0:00:02 > 0:00:03Hello and welcome and to the show.
0:00:03 > 0:00:06Now, if you've ever tried to buy a property but been stuck in a chain
0:00:06 > 0:00:10then you'll know what a palaver if can turn out to be.
0:00:10 > 0:00:12But one way to cut through that chain
0:00:12 > 0:00:15is to buy your next home at auction.
0:00:15 > 0:00:17If you make that winning bid in the room,
0:00:17 > 0:00:21in essence, the property should be yours within 28 days.
0:00:21 > 0:00:23Then why not buy your next home under the hammer?
0:00:49 > 0:00:52People go to the auction house with different budgets
0:00:52 > 0:00:54in the search of different properties
0:00:54 > 0:00:56because there is so much to choose from.
0:00:56 > 0:00:58Sometimes the choice can be bewildering,
0:00:58 > 0:00:59so it's really important
0:00:59 > 0:01:03to do your research before you settle on a decision.
0:01:03 > 0:01:07So what did the buyers on today's show decide to go for?
0:01:07 > 0:01:12In Cumbria, I see what you may be able to get for £45,000.
0:01:12 > 0:01:15Views across the Lake District.
0:01:15 > 0:01:17But it's a bit of a shame about the road in the way.
0:01:17 > 0:01:20Whereas I count the cost of refurbishing
0:01:20 > 0:01:22this Derbyshire building.
0:01:22 > 0:01:24I'm looking forward to seeing this one.
0:01:24 > 0:01:28It's got two bedrooms and has a guide price of £70,000.
0:01:28 > 0:01:32Well, Lucy, Dion's is 70 grand, how much is your London property?
0:01:32 > 0:01:35£355,000-plus.
0:01:35 > 0:01:38I never said it was going to be cheap, did I?
0:01:39 > 0:01:42All these properties have been sold at auction and we'll find out who
0:01:42 > 0:01:46bought them and what they paid when they went under the hammer.
0:01:46 > 0:01:48Well done, sir.
0:01:52 > 0:01:56This is the small village of Bigrigg in Cumbria,
0:01:56 > 0:01:58located about half a mile from Whitehaven
0:01:58 > 0:02:03and close to the northern lakes of the Lake District.
0:02:03 > 0:02:08From as far back as medieval times, iron ore has been mined near here,
0:02:08 > 0:02:12and indeed, by 1829 there were eight pits in the area.
0:02:12 > 0:02:15Over the next 100 years, they all closed down
0:02:15 > 0:02:19and nowadays the village has a sleepy rural feel to it.
0:02:21 > 0:02:25So here's a classic example of why you always need to visit
0:02:25 > 0:02:29an auction property before you buy it
0:02:29 > 0:02:33because situated at the end of this fairly quiet little country lane
0:02:33 > 0:02:35is the property I'm here to see.
0:02:35 > 0:02:37And that would have been pretty much the picture
0:02:37 > 0:02:39that was in the auction catalogue.
0:02:39 > 0:02:41It's a two-bedroomed detached house.
0:02:41 > 0:02:43Looks pretty good, eh?
0:02:43 > 0:02:48But what the auction catalogue doesn't show you is this.
0:02:48 > 0:02:52It's situated on a busy junction. Oh, dear.
0:02:53 > 0:02:56Although the traffic does slow down at this junction,
0:02:56 > 0:02:58this is the main road to Workington
0:02:58 > 0:03:01all the way down to Barrow-in-Furness.
0:03:01 > 0:03:04So from dawn till dusk, it's busy.
0:03:04 > 0:03:10The guide price at auction for this two-bed cottage was £45,000-plus.
0:03:10 > 0:03:14I hope whoever viewed this remembered their Green Cross Code.
0:03:14 > 0:03:18You really have to take care when viewing this from the outside.
0:03:18 > 0:03:21Time, I think, to find sanctuary inside.
0:03:24 > 0:03:27So what have you got when you step through the front door?
0:03:27 > 0:03:29Well, a tiny little entrance area there
0:03:29 > 0:03:33and then you've got a lounge over to one side. Not a bad size.
0:03:33 > 0:03:35It's a very traditional layout.
0:03:35 > 0:03:39In some ways, though, it feels a little bit smaller on the inside
0:03:39 > 0:03:41than it looks on the outside.
0:03:41 > 0:03:43One bit of good news, you have got central heating.
0:03:43 > 0:03:45Although judging by this radiator,
0:03:45 > 0:03:47I think it might be quite old.
0:03:47 > 0:03:50And then I guess that is where the property originally would have ended
0:03:50 > 0:03:53and at some stage in the recent past, or relatively recent past,
0:03:53 > 0:03:56somebody's actually built on this area here
0:03:56 > 0:03:57which now forms the kitchen,
0:03:57 > 0:04:00which, as you can see, is not particularly brilliant.
0:04:00 > 0:04:03And also not particularly brilliant, the bathroom...
0:04:03 > 0:04:05which is not ideal.
0:04:05 > 0:04:08So it's a house that
0:04:08 > 0:04:11you are going to have to do a bit of reconfiguring.
0:04:11 > 0:04:15Certainly kitchen, certainly bathroom and, you know,
0:04:15 > 0:04:18a bit of updating to be done. But, you know, that's just the start.
0:04:20 > 0:04:24So far, the only attractive thing about this house
0:04:24 > 0:04:27is that £45,000-plus guide price.
0:04:27 > 0:04:30It's more than tired.
0:04:30 > 0:04:31It's exhausted.
0:04:37 > 0:04:41Well, up a slightly dark stairway to two bedrooms.
0:04:41 > 0:04:44Both a similar size and actually both really quite pleasant.
0:04:44 > 0:04:47A cottage like this can often be quite dark and dingy
0:04:47 > 0:04:50but you've got this dual aspect window on both sides
0:04:50 > 0:04:54letting loads of light in here, so we really like that.
0:04:54 > 0:04:58And, of course, there are added advantages of views
0:04:58 > 0:05:01across the Lake District.
0:05:01 > 0:05:03But it's a bit of a shame about the road in the way.
0:05:09 > 0:05:12The house may not be particularly massive
0:05:12 > 0:05:16but the garden, on the other hand, is quite a surprise.
0:05:16 > 0:05:18Rather unusual layout.
0:05:18 > 0:05:22Very high up there, a steep bank and then down to this little area.
0:05:22 > 0:05:25But this could be really, really pleasant.
0:05:25 > 0:05:29And a look at the back of the house indicates just how tricky it would
0:05:29 > 0:05:32be to increase the kitchen area.
0:05:32 > 0:05:35Building out onto the slope would be an expensive proposition,
0:05:35 > 0:05:39although there is space to extend to the side where the garage currently
0:05:39 > 0:05:44sits. But what I have not told you is that there is planning permission
0:05:44 > 0:05:46in place to knock the whole lot down
0:05:46 > 0:05:49and have a new three-bedroomed house.
0:05:49 > 0:05:52But in this location, would that make any sense?
0:05:52 > 0:05:54Time to speak to a local property expert.
0:05:54 > 0:05:58First, can he give us a snapshot of the local area?
0:05:58 > 0:06:01The majority of people that live in this area do work for Sellafield,
0:06:01 > 0:06:04which is the nuclear plant a few miles south.
0:06:04 > 0:06:07But it is very accessible to the A595
0:06:07 > 0:06:10which takes you right up the coast, up to Carlisle.
0:06:12 > 0:06:14And what about the property itself?
0:06:14 > 0:06:17The property in the state that it's in,
0:06:17 > 0:06:19it would make sense to completely redo everything.
0:06:19 > 0:06:22The heating, the electrics, damp-proof course, kitchen,
0:06:22 > 0:06:25bathroom, possibly a small extension onto the back.
0:06:25 > 0:06:29How much are renovated properties in this area worth?
0:06:29 > 0:06:31I feel that the property, once renovated,
0:06:31 > 0:06:33if it's renovated to a high standard,
0:06:33 > 0:06:37could achieve somewhere in the region of 120 to £125,000.
0:06:37 > 0:06:40- And for rental?- 'The rental demand for this property would be strong.
0:06:40 > 0:06:43'We would estimate to get somewhere in the region of'
0:06:43 > 0:06:46£550 per calendar month.
0:06:46 > 0:06:47Well, intrinsically,
0:06:47 > 0:06:50it's a nice little house with a pleasant enough garden.
0:06:50 > 0:06:53Obviously the major downside for this property is its location
0:06:53 > 0:06:55on this busy junction.
0:06:55 > 0:06:58But I guess if you plonked it somewhere else, then you wouldn't be
0:06:58 > 0:07:02looking at a guide price of £45,000-plus.
0:07:02 > 0:07:05So let's see who went for it when it went under the hammer.
0:07:07 > 0:07:10Got a telephone bid on this.
0:07:10 > 0:07:11Detached house.
0:07:11 > 0:07:15Planning consent has also been granted to demolish the property and
0:07:15 > 0:07:16rebuild a new house.
0:07:16 > 0:07:1745 is the guide.
0:07:17 > 0:07:19Start me. Let's not mess about.
0:07:19 > 0:07:2240? Straight in at 40.
0:07:22 > 0:07:23At 40 I'm bid.
0:07:23 > 0:07:26Take it in ones, nice and easy.
0:07:26 > 0:07:3141, 42, 43, 44, 45,
0:07:31 > 0:07:3346, 47, 48.
0:07:33 > 0:07:36Not sure. With you at 7.
0:07:36 > 0:07:39Phone at 48, 49,
0:07:39 > 0:07:4350, 51. 50 here.
0:07:43 > 0:07:4750 on the phone, against you and against you.
0:07:47 > 0:07:51Take a half. Half, 51.
0:07:51 > 0:07:56Phone at 1. £51,500, here to sell, first time, second time.
0:07:56 > 0:07:58Are you done? Are you sure?
0:07:58 > 0:08:01All out, selling then.
0:08:01 > 0:08:02Phone.
0:08:03 > 0:08:05# Mr Telephone Man... #
0:08:05 > 0:08:11And that telephone bid of 51,000 was made on behalf of Sally and Simon.
0:08:11 > 0:08:16Originally from Hertfordshire, they moved to the area in 2003.
0:08:16 > 0:08:18They came for a quiet country life.
0:08:18 > 0:08:23So I need to find out why they've gone for this far from quiet house.
0:08:23 > 0:08:26Sally, Simon, good to meet you both.
0:08:26 > 0:08:27Congratulations.
0:08:27 > 0:08:31- Thank you.- Tell me why you wanted to buy this house.
0:08:31 > 0:08:34Well, it was Simon's idea. I was actually away on holiday
0:08:34 > 0:08:37and he'd passed it and seen it in the paper
0:08:37 > 0:08:39that it was coming up for auction.
0:08:39 > 0:08:42Then we found out that it had been there before for auction and hadn't
0:08:42 > 0:08:45sold so we thought we might be in luck with a bargain.
0:08:45 > 0:08:47Right. So it was your idea?
0:08:47 > 0:08:50- He persuaded me. - Yes, it was my idea.
0:08:50 > 0:08:52We bought it and she hadn't even been in it.
0:08:52 > 0:08:55Oh, really. You knew where it was though, did you?
0:08:55 > 0:08:57Yes. I pass it every day to work.
0:08:57 > 0:08:59Do you? OK, so you've seen it on the side there.
0:08:59 > 0:09:02So what was it that attracted you to it?
0:09:02 > 0:09:05I just like the corner plot, to be honest with you.
0:09:05 > 0:09:08Like Sally said, we passed it day after day
0:09:08 > 0:09:11and thought it was something we couldn't afford.
0:09:11 > 0:09:15But we saw it coming up for auction so we thought, "Let's go and see."
0:09:15 > 0:09:17Obviously the biggest hitch when you get here is the fact that
0:09:17 > 0:09:20it is right by the side of the road and also a junction and blah, blah,
0:09:20 > 0:09:23blah. A concern to you or not?
0:09:23 > 0:09:24No.
0:09:24 > 0:09:25- Quite simply.- End of story.
0:09:25 > 0:09:28Great. Fantastic.
0:09:28 > 0:09:30It's a busy road but this bit is generally
0:09:30 > 0:09:33- fairly slowed down through the village.- OK.
0:09:35 > 0:09:39Sally works as an administrator at a local company
0:09:39 > 0:09:41and Simon delivers antiques across the UK.
0:09:43 > 0:09:47But the couple also run an alpaca farm.
0:09:47 > 0:09:50Sally bought a couple of these South American creatures
0:09:50 > 0:09:53to keep her old horse company. But when it passed away,
0:09:53 > 0:09:57the alpacas did what comes naturally and now there are 15.
0:10:01 > 0:10:03People talk about llamas, which are kind of similar
0:10:03 > 0:10:06but probably different. What's the difference, by the way?
0:10:06 > 0:10:08They're the same family, they are all camelids.
0:10:08 > 0:10:10Llamas tend to have the bigger ears.
0:10:10 > 0:10:12They're taller anyway.
0:10:12 > 0:10:14They are actually pack animals.
0:10:14 > 0:10:15What are the ones that spit?
0:10:15 > 0:10:18- All of them.- Yes, they all can.
0:10:18 > 0:10:21- Really?- But the alpacas seem to be,
0:10:21 > 0:10:24unless you're in the wrong place at the wrong time and they're having a
0:10:24 > 0:10:26bit of an argument between themselves...
0:10:26 > 0:10:28Fantastic. And do you make things out of them?
0:10:28 > 0:10:30That jumper you're wearing, is that knitted from alpaca?
0:10:30 > 0:10:33- Unfortunately not. No, not this one.- But we do.
0:10:33 > 0:10:36- We have lady locally that knits for us.- Brilliant.
0:10:38 > 0:10:41Now if you've just tuned in, this is Homes Under The Hammer.
0:10:41 > 0:10:44Honestly. We've just been talking about alpacas for a bit.
0:10:44 > 0:10:47But now we will get back to talking about property.
0:10:47 > 0:10:50What are Sally and Simon's plans for this place?
0:10:50 > 0:10:54First thing is obviously strip all the walls and make sure everything
0:10:54 > 0:10:58is sound and sort out any floors and ceilings issues.
0:10:58 > 0:11:01The main thing you want to do initially is the stairway behind us.
0:11:01 > 0:11:04That is really dark and dingy. There is no window at the top.
0:11:04 > 0:11:06So we'll put one of those sun tubes in.
0:11:06 > 0:11:10- Yes, OK.- The father-in-law has got one in his bungalow and it's brilliant.
0:11:10 > 0:11:12- Yes, they are very clever. - So we'll put one in.
0:11:12 > 0:11:14Maybe extend out the back because the kitchen is so small.
0:11:14 > 0:11:17You can't actually get a kitchen in the kitchen.
0:11:17 > 0:11:20- Right.- We plan to just decorate throughout.
0:11:20 > 0:11:22We don't think there's any hidden problems.
0:11:22 > 0:11:24And then this is going to be your home?
0:11:24 > 0:11:27- Yes.- So what's the budget for what you're going to do?
0:11:27 > 0:11:29- HE CHUCKLES - Ah.- Well, yes.
0:11:29 > 0:11:32- She's got the purse strings. - I'm holding the purse strings.
0:11:32 > 0:11:35It depends what we sell ours for.
0:11:35 > 0:11:39We hope to get it in less than 20,000.
0:11:39 > 0:11:42Wow, OK. That's a reasonable budget.
0:11:42 > 0:11:45Just sell a few more alpaca jumpers!
0:11:45 > 0:11:47- Get knitting!- Or sell the alpacas,
0:11:47 > 0:11:50- or some of them. Yes? - We could do that.
0:11:50 > 0:11:52It would be great, trade in an alpaca for a house.
0:11:52 > 0:11:54- How much is an alpaca worth? I've got no idea.- All sorts.
0:11:54 > 0:11:58If you just have a pet one, it could be like £350.
0:11:58 > 0:12:02The top studs go for anything. 20,000, 40,000, 60,000.
0:12:02 > 0:12:03We haven't got one of those, though.
0:12:03 > 0:12:07- Unfortunately.- But one alpaca stud and that's your renovation done!
0:12:07 > 0:12:11- Yes. I wish. - OK, so what's the timescale?
0:12:11 > 0:12:13I said four to six months.
0:12:13 > 0:12:15- She says 12.- Right.
0:12:15 > 0:12:18- So somewhere between four to six months and 12.- Yes.
0:12:18 > 0:12:21It depends when you're doing it, how you are doing it.
0:12:21 > 0:12:25We'll strip it ourselves and then it depends if we actually decorate it
0:12:25 > 0:12:27ourselves or get tradesmen in.
0:12:27 > 0:12:30I mean, I think we'll get someone in to do the kitchen and the bathroom
0:12:30 > 0:12:31and it's just a case of time
0:12:31 > 0:12:34- because we both work and we've got the alpacas.- Sure.
0:12:34 > 0:12:36So we'll see how it goes.
0:12:36 > 0:12:40Well, listen, good luck with it. And congratulations.
0:12:40 > 0:12:42And thanks for the alpaca chat. Great to meet you.
0:12:42 > 0:12:44Thank you very much.
0:12:45 > 0:12:52So Sally and Simon didn't find too much a-llama-ing about this place
0:12:52 > 0:12:56and they'll soon be alpaca-ing their bags and moving in.
0:12:56 > 0:12:58Just got to sort it out the bit before then.
0:12:58 > 0:13:00How will they get on?
0:13:01 > 0:13:04You can find out later in the show.
0:13:07 > 0:13:11The town centre of Church Gresley in Derbyshire
0:13:11 > 0:13:14has a fairly traditional feel and with good road links,
0:13:14 > 0:13:17it's an ideal place to enjoy the country vibe
0:13:17 > 0:13:21but still have easy access to larger towns and cities.
0:13:21 > 0:13:25Yes, Church Gresley is a great place to congregate.
0:13:25 > 0:13:29# Meet me in church. #
0:13:29 > 0:13:32Now the house I'm here to see is a bit of an unusual one
0:13:32 > 0:13:34as it was part of this school.
0:13:36 > 0:13:38The school closed down two years ago.
0:13:40 > 0:13:42Originally the caretaker's house,
0:13:42 > 0:13:45this lot has been used as part of the school.
0:13:45 > 0:13:49More recently, however, a change of use to residential has been granted.
0:13:49 > 0:13:52Now I'm looking forward to seeing this one.
0:13:52 > 0:13:56It's got two bedrooms and has a guide price of £70,000.
0:13:56 > 0:13:57I'm intrigued.
0:14:01 > 0:14:06OK, we're in and we have the stairs straight in front of us going up to
0:14:06 > 0:14:10the bedrooms. Two reception rooms.
0:14:10 > 0:14:14One here with a nice sort of old-fashioned sort of tiled fireplace.
0:14:14 > 0:14:16You may want to take that out, depending on your taste.
0:14:16 > 0:14:19But I can see a bit of damp on the back wall.
0:14:19 > 0:14:21In fact, there's a lot of damp on that back wall.
0:14:21 > 0:14:23That would need to be sorted.
0:14:23 > 0:14:25Find the source of that as soon as possible.
0:14:25 > 0:14:27Into the second reception room.
0:14:27 > 0:14:29It's exactly the same size
0:14:29 > 0:14:34and there's signs that this must have been used as a classroom.
0:14:34 > 0:14:37You've got the numbers and letters on the wall,
0:14:37 > 0:14:41the storage heater and radiator as well.
0:14:41 > 0:14:44So through into the kitchen and what have we got?
0:14:44 > 0:14:45Not a bad size.
0:14:45 > 0:14:49More than enough space to start again in here,
0:14:49 > 0:14:51put a brand-new kitchen in,
0:14:51 > 0:14:53maybe even a breakfast bar as well.
0:14:53 > 0:14:55And as I think about it,
0:14:55 > 0:14:59could you knock that wall down to have a kitchen-diner?
0:14:59 > 0:15:01I don't know, but it's worth a thought.
0:15:03 > 0:15:05Right, no talking at the back please
0:15:05 > 0:15:09because Mr Dublin has an important lesson today.
0:15:09 > 0:15:12There are numerous causes of damp.
0:15:12 > 0:15:15The most common of all are roof defects like missing tiles,
0:15:15 > 0:15:18problems with blocked or damaged gutters
0:15:18 > 0:15:22or it can even be the material of the wall.
0:15:22 > 0:15:26Rising damp occurs in porous materials like brick and sandstone
0:15:26 > 0:15:29so get a moisture meter or, better yet,
0:15:29 > 0:15:31a damp expert to have a look at it.
0:15:38 > 0:15:40Right, lesson over.
0:15:40 > 0:15:42You lot, you've got double maths.
0:15:42 > 0:15:45Only kidding. Let's have a look upstairs.
0:15:45 > 0:15:47OK, up the stairs to the bedrooms.
0:15:47 > 0:15:50Unusually wide staircase.
0:15:50 > 0:15:52Let's go in here first.
0:15:52 > 0:15:55See what we've got. A good-sized bedroom.
0:15:55 > 0:15:56Nice high ceiling as well.
0:15:56 > 0:15:59And a beautiful shade of yellow.
0:15:59 > 0:16:02More signs of damp on this back wall.
0:16:04 > 0:16:07Maybe this could be the source of the damp.
0:16:07 > 0:16:10You've got some ivy growing up this back wall.
0:16:10 > 0:16:13It's actually coming in the window so if it's coming in the window,
0:16:13 > 0:16:15it may be coming in through the brickwork as well.
0:16:15 > 0:16:17Let's check that out a little bit later.
0:16:17 > 0:16:18Over the other side of the landing
0:16:18 > 0:16:20you've got another bedroom.
0:16:20 > 0:16:22A good size. Nice high ceiling again.
0:16:22 > 0:16:24In a shade of pink this time.
0:16:24 > 0:16:26Into this really nice big bathroom here.
0:16:26 > 0:16:28Lots of floor space
0:16:28 > 0:16:32and what looks like an old original bath and sink as well.
0:16:32 > 0:16:36I'd look to try and resurrect them and keep them if you could.
0:16:36 > 0:16:40But this is a big house and it only has two bedrooms.
0:16:40 > 0:16:43So would you look to try and squeeze a third in?
0:16:43 > 0:16:46I know I would and I'd put it right here
0:16:46 > 0:16:49and try and configure the bathroom elsewhere.
0:16:49 > 0:16:51I think a house of this size deserves it
0:16:51 > 0:16:53and it's something to think about.
0:16:53 > 0:16:56Now you might think that ivy looked bad from the inside.
0:16:56 > 0:16:58Wait until you go around the back.
0:17:01 > 0:17:04Now all that greenery is the cause of that damp.
0:17:04 > 0:17:07What I would do is, I'd get rid of the lot of that
0:17:07 > 0:17:09because it would have eaten into the brickwork.
0:17:09 > 0:17:12You'll definitely need to get it repointed,
0:17:12 > 0:17:14get this place watertight again.
0:17:14 > 0:17:17Anyway, out here you've got a decent-size back garden.
0:17:17 > 0:17:19You've even got some outbuildings as well
0:17:19 > 0:17:21which you could put to good use.
0:17:21 > 0:17:23It would have been connected to the school.
0:17:23 > 0:17:25The school is now a day-care centre and as you can hear,
0:17:25 > 0:17:28the kids are having a good time on their toys
0:17:28 > 0:17:30and playing a bit of football, hopefully.
0:17:35 > 0:17:40# I never thought I'd cry
0:17:40 > 0:17:43# For the love of Ivy. #
0:17:45 > 0:17:48Common ivy supports itself by rooting into the brick
0:17:48 > 0:17:50and can also cause problems
0:17:50 > 0:17:53with properties which have shallow foundations.
0:17:53 > 0:17:57It's best to cut it back where it looks to be damaging the building.
0:17:57 > 0:18:01Time now to go to an agent from the auction house that sold the property
0:18:01 > 0:18:03guided at 70 grand.
0:18:03 > 0:18:06What's his opinion of it and how much does he think it would cost
0:18:06 > 0:18:07to get it up to standard?
0:18:09 > 0:18:13I think this property is a great, honest, solid property.
0:18:13 > 0:18:15It offers excellent potential for someone to put their own mark on it.
0:18:15 > 0:18:17But it's an excellent property.
0:18:17 > 0:18:21I would say to do the work to a good standard and to turn this around,
0:18:21 > 0:18:26I would have thought a budget of about £20,000 would be appropriate.
0:18:26 > 0:18:27So once you've spent that money,
0:18:27 > 0:18:31what could it sell for as a two- or three-bed?
0:18:31 > 0:18:33I would say that on the current market,
0:18:33 > 0:18:36if this were offered for sale as a two-bedroom property to a good
0:18:36 > 0:18:40standard, it would have a resale value of £160,000.
0:18:40 > 0:18:42Three-bedroom on the sales market,
0:18:42 > 0:18:46I would say that this property would achieve £170,000.
0:18:46 > 0:18:49From the outside, this property is very pretty
0:18:49 > 0:18:53but on the inside it does need a bit of work doing.
0:18:53 > 0:18:57I would look to try and squeeze in a third bedroom upstairs somehow
0:18:57 > 0:18:59if you could rejig those bedrooms.
0:18:59 > 0:19:02But if you got it for anywhere near that guide price in this lovely
0:19:02 > 0:19:04location, I think you'd get yourself a bit of a bargain.
0:19:04 > 0:19:07Let's see who fancied it when it went under the hammer.
0:19:09 > 0:19:10Lot number 50.
0:19:10 > 0:19:13It's a double-fronted semidetached former schoolhouse,
0:19:13 > 0:19:15in fact, to the school next door.
0:19:15 > 0:19:18Proxy bid in on this property, ladies and gentlemen.
0:19:18 > 0:19:23I will start the bidding on the proxy bid at £72,000.
0:19:23 > 0:19:2573 somewhere else?
0:19:25 > 0:19:2673 I've got there.
0:19:26 > 0:19:2874 with me.
0:19:28 > 0:19:32At 74. 75. 76.
0:19:32 > 0:19:35With the proxy bidder dropping out at £80,000,
0:19:35 > 0:19:40we rejoin the bidding in the auction room with the lot now at 87 grand.
0:19:40 > 0:19:4387. And a half, sir?
0:19:43 > 0:19:4587, 5.
0:19:45 > 0:19:4788. And 5.
0:19:47 > 0:19:4889,000.
0:19:48 > 0:19:52And 5. 90,000.
0:19:52 > 0:19:5490 and a half.
0:19:54 > 0:19:5691.
0:19:56 > 0:19:5991,500.
0:19:59 > 0:20:0392. 92, are you sure?
0:20:03 > 0:20:0592,000 for the first time.
0:20:05 > 0:20:08Second time. Third time.
0:20:08 > 0:20:10Sold at 92,000. Thank you.
0:20:11 > 0:20:15So, for 22 grand over the guide price at £92,000,
0:20:15 > 0:20:20the successful bidders are property developers James and Michelle.
0:20:20 > 0:20:23The couple normally buy land and construct new builds.
0:20:23 > 0:20:27Renovating an existing property is something new for them.
0:20:27 > 0:20:29# I gotta go back
0:20:29 > 0:20:34# Back to school again. #
0:20:34 > 0:20:36- James, nice to meet you.- Hiya. - Michelle, nice to meet you too.
0:20:36 > 0:20:38- Congratulations. - Thank you very much.
0:20:38 > 0:20:41Tell us why this house and why this particular house?
0:20:41 > 0:20:47Daughter and son went to the school here until it shut 18 months ago.
0:20:47 > 0:20:49This was, after the caretaker retired,
0:20:49 > 0:20:52it was used as extra sort of classroom space,
0:20:52 > 0:20:54just for small group work, nurturing groups.
0:20:54 > 0:20:57So yes, I'd actually been in here before.
0:20:57 > 0:20:59My daughter had been in here,
0:20:59 > 0:21:00so we did know it well.
0:21:00 > 0:21:03What are your plans for this building?
0:21:03 > 0:21:04We've seen it as potential...
0:21:04 > 0:21:07It's currently a two-bed with a large bathroom upstairs
0:21:07 > 0:21:10so we saw its potential to move the stairs.
0:21:10 > 0:21:12- The stairs are a bit comedy stairs. - Yes.
0:21:12 > 0:21:15The bathroom was originally a bedroom so we want to convert it
0:21:15 > 0:21:18back to a bedroom to make it a three-bed,
0:21:18 > 0:21:20then move the bathroom into the centre where the stairs were.
0:21:20 > 0:21:23So we'll move the stairs into the dining area.
0:21:23 > 0:21:25And then under the stairs, where they are now,
0:21:25 > 0:21:28- there will be a downstairs WC, hopefully.- The damp.
0:21:28 > 0:21:30It does seem quite severe.
0:21:30 > 0:21:33- How are you going to deal with that one?- It's predominantly been caused
0:21:33 > 0:21:36by the plant growth on the outside of the building.
0:21:36 > 0:21:38A lot of ivy that is growing up and out of control.
0:21:38 > 0:21:40It's not been touched for a few years.
0:21:40 > 0:21:43So that's got to be removed to have a look at the brickwork behind.
0:21:43 > 0:21:47That will be repointed up and put back to its original glory.
0:21:48 > 0:21:52The couple have set themselves a three-month timescale for the works
0:21:52 > 0:21:55and they'll be helped by the usual tradespeople that normally
0:21:55 > 0:21:57help them on their new builds.
0:21:57 > 0:21:58But James is a joiner by trade
0:21:58 > 0:22:01and will be doing a lot of the work himself.
0:22:01 > 0:22:05How does this relationship work away from the private relationship?
0:22:05 > 0:22:07How does it work in business?
0:22:07 > 0:22:10Who takes responsibility for what?
0:22:10 > 0:22:12You like to be in charge
0:22:12 > 0:22:15but, obviously, I don't let you be in charge!
0:22:15 > 0:22:17There's nothing new there!
0:22:17 > 0:22:20You're looking at the boss!
0:22:20 > 0:22:23You tend to do more of the actual full-on work,
0:22:23 > 0:22:25dealing with all the trades which come in.
0:22:25 > 0:22:30I tend to do a lot more of the administration side.
0:22:30 > 0:22:33There is a lot of administration, especially in new build,
0:22:33 > 0:22:34let alone obviously this project.
0:22:34 > 0:22:38I certainly do an awful lot of cleaning and tidying up as well.
0:22:38 > 0:22:39I'm a messy builder!
0:22:39 > 0:22:42Purse strings? You've got the purse strings?
0:22:42 > 0:22:44Oh gosh, yes, definitely. I'm always the one who does the finances.
0:22:44 > 0:22:47- I work for my pocket money! - THEY LAUGH
0:22:47 > 0:22:51With regards the purse strings, I'm asking you, Michelle, this question,
0:22:51 > 0:22:52how much is it going to take
0:22:52 > 0:22:56or how much is it going to cost you to turn this round?
0:22:56 > 0:23:00We do hope to get it within a £15,000 budget
0:23:00 > 0:23:01for what we want to do.
0:23:01 > 0:23:05We've obviously had some trades out already just to give us a rough
0:23:05 > 0:23:07indication so we're hoping we will stick to that.
0:23:07 > 0:23:09What are you doing - are you selling, are you renting?
0:23:09 > 0:23:11We'll be selling to move on to the next project.
0:23:11 > 0:23:15So what was it that made you guys think, "We can do this"
0:23:15 > 0:23:17and go into property developing yourselves?
0:23:17 > 0:23:22I think it stems back from when we first met a good 18 years ago.
0:23:22 > 0:23:25We used to just find properties,
0:23:25 > 0:23:28they would be all run down and we would just be really intrigued,
0:23:28 > 0:23:32wouldn't we? We always said one day we'd like to do up properties
0:23:32 > 0:23:33or build our own properties.
0:23:33 > 0:23:36It was very much a shared interest really, wasn't it?
0:23:36 > 0:23:38- Yes.- We know you're a carpenter.
0:23:38 > 0:23:40How long have you been doing that and what was your job beforehand?
0:23:40 > 0:23:42I was a carpenter and a building site manager.
0:23:42 > 0:23:44- That's my background.- OK.
0:23:44 > 0:23:47- And yourself, Michelle? - I was an event coordinator
0:23:47 > 0:23:49and then I was Mum for a number of years.
0:23:49 > 0:23:53Then obviously I've now joined the family business.
0:23:53 > 0:23:56So hopefully the children will obviously be just as much into
0:23:56 > 0:23:57property as they get older.
0:23:57 > 0:24:00And just pass down all the money you've made to the children
0:24:00 > 0:24:01- and they can continue it.- Yes.
0:24:01 > 0:24:03Yes, that would be the plan, wouldn't it?
0:24:03 > 0:24:05Definitely our son is very much going to follow
0:24:05 > 0:24:08in his dad's footsteps. Definitely a watcher at the moment.
0:24:08 > 0:24:11Intrigued by everything he does.
0:24:11 > 0:24:14- Good.- Asking thousands of questions. - Which is good, James, isn't it?
0:24:14 > 0:24:17- Yes.- It's very good.- I dare say both of them will come on site
0:24:17 > 0:24:19- and see what's going on. - Good on you.
0:24:19 > 0:24:21I think you're a good partnership.
0:24:21 > 0:24:23I've got a good feeling about this one.
0:24:23 > 0:24:25Got a good feeling about this one. James, I wish you all the best.
0:24:25 > 0:24:28I hope it works out. Michelle, good luck to you.
0:24:28 > 0:24:30- Thank you.- Keep an eye on the purse strings!- Will do.
0:24:30 > 0:24:32THEY LAUGH
0:24:33 > 0:24:37I'm pretty sure Michelle and James have made a very shrewd purchase
0:24:37 > 0:24:40buying this house. Yes, it is a big job.
0:24:40 > 0:24:42But if your business is building houses
0:24:42 > 0:24:44then this shouldn't be a problem.
0:24:44 > 0:24:46The only question I have is
0:24:46 > 0:24:48how much money they're going to make.
0:24:48 > 0:24:50You can find out later in the programme.
0:24:52 > 0:24:55Coming up, Lucy is trying to find the positives
0:24:55 > 0:24:58in this ground-floor London flat.
0:24:58 > 0:25:01Any outside space is a true bonus in London.
0:25:04 > 0:25:08And we return to Derbyshire to find out what lessons were learned
0:25:08 > 0:25:10with this property renovation.
0:25:17 > 0:25:21But first, we're back in Cumbria and the small village of Bigrigg,
0:25:21 > 0:25:24where earlier, I visited this two-bedroom cottage
0:25:24 > 0:25:27located on the corner of a busy junction.
0:25:28 > 0:25:30In addition to the heavy traffic,
0:25:30 > 0:25:33the building was a bit, well, oppressive.
0:25:33 > 0:25:38It feels a little bit smaller on the inside than it looks on the outside.
0:25:40 > 0:25:44A tiny kitchen and awkwardly placed bathroom didn't help matters.
0:25:44 > 0:25:47But all that didn't deter local couple Sally and Simon
0:25:47 > 0:25:51buying this place at auction for 51,000.
0:25:51 > 0:25:53We passed it day after day
0:25:53 > 0:25:56and thought it was something we couldn't afford.
0:25:56 > 0:26:00But we saw it coming up for auction, so we thought, "Let's go and see."
0:26:00 > 0:26:02Despite having their hands full
0:26:02 > 0:26:06with their jobs and their 15 very cute alpacas,
0:26:06 > 0:26:09they were going to have to take on the vast majority of the
0:26:09 > 0:26:13renovation work themselves to make it their home.
0:26:13 > 0:26:16There wasn't much consensus on how long the project would take.
0:26:16 > 0:26:18Anything from 4 to 12 months.
0:26:18 > 0:26:22But they did hope to keep the spend below £20,000.
0:26:22 > 0:26:2616 months later, we're back and we're eager to see how they got on.
0:26:28 > 0:26:31# You turn a light on
0:26:31 > 0:26:34# Turn a light on
0:26:34 > 0:26:36# You-ou-ou
0:26:36 > 0:26:39# You gave a reason
0:26:39 > 0:26:42# For me to hold on
0:26:45 > 0:26:47# I came alive then
0:26:47 > 0:26:49# And it made me feel
0:26:49 > 0:26:53# Like you-ou-ou
0:26:53 > 0:26:55# You turn a light on
0:26:55 > 0:26:59# Turn a light on. #
0:26:59 > 0:27:02Well, this is an absolute delight.
0:27:02 > 0:27:06Sally and Simon have turned this dark and dingy cottage
0:27:06 > 0:27:09into a wonderfully warm and welcoming home.
0:27:09 > 0:27:11Each room has its own unique style
0:27:11 > 0:27:15reflecting the personality and humour of its owners.
0:27:15 > 0:27:19But the most challenging space they had to deal with was the kitchen.
0:27:19 > 0:27:21The kitchen was so small
0:27:21 > 0:27:24that it wasn't big enough to actually fit a kitchen in.
0:27:24 > 0:27:26There wasn't enough room for your basic fridge-freezer,
0:27:26 > 0:27:28sink unit and washing machine.
0:27:28 > 0:27:31- We knocked that wall out. - There was a pantry section
0:27:31 > 0:27:35so we knocked that wall out as well and put a support in
0:27:35 > 0:27:37to get a full-length kitchen as well.
0:27:38 > 0:27:41They decided against extending the building because the cost didn't
0:27:41 > 0:27:44justify the extra space they would gain.
0:27:44 > 0:27:47But a compact kitchen has its advantages.
0:27:47 > 0:27:51For the two of us, everything is right there where you need it.
0:27:51 > 0:27:54Just turn round and get what you need and you're done.
0:27:54 > 0:27:56Make a sandwich without moving!
0:27:58 > 0:28:01Next door to the kitchen, the bathroom is no bigger than it was
0:28:01 > 0:28:04but it has been completely modernised.
0:28:04 > 0:28:05Stripped out the bathroom.
0:28:05 > 0:28:08- That was...- Horrible.- ..rank.
0:28:08 > 0:28:10THEY LAUGH
0:28:10 > 0:28:11That was really bad, yes.
0:28:11 > 0:28:16Again, stripped that out, took it back to brick and started again.
0:28:16 > 0:28:18I take my hat off to this couple.
0:28:18 > 0:28:21They rolled up their sleeves and ripped everything out themselves.
0:28:21 > 0:28:24They got in a local electrician, plumber and builder to help them
0:28:24 > 0:28:26put it all back together again.
0:28:26 > 0:28:29Oh, and Sally's dad helped by repairing all the floorboards.
0:28:29 > 0:28:34Thanks, Dad! One space they haven't quite finished with is the stairwell
0:28:34 > 0:28:38but the installation of a sun tube has already made a huge difference.
0:28:38 > 0:28:40Like everything else, it's totally transformed the space.
0:28:40 > 0:28:44It's quite dangerous coming down the stairs because the stairs are pretty
0:28:44 > 0:28:46steep so that's done a really good job.
0:28:46 > 0:28:47We even get a glow at night
0:28:47 > 0:28:50because there's a street lamp just across the way!
0:28:50 > 0:28:54Letting in light is a big theme in this house. And in the dining room,
0:28:54 > 0:28:57the couple have installed French doors.
0:28:57 > 0:28:59That was like a room to nowhere.
0:28:59 > 0:29:00You walked in and that was it.
0:29:00 > 0:29:02You didn't like it at all, did you?
0:29:02 > 0:29:06So we put a couple of French doors in that take you out onto a patio
0:29:06 > 0:29:07which will be really nice.
0:29:07 > 0:29:09In an effort to keep costs to a minimum,
0:29:09 > 0:29:12the couple have done as much of the work as possible.
0:29:12 > 0:29:15The kitchen and bathroom are examples of not only
0:29:15 > 0:29:17Simon's impressive handiwork,
0:29:17 > 0:29:21but also of how the couple have made some very savvy Internet deals.
0:29:21 > 0:29:24The kitchen was free, so you can't get much cheaper than that.
0:29:24 > 0:29:27- We got it off of Freecycle. - All the cupboards for free.
0:29:27 > 0:29:30So I think the only thing we bought was the sink and the worktop.
0:29:32 > 0:29:36The timescale has overrun by four months but how close did they manage
0:29:36 > 0:29:38to stick to their 20 grand budget?
0:29:38 > 0:29:41From the 20,000, I would say we've come in under budget.
0:29:41 > 0:29:43I think it's about 17-and-a-half.
0:29:43 > 0:29:48Outside, the house has been painted and the leaks in the roof fixed.
0:29:48 > 0:29:50But the garden is a project in waiting.
0:29:50 > 0:29:55And while Sally and Simon have been juggling property renovation and full-time jobs,
0:29:55 > 0:29:58the alpacas have been busy too.
0:29:58 > 0:30:02There are now a couple of new additions to the herd.
0:30:02 > 0:30:04We've got two young baby girls.
0:30:04 > 0:30:07We've got Demi, who's brown and she's got a white slash.
0:30:07 > 0:30:13And then little Daisy, who is white and very dainty and tiny.
0:30:13 > 0:30:16This house oozes character and country charm
0:30:16 > 0:30:19and is as cosy as an alpaca jumper.
0:30:19 > 0:30:21But will it be able to thaw out
0:30:21 > 0:30:24the cool and calculating property experts
0:30:24 > 0:30:26we've invited to take a look around?
0:30:26 > 0:30:29First, what are the thoughts of the property expert
0:30:29 > 0:30:31who saw it last time?
0:30:31 > 0:30:34The new owners have made good improvements to the property.
0:30:34 > 0:30:37They've improved the kitchen, they've improved the bathroom.
0:30:37 > 0:30:39More importantly, the character has been retained
0:30:39 > 0:30:41when the improvement has been made.
0:30:41 > 0:30:43So I think, yeah, overall I'm quite impressed.
0:30:43 > 0:30:45First impressions of the property, it's a nice,
0:30:45 > 0:30:47lovely cottage-style property.
0:30:47 > 0:30:49It's been done up
0:30:49 > 0:30:50to quite a nice high standard
0:30:50 > 0:30:53whilst keeping a lot of the original features
0:30:53 > 0:30:56in keeping with the age of the property.
0:30:58 > 0:30:59Sally and Simon have spent
0:30:59 > 0:31:02an impressively modest £68,000 on the purchase
0:31:02 > 0:31:05and renovation of this house.
0:31:05 > 0:31:09What do the agents reckon it could be worth on the local resale market?
0:31:09 > 0:31:14If the garden and the outside space is renovated to a similar standard
0:31:14 > 0:31:19to inside, we would realistically expect to achieve around £125,000.
0:31:19 > 0:31:21If it were to go on the market,
0:31:21 > 0:31:25I would expect it to achieve around £125,000 to £135,000.
0:31:25 > 0:31:29If the couple chose to sell their home now
0:31:29 > 0:31:32that could mean a potential profit of £56,500
0:31:32 > 0:31:35before any fees or taxes are taken off.
0:31:35 > 0:31:37Yes. Really good.
0:31:37 > 0:31:41- Really happy with that.- Yes. - We're not selling, though.
0:31:41 > 0:31:43- Nice to know, though.- Yeah.
0:31:43 > 0:31:48And we know you're not renting either but it's also nice to
0:31:48 > 0:31:51know that the agents reckon on a rental figure of
0:31:51 > 0:31:54550 to £600 per calendar month,
0:31:54 > 0:31:56which would mean a yield of over 10%.
0:31:56 > 0:31:58But it's all academic for Sally and Simon
0:31:58 > 0:32:00as this is their home.
0:32:01 > 0:32:03But after taking this house back to brick
0:32:03 > 0:32:05and doing much of the graft themselves,
0:32:05 > 0:32:07what would they say to any other
0:32:07 > 0:32:10would-be first-time property developers?
0:32:10 > 0:32:12If I ever did anything like it again,
0:32:12 > 0:32:15I would give up work somehow and do it en bloc.
0:32:15 > 0:32:17Yes. Yes, do it in one hit and get it finished.
0:32:17 > 0:32:19- That would be my advice. - Get it finished.
0:32:19 > 0:32:23- Get it finished.- You could do it from scratch in the time it took us.
0:32:28 > 0:32:32This is the famous Queen's Club in London's West Kensington.
0:32:32 > 0:32:35Opened in 1886 and the first multipurpose sports club
0:32:35 > 0:32:37to be built anywhere in the world.
0:32:37 > 0:32:40# Do you like tennis?
0:32:40 > 0:32:43# Yes, I do. #
0:32:43 > 0:32:46Anyone who is familiar with the London property market knows that
0:32:46 > 0:32:47Kensington is one of the
0:32:47 > 0:32:50most desirable and expensive locations in the city.
0:32:50 > 0:32:54The property Lucy is here to see is actually in Hammersmith,
0:32:54 > 0:32:57just over the border from Kensington.
0:32:57 > 0:32:59It's still as desirable,
0:32:59 > 0:33:03but perhaps a relatively cheaper place to build your London nest.
0:33:03 > 0:33:08So this is still a desirable area and, yes, this is a lovely street.
0:33:08 > 0:33:13But it doesn't quite have the same price tag as West Kensington.
0:33:13 > 0:33:15That said, what do you think the guide price of a
0:33:15 > 0:33:19two-bedroom ground floor flat in need of modernisation was?
0:33:21 > 0:33:23£355,000-plus!
0:33:23 > 0:33:26Well, I never said it was going to be cheap, did I?
0:33:29 > 0:33:33It's lovely to be in London but space is often at a premium.
0:33:33 > 0:33:37So if you want to go into the lounge in here... Hello!
0:33:37 > 0:33:39..you've got to make sure this door's shut.
0:33:39 > 0:33:41And if you want to go in the bedroom, well,
0:33:41 > 0:33:44you've got to come round here like this.
0:33:44 > 0:33:46So you've got two rather good-sized rooms
0:33:46 > 0:33:49but they're just a bit awkward to get to.
0:33:49 > 0:33:52So you could have that as a lounge or bedroom one, bedroom two,
0:33:52 > 0:33:54however you want to configure the space.
0:33:54 > 0:33:55Rather narrow corridor.
0:33:55 > 0:33:59And right at the back of the property, well, a reception room.
0:33:59 > 0:34:04But when you see how tiny the kitchen is, I mean, it's tiny,
0:34:04 > 0:34:07you might want to actually open this space up
0:34:07 > 0:34:10and incorporate this room as part of the kitchen.
0:34:10 > 0:34:13Something else that bothers me in here, it's really dark.
0:34:13 > 0:34:17There's not that much daylight coming through and that's because
0:34:17 > 0:34:20up there, there's a big old dark wooden fire escape
0:34:20 > 0:34:23really blocking all the nice natural daylight.
0:34:23 > 0:34:27So it needs reconfiguring, it needs opening up,
0:34:27 > 0:34:30it needs the light to come shining through,
0:34:30 > 0:34:32and that's just for starters.
0:34:32 > 0:34:34# Let the sunshine in
0:34:34 > 0:34:37# Come on, right away
0:34:37 > 0:34:39# Let the sunshine in
0:34:39 > 0:34:41# Brighten up my day
0:34:41 > 0:34:43# Send those clouds away
0:34:43 > 0:34:46# Let the sunshine in. #
0:34:47 > 0:34:50Nope, you don't get a lot for your money in this area.
0:34:50 > 0:34:54But you will be pleased to hear that I haven't quite finished yet.
0:34:54 > 0:34:55Because outside...
0:34:55 > 0:34:58Ta-da! ..you get this little garden.
0:34:58 > 0:35:01I've said it once and I will say it again,
0:35:01 > 0:35:06any outside space is a true bonus in London and this is perfect just for
0:35:06 > 0:35:09a little barbecue, your table and chairs over there.
0:35:09 > 0:35:11In the summer months, perfect.
0:35:13 > 0:35:17Deckchairs and a barbecue are one use for this garden.
0:35:17 > 0:35:20But subject to planning permission,
0:35:20 > 0:35:25it looks like there is space out here to extend. Food for thought.
0:35:25 > 0:35:29Some people might be thinking that the guide price of £355,000-plus
0:35:29 > 0:35:32sounds pretty reasonable for this part of London,
0:35:32 > 0:35:35even for a small flat in poor condition.
0:35:35 > 0:35:37Well, there's a reason for that.
0:35:37 > 0:35:40Now, there's something I haven't told you yet.
0:35:40 > 0:35:46This flat, wait for it, has a short lease of less than 63 years.
0:35:46 > 0:35:48Now with anything less than 70 years,
0:35:48 > 0:35:52it affects your ability of getting a mortgage
0:35:52 > 0:35:55and that will reduce the market and limit the end value.
0:35:55 > 0:36:00So not good news and something that needs to be addressed straightaway.
0:36:00 > 0:36:03Just remember, the shorter the lease,
0:36:03 > 0:36:06the more expensive it is to extend.
0:36:06 > 0:36:11So we've got a classic case of good location, not so good property.
0:36:11 > 0:36:14What does a local estate agent think?
0:36:14 > 0:36:18In my opinion, the property would be improved
0:36:18 > 0:36:21by extending the kitchen into the garden.
0:36:21 > 0:36:25You would still have a nice section of garden left.
0:36:25 > 0:36:29I also feel that it would be best to keep it as a two-bedroom flat
0:36:29 > 0:36:33so that you could keep the bathroom where it is or perhaps turn it into
0:36:33 > 0:36:37a large shower room. It has great opportunities.
0:36:37 > 0:36:40Yes, there is a great opportunity here indeed
0:36:40 > 0:36:42but you'll need deep pockets.
0:36:42 > 0:36:46But if you got it for anything like the guide price of £355,000,
0:36:46 > 0:36:50refurbished to a good standard, how much could it resell for?
0:36:50 > 0:36:56Once renovated, you should be able to sell this flat for £525,000.
0:36:56 > 0:37:00If you were to extend the property further to the rear and make the
0:37:00 > 0:37:07kitchen bigger, I would expect a sale price of £535,000.
0:37:07 > 0:37:13I would expect to achieve a rental price of £2,000 per calendar month.
0:37:15 > 0:37:18Well, this flat is not without its issues.
0:37:18 > 0:37:21It has a short lease and you're going to need to start from scratch.
0:37:21 > 0:37:22Everything needs doing -
0:37:22 > 0:37:24from insulation to electrics to plumbing,
0:37:24 > 0:37:26and that's just the beginning.
0:37:26 > 0:37:30Still, if you can afford to buy here, extend the lease
0:37:30 > 0:37:34and do the work, there could be a tidy profit to be made.
0:37:34 > 0:37:37Let's head to auction and find out who agreed.
0:37:38 > 0:37:41Ground floor flat. Interesting lot, good lot.
0:37:41 > 0:37:43Really hot lot, this one.
0:37:43 > 0:37:45I don't know, start at 300.
0:37:45 > 0:37:49At least you can get a bid in. 300? Not going to go below three.
0:37:49 > 0:37:51300?
0:37:51 > 0:37:52300.
0:37:52 > 0:37:55305. 305. 310.
0:37:55 > 0:37:58The auctioneer was right to describe this as a hot lot.
0:37:58 > 0:38:03The bidding was fast and furious and we rejoin when things have settled
0:38:03 > 0:38:07down a bit with the price sitting at £425,000.
0:38:07 > 0:38:09425.
0:38:09 > 0:38:11426.
0:38:11 > 0:38:12427.
0:38:12 > 0:38:14428. 429.
0:38:16 > 0:38:19430.
0:38:19 > 0:38:22Take a choice. 430.
0:38:22 > 0:38:23431.
0:38:23 > 0:38:25432.
0:38:25 > 0:38:27431 in the front.
0:38:27 > 0:38:28432.
0:38:30 > 0:38:34431 for the first time. Second time.
0:38:34 > 0:38:36Third and last time. If you're all done...
0:38:37 > 0:38:39Sold for 431.
0:38:42 > 0:38:45The flat was bought by married couple Sam and Claire.
0:38:45 > 0:38:47# I got my mind set on you
0:38:47 > 0:38:51# I got my mind set on you. #
0:38:51 > 0:38:54And they had their mind set on buying this flat
0:38:54 > 0:38:57for a very special reason.
0:38:57 > 0:38:59Claire and Sam, congratulations.
0:38:59 > 0:39:02You guys really wanted this property, didn't you?
0:39:02 > 0:39:03Yes. The reason being is
0:39:03 > 0:39:08my son lives upstairs and we thought it was a good idea to
0:39:08 > 0:39:12have a downstairs venue for him,
0:39:12 > 0:39:14and for us, and maybe for rental.
0:39:14 > 0:39:19Wow, so this really was worthwhile to you on that day, wasn't it?
0:39:19 > 0:39:22We did want it at a price
0:39:22 > 0:39:26and then the price went past my budget.
0:39:26 > 0:39:28That happens quite often!
0:39:28 > 0:39:33And I heard somebody still bidding on it, which was me.
0:39:33 > 0:39:34And then we won it.
0:39:34 > 0:39:38Now, currently, as it stands, it's a little bit awkward, isn't it?
0:39:38 > 0:39:41What sort of plans have you got for the property?
0:39:41 > 0:39:45My view is that if we did a very nice one-bedroom flat
0:39:45 > 0:39:47fitted out to a high standard,
0:39:47 > 0:39:51I think that's the best opportunity to maximise rental income.
0:39:51 > 0:39:53Would you think about an extension at the back?
0:39:53 > 0:39:56Yes, I definitely think there will be room for extension,
0:39:56 > 0:39:57just a small extension.
0:39:57 > 0:39:59# Small world
0:39:59 > 0:40:03# Small, small world. #
0:40:03 > 0:40:04But even a small extension
0:40:04 > 0:40:07will require some negotiation with upstairs.
0:40:07 > 0:40:10The building's back garden is split up the middle
0:40:10 > 0:40:12so Mum and Dad will have to ask nicely
0:40:12 > 0:40:16to get son David's permission to build on his land.
0:40:16 > 0:40:19My son's an accountant so he's already working out how much
0:40:19 > 0:40:22he can sell that part of his property to us for!
0:40:22 > 0:40:26He's not thinking how he can nab the downstairs flat off Mum and Dad?
0:40:26 > 0:40:29- That's a possibility. - Maybe he's one step ahead.
0:40:29 > 0:40:32So what's your budget for the work here?
0:40:32 > 0:40:35I think we'll spend, by the time we finish,
0:40:35 > 0:40:40I think we could spend up to £75,000.
0:40:40 > 0:40:43OK, so you've got a really healthy budget, which is fantastic.
0:40:43 > 0:40:45That's quite a lot of money to spend here
0:40:45 > 0:40:47but you do need to do everything.
0:40:47 > 0:40:50We need to do everything plus the extension.
0:40:50 > 0:40:52And, of course, let's not forget,
0:40:52 > 0:40:54this property comes with a very short lease.
0:40:54 > 0:40:56What are you going to do about that?
0:40:56 > 0:40:58Are you going to extend it or leave it?
0:40:58 > 0:41:02We need to extend it and part of the purchase consideration
0:41:02 > 0:41:05included the option to extend it.
0:41:05 > 0:41:09So we need to approach the freeholder and have negotiations
0:41:09 > 0:41:12there about how much it will cost to extend it.
0:41:12 > 0:41:14- So have you not had those chats yet?- No.
0:41:14 > 0:41:17Have you made any rough assumptions as to how much it might cost?
0:41:17 > 0:41:19£40,000.
0:41:19 > 0:41:22So you've got to put the £40,000 aside out of the £75,000 budget?
0:41:22 > 0:41:24In addition to the 75.
0:41:24 > 0:41:28In addition? This could turn out to be a very expensive flat, Sam.
0:41:28 > 0:41:31It is an expensive flat, without question.
0:41:31 > 0:41:33The numbers are beginning to stack up.
0:41:33 > 0:41:37Add the purchase price to Sam and Claire's £75,000 budget
0:41:37 > 0:41:40and then factor in another £40,000 to extend the lease
0:41:40 > 0:41:47and they are looking at a possible total of £546,000.
0:41:47 > 0:41:50# But it's gonna take money... #
0:41:50 > 0:41:52Do you think there would still be profit in this flat
0:41:52 > 0:41:56that you're doing up here if you were to then sell on?
0:41:56 > 0:41:58Not in the short term.
0:41:58 > 0:42:00So you think you would have to hold on to this?
0:42:00 > 0:42:02Correct. This is a five-year project.
0:42:02 > 0:42:04I hope I'm here to see it!
0:42:04 > 0:42:05Don't work too hard!
0:42:05 > 0:42:07THEY LAUGH
0:42:07 > 0:42:10How long do you think it's going to take you to do the extension
0:42:10 > 0:42:12and reconfigure the flat?
0:42:12 > 0:42:14I'm actually meeting with the builder on Friday.
0:42:14 > 0:42:18And an architect. So obviously the ball will start rolling
0:42:18 > 0:42:23of what they think we can do and what the architect can put together.
0:42:23 > 0:42:26I would hope a six-month project.
0:42:26 > 0:42:29Good luck. It's been really lovely meeting you both today.
0:42:29 > 0:42:34And I'm really excited to see the outcome and how you all get on.
0:42:34 > 0:42:36It's been lovely meeting you. Claire, well done.
0:42:36 > 0:42:39- Sam, nice to meet you. - Thank you very much.
0:42:39 > 0:42:44So, Sam and Claire paid a lot of money for not a lot of space.
0:42:44 > 0:42:49I think they've got to remember that profit is the name of the game here.
0:42:49 > 0:42:52They need to keep a close eye on that budget so they don't overspend.
0:42:52 > 0:42:54You can join me later on in the programme
0:42:54 > 0:42:56to find out how they get on.
0:42:59 > 0:43:00Well, time has passed
0:43:00 > 0:43:03and we're hoping the money has been well spent.
0:43:03 > 0:43:07Have those fine-sounding plans worked out?
0:43:07 > 0:43:09Time to go back to the final two properties
0:43:09 > 0:43:11and find out what happened.
0:43:13 > 0:43:17It was in the Derbyshire town of Church Gresley
0:43:17 > 0:43:20where I continued my property education.
0:43:20 > 0:43:23Now, the house I'm here to see is a bit of an unusual one
0:43:23 > 0:43:26as it was part of this school.
0:43:27 > 0:43:30The school closed down two years ago.
0:43:30 > 0:43:34# School's out forever
0:43:36 > 0:43:40# No more pencils
0:43:40 > 0:43:44# No more books
0:43:44 > 0:43:47# No more teachers... #
0:43:47 > 0:43:50Built originally as the caretaker's house,
0:43:50 > 0:43:54in recent times this was integrated as part of the school
0:43:54 > 0:43:56and used as additional classroom space.
0:43:56 > 0:44:00But with planning permission already granted to turn this into its former
0:44:00 > 0:44:04residential status, its days as a house of learning were history.
0:44:04 > 0:44:06Its geography was a little weird
0:44:06 > 0:44:10with just two bedrooms and a large bathroom upstairs.
0:44:10 > 0:44:12That didn't really add up.
0:44:12 > 0:44:16The people who had done their sums and all their homework on the property
0:44:16 > 0:44:19were local property developers Michelle and James,
0:44:19 > 0:44:22who bought it for £92,000.
0:44:23 > 0:44:26Daughter and son went to the school here until it shut.
0:44:26 > 0:44:29So, yes, I'd actually been in here before.
0:44:29 > 0:44:32My daughter had been in here, so we did know it well.
0:44:32 > 0:44:35What are your plans for this building?
0:44:35 > 0:44:36We see it as the potential for...
0:44:36 > 0:44:39It's currently a two-bed with a large bathroom upstairs
0:44:39 > 0:44:41so we saw its potential to move the stairs.
0:44:41 > 0:44:44The bathroom was originally a bedroom so we want to convert it
0:44:44 > 0:44:47back to a bedroom to make it the three beds.
0:44:47 > 0:44:50Then move the bathroom to the centre where the stairs were.
0:44:50 > 0:44:53So we'll move the stairs into the dining area.
0:44:53 > 0:44:57Michelle and James had previously specialised in doing new builds
0:44:57 > 0:44:59which they sell on.
0:44:59 > 0:45:03They are hoping to go back to school and learn something new with this
0:45:03 > 0:45:04renovation project.
0:45:04 > 0:45:09And they figured out that a 15 grand budget and working to a timescale of
0:45:09 > 0:45:11three months ought to do the trick.
0:45:12 > 0:45:17Now, 16 months later, which seems like a lot of detention to me,
0:45:17 > 0:45:20have they finally got it right?
0:45:20 > 0:45:23# When will I learn my lesson?
0:45:23 > 0:45:25# When will I learn my lesson? #
0:45:35 > 0:45:38So they certainly have learned their lessons well,
0:45:38 > 0:45:42creating a bright, open hallway.
0:45:42 > 0:45:44There is even a downstairs cloakroom added.
0:45:51 > 0:45:53Top marks for this.
0:45:53 > 0:45:55It's looking great downstairs.
0:45:55 > 0:45:58But what about upstairs?
0:45:58 > 0:46:00We changed the layout completely.
0:46:00 > 0:46:03The stairs were up the middle of the building but were far too steep
0:46:03 > 0:46:07and there was a bathroom at the back of the house which was oversized.
0:46:07 > 0:46:11So we converted the bathroom into a bedroom
0:46:11 > 0:46:15and we moved the stairs from the middle of the house
0:46:15 > 0:46:17to go off the dining room.
0:46:17 > 0:46:20That created extra space for an en suite and a bathroom.
0:46:22 > 0:46:25So they've managed to end up with three bedrooms upstairs,
0:46:25 > 0:46:28one of which has an en suite.
0:46:30 > 0:46:32And a bathroom.
0:46:32 > 0:46:34That's clever stuff.
0:46:34 > 0:46:37BELL RINGS Do I hear the bell?
0:46:37 > 0:46:39Is it time to rush outside and play?
0:46:39 > 0:46:43In the garden, obviously, it was used as a courtyard for the school
0:46:43 > 0:46:47so it was laid to tarmac with side borders and a ramp up the side
0:46:47 > 0:46:50to get into the school access. So we took the ramp out,
0:46:50 > 0:46:52opened the garden back up and put Astroturf down.
0:46:52 > 0:46:55We just wanted to inject some greenery into it
0:46:55 > 0:46:59and make it more like a nice garden you could sit out in.
0:46:59 > 0:47:02# Do you remember the days of the old schoolyard
0:47:02 > 0:47:04# We used to cry a lot
0:47:04 > 0:47:08# Oh, don't you remember the days of the old schoolyard? #
0:47:08 > 0:47:10That's a good practical solution.
0:47:10 > 0:47:15Digging up that courtyard would be a massive exercise in itself.
0:47:15 > 0:47:19You know what they say, keep it simple, stupid.
0:47:19 > 0:47:22But who was the head teacher here?
0:47:22 > 0:47:25I don't know who would really be the boss, to be honest with you.
0:47:25 > 0:47:28We both know our roles and what we're best at doing within the house
0:47:28 > 0:47:31so I think we just keep to what we're best at doing.
0:47:31 > 0:47:33It's not just the house itself because we've got a family,
0:47:33 > 0:47:36so we run a family life as well as the building life.
0:47:36 > 0:47:37I certainly do all the admin
0:47:37 > 0:47:41and then I come and help you as often as time allows.
0:47:41 > 0:47:44You're definitely a dab hand at everything.
0:47:44 > 0:47:49Well, their skills seem to have complemented each other perfectly.
0:47:49 > 0:47:52But previously they had been applying them to new builds.
0:47:52 > 0:47:57Indeed, other projects delayed the start of work by over nine months.
0:47:57 > 0:47:58So what did they learn here?
0:47:58 > 0:48:01The difference between new build and the renovations is
0:48:01 > 0:48:03new builds are all clean material,
0:48:03 > 0:48:05we're starting from afresh on a clean piece of land.
0:48:05 > 0:48:08With renovations, it's not step-by-step.
0:48:08 > 0:48:10Everything you do can change each day.
0:48:10 > 0:48:13If you take a wall down and realise there is something else there,
0:48:13 > 0:48:15you've got to do something to rectify that
0:48:15 > 0:48:18which isn't in the order of works if it was new build.
0:48:18 > 0:48:22And those unknowns can make it harder to stick to the budget.
0:48:22 > 0:48:24Originally, we thought we'd spend about 15,000.
0:48:24 > 0:48:26It's come to about £17,000
0:48:26 > 0:48:31but we're perfectly happy with that to achieve the standard we wanted.
0:48:33 > 0:48:37A 17 grand spend on top of their £92,000 purchase price
0:48:37 > 0:48:42takes Michelle and James' total cost to 109 grand.
0:48:42 > 0:48:45So is this a top-class refurbishment?
0:48:45 > 0:48:48Why don't we ask two local property experts what they think?
0:48:52 > 0:48:54First impressions of the property, it's very good.
0:48:54 > 0:48:58I'm impressed with the fact that it's contemporary
0:48:58 > 0:49:00but also...a few original features.
0:49:00 > 0:49:03I think, overall, the standard is very high.
0:49:03 > 0:49:08I think the overall finish is really beautiful.
0:49:08 > 0:49:09It's light, airy
0:49:09 > 0:49:11but it still has the modern feel
0:49:11 > 0:49:15but with still the wealth of character the property deserves.
0:49:17 > 0:49:19This property is all about resale.
0:49:19 > 0:49:23So what could Michelle and James' 109 grand investment
0:49:23 > 0:49:25currently sell for?
0:49:25 > 0:49:28With regards to selling this property on the open market,
0:49:28 > 0:49:32I see this within the region of 165 to £170,000.
0:49:32 > 0:49:34On the sales market,
0:49:34 > 0:49:38this property could achieve in the region of 190 to £195,000.
0:49:38 > 0:49:42I suppose if you sort of took it in between the two it would probably
0:49:42 > 0:49:46be about where we were thinking it would definitely achieve.
0:49:46 > 0:49:50- What do you think?- We would probably say about 185, 190.- Yes.
0:49:50 > 0:49:54Yes, a bit of a range with a potential pre-tax profit
0:49:54 > 0:49:58of between 56 and £86,000.
0:49:58 > 0:49:59And the agents also thought
0:49:59 > 0:50:02a rental value of around £800 per calendar month
0:50:02 > 0:50:06would be possible, which would generate over an 8% yield.
0:50:08 > 0:50:11So with their schoolwork done and lessons learned,
0:50:11 > 0:50:13it's now home time at last.
0:50:13 > 0:50:17So how do they feel about their first renovation project?
0:50:19 > 0:50:20When we first met,
0:50:20 > 0:50:23which was at the nice young age of 17 and 18 years of age,
0:50:23 > 0:50:26we shared the same passion of just going...
0:50:26 > 0:50:28We'd see an old rundown building,
0:50:28 > 0:50:31it would be up for auction and we'd just go and view it.
0:50:31 > 0:50:33We've always wanted to do a renovation
0:50:33 > 0:50:36so it's nice to actually achieve that,
0:50:36 > 0:50:39see the final look of what a house can actually become
0:50:39 > 0:50:42from such a poor state into such a lovely family home.
0:50:49 > 0:50:53It was in the Hammersmith area of London where Lucy saw a two-bedroom
0:50:53 > 0:50:58ground-floor flat which clearly had a few issues right from the off.
0:50:58 > 0:51:02It's lovely to be in London but space is often at a premium.
0:51:02 > 0:51:06So if you want to go into the lounge in here... Hello!
0:51:06 > 0:51:08..you've got to make sure this door is shut.
0:51:08 > 0:51:11And if you want to go in the bedroom, well,
0:51:11 > 0:51:13you've got to go around here like this.
0:51:19 > 0:51:21No, clearly the layout wasn't working.
0:51:21 > 0:51:25Along with a small kitchen, compact bathroom,
0:51:25 > 0:51:28it was really quite gloomy.
0:51:28 > 0:51:32And if that wasn't enough, the lease was a mere 63 years.
0:51:36 > 0:51:39But the people not put off by the flat's catalogue of woes
0:51:39 > 0:51:45were Claire and Sam, who bought it for £431,000.
0:51:45 > 0:51:48Having taken guidance from above.
0:51:49 > 0:51:54My son lives upstairs and we thought it was a good idea to have a
0:51:54 > 0:51:59downstairs venue for him and for us and maybe for rental.
0:52:00 > 0:52:04And they weren't holding back on the refurbishment work with
0:52:04 > 0:52:09what seemed like a healthy £75,000 budget and a six-month timescale.
0:52:09 > 0:52:11But now, two years on -
0:52:11 > 0:52:14yes, I did say two years -
0:52:14 > 0:52:16they have finally completed it.
0:52:25 > 0:52:26Well, the outside looking great
0:52:26 > 0:52:29but it was the muddled, awkward internal layout
0:52:29 > 0:52:31that was the main issue.
0:52:31 > 0:52:34So have they been able to sort that out?
0:52:43 > 0:52:45They sure have,
0:52:45 > 0:52:49with a beautiful large extension that houses a modern kitchen.
0:52:51 > 0:52:54And the kitchen's complemented by a modern bathroom.
0:52:57 > 0:53:00And then there are still two bedrooms.
0:53:00 > 0:53:03One of which not only has French doors to the rear
0:53:03 > 0:53:05but is also an en-suite.
0:53:07 > 0:53:11And the whole flat seems brighter, lighter, bigger and better.
0:53:11 > 0:53:15But why did it take so long to complete?
0:53:15 > 0:53:19It took us two years to complete from acquisition
0:53:19 > 0:53:22but the building work only to us five months.
0:53:22 > 0:53:28So the remaining 19 months was taken up through acquiring the freehold.
0:53:28 > 0:53:32Then because we had parties on either side,
0:53:32 > 0:53:35we had to agree party wall agreements with them because
0:53:35 > 0:53:38we were restructuring the house. So that took months.
0:53:38 > 0:53:42And then we had the architect and the engineers.
0:53:42 > 0:53:44So it all took a long time.
0:53:44 > 0:53:46# Take some time
0:53:46 > 0:53:49# Just hang around a while... #
0:53:51 > 0:53:53OK, so that does make sense.
0:53:53 > 0:53:54By buying the freehold
0:53:54 > 0:53:57that means between themselves and their son
0:53:57 > 0:54:00they have more flexibility on how to divide up the space
0:54:00 > 0:54:02both inside and out.
0:54:02 > 0:54:06Initially, the garden was split into two
0:54:06 > 0:54:08and we negotiated a deal with our son.
0:54:08 > 0:54:13So we were able to make our extension as we wanted it.
0:54:13 > 0:54:17However, he has now gained a nice roof terrace.
0:54:17 > 0:54:23And the project wouldn't have worked without having the whole garden.
0:54:23 > 0:54:26We couldn't have done the extension without the whole garden.
0:54:27 > 0:54:31So an outcome that hopefully suited both Sam and Claire and their son,
0:54:31 > 0:54:38David. But who actually oversaw the work in Sam and Claire's flat?
0:54:38 > 0:54:41The role we had was not to project manage. We had Jack,
0:54:41 > 0:54:45who was going to be the project manager,
0:54:45 > 0:54:47who was excellent.
0:54:47 > 0:54:51So our role was really to come down and inspect,
0:54:51 > 0:54:55pay the bills and make a few decisions.
0:54:55 > 0:54:59But employing a project manager adds to the cost.
0:54:59 > 0:55:02Mind you, this was never going to be a cheap project.
0:55:02 > 0:55:06Not only had they allowed £75,000 for the work but they thought that
0:55:06 > 0:55:09extending the lease would cost them around 40,000.
0:55:09 > 0:55:13So how have the sums stacked up?
0:55:13 > 0:55:17We ended up spending in total,
0:55:17 > 0:55:21including the acquisition price, £700,000.
0:55:23 > 0:55:26And that was made up of the price of 431,000
0:55:26 > 0:55:30plus legal fees and stamp duty.
0:55:30 > 0:55:34Then we had to buy the freehold, which was £75,000.
0:55:34 > 0:55:36And then the building work,
0:55:36 > 0:55:41which we had budgeted somewhere between 70 and £100,000,
0:55:41 > 0:55:43came to £175,000.
0:55:45 > 0:55:48OK, so a massive overspend all round.
0:55:48 > 0:55:51But, you know, taking two years to complete may have just worked in
0:55:51 > 0:55:55their favour with the way the London market has been rising.
0:55:55 > 0:55:59But what will two local estate agents make of this flat?
0:55:59 > 0:56:02Will it sit well in the London market?
0:56:05 > 0:56:08This is my second visit to this property and I must say
0:56:08 > 0:56:10I've seen amazing changes.
0:56:10 > 0:56:14The property has been refurbished to a very high standard
0:56:14 > 0:56:16and I'm extremely impressed.
0:56:16 > 0:56:18My first impressions are,
0:56:18 > 0:56:22he's done an absolutely stunning job throughout and I think it's very
0:56:22 > 0:56:25saleable and the finish is of a very high standard.
0:56:27 > 0:56:29Despite the level of investment in the flat,
0:56:29 > 0:56:32Sam and Claire really want to rent it out.
0:56:32 > 0:56:34But could that £700,000 investment
0:56:34 > 0:56:39actually produce a profit on the resale market?
0:56:39 > 0:56:42In my opinion, the resale value of this property
0:56:42 > 0:56:45would be in the region of £800,000.
0:56:45 > 0:56:50I would expect this property to achieve in the region of £795,000.
0:56:50 > 0:56:54I'm impressed. It's more than I thought.
0:56:54 > 0:56:57There you go, then. That's the London market.
0:56:57 > 0:56:59Despite a huge overspend,
0:56:59 > 0:57:02they could still make a profit of £100,000
0:57:02 > 0:57:05minus any taxes and fees, of course.
0:57:05 > 0:57:06They want to rent
0:57:06 > 0:57:10but could that overspend really dent the rental yields?
0:57:10 > 0:57:13The rental value for this property, in my opinion,
0:57:13 > 0:57:18would be in the region of £2,100 per calendar month.
0:57:18 > 0:57:21For rental purposes, I think this property would achieve
0:57:21 > 0:57:22£2,100 per calendar month.
0:57:22 > 0:57:24Yes, we had other agents in
0:57:24 > 0:57:28and they quoted a similar price for the rental.
0:57:28 > 0:57:33Yes, but those rental values represent just over a 3.5% annual yield.
0:57:33 > 0:57:38There certainly would be more money to be made in a resale.
0:57:38 > 0:57:40But they want it as a long-term investment.
0:57:40 > 0:57:44After all, it took long enough to complete.
0:57:44 > 0:57:47So would they ever consider doing anything like this again?
0:57:48 > 0:57:50Would we do it again?
0:57:50 > 0:57:51I'm not that sure.
0:57:51 > 0:57:53It's not impossible.
0:57:53 > 0:57:57I think that once we get over this, which may take a few months,
0:57:57 > 0:58:00we'll probably go and visit a few auctions and see if there are
0:58:00 > 0:58:02similar properties available.
0:58:05 > 0:58:09That's all for now but did we inspire you to buy at auction
0:58:09 > 0:58:12- or have we put you off completely? - Hopefully, the former.
0:58:12 > 0:58:15And we'll have plenty more auction properties for you next time here on
0:58:15 > 0:58:18- Homes Under The Hammer. - Bye-bye.- Goodbye.