41:39One wants to keep the best of the past.
0:41:39 > 0:41:43Although artist Paul had said the house would never be finished,
0:41:43 > 0:41:45we are back a little over two years later
0:41:45 > 0:41:49to see if this masterpiece is ready to be exhibited.
0:42:05 > 0:42:07Wow!
0:42:07 > 0:42:12The area that links the house to the gym is fantastic!
0:42:13 > 0:42:17But what about the Georgian house? Dare we look? Is it finished?
0:42:24 > 0:42:27Yes, it is finished, and it looks fabulous.
0:42:38 > 0:42:40You may have lost a bedroom,
0:42:40 > 0:42:44but you've gained a stunning bathroom.
0:42:51 > 0:42:55There are still three very large and characterful bedrooms up here,
0:42:55 > 0:42:58including one with a master en suite.
0:43:03 > 0:43:07And what is Paul's favourite part of this lovely Georgian house?
0:43:07 > 0:43:10Well, the answer might surprise you.
0:43:11 > 0:43:15My favourite part of the house is the washroom.
0:43:15 > 0:43:17The washroom is wonderful.
0:43:17 > 0:43:19I don't know why, but when I go into it,
0:43:19 > 0:43:21I feel totally at home.
0:43:21 > 0:43:27I go in and prime canvases in there, I hang up my clothes in there.
0:43:27 > 0:43:30It's the size of a small cupboard,
0:43:30 > 0:43:33but I think I'm probably as happy in the washroom
0:43:33 > 0:43:35as I am anywhere in the house.
0:43:35 > 0:43:39Er, it's a perfectly nice room, Paul, but really, the washroom?
0:43:39 > 0:43:41- The WASHROOM?! - HE LAUGHS
0:43:41 > 0:43:45And I suppose ultimately I'd prefer to be out here than in the washroom,
0:43:45 > 0:43:48but you wanted an honest answer, so I gave it to you.
0:43:48 > 0:43:51Well, I'd find it hard to pick a favourite room here.
0:43:51 > 0:43:53They've all been decorated and furnished
0:43:53 > 0:43:57with impeccable taste and a sympathetic eye.
0:43:57 > 0:43:59Paul has been meticulous
0:43:59 > 0:44:01in preserving the integrity of the house.
0:44:05 > 0:44:10Fireplaces have been cleaned up, sash windows restored
0:44:10 > 0:44:14and floors replaced with reclaimed timber.
0:44:14 > 0:44:17There's also a studio flat just at the end of the linking room,
0:44:17 > 0:44:21which means an assistant or intern can stay here
0:44:21 > 0:44:22whilst working with Paul.
0:44:22 > 0:44:25I can see why he would need some help,
0:44:25 > 0:44:27even just to look after all the paintings
0:44:27 > 0:44:29that he's accumulated in the last two years
0:44:29 > 0:44:31since we were here.
0:44:32 > 0:44:35You know, I've got probably 100 paintings,
0:44:35 > 0:44:37you know, dotted around here.
0:44:37 > 0:44:41Well, you need a place this big to actually be able to, you know,
0:44:41 > 0:44:43take some down and put others up.
0:44:43 > 0:44:45I used to keep them in a garage in Dulwich.
0:44:45 > 0:44:47Nobody ever saw them.
0:44:47 > 0:44:48They sort of went mildewed,
0:44:48 > 0:44:51and you'd pull them out and they were all stuck together.
0:44:51 > 0:44:54Well, here, they're looked after.
0:44:54 > 0:44:59So, I think that's how I see this house,
0:44:59 > 0:45:05as a repository of a lifetime of collecting and of making things.
0:45:05 > 0:45:10It sounds to me like, two years and six months later,
0:45:10 > 0:45:12this house is finally complete.
0:45:12 > 0:45:16Well, with a house like this, it's never quite 100%.
0:45:16 > 0:45:19I would say we're 95%, 96% there,
0:45:19 > 0:45:23and probably that 5% will continue to run as long as I'm in the house,
0:45:23 > 0:45:25because it's like the Albert Bridge, you know -
0:45:25 > 0:45:28you paint one end and then you get to the other end
0:45:28 > 0:45:30and you have to go back to the beginning.
0:45:30 > 0:45:33And what is really very, very rewarding,
0:45:33 > 0:45:37because it's on a corner, and a lot of people pass by here,
0:45:37 > 0:45:39I sit with my panama hat,
0:45:39 > 0:45:42the elderly gent with, not a watering can,
0:45:42 > 0:45:46but a rather modern hose, watering everything.
0:45:46 > 0:45:54People do stop and say how much they've enjoyed watching it
0:45:54 > 0:45:58be salvaged, saved, and now be restored
0:45:58 > 0:46:03to something like it might have looked in 1790.
0:46:04 > 0:46:07It's certainly a grand old house
0:46:07 > 0:46:10with a grand price tag for all the work.
0:46:10 > 0:46:14Originally, Paul thought he'd spend no more than £150,000
0:46:14 > 0:46:18doing the work, but he's now spent £230,000.
0:46:18 > 0:46:19Do you know what, though?
0:46:19 > 0:46:23I think you can see every bit of it, and it's been well worth it.
0:46:24 > 0:46:28I could spend another 100,000 on the house easily,
0:46:28 > 0:46:34but it's now highly habitable, and beautiful to be in.
0:46:34 > 0:46:37Part of the problem this afternoon is going to be when
0:46:37 > 0:46:40you get your two agents in, cos one of them, the local one,
0:46:40 > 0:46:43is going to put a low figure on it,
0:46:43 > 0:46:45and the London agent's going to put a high figure on it.
0:46:45 > 0:46:49And if the high figure was actually obtainable,
0:46:49 > 0:46:51there's a temptation to sell,
0:46:51 > 0:46:53because you're sitting on quite a lot of equity,
0:46:53 > 0:46:55and I'm a single person, you know, living alone here.
0:46:55 > 0:46:59So there's going to be a tension within that.
0:47:01 > 0:47:04Well, now seems like a good time to test
0:47:04 > 0:47:06and see if Paul's theory is correct.
0:47:06 > 0:47:08We asked two agents along
0:47:08 > 0:47:10to give us their thoughts on the property.
0:47:10 > 0:47:12First, the locally based agent.
0:47:13 > 0:47:15It's absolutely stunning.
0:47:15 > 0:47:18I mean, the house has transformed dramatically
0:47:18 > 0:47:19since I saw it last time.
0:47:19 > 0:47:22Beautifully presented, period features restored.
0:47:22 > 0:47:24It's absolutely gorgeous.
0:47:24 > 0:47:26My first impressions of the property are wonderful.
0:47:26 > 0:47:29I think the owner's done a really, really good job.
0:47:29 > 0:47:32I particularly like the attention to detail when it comes to the colours.
0:47:32 > 0:47:34It's a Georgian property,
0:47:34 > 0:47:36and I think the owner's made a real effort
0:47:36 > 0:47:41to try to bring the colour scheme of that period into the property.
0:47:41 > 0:47:43The only slight negative I think that we have here
0:47:43 > 0:47:45is the lack of outside space.
0:47:45 > 0:47:46There isn't a garden.
0:47:46 > 0:47:49There is outside space, and there's plenty of private areas you can sit,
0:47:49 > 0:47:52enjoy a glass of wine, sit and chat.
0:47:52 > 0:47:55Unfortunately, in terms of garden for children,
0:47:55 > 0:47:57it's a little bit restricted.
0:47:57 > 0:47:59With only one negative point from the agent,
0:47:59 > 0:48:03will Paul's theory on their valuations prove right?
0:48:03 > 0:48:07And will Paul be tempted to recoup some of his £640,000 investment?
0:48:07 > 0:48:11Let's begin with that locally based agent.
0:48:11 > 0:48:16I would pitch this property between £950,000 and £1 million.
0:48:16 > 0:48:19I would recommend for sales a guide price of in the region
0:48:19 > 0:48:21of £1.25 million.
0:48:21 > 0:48:25Well, it turned out Paul was right, and for good reason.
0:48:25 > 0:48:28He knows the sheer size and grandeur of this house
0:48:28 > 0:48:32could cost three times as much in certain parts of the city.
0:48:32 > 0:48:35So, with the property only an hour's train journey
0:48:35 > 0:48:37to Central London, if marketed there,
0:48:37 > 0:48:40it's sure to have a wider market appeal
0:48:40 > 0:48:43and fetch a higher price than the local market alone.
0:48:43 > 0:48:46But what does Paul think of those valuations?
0:48:46 > 0:48:51I'm pleased that the local agent is valuing up to a million,
0:48:51 > 0:48:54because that's an expensive house here.
0:48:54 > 0:48:58And at 1.25, this would be the most expensive house
0:48:58 > 0:49:01in the immediate town, which is thrilling news.
0:49:02 > 0:49:04That top valuation, if he could get it,
0:49:04 > 0:49:08would mean a potential pre-tax profit of £610,000.
0:49:08 > 0:49:11So quite a lot of tension, then, for Paul.
0:49:11 > 0:49:15However, he's not made up his mind yet, and who can blame him?
0:49:15 > 0:49:19After all the hard work and creating a terrific studio to work in,
0:49:19 > 0:49:21it would be a hard one to give up on.
0:49:23 > 0:49:27What are his feelings about the last two and half years?
0:49:27 > 0:49:31Well, traumatic, of course. You know, don't do it!
0:49:31 > 0:49:34HE LAUGHS Stay away from the auction!
0:49:34 > 0:49:36All those things.
0:49:36 > 0:49:38But then, you know,
0:49:38 > 0:49:42we're attracted to that dangerous edge, aren't we?
0:49:42 > 0:49:45You know, to doing something that's a little bit different,
0:49:45 > 0:49:49just because we're here, most of us believe, only once,
0:49:49 > 0:49:55and so take advantage of it, and have some fun and, you know,
0:49:55 > 0:49:56put the boat out a bit.
0:50:05 > 0:50:08Back now to the London suburb of New Southgate,
0:50:08 > 0:50:11and that ex-local authority ground-floor flat.
0:50:11 > 0:50:14Normally, ex-local authority flats have good layouts.
0:50:14 > 0:50:17This one, not so much.
0:50:17 > 0:50:21A living room there. That's a bit weird.
0:50:21 > 0:50:23It's got some kitchen units in it.
0:50:23 > 0:50:25So, OK, we've got a kitchen-living area there.
0:50:25 > 0:50:27And then a bedroom.
0:50:28 > 0:50:29That's also a bit weird.
0:50:29 > 0:50:32Well, actually, not all that weird.
0:50:32 > 0:50:35Someone had been trying to maximise the number of bedrooms here,
0:50:35 > 0:50:37and it kind of makes sense,
0:50:37 > 0:50:40given that a third bedroom in London gives higher yields.
0:50:40 > 0:50:43But admittedly, it didn't make for a great living space.
0:50:43 > 0:50:48But former neuroscientist and now property developer Tina
0:50:48 > 0:50:51bought it at auction for £282,000,
0:50:51 > 0:50:54and was definitely utilising brainpower.
0:50:54 > 0:50:58You mentioned there moving the kitchen back to where it was.
0:50:58 > 0:50:59Obviously, at some stage,
0:50:59 > 0:51:02somebody's moved the kitchen into here,
0:51:02 > 0:51:04presumably to create a third bedroom.
0:51:04 > 0:51:06- Yeah.- And you're taking away that third bedroom.
0:51:06 > 0:51:08As a living area, it's not that big,
0:51:08 > 0:51:11and the kitchen, this one, is not connected, even.
0:51:11 > 0:51:14- Oh, wow!- So, they've just literally dumped it here,
0:51:14 > 0:51:16created a third bedroom.
0:51:16 > 0:51:20- Ah.- And within the area, I don't think this works.
0:51:20 > 0:51:22Tina had a budget of £15,000
0:51:22 > 0:51:25and a five-week timescale for her builders
0:51:25 > 0:51:27to get the work done and have the flat ready
0:51:27 > 0:51:31for the resale market, so it's time to put the former scientist's work
0:51:31 > 0:51:34under the microscope - nearly four months later.
0:51:34 > 0:51:37The experimental unfitted kitchen is gone,
0:51:37 > 0:51:40so this flat has returned to its two-bedroom beginnings.
0:51:40 > 0:51:44But there is something else here you might find illuminating.
0:51:44 > 0:51:46# Want you to see everything
0:51:46 > 0:51:48# Want you to see all of the lights
0:51:50 > 0:51:52# Fast cars, shooting stars
0:51:52 > 0:51:55# All of the lights, all of the lights... #
0:51:55 > 0:51:59Tina had pushed the boat out with a bespoke lighting scheme.
0:51:59 > 0:52:01Now let's put the spotlight on the new kitchen,
0:52:01 > 0:52:03which does look stunning.
0:52:03 > 0:52:06And lighting wise, it hasn't been left in the dark either.
0:52:06 > 0:52:10It's quite the transformation, and Tina should be very proud.
0:52:15 > 0:52:21We had totally refurbished this flat throughout,
0:52:21 > 0:52:25but we carried out a little bit more work than we originally planned.
0:52:25 > 0:52:28As you can see, the older ceilings are new
0:52:28 > 0:52:31and we created rafter ceilings.
0:52:31 > 0:52:34And we had a new kitchen done to a really good standard
0:52:34 > 0:52:38and as well the bathroom is all brand-new.
0:52:38 > 0:52:43New flooring, new wall, some of the plastering,
0:52:43 > 0:52:46that's pretty much what we have done.
0:52:46 > 0:52:47Inside out, all new.
0:52:50 > 0:52:54And the modernisation continues in the two remaining bedrooms,
0:52:54 > 0:52:57which are much bigger having had the fitted wardrobes removed.
0:53:03 > 0:53:07But did Tina and her team ever consider keeping that third bedroom?
0:53:07 > 0:53:09It's not a massive flat.
0:53:09 > 0:53:11It does need a proper kitchen
0:53:11 > 0:53:14to accommodate the needs of people living here,
0:53:14 > 0:53:19so it's a good move to put it back to where it should be originally.
0:53:19 > 0:53:23We're losing one bedroom, but, in fact,
0:53:23 > 0:53:26we're not because it shouldn't be there in the first place.
0:53:30 > 0:53:32The kitchen is just lovely,
0:53:32 > 0:53:34and I think Tina has made the right call.
0:53:34 > 0:53:37This flat is certainly the cat's whiskers,
0:53:37 > 0:53:40but the rewiring proved a bit of a challenge.
0:53:41 > 0:53:43The ceiling's all concrete,
0:53:43 > 0:53:46so one of the choices is you chisel down the concrete
0:53:46 > 0:53:49to get the new wires extended,
0:53:49 > 0:53:53but that is not the best because we can't afford the ceiling
0:53:53 > 0:53:56to get any damage to the upstairs floor.
0:53:56 > 0:53:59So what we did is we dropped the ceiling slightly,
0:53:59 > 0:54:01but only at the edge.
0:54:01 > 0:54:02It's got rafter ceilings
0:54:02 > 0:54:05and that can accommodate the spotlight as well,
0:54:05 > 0:54:06the LED strip.
0:54:06 > 0:54:09We could have simply just doubled the ceiling up,
0:54:09 > 0:54:13but because we encountered actual work anyway,
0:54:13 > 0:54:16so we thought, me and my company, as a team,
0:54:16 > 0:54:20thought we'd make a good feature out of it.
0:54:20 > 0:54:22It's a credit to Tina and her team
0:54:22 > 0:54:26that they were able to take a problem and solve it creatively,
0:54:26 > 0:54:30but how did these unforeseen issues impact on their budget?
0:54:30 > 0:54:37So the budget has almost doubled from the £12,000
0:54:37 > 0:54:39we originally planned.
0:54:39 > 0:54:42Now it's reaching 24,000,
0:54:42 > 0:54:46and the main reason for that is we had to make a new ceiling
0:54:46 > 0:54:48and make it quite a feature.
0:54:48 > 0:54:53That's increased the labour of my tradesmen and also material-wise.
0:54:53 > 0:54:58The kitchen has replaced original budget free-standing appliances
0:54:58 > 0:55:00to fitted appliances,
0:55:00 > 0:55:05so it is a much higher standard than we originally planned.
0:55:06 > 0:55:08Tina has spent twice her budget,
0:55:08 > 0:55:12but what happened to her five-week timescale?
0:55:12 > 0:55:16It ended up taking us, from originally planned,
0:55:16 > 0:55:19five weeks to ten weeks, because, A,
0:55:19 > 0:55:23we had a bit of delay getting the consent and permission
0:55:23 > 0:55:25from the freeholder.
0:55:25 > 0:55:29B, we had to make a new rafter ceiling.
0:55:29 > 0:55:34And also we have increased our standard, finishing's very high,
0:55:34 > 0:55:37so the details do need extra time
0:55:37 > 0:55:41to get the tradesmen complete to a spotless standard.
0:55:41 > 0:55:44So it seems double has meant trouble here.
0:55:44 > 0:55:48But with a total investment of 306,000,
0:55:48 > 0:55:50is there a profit to be made?
0:55:53 > 0:55:56Time to hear from the professionals.
0:55:56 > 0:55:59We've invited along two local estate agents
0:55:59 > 0:56:01to get their opinion of this property.
0:56:04 > 0:56:07First impressions of the property is it's very spacious, good size.
0:56:07 > 0:56:08Two good-size bedrooms,
0:56:08 > 0:56:11lovely fully refurbished kitchen and bathroom,
0:56:11 > 0:56:12everything throughout.
0:56:12 > 0:56:16The standard of the finish for this property is exceptionally high.
0:56:16 > 0:56:19It's probably one of, or THE best flat I've seen
0:56:19 > 0:56:22in and around this area in terms of finish.
0:56:22 > 0:56:24So the agents are impressed.
0:56:24 > 0:56:26But did Tina make the right call
0:56:26 > 0:56:29about returning this flat to two bedrooms.
0:56:29 > 0:56:31Converting this property back into a two-bedroom
0:56:31 > 0:56:33was definitely the right thing to do.
0:56:33 > 0:56:35It gives you two really good-sized bedrooms,
0:56:35 > 0:56:38which people want in this area, and a lovely fully refurbished kitchen.
0:56:38 > 0:56:40You're going to eat into your yield
0:56:40 > 0:56:42a little bit in terms of the rental value,
0:56:42 > 0:56:45but overall in the long-term and grand scheme of things,
0:56:45 > 0:56:47I think it was the right thing to do.
0:56:47 > 0:56:49So it may affect the rental value
0:56:49 > 0:56:52but, as Tina plans to sell this property on,
0:56:52 > 0:56:53what could it be worth?
0:56:55 > 0:56:58I would recommend an asking price of £375,000,
0:56:58 > 0:57:02and I would expect to achieve offers in excess of £350,000.
0:57:02 > 0:57:05In my opinion, this property on the sales market
0:57:05 > 0:57:08will achieve a price in the region of £350,000.
0:57:09 > 0:57:15Based on that estimate, Tina could achieve a pre-tax profit of £44,000
0:57:15 > 0:57:19and the top rental value of £1,500 per calendar month
0:57:19 > 0:57:21could mean a yield of almost 6%.
0:57:21 > 0:57:24What does Tina think of those valuations?
0:57:25 > 0:57:29We're happy with a 350 mark,
0:57:29 > 0:57:32but we would like to achieve it higher
0:57:32 > 0:57:36because we think the time and the thought put into this flat
0:57:36 > 0:57:40we hope somebody will appreciate to a higher value.
0:57:40 > 0:57:42The flat looks great,
0:57:42 > 0:57:44so has she got any illuminating words
0:57:44 > 0:57:46for aspiring property developers?
0:57:48 > 0:57:51It's going to be a challenge every step,
0:57:51 > 0:57:56but it's great fun and whoever wants to join the crowd
0:57:56 > 0:57:59of buying and investment in the future, please do.
0:58:02 > 0:58:04When it comes to property developing,
0:58:04 > 0:58:05no matter how experienced you are,
0:58:05 > 0:58:08there's always something new you can learn.
0:58:08 > 0:58:10Yes, and we'll have plenty more stories for you next time,
0:58:10 > 0:58:13so make sure you join us here on Homes Under The Hammer.
0:58:13 > 0:58:14- Bye.- Goodbye.