0:00:02 > 0:00:04Hello and welcome to the show.
0:00:04 > 0:00:07One of the reasons we love property is that it's an ever-changing world.
0:00:07 > 0:00:09Yes, there's never a dull moment
0:00:09 > 0:00:12finding out what and where is going to be the best deal.
0:00:12 > 0:00:15And one way you can find, possibly, that best deal
0:00:15 > 0:00:17is to head down to your local property auction.
0:00:42 > 0:00:45Every type of property can be found at auction,
0:00:45 > 0:00:48from city studio flats to country mansions.
0:00:48 > 0:00:50Yes, and everything in between.
0:00:50 > 0:00:52You never know what you're going to find
0:00:52 > 0:00:54when you open the auction catalogue.
0:00:54 > 0:00:56Here's what we found for you on today's show.
0:00:57 > 0:01:00In Kent, Lucy sees a bright, clean property
0:01:00 > 0:01:02that just needs some extra space.
0:01:02 > 0:01:06To completely transform this into something utterly amazing.
0:01:08 > 0:01:11Whereas in Stoke-on-Trent, I'm optimistic that everything
0:01:11 > 0:01:13in this house eventually could scrub up nicely.
0:01:13 > 0:01:16Excuse me, a bit of privacy, please!
0:01:16 > 0:01:21And it's a return visit to Cumbria to a large house awash with options.
0:01:21 > 0:01:25Straightaway, I'm thinking about all the potential uses
0:01:25 > 0:01:27for this house and there are many.
0:01:28 > 0:01:32All these properties have been sold at auction and we'll find out
0:01:32 > 0:01:35who bought them and what they paid when they went under the hammer.
0:01:35 > 0:01:37We are sold! Well done!
0:01:45 > 0:01:49Folkestone is a port town on the English Channel in South-east Kent.
0:01:49 > 0:01:51It's a popular place to visit
0:01:51 > 0:01:54and this is one of its suburbs, Cheriton,
0:01:54 > 0:01:56which sits on the Folkestone Downs.
0:01:56 > 0:02:00This range of chalk hills are famous for the White Horse,
0:02:00 > 0:02:02which overlooks Cheriton.
0:02:03 > 0:02:06Cheriton's also home to the Channel Tunnel terminal,
0:02:06 > 0:02:10but there was to be no trip across the Channel for Lucy.
0:02:10 > 0:02:14No, she had a house to seek out in this pleasant seaside suburb.
0:02:14 > 0:02:18# I'm going nowhere
0:02:18 > 0:02:20# I'm going nowhere... #
0:02:20 > 0:02:23Well, this seems like a quiet residential street
0:02:23 > 0:02:25and, as it's a cul-de-sac,
0:02:25 > 0:02:27there'll be no through traffic, which is good.
0:02:27 > 0:02:30I'm here to see a three-bed semi
0:02:30 > 0:02:34and it had a guide price of £140,000 to £145,000.
0:02:34 > 0:02:37So, there's plenty of off-street parking here,
0:02:37 > 0:02:40which you can see, which I love. So far, so good.
0:02:41 > 0:02:44With what looks like relatively new double glazing,
0:02:44 > 0:02:47it appears to be in pretty good fettle, from the outside, at least.
0:02:47 > 0:02:49So, straight into the property.
0:02:49 > 0:02:52You've got a little porch area here, which is great for rainy days.
0:02:52 > 0:02:54But today isn't rainy, it's glorious,
0:02:54 > 0:02:57and it always makes houses look better, funnily.
0:02:57 > 0:03:01Now, I'm feeling that this is a nice, sunny, big, open room,
0:03:01 > 0:03:04which I love. You've got a little fireplace here.
0:03:04 > 0:03:06I think you could do a bit better with the mantel,
0:03:06 > 0:03:09but there's something there to work with, which is good.
0:03:09 > 0:03:11Not sure about the colour, you could paint that.
0:03:11 > 0:03:13You've got the stairs, leading up there.
0:03:13 > 0:03:16Again, you could do with maybe covering this up,
0:03:16 > 0:03:20some new carpet, some new paint, but you've got a really good space here.
0:03:20 > 0:03:22Into a second reception room.
0:03:22 > 0:03:24This is ideal as a dining room.
0:03:24 > 0:03:28You can imagine a big table here, all the kids.
0:03:28 > 0:03:30And the great news is, you've got lovely doors
0:03:30 > 0:03:33that lead out to the garden and through here, the kitchen.
0:03:33 > 0:03:36So, there's such a nice sense of flow with this property already,
0:03:36 > 0:03:39but you could do much better with the kitchen.
0:03:39 > 0:03:41None of the units and the cupboards and the worktops match.
0:03:41 > 0:03:44It's a bit of a mishmash, but not a bad space.
0:03:44 > 0:03:49So, I'm liking it but it could certainly do with some upgrading.
0:03:51 > 0:03:53# It's all mixed up
0:03:55 > 0:03:57# It's all mixed up
0:03:59 > 0:04:01# It's all mixed up... #
0:04:01 > 0:04:03That kitchen looks like it was put together from odds and sods
0:04:03 > 0:04:07left over in a DIY shop! Not a look that works.
0:04:07 > 0:04:11But it's not just the pick-and-mix kitchen that needs some thought.
0:04:11 > 0:04:13You may have realised, yep,
0:04:13 > 0:04:16there's a downstairs bathroom in this property - not ideal.
0:04:16 > 0:04:17I've not been upstairs yet,
0:04:17 > 0:04:20so I'm wondering if you can squeeze one in there.
0:04:20 > 0:04:22But if not, you've just got to work with what you have.
0:04:22 > 0:04:25Now, the good news here is that there's this little lobby area
0:04:25 > 0:04:28which is quite nice, because it really does separate
0:04:28 > 0:04:31the kitchen from the bathroom and from the loo, which is always ideal.
0:04:31 > 0:04:35Something that does stand out in here is that there's no shower
0:04:35 > 0:04:37so, whoever takes this on,
0:04:37 > 0:04:39I think the best thing to do would be to reconfigure
0:04:39 > 0:04:43and put yourself a nice over-the-bath shower in somewhere.
0:04:43 > 0:04:46Of course it would be even better if this could be part of a kitchen
0:04:46 > 0:04:49or a utility space but that would be dependent
0:04:49 > 0:04:51on finding room for the bathroom elsewhere.
0:04:53 > 0:04:55Let's see what upstairs has to offer.
0:04:55 > 0:04:59There are three bedrooms and you could sacrifice one of those
0:04:59 > 0:05:02for a bathroom but that would be a shame and, actually,
0:05:02 > 0:05:05the balance of the house would probably be better left as it is.
0:05:06 > 0:05:09But I've got an idea how you can actually give this house
0:05:09 > 0:05:11a bit of a wow factor.
0:05:11 > 0:05:14How about building a single-storey extension out the back here,
0:05:14 > 0:05:18opening up this kitchen into a lovely large kitchen-diner,
0:05:18 > 0:05:21a high-spec kitchen, lots of lovely light from windows?
0:05:21 > 0:05:25You could have some big bifold doors, which you know I really like,
0:05:25 > 0:05:28leading out onto this lovely spacious garden.
0:05:28 > 0:05:30You could have a little decked area round here.
0:05:30 > 0:05:34You see, I think the extra extension space could allow you
0:05:34 > 0:05:38to completely transform this into something utterly amazing.
0:05:38 > 0:05:39How lovely!
0:05:40 > 0:05:42And if you were really going for it,
0:05:42 > 0:05:45you could make a double-story extension
0:05:45 > 0:05:47to house that elusive upstairs bathroom.
0:05:47 > 0:05:51And with the bonus of a garage at the rear and that garden,
0:05:51 > 0:05:55this looks like a really good family house, with room for improvement.
0:05:56 > 0:05:59But what does a local estate agent think?
0:05:59 > 0:06:03First, what can he tell us about the Cheriton suburb?
0:06:03 > 0:06:07Cheriton is a sort of family area. There's good schools,
0:06:07 > 0:06:09good access to the mainline railway station
0:06:09 > 0:06:11at Folkestone West, and we're very close to the motorway
0:06:11 > 0:06:13and the Channel Tunnel.
0:06:13 > 0:06:15This is a really good road. It's very sought after.
0:06:15 > 0:06:17It's a cul-de-sac, so no through traffic.
0:06:17 > 0:06:19It's got some alleyways at the end of the road,
0:06:19 > 0:06:21which lead to both the school on one side,
0:06:21 > 0:06:23and the centre of Cheriton on the other,
0:06:23 > 0:06:24so very popular with families.
0:06:24 > 0:06:27OK, so how would the local property market view
0:06:27 > 0:06:29that downstairs bathroom?
0:06:29 > 0:06:32The bathroom is situated on the ground floor in this property.
0:06:32 > 0:06:35To bring it upstairs, you'd either have to lose a bedroom,
0:06:35 > 0:06:38which would not be ideal, or you'd have to do an extension to the rear,
0:06:38 > 0:06:41but it would have to be two storeys and would be rather expensive.
0:06:41 > 0:06:44It's not in a bad location cos it comes off the utility space
0:06:44 > 0:06:46but it's not ideal.
0:06:46 > 0:06:49But really, other properties in this road are very similar,
0:06:49 > 0:06:51so it's what families expect.
0:06:51 > 0:06:53Well, good news in some respects,
0:06:53 > 0:06:56as that would reduce the amount you'd need to spend here.
0:06:56 > 0:07:00But it was guided at £140,000 to £145,000,
0:07:00 > 0:07:03so is there much uplift in value to be had?
0:07:04 > 0:07:07Fully renovated, I feel this property would sell
0:07:07 > 0:07:09for £225,000
0:07:09 > 0:07:13and we'd be looking at a rental of £750 per calendar month.
0:07:16 > 0:07:19Yes, this house could do with a refurb
0:07:19 > 0:07:23but, if you wanted to take the works further and extend out here,
0:07:23 > 0:07:27there's certainly the opportunity to do that. So, who saw the potential?
0:07:27 > 0:07:29Let's head to auction and find out.
0:07:34 > 0:07:37And we move now to the three-bed semi.
0:07:37 > 0:07:41Double-glazed windows, gas heating, parking at the front,
0:07:41 > 0:07:43rear garden and a garage.
0:07:43 > 0:07:45Start me at £140,000 again.
0:07:45 > 0:07:48140 anywhere?
0:07:48 > 0:07:51Thank you, £140,000 is bid.
0:07:51 > 0:07:53145 do I see?
0:07:53 > 0:07:55At 145, I have.
0:07:55 > 0:07:58And 150? 150 is bid.
0:07:58 > 0:08:00155? 155.
0:08:00 > 0:08:02And 160 in a fresh place.
0:08:02 > 0:08:05165? Or 162?
0:08:05 > 0:08:08162. 165.
0:08:08 > 0:08:10167?
0:08:10 > 0:08:12167. And 170?
0:08:14 > 0:08:17170. 172.
0:08:17 > 0:08:20175? Take 174.
0:08:20 > 0:08:23174. 176?
0:08:23 > 0:08:25176.
0:08:25 > 0:08:29You said no that time, before he even had a chance. 176, I'm bid.
0:08:29 > 0:08:31178 for you.
0:08:31 > 0:08:35At £176,000, gentleman in the blue and red.
0:08:35 > 0:08:38At £176,000 for the first time.
0:08:38 > 0:08:42£176,000 for the second time.
0:08:42 > 0:08:45176, third and final time. Are you all done?
0:08:45 > 0:08:48- HE BANGS GAVEL - Sold at £176,000.
0:08:48 > 0:08:50And your bidder's number, sir? T262.
0:08:50 > 0:08:55So, the hammer fell at £176,000 and the successful bidder,
0:08:55 > 0:08:58along with help from sister, Debbie, was John.
0:08:59 > 0:09:04John works nearby, dealing with sea imports for container shipping.
0:09:04 > 0:09:06He bought the house to be his home.
0:09:10 > 0:09:12- John, congratulations. You did it! - Thank you very much.
0:09:12 > 0:09:14So, what was it about this house that you liked
0:09:14 > 0:09:16so much enough to want to bid all that money?
0:09:16 > 0:09:18I liked the cul-de-sac location,
0:09:18 > 0:09:21I wanted three bedrooms and the bonus was a garage.
0:09:21 > 0:09:25So, before the auction, did you look inside the property?
0:09:25 > 0:09:29- Did you do the viewing? Please tell me you did.- Er, I didn't personally.
0:09:29 > 0:09:32I came and looked round the outside. On the day it was open,
0:09:32 > 0:09:34I was at work and I couldn't get any time off,
0:09:34 > 0:09:37so my sister and my brother-in-law came round and had a look
0:09:37 > 0:09:40around inside and, essentially, gave me the thumbs-up.
0:09:40 > 0:09:42Fantastic. Did they film it?
0:09:42 > 0:09:44- Did they get their phones out? - Yes, they did.
0:09:44 > 0:09:45Cos the things you can do today,
0:09:45 > 0:09:48- it's almost like you can be here in person.- Yeah, they did.
0:09:48 > 0:09:50They filmed it all for us inside,
0:09:50 > 0:09:52so I had a good idea of the layout before I went to auction.
0:09:52 > 0:09:55So, no great surprises here for John
0:09:55 > 0:09:58and he knew what he was letting himself in for
0:09:58 > 0:10:02and what rooms might need a little bit of thought.
0:10:02 > 0:10:04- The downstairs bathroom - shall we start with that?- Yes.
0:10:04 > 0:10:09- Do you see that as a negative or not really?- Um, I'm open on it.
0:10:09 > 0:10:10I'd ideally like to move it upstairs
0:10:10 > 0:10:14but if it's got to stay where it is, budgetary-wise, then fine.
0:10:14 > 0:10:16- So, what is the budget?- About 15K.
0:10:16 > 0:10:20So, for £15,000, you've got to think what you can do to improve this.
0:10:20 > 0:10:23- Absolutely. - So, what's most important to you?
0:10:23 > 0:10:26Extending the kitchen and dining area. I want it open-plan.
0:10:26 > 0:10:29And, basically, just refreshing a lot of the decor,
0:10:29 > 0:10:32bringing it up to scratch and putting a shower in somewhere.
0:10:32 > 0:10:36OK, so you're thinking about an extension, so going out?
0:10:36 > 0:10:38Yeah, I want an open-plan kitchen-diner
0:10:38 > 0:10:40with the kitchen off to one side.
0:10:40 > 0:10:43I may put an island in. I haven't really...
0:10:43 > 0:10:48I'm getting some plans drawn up soon, but we'll see from there.
0:10:48 > 0:10:51- Colour schemes - is it going to be a man's house?- Very much so.
0:10:51 > 0:10:55- Very much so, so very dark colours. - Well, bright red.- Bright red?!
0:10:55 > 0:10:58- Really?- Yeah, bright red cabinets, yeah.- Interesting.
0:10:58 > 0:11:01- And what are you going to do with the garden?- Not a lot at the minute.
0:11:01 > 0:11:04I need to put a new fence up out there.
0:11:04 > 0:11:09I was thinking about maybe a shed. I may build a man cave out there.
0:11:09 > 0:11:11It depends, again, on budget, but...
0:11:11 > 0:11:13What is the big thing with man caves?
0:11:13 > 0:11:17Everybody at the moment is building man spaces. It's not fair!
0:11:17 > 0:11:18We need space too!
0:11:18 > 0:11:21Yeah, I suppose I don't really need much space in here,
0:11:21 > 0:11:24as I'm on my own most of the time, but no, I was thinking
0:11:24 > 0:11:26I wanted to do that in the last house,
0:11:26 > 0:11:29so it's kind of like my idea from the last house.
0:11:29 > 0:11:31Have a little shed at the back of the garden
0:11:31 > 0:11:33- with all your toys in there. - Yeah, absolutely.
0:11:33 > 0:11:36Have you got experience in building homes and creating lovely homes?
0:11:36 > 0:11:38No, none at all, but I've got a lot of friends in the trade,
0:11:38 > 0:11:42so I'm relying on them coming in and doing me a lot of favours.
0:11:42 > 0:11:44It's been lovely meeting you. I'm so excited about this project.
0:11:44 > 0:11:46How long is it going to take you?
0:11:46 > 0:11:48Hopefully, about three or four months, tops.
0:11:48 > 0:11:51I'm pulling in a lot of favours with a lot of friends,
0:11:51 > 0:11:53so it may take a bit longer than I hope.
0:11:53 > 0:11:55- Congratulations and well done. - Thank you very much.- Thank you.
0:11:55 > 0:11:57So, a new challenge for John,
0:11:57 > 0:12:00with his first refurbishment, but also a project that will,
0:12:00 > 0:12:05hopefully, mark the start of a happy future for him in his new home.
0:12:05 > 0:12:10But how much work will he actually get done for that £15,000 budget?
0:12:10 > 0:12:14Join me later on in the programme and you can find out how he does.
0:12:18 > 0:12:22Stoke-on-Trent is a city in Staffordshire, made up of six towns.
0:12:23 > 0:12:25Today, I'm in Hanley.
0:12:25 > 0:12:27Hanley is home to lots of shops,
0:12:27 > 0:12:30including the famous Potteries Shopping Centre.
0:12:30 > 0:12:34So, hopefully, someone will bag a bargain at today's property.
0:12:35 > 0:12:38Just a stone's throw away from the city centre
0:12:38 > 0:12:40is the property I'm here to see.
0:12:40 > 0:12:44But when I say "a stone's throw", I mean it's just there.
0:12:44 > 0:12:46I think I could hit it myself. And here it is.
0:12:46 > 0:12:52It is a two-bedroom terrace property with a guide price of £25,000 plus.
0:12:52 > 0:12:55It's not the prettiest looking property I've seen
0:12:55 > 0:12:58and it also has this incredibly high step.
0:12:58 > 0:13:00I'm going in.
0:13:01 > 0:13:03- Oh.- # Step up... #
0:13:10 > 0:13:12That is not good.
0:13:13 > 0:13:17That cup is going to need some serious attention.
0:13:17 > 0:13:22On a serious note, some real bad damp in here.
0:13:22 > 0:13:25That wall has been stripped back to the bare brick.
0:13:25 > 0:13:29And that is a single-glazed window. That's got to come out as well.
0:13:29 > 0:13:34It's a decent size room but not a great start.
0:13:35 > 0:13:39And talking of starts, it looks like, by the line of tools
0:13:39 > 0:13:42on the mantelpiece, someone's done exactly that here.
0:13:42 > 0:13:45Let's hope the back sitting room is in better shape.
0:13:45 > 0:13:48It's not a bad size but it doesn't get any better at all.
0:13:48 > 0:13:51In fact, I think it's just a little bit worse.
0:13:51 > 0:13:54They've obviously had a lot of damp in this property
0:13:54 > 0:13:57and I'm taking a guess there's no damp-proof course at all.
0:13:57 > 0:14:02Kitchen is just through there, quite tight, quite small.
0:14:03 > 0:14:06And no signs of a toilet as yet.
0:14:06 > 0:14:10But I do like what they've done with that radiator.
0:14:10 > 0:14:14# Bend me, shape me any way you want me
0:14:14 > 0:14:18# You've got the power to turn on the light... #
0:14:18 > 0:14:20Let's call it inventive engineering.
0:14:20 > 0:14:24However, I'm not sure how safe it is. I'd get it checked out.
0:14:24 > 0:14:26Better still, why not change it?
0:14:26 > 0:14:29And I'd definitely want to check out the electrics,
0:14:29 > 0:14:31the heater system and that damp course.
0:14:31 > 0:14:33You know the drill.
0:14:33 > 0:14:38So, bedroom number one very similar to downstairs, but it's a good size.
0:14:38 > 0:14:43All the same, you see there, been stripped back to bare wall.
0:14:43 > 0:14:46There's been some damp in here at some stage -
0:14:46 > 0:14:47quite significant damp, as well.
0:14:47 > 0:14:51And over here, a bit of storage in here as well.
0:14:53 > 0:14:55No, it's not... HE LAUGHS
0:14:55 > 0:14:58No, it's not storage. It's a shower!
0:14:58 > 0:15:01There's a shower in the cupboard!
0:15:02 > 0:15:05Er, strange. But no sign of a toilet.
0:15:05 > 0:15:09OK, the search for the toilet goes on.
0:15:09 > 0:15:11# It goes on
0:15:11 > 0:15:13# On, on... #
0:15:13 > 0:15:15If there is one, it's not up here.
0:15:15 > 0:15:18The only other room here is the second bedroom
0:15:18 > 0:15:22which fortunately, on the surface, doesn't seem to be suffering
0:15:22 > 0:15:25from the same damp problems as the rest of the house.
0:15:25 > 0:15:27# On... #
0:15:27 > 0:15:32So, outside into the back garden and I'm hoping that this...
0:15:32 > 0:15:34And it is. There's the toilet.
0:15:34 > 0:15:37And it's the only toilet and it's an outside one at that.
0:15:37 > 0:15:40And the other half to the back garden is that.
0:15:40 > 0:15:43Er, slightly overgrown and it's going to need
0:15:43 > 0:15:46a few weekends' hard graft to clear that lot.
0:15:46 > 0:15:48One thing I do need to tell you
0:15:48 > 0:15:51is this house is sold with a prohibition order in place,
0:15:51 > 0:15:56which means no-one can live in this property until that has been lifted.
0:15:56 > 0:15:58Might sound a bit scary, but it's not.
0:15:58 > 0:16:01What you do get is a list of works that need to be done
0:16:01 > 0:16:04before this place can become habitable.
0:16:06 > 0:16:08Across the UK, there are a number of powers
0:16:08 > 0:16:12allowing local authorities to issue various types of orders
0:16:12 > 0:16:14protecting occupants' health and safety.
0:16:14 > 0:16:19In England, a prohibition order can prevent a building being lived in
0:16:19 > 0:16:23and can restrict who lives there until the place is sorted.
0:16:23 > 0:16:25Landlords can be prosecuted
0:16:25 > 0:16:27for failing to comply with prohibition orders.
0:16:27 > 0:16:30Anyway, this place needs gutting
0:16:30 > 0:16:31and an inside toilet
0:16:31 > 0:16:36but it does have a fairly attractive guide price - 25 grand plus.
0:16:36 > 0:16:39So, let's hear from an agent from the auction house who sold it.
0:16:39 > 0:16:45The property really requires full renovation, from windows,
0:16:45 > 0:16:47electrical check, kitchen, bathroom -
0:16:47 > 0:16:50really a full renovation project.
0:16:50 > 0:16:52Depending on who does the work,
0:16:52 > 0:16:55you could easily spend between £15,000 and £20,000.
0:16:55 > 0:16:58I'd agree, and I think you'd need the top end of that budget.
0:16:58 > 0:17:00What could it sell for?
0:17:03 > 0:17:06Once renovated, I would anticipate a resale value
0:17:06 > 0:17:08in the region of £65,000.
0:17:08 > 0:17:12DION WHISTLES A TUNE
0:17:16 > 0:17:18Excuse me, a bit of privacy, please!
0:17:18 > 0:17:22But while you're here, this house needs a total overhaul.
0:17:22 > 0:17:25You've got to bring that bathroom from outside to inside,
0:17:25 > 0:17:27the damp needs sorting.
0:17:27 > 0:17:30This shower is the least of this property's worries.
0:17:30 > 0:17:33Now, this is a project not for the faint-hearted.
0:17:33 > 0:17:36Let's see who had the heart when it went under the hammer.
0:17:39 > 0:17:43This is an unmodernised two-bedroom mid-terrace house.
0:17:43 > 0:17:45Who's here on guide? Who's here on 25?
0:17:45 > 0:17:4725, thank you. 26 anywhere else?
0:17:47 > 0:17:49£26,000, thank you. Do I see 27?
0:17:49 > 0:17:5228? 28, I have. Can I take 29.
0:17:52 > 0:17:55There's a lot of interest and the bidding climbed quickly.
0:17:55 > 0:17:58We rejoin at £41,000.
0:17:58 > 0:18:0241, I have. And a quarter. £41,250? 41.5?
0:18:02 > 0:18:05No, you're going to let him have it? £41,250 then.
0:18:05 > 0:18:06For the first time, second time.
0:18:06 > 0:18:09Last chance for anyone who wants to come in for another £250.
0:18:09 > 0:18:11Let me know right now, please. Are we all done then? Third...
0:18:11 > 0:18:16Oh, I saw the hand. £41,500. £41,750 now. 42, may I say?
0:18:16 > 0:18:19No. We'll go through it again. At £41,750, row one.
0:18:19 > 0:18:22For the first time, the second time. Last chance. This is it, sir.
0:18:22 > 0:18:24I want to see you again if you're going to come in.
0:18:24 > 0:18:26If not, third and final time. YOU'RE now back!
0:18:26 > 0:18:28At 41... Where were we? 42, wasn't it?
0:18:28 > 0:18:3142. Another quarter, sir?
0:18:31 > 0:18:35Frustrating this, isn't it? £42,250. 42.5?
0:18:35 > 0:18:38No? You said no the last four times and then you came back in.
0:18:38 > 0:18:41Here we go then. £42,250 once.
0:18:41 > 0:18:44I'm pointing to him but I'm looking at you! £42,250 second time.
0:18:44 > 0:18:46It's going to go, you know that, don't you?
0:18:46 > 0:18:49Third and final time, right here at £42,250...
0:18:49 > 0:18:51- BANGS GAVEL - You got it this time! Well done!
0:18:51 > 0:18:53Finally, after that tussle,
0:18:53 > 0:18:58the successful bid of £42,250 was made by Keith.
0:18:58 > 0:19:02He came along with his daughter, Rachel, who is studying politics.
0:19:02 > 0:19:04Keith already has two properties,
0:19:04 > 0:19:08but it turns out his third one might give someone a step up.
0:19:09 > 0:19:11- Rachel, nice to meet you. - Nice to meet you too.
0:19:11 > 0:19:14- Keith, nice to meet you.- And you. - Congratulations to you both.
0:19:14 > 0:19:16- Thank you. - Why this particular house?
0:19:16 > 0:19:19They talk about original features in the state agent's blub,
0:19:19 > 0:19:21but it's got some very nice features.
0:19:21 > 0:19:23Secondly, location is brilliant.
0:19:23 > 0:19:26And the guide price was interesting, at £25,000.
0:19:26 > 0:19:28It is actually a proper stone's throw, isn't it?
0:19:28 > 0:19:31You're literally actually in the centre, aren't you?
0:19:31 > 0:19:32What do you like about it?
0:19:32 > 0:19:36Oh, am I allowed to say things I don't like?
0:19:36 > 0:19:38You can say whatever you want!
0:19:38 > 0:19:41- The original wallpaper. - The wallpaper's interesting.
0:19:41 > 0:19:43But I think it's a good size.
0:19:43 > 0:19:46I think for, like, a small family, or a young couple,
0:19:46 > 0:19:49- I think it's a really good size. - What made you go into property?
0:19:49 > 0:19:52What made you want to buy this property in particular?
0:19:52 > 0:19:56Stoke-onTrent is one of the places in this country where refugees
0:19:56 > 0:19:59who are seeking asylum are sent for the time being
0:19:59 > 0:20:02and, therefore, there's quite a demand for property in this area.
0:20:02 > 0:20:05And they tend to be at the bottom of the priority list,
0:20:05 > 0:20:07in terms of housing, so we thought it was the best way
0:20:07 > 0:20:10to make sure they DO get housing, safe, affordable housing.
0:20:10 > 0:20:12Keith, although now retired,
0:20:12 > 0:20:15has spent many years working with homeless people
0:20:15 > 0:20:18and now runs a cafe in Birmingham with a group of volunteers.
0:20:21 > 0:20:24He already leases a house to a Stoke charity
0:20:24 > 0:20:26working with homeless asylum seekers.
0:20:26 > 0:20:28He's hoping the same's going to happen here.
0:20:28 > 0:20:31He's got a budget of £10,000 to £12,000,
0:20:31 > 0:20:33but they do have some fairly ambitious plans.
0:20:33 > 0:20:35First of all, as you can tell by the plaster
0:20:35 > 0:20:37hanging off the front and back walls,
0:20:37 > 0:20:39- it needs a damp-proof course. - Yes, yes.
0:20:39 > 0:20:44It needs a kitchen. It hasn't even got an inside loo, this property.
0:20:44 > 0:20:48- Mm, I noticed. - So, it needs a bathroom and toilet,
0:20:48 > 0:20:50which will be put into where the kitchen currently is,
0:20:50 > 0:20:53and the back room will become the kitchen.
0:20:53 > 0:20:56OK, so you're actually moving the kitchen sort of this way slightly.
0:20:56 > 0:20:59Yes, that's right. This will be the sitting room
0:20:59 > 0:21:01and that will be the kitchen-diner, with a bathroom off it.
0:21:01 > 0:21:04And what's currently the loo will become the garden shed.
0:21:04 > 0:21:08We're going to sort out the garden, which you might have seen...
0:21:08 > 0:21:11- Yes, briefly.- ..is horrendous.- Yes. - Most of it you can't see at all.
0:21:11 > 0:21:15And upstairs, are you changing anything upstairs at all?
0:21:15 > 0:21:17I don't know if you saw the shower in the cupboard?
0:21:17 > 0:21:20Yeah, we're going to be getting rid of that in the cupboard.
0:21:20 > 0:21:23What else is going to cost you?
0:21:23 > 0:21:26We haven't been in the roof space because the shower's in the way,
0:21:26 > 0:21:30but we'll certainly want to do something about lagging the roof,
0:21:30 > 0:21:33insulating it, and also, the front and back walls
0:21:33 > 0:21:36will have insulation, as well as being replastered.
0:21:36 > 0:21:38And it's got a prohibition notice as well.
0:21:38 > 0:21:41It has because this property has been vacant
0:21:41 > 0:21:45for the last 15 years, at least, and the neighbours complained
0:21:45 > 0:21:50and so the council have compulsorily purchased it
0:21:50 > 0:21:54and the prohibition order, whilst a bit of a problem,
0:21:54 > 0:21:57at the same time is actually just a good list of works
0:21:57 > 0:21:59that needs to be done.
0:21:59 > 0:22:01OK, and who's going to do the work for you?
0:22:01 > 0:22:04- I've got a brilliant builder, Simon.- OK.
0:22:04 > 0:22:08He's got a sparks and a plumber and a plasterer
0:22:08 > 0:22:12and I can, I think, build a kitchen myself, so we're there.
0:22:12 > 0:22:16- Tell me a bit more about Simon. - Simon's a very interesting person.
0:22:16 > 0:22:20Simon has founded a business-cum-charity
0:22:20 > 0:22:23which works with people who have been in prison.
0:22:23 > 0:22:26He meets them at the prison gate, he gives them a home,
0:22:26 > 0:22:30he gives them a job and he teaches them a trade.
0:22:30 > 0:22:32That's where the plumber etc has come from.
0:22:32 > 0:22:36And how long are you hoping this work's going to take
0:22:36 > 0:22:40Simon and his recruitment team to get everything done?
0:22:40 > 0:22:43I think we could do it in three months, maybe four.
0:22:43 > 0:22:45I've got my fingers crossed for you, both of you.
0:22:45 > 0:22:48I think you're buying this property for an amazing reason.
0:22:48 > 0:22:50First time I've come across it and well done to you both.
0:22:50 > 0:22:52- Rachel, good luck.- Thank you. - Hope it all works out.
0:22:52 > 0:22:55- And you, Keith, good luck.- Thank you very much indeed.- Pleasure.
0:22:57 > 0:23:00What a great reason to get into property
0:23:00 > 0:23:03but, as first projects go, they have got their work cut out.
0:23:03 > 0:23:06There's a lot of work that needs to be done here -
0:23:06 > 0:23:08new windows throughout, all that damp
0:23:08 > 0:23:10and sorting the bathroom and toilet downstairs.
0:23:10 > 0:23:12Will they get it all done?
0:23:12 > 0:23:14You can find out later in the programme.
0:23:16 > 0:23:19Coming up, we return to a large house in Cumbria
0:23:19 > 0:23:24we first saw in 2012, but does it fulfil its potential?
0:23:26 > 0:23:29And we catch up with the trails and tribulations
0:23:29 > 0:23:31of a rundown Stoke-on-Trent house.
0:23:31 > 0:23:35I've really enjoyed doing it, apart from the times when I haven't.
0:23:38 > 0:23:41It was in the Folkestone suburb of Cheriton
0:23:41 > 0:23:44where Lucy first saw a three-bedroom semi.
0:23:45 > 0:23:49Like many an auction property, it fell into the category of tired,
0:23:49 > 0:23:52but it was sound enough and, though there was a downstairs bathroom,
0:23:52 > 0:23:54there was plenty of room for improvement.
0:23:56 > 0:23:58You could have some big bifold doors,
0:23:58 > 0:23:59which you know I really like,
0:23:59 > 0:24:02leading out onto this lovely spacious garden.
0:24:02 > 0:24:05You could have a little decked area round here.
0:24:05 > 0:24:08You see, I think the extra extension space could allow you
0:24:08 > 0:24:12to completely transform this into something utterly amazing.
0:24:12 > 0:24:14How lovely!
0:24:15 > 0:24:18And our man who knew a good thing when he saw it
0:24:18 > 0:24:20was local port worker John,
0:24:20 > 0:24:25who bought the house at auction for £176,000 to be his home.
0:24:27 > 0:24:30- So, what's most important to you? - Extending the kitchen.
0:24:30 > 0:24:34I want an open-plan kitchen-diner, with the kitchen off to one side.
0:24:34 > 0:24:37- Colour schemes - is it going be a man's house?- Very much so.
0:24:37 > 0:24:41- Very much so, so very dark colours. - Well, bright red.- Bright red?!
0:24:41 > 0:24:44- Really?- Yeah, bright red cabinets, yeah.
0:24:44 > 0:24:47So, John clearly wanted to put his own stamp on the house.
0:24:47 > 0:24:50# Now we're giving you the look, look
0:24:50 > 0:24:52# Giving you the look... #
0:24:52 > 0:24:56He also had fashionable plans for the garden space.
0:24:57 > 0:25:00I may build a man cave out there.
0:25:00 > 0:25:03That is the big thing with man caves?
0:25:03 > 0:25:06Everybody, at the moment, is building man spaces. It's not fair!
0:25:06 > 0:25:08We need space too!
0:25:08 > 0:25:10Yeah, I suppose I don't really need much space in here,
0:25:10 > 0:25:12as I'm on my own most of the time,
0:25:12 > 0:25:15but I was just thinking I wanted to do that in the last house,
0:25:15 > 0:25:18so it's kind of like my idea from the last house.
0:25:18 > 0:25:20Have a little shed at the back of the garden
0:25:20 > 0:25:22- with all your toys in there. - Yeah, absolutely.
0:25:23 > 0:25:26# Lord, I'm gonna build myself a cave
0:25:28 > 0:25:30# Lord, I'm gonna move down in the ground... #
0:25:30 > 0:25:32And, with a £15,000 budget,
0:25:32 > 0:25:36he hoped to have his bespoke semi ready in three to four months.
0:25:38 > 0:25:42But now, nine months have ticked by and finally, we're back.
0:25:44 > 0:25:46Well, the outside might not show many changes
0:25:46 > 0:25:50but it was inside where John really wanted to make his mark.
0:25:53 > 0:25:57Well, there's definitely signs of a few personal touches
0:25:57 > 0:26:00in the front room, but I wouldn't call it radical.
0:26:00 > 0:26:03Perhaps we'll find more uniqueness in his lounge.
0:26:05 > 0:26:08# This is me, this is me
0:26:08 > 0:26:11# This is me, this is me... #
0:26:11 > 0:26:13Ah, that's a bit more like it.
0:26:13 > 0:26:16Did he continue to see red in the kitchen?
0:26:16 > 0:26:20# What you get is what you see
0:26:20 > 0:26:22# This is me... #
0:26:22 > 0:26:23Oh, yes!
0:26:23 > 0:26:26# This is me, this is me... #
0:26:26 > 0:26:31Basically, we knocked down the wall that was across here,
0:26:31 > 0:26:35created the extension, put a new roof on to open up the room,
0:26:35 > 0:26:41created a utility room in the back there,
0:26:41 > 0:26:42put in a new kitchen.
0:26:42 > 0:26:46I love the oak and the red and the white.
0:26:46 > 0:26:48I think it's very, er, very me.
0:26:48 > 0:26:50# This is me, this is me
0:26:50 > 0:26:53# What you get is what you see.. #
0:26:53 > 0:26:56So, the kitchen is completely ready. And the bathroom?
0:26:58 > 0:27:02OK completely retiled, moved the bath,
0:27:02 > 0:27:04we've put underfloor heating in,
0:27:04 > 0:27:07complete new bath suite, integrated shower.
0:27:07 > 0:27:11We kept it downstairs, purely for budget reasons.
0:27:11 > 0:27:15Also, if we'd moved it upstairs, we'd have lost a bedroom.
0:27:15 > 0:27:18John really didn't have much choice moving the bathroom,
0:27:18 > 0:27:21but it does at least benefit from having a lobby area
0:27:21 > 0:27:23between it and the kitchen.
0:27:23 > 0:27:26# I'm going nowhere
0:27:26 > 0:27:29# You're going nowhere... #
0:27:29 > 0:27:32So, what about those three upstairs bedrooms?
0:27:47 > 0:27:51Well, two are looking good but the third is a bit of a storage space.
0:27:51 > 0:27:54I thought that's what the garden shed-cum-man cave
0:27:54 > 0:27:55was supposed to cater for.
0:27:55 > 0:28:00The man cave went by the bye because, as it transpired,
0:28:00 > 0:28:03I could have my man cave in here with my music room
0:28:03 > 0:28:05and have a living room and have a dining room,
0:28:05 > 0:28:07so everything worked out for the best, I suppose.
0:28:07 > 0:28:10So, no high-tech Batcave here,
0:28:10 > 0:28:13but he is planning a bee-friendly garden,
0:28:13 > 0:28:16with decking and, perhaps, a small shed.
0:28:16 > 0:28:19Fair play to him, he's been pretty busy.
0:28:19 > 0:28:23But was this a single-handed crusade or did he have help?
0:28:24 > 0:28:27Anything that was beyond my abilities like, you know,
0:28:27 > 0:28:31ground work, brickwork, I used friends. That was Russ and Mick.
0:28:31 > 0:28:35Big friend, Chris, came in - Chris the carpenter.
0:28:35 > 0:28:37At the beginning, I wasn't very hands-on
0:28:37 > 0:28:40but, as the project moved along, and I could get more involved,
0:28:40 > 0:28:42I have been. I've done some crazy hours on it,
0:28:42 > 0:28:43but loved every minute of it.
0:28:43 > 0:28:45John and his friends have done a great job
0:28:45 > 0:28:48but, with his friends busy on other projects,
0:28:48 > 0:28:50he hasn't exactly finished it in record time.
0:28:50 > 0:28:54Then again, getting mates' rates does keep the cost down.
0:28:54 > 0:28:58So, did John stick to his £15,000 budget?
0:28:58 > 0:29:00# You spin me right round, baby
0:29:00 > 0:29:03# Right round, like a record, baby
0:29:03 > 0:29:05# Right round, round, round... #
0:29:05 > 0:29:07Yep, I got it in under budget.
0:29:07 > 0:29:10I've been able to buy some furniture with the money that's left over,
0:29:10 > 0:29:12so I'm very happy, you know.
0:29:12 > 0:29:16In fact, without furniture, the actual spend on the house
0:29:16 > 0:29:18was £14,000,
0:29:18 > 0:29:21which takes John's total outlay to £190,000.
0:29:21 > 0:29:24And it might not have a man cave,
0:29:24 > 0:29:27but it's got most things for modern life.
0:29:27 > 0:29:30So, what did two local estate agents make of the house?
0:29:30 > 0:29:34First, the agent who saw it last time.
0:29:34 > 0:29:36It's as if it's a different house.
0:29:36 > 0:29:40The property is completely different to when I saw it last time.
0:29:40 > 0:29:42The kitchen is quite whacky, with the red and the tiling,
0:29:42 > 0:29:44but it's very on trend to what people like.
0:29:44 > 0:29:47The feature wallpaper - again, it might be personal taste,
0:29:47 > 0:29:49but these are all things that people look for.
0:29:49 > 0:29:50I've had a look round the property
0:29:50 > 0:29:53and I think everything's been done really carefully
0:29:53 > 0:29:54and with a lot of thought,
0:29:54 > 0:29:58so I'd be quite pleased with it if I'd done it myself.
0:29:58 > 0:30:01Yep, kitchens and bathrooms definitely sell houses,
0:30:01 > 0:30:06but what value have they added to John's £190,000 investment?
0:30:09 > 0:30:12I think, on the open market, this property would sell for,
0:30:12 > 0:30:15in the region of £235,000.
0:30:15 > 0:30:18If I put this house on the market today,
0:30:18 > 0:30:21I would recommend it to be in the region of £210,000.
0:30:21 > 0:30:23Two somewhat different values,
0:30:23 > 0:30:26but both showing a healthy return for John,
0:30:26 > 0:30:28should he sell the house on.
0:30:28 > 0:30:32So, what does he make of the potential pre-tax profit
0:30:32 > 0:30:34of anywhere between £20,000 and £45,000.
0:30:36 > 0:30:39That's really good, yeah. Yeah, I think...
0:30:39 > 0:30:41Yeah, good, I added some value.
0:30:41 > 0:30:45And the agents also reckon on a rental value
0:30:45 > 0:30:49between £795 and £900 per calendar month,
0:30:49 > 0:30:51which would generate, at the very least,
0:30:51 > 0:30:54a yield of 5%, so it's thumbs-up all round.
0:30:54 > 0:30:58Has this rookie renovator now got the taste for more?
0:31:02 > 0:31:03Oh, definitely, yeah.
0:31:03 > 0:31:06I've learnt loads of stuff from my friends,
0:31:06 > 0:31:09I've built my confidence up on various things
0:31:09 > 0:31:11and would I tackle it again?
0:31:11 > 0:31:13I think I probably would now.
0:31:16 > 0:31:19MUSIC: Echo Beach by Martha And The Muffins
0:31:19 > 0:31:22We're off to the windswept Cumbrian village of Seascale
0:31:22 > 0:31:27to see a property that I first visited in September, 2012.
0:31:28 > 0:31:31Built over three floors, it had four reception rooms,
0:31:31 > 0:31:35eight bedrooms, a garden room and a flat at the back,
0:31:35 > 0:31:39all for the tasty guide price of £100,000 plus.
0:31:39 > 0:31:45So, we know it's going to be big but how's it laid out?
0:31:45 > 0:31:47Well, nice, large entrance, as you'd hope for,
0:31:47 > 0:31:50a big sort of reception room over that way
0:31:50 > 0:31:52and an equally big one over that way.
0:31:52 > 0:31:57Straightaway, I'm thinking about all the potential uses for this house,
0:31:57 > 0:31:59and there are many.
0:31:59 > 0:32:01# Empty rooms... #
0:32:01 > 0:32:05A third reception room and a large kitchen at the back of the house
0:32:05 > 0:32:08gave a tantalising glimpse of the space offered by this property.
0:32:08 > 0:32:11And what do the upper floors have to offer?
0:32:12 > 0:32:16Up here, nice landing area. A room there - the first of your bedrooms.
0:32:16 > 0:32:19And then through this way, a really interesting kind of layout.
0:32:19 > 0:32:23I think this house has lots of hidden features,
0:32:23 > 0:32:24just waiting to be discovered.
0:32:24 > 0:32:26It's nice that all the fireplaces are still there.
0:32:26 > 0:32:28It's got double glazing but it looks fairly old,
0:32:28 > 0:32:31so I don't know if that's due for replacement,
0:32:31 > 0:32:33but the layout here is quite interesting,
0:32:33 > 0:32:35cos you've got that room there and you come through
0:32:35 > 0:32:36to this extra bedroom here.
0:32:36 > 0:32:39To create an extra room, you might want to separate those off.
0:32:39 > 0:32:44But then this leads back out into a little landing area.
0:32:44 > 0:32:48Another really good size room there.
0:32:48 > 0:32:52Absolutely amazing - enough room to potentially put an en suite in that.
0:32:52 > 0:32:57And here, bathroom, shower room... Wow!
0:32:59 > 0:33:02Yep, I was exhausted and that was just the first floor!
0:33:02 > 0:33:07The word "substantial" didn't really do this house justice.
0:33:07 > 0:33:09So, up onto the top floor
0:33:09 > 0:33:12and if you were expecting just a little attic bedroom,
0:33:12 > 0:33:14you are going to be in for a surprise,
0:33:14 > 0:33:16because it just goes on and on up here.
0:33:16 > 0:33:20More bedrooms - count them. One there, a little bathroom there,
0:33:20 > 0:33:23you've got another bedroom over there, bedroom there,
0:33:23 > 0:33:24bedroom there, another one here.
0:33:24 > 0:33:28They've all got loads of character cos they were built into the eaves.
0:33:28 > 0:33:31And really nice. Nice, nice, nice.
0:33:33 > 0:33:35As well as numerous rooms in the main building,
0:33:35 > 0:33:38there was also a sizeable extension to the back of the house,
0:33:38 > 0:33:40complete with more interesting period features -
0:33:40 > 0:33:43the period in question being the '70s and '80s.
0:33:46 > 0:33:49I think this could be a little, well, self-contained unit
0:33:49 > 0:33:52in its own right. You've got a kitchen area there, a loo,
0:33:52 > 0:33:55this slightly odd area here, with these huge great windows.
0:33:55 > 0:33:58And then, at the back, look at the size of this!
0:33:58 > 0:34:01An absolutely massive, massive room.
0:34:01 > 0:34:03Certainly enough space in here to create a bedroom
0:34:03 > 0:34:05and a separate living area.
0:34:05 > 0:34:07As a bonus, on top of everything else you've got,
0:34:07 > 0:34:09how absolutely fantastic.
0:34:09 > 0:34:13And here, some real absolutely classic decorating touches.
0:34:13 > 0:34:17We like the louvered doors and how about this?
0:34:19 > 0:34:21Rocks.
0:34:24 > 0:34:26Not quite rocks. Got to keep that!
0:34:26 > 0:34:30# Get your rocks off Get your rocks off, honey
0:34:30 > 0:34:34# Shake 'em now, now Get 'em off downtown... #
0:34:35 > 0:34:37Get the rocks off or keep them on?
0:34:37 > 0:34:39That was entirely up to the new owner.
0:34:39 > 0:34:41Perhaps the bigger decision would be...
0:34:41 > 0:34:44What are you going to do with this place then?
0:34:44 > 0:34:45It's probably not going to be one house.
0:34:45 > 0:34:48I don't think that really maximises the potential of this place.
0:34:48 > 0:34:53It's screaming out to be a house of multiple occupancy - an HMO.
0:34:53 > 0:34:56Rent out these rooms individually
0:34:56 > 0:34:59and you could be generating who knows what.
0:34:59 > 0:35:04If you rented them out for £50, £60, £70, £80 a week individually,
0:35:04 > 0:35:07this house is going to start delivering some serious returns.
0:35:07 > 0:35:11A massive house and a potential for massive profit
0:35:11 > 0:35:13if the new buyer got it right.
0:35:15 > 0:35:17Who fancied the challenge when it went under the hammer?
0:35:21 > 0:35:25Spacious detached property. Massive property, this.
0:35:25 > 0:35:28£100,000 plus then is the last quoted guide.
0:35:28 > 0:35:30Got a telephone bidder on this. Are we in?
0:35:30 > 0:35:32Who's here for this at 100?
0:35:32 > 0:35:3695 then. 90, get me started.
0:35:36 > 0:35:39At £90,000, anybody here?
0:35:39 > 0:35:4290, I've got in the door. At £90,000 then.
0:35:42 > 0:35:4591 here. 92. 93.
0:35:45 > 0:35:4994. 95. 96...
0:35:49 > 0:35:53And, with the bidding going up in £1,000 increments,
0:35:53 > 0:35:56we eventually reached £130,000.
0:35:57 > 0:35:59130. 131.
0:35:59 > 0:36:02132. 133.
0:36:02 > 0:36:06134. 135. 136.
0:36:06 > 0:36:10Shake of the head at 136. With you, sir, at 135.
0:36:10 > 0:36:15At £135,000 for the first time.
0:36:15 > 0:36:18At £135,000 for the second time.
0:36:18 > 0:36:20£135,000, third and final time.
0:36:20 > 0:36:23All done, all out, selling away.
0:36:23 > 0:36:25- HE BANGS GAVEL - You, sir, thank you.
0:36:25 > 0:36:28And the successful bidder was Peter.
0:36:28 > 0:36:31Peter paid £135,000 for the lot
0:36:31 > 0:36:34and this project would be fitting in with his other jobs
0:36:34 > 0:36:37as an arts centre manager and freelance cameraman.
0:36:37 > 0:36:39He came along with daughter Sienna
0:36:39 > 0:36:43to explore what he hoped would be his pension fund.
0:36:43 > 0:36:46# Cos I'm a real straight shooter
0:36:46 > 0:36:48# If you know what I mean... #
0:36:50 > 0:36:53- Peter, good to meet you.- And you. - Congratulations.- Thank you.
0:36:53 > 0:36:56- Yeah, big house. - Yes, it's substantial.
0:36:56 > 0:36:58So, why did you want to buy it?
0:36:58 > 0:37:01Well, I just bought a house with my partner in Gosforth
0:37:01 > 0:37:03and we saw this come up and decided
0:37:03 > 0:37:05it was an opportunity too good to miss
0:37:05 > 0:37:07because of the number of rooms
0:37:07 > 0:37:11and the possibility of renting the rooms out to local contractors.
0:37:11 > 0:37:12So, do you know the area
0:37:12 > 0:37:14and the need for that kind of accommodation then?
0:37:14 > 0:37:17Yes, I've lived up here about nine years now
0:37:17 > 0:37:20- and we know a lot of the contractors anyway...- Right.
0:37:20 > 0:37:22- ..through meeting in the pub, etc. - Oh.
0:37:22 > 0:37:25And, um, I know there's a good market for that
0:37:25 > 0:37:29if you price the rooms right and provide the right facilities.
0:37:29 > 0:37:32Peter had set himself a very sensible budget
0:37:32 > 0:37:34of £2,000 to renovate each room,
0:37:34 > 0:37:38which would come to around £25,000 in total,
0:37:38 > 0:37:42and, in terms of timescale, take it on bit by bit.
0:37:44 > 0:37:45# Ooh-ah, just a little bit
0:37:45 > 0:37:47# Ooh-ah, a little bit more
0:37:47 > 0:37:49# Ooh-ah, just a little bit
0:37:49 > 0:37:50# You know what I'm looking for... #
0:37:50 > 0:37:53It's going to take a couple of years, I think, to come to fruition,
0:37:53 > 0:37:56but I'm going to try and get one or two rooms sorted out
0:37:56 > 0:37:59and get the downstairs presentable and the kitchen sorted
0:37:59 > 0:38:01and get a couple of rooms going,
0:38:01 > 0:38:04and then, once that's bringing in a bit of income,
0:38:04 > 0:38:06then I'll start to do other rooms.
0:38:06 > 0:38:08So, tell me what you are going to do, in terms of sorting it out.
0:38:08 > 0:38:10This room that we're standing in now,
0:38:10 > 0:38:12- I'm actually going to keep for myself.- Oh, right.
0:38:12 > 0:38:14So, it'll be a kind of den for me really.
0:38:14 > 0:38:18The other reception room, I'll have as a lounge-dining room,
0:38:18 > 0:38:20plus a dining-kitchen.
0:38:21 > 0:38:24And then each bedroom will be en suite,
0:38:24 > 0:38:29- so I think, ultimately, I'll have eight rooms to rent out.- Right.
0:38:29 > 0:38:32- Plus the flat.- Right.- The flat will be the last thing we do.- OK.
0:38:32 > 0:38:35Cos that needs more work doing to it really.
0:38:35 > 0:38:39This was always destined to be a long-term project.
0:38:39 > 0:38:41Of course, there's always events to contend with.
0:38:41 > 0:38:45In this case, Peter had been made redundant from his arts job,
0:38:45 > 0:38:48so he had more time but less cash.
0:38:48 > 0:38:51But still, when we returned in June, 2014,
0:38:51 > 0:38:56he had made some progress, with one room on the first floor underway
0:38:56 > 0:39:00and with one room totally completed and rented out.
0:39:00 > 0:39:03I'm very pleased with the way this room has turned out.
0:39:03 > 0:39:06I think we chose a good colour. It's quite restful.
0:39:06 > 0:39:09Restored the fireplace, made of cast iron.
0:39:09 > 0:39:11And the en suite worked out very well.
0:39:11 > 0:39:15I managed to cram in a shower, a WC and a basin.
0:39:15 > 0:39:18It took me ages to design that cos it was a very tight space,
0:39:18 > 0:39:20and get all the plumbing in.
0:39:20 > 0:39:24But the rest of the house was pretty much a building site.
0:39:24 > 0:39:27Peter had unearthed a house of horrors.
0:39:29 > 0:39:32We thought we'd get one entire floor done in the space of 12 months,
0:39:32 > 0:39:35which I didn't think was particularly ambitious,
0:39:35 > 0:39:38but the plumbing was in a terrible state.
0:39:38 > 0:39:41The hot water tank had been leaking for years.
0:39:41 > 0:39:45When I rolled the carpet back, it was black with mould,
0:39:45 > 0:39:47so that had to come out as well,
0:39:47 > 0:39:49so I had to do the entire plumbing system again
0:39:49 > 0:39:53and it was quite a monstrous plumbing job.
0:39:53 > 0:39:58I managed to get the pipework inside the lath and plaster wall there.
0:39:58 > 0:40:00If you look down here,
0:40:00 > 0:40:04you can see there's the main supply to the tank,
0:40:04 > 0:40:07that's the vent and the hot supply to the top floor
0:40:07 > 0:40:09and that's the cold from the tank.
0:40:09 > 0:40:11But a few floorboards had already been taken up,
0:40:11 > 0:40:14but I had to remove quite a few more
0:40:14 > 0:40:17and I'm very careful when I remove old floorboards
0:40:17 > 0:40:20because you can't get these sizes any more
0:40:20 > 0:40:22and, obviously, in an old place like this,
0:40:22 > 0:40:27you can't just go out to a DIY store and buy something off the shelf
0:40:27 > 0:40:30because things like the door surrounds, the architrave,
0:40:30 > 0:40:32are no longer available in that size.
0:40:36 > 0:40:38If the plumbing wasn't bad enough,
0:40:38 > 0:40:42the electrics were an even bigger nightmare.
0:40:42 > 0:40:47# Oh, no, we're gonna rock down to Electric Avenue
0:40:47 > 0:40:49# And then we'll take it higher... #
0:40:49 > 0:40:52I started taking up floorboards
0:40:52 > 0:40:55and discovered that the electrical work was, um,
0:40:55 > 0:40:58put in by a cowboy, let's say.
0:40:58 > 0:41:00The worst part of it was the lighting circuit,
0:41:00 > 0:41:03which was the original 1920s lead-wrapped wire,
0:41:03 > 0:41:06which uses the lead wrapping as the earth
0:41:06 > 0:41:09and the junction boxes that that was going into
0:41:09 > 0:41:11were showing signs of burning already.
0:41:11 > 0:41:15So, it wouldn't have been long before a fire had started.
0:41:15 > 0:41:20So, I decided just to take all the electrical circuits out
0:41:20 > 0:41:22and start from scratch.
0:41:22 > 0:41:25Peter employed a qualified electrician,
0:41:25 > 0:41:28but doing all the labouring himself meant long hours
0:41:28 > 0:41:32and it turned out having a tenant in situ was a mixed blessing.
0:41:32 > 0:41:35The main problem is, as we get more rooms finished,
0:41:35 > 0:41:39there's less room to have all my tools lying about
0:41:39 > 0:41:40and, of course, at the end of the day,
0:41:40 > 0:41:42I have to tidy everything away
0:41:42 > 0:41:45cos I can't leave floorboards up and tools lying out
0:41:45 > 0:41:47when there's someone coming in to sleep at the end of the day.
0:41:47 > 0:41:50With the unforeseen costs of plumbing and rewiring,
0:41:50 > 0:41:53how was Peter's original budget holding up?
0:41:53 > 0:41:57Initially, I'd reckoned £25,000 would do it from top to bottom,
0:41:57 > 0:42:00with a lot of the work being done by myself and my partner.
0:42:00 > 0:42:06At this stage, I'd say we're about £7,000 in at the moment,
0:42:06 > 0:42:07so I think we'll do it.
0:42:07 > 0:42:12That optimistic statement was made in June, 2014.
0:42:12 > 0:42:14Join us later in the programme
0:42:14 > 0:42:17to see if Peter has managed to complete this mammoth project.
0:42:25 > 0:42:28Well, I have learnt to expect the unexpected
0:42:28 > 0:42:31when it comes to timescales on development projects.
0:42:31 > 0:42:33Yes, as have I.
0:42:33 > 0:42:36Now, did our two remaining projects stick to the schedule
0:42:36 > 0:42:39or did they just rip it up completely? Let's find out.
0:42:41 > 0:42:43It was in Stoke-on-Trent, Staffordshire,
0:42:43 > 0:42:45where I first saw a two-bed terrace house
0:42:45 > 0:42:48just a stone's throw from Hanley town centre.
0:42:50 > 0:42:53Now, it's not the prettiest looking property I've seen
0:42:53 > 0:42:57and it also has this incredibly high step. I'm going in.
0:42:57 > 0:43:00# Step inside love
0:43:00 > 0:43:02# And stay
0:43:02 > 0:43:05# Step inside love
0:43:05 > 0:43:09# Step inside love
0:43:09 > 0:43:11# Step inside love
0:43:11 > 0:43:15# I want you to stay... #
0:43:15 > 0:43:17And, judging by the state of the inside,
0:43:17 > 0:43:20I'm not sure how long you'd want to stay
0:43:20 > 0:43:23and you'd certainly have to go outside at some point.
0:43:23 > 0:43:25# Let me turn down the light... #
0:43:25 > 0:43:28There's the toilet and it's the only toilet
0:43:28 > 0:43:30and it's an outside one at that.
0:43:30 > 0:43:33And the other half to the back garden is that.
0:43:33 > 0:43:36Er, slightly overgrown and it's going to need
0:43:36 > 0:43:39a few weekends' hard graft to clear that lot.
0:43:39 > 0:43:41One thing I do need to tell you
0:43:41 > 0:43:44is this house is sold with a prohibition order in place,
0:43:44 > 0:43:49which means no-one can live in this property until that has been lifted.
0:43:52 > 0:43:54In essence, the prohibition order meant
0:43:54 > 0:43:58you'd need to get everything done to bring it up to modern standards.
0:43:58 > 0:44:02But you didn't need a prohibition order to see what was necessary.
0:44:07 > 0:44:10And the person undaunted by the house was Keith.
0:44:10 > 0:44:14He bought it at auction for £42,250.
0:44:14 > 0:44:16Keith and daughter Rachel were hoping
0:44:16 > 0:44:19that the house could be used for a very specific reason.
0:44:21 > 0:44:23What made you go into property?
0:44:23 > 0:44:25What made you want to buy this property in particular?
0:44:25 > 0:44:28Stoke-on-Trent is one of the places in this country
0:44:28 > 0:44:32where refugees who are seeking asylum are sent for the time being
0:44:32 > 0:44:35and, therefore, there's quite a demand for property in this area.
0:44:35 > 0:44:38And they tend to be at the bottom of the priority list,
0:44:38 > 0:44:41in terms of housing, so we thought it was the best way to make sure
0:44:41 > 0:44:43that they do get housing, safe, affordable housing.
0:44:43 > 0:44:48And, along with the hope this could be a sanctuary for refugees
0:44:48 > 0:44:51or people who are struggling to find somewhere to live,
0:44:51 > 0:44:53Keith had lined up builder Simon,
0:44:53 > 0:44:57who trained and supported ex-prisoners to do the work,
0:44:57 > 0:45:00and he guessed at a budget of around 12 grand
0:45:00 > 0:45:02and a very hopeful three-month timescale.
0:45:05 > 0:45:08# I'm gonna get myself in
0:45:10 > 0:45:13# I'm gonna fix up the yard
0:45:15 > 0:45:19# And not fall back again... #
0:45:20 > 0:45:24Now a year has slipped by and it's time to check on the progress.
0:45:27 > 0:45:30The new double glazing and front door bode well
0:45:30 > 0:45:34and inside, the back reception room, that's now a sleek, modern kitchen.
0:45:37 > 0:45:41It has allowed the old kitchen space to be transformed
0:45:41 > 0:45:45into an all-important shower room and indoor toilet,
0:45:45 > 0:45:48with new plastering, wiring and replumbing.
0:45:48 > 0:45:52That means 15 years of neglect have been eradicated.
0:45:52 > 0:45:56# I feel it's never too late
0:45:57 > 0:46:01# To make a brand-new start... #
0:46:01 > 0:46:03So, where did they start?
0:46:03 > 0:46:06# To make a brand-new start... #
0:46:06 > 0:46:09The builder who came, who I was given, who was excellent
0:46:09 > 0:46:11and had done other work here and there,
0:46:11 > 0:46:13he came and looked at the thing and said,
0:46:13 > 0:46:16"Of course, the best thing to do to start is put a new roof on."
0:46:16 > 0:46:18That was great, but it took a lot longer
0:46:18 > 0:46:21than I thought it was going to and also, he didn't quite remember
0:46:21 > 0:46:24to put the gutters on, originally, so that took a bit longer as well.
0:46:24 > 0:46:27So, we now have a dry house, from which we then began,
0:46:27 > 0:46:30but we're already three or four months down the line,
0:46:30 > 0:46:31if not five or six.
0:46:31 > 0:46:34And after his builder, Simon, had completed the roof,
0:46:34 > 0:46:36he was busy on other projects,
0:46:36 > 0:46:38so Keith needed a new team of tradesmen
0:46:38 > 0:46:41to create the downstairs bathroom, kitchen
0:46:41 > 0:46:43and, of course, the bedrooms.
0:46:45 > 0:46:48In terms of the bedrooms, I think there's been two main changes.
0:46:48 > 0:46:50Firstly, the wallpaper going.
0:46:50 > 0:46:53Also, the shower in the cupboard has gone,
0:46:53 > 0:46:55so it's now just a closet and a cupboard.
0:46:55 > 0:46:58# It's a jungle out there... #
0:46:58 > 0:47:01And, with a second bedroom refurbished,
0:47:01 > 0:47:03the inside of the house was coming along nicely.
0:47:03 > 0:47:06But it wasn't just the inside that was neglected for a long time.
0:47:06 > 0:47:10The outside was too. So, how did Keith sort that out?
0:47:10 > 0:47:12# It's a jungle out there... #
0:47:12 > 0:47:16I paid somebody to come and chop it all down
0:47:16 > 0:47:17and I dug a tunnel through it, initially,
0:47:17 > 0:47:20and found an ex-loo at the bottom of the garden.
0:47:20 > 0:47:22It used to be a two outside loo house, this.
0:47:22 > 0:47:24# Too good to lose
0:47:24 > 0:47:27# You're too good to lose Oh-oh... #
0:47:27 > 0:47:31So, two loos have now been found and a yard unearthed.
0:47:31 > 0:47:32There is still some work to do,
0:47:32 > 0:47:36tidying up the outside and in the front reception room,
0:47:36 > 0:47:38but this was a baptism of fire for Keith,
0:47:38 > 0:47:40so what tested his resolve the most?
0:47:40 > 0:47:44The biggest challenges here were A, the fact I live in Birmingham,
0:47:44 > 0:47:45which is 40 miles away.
0:47:45 > 0:47:49The second is that I had never done this before
0:47:49 > 0:47:52and I think I bit off rather more than I could chew
0:47:52 > 0:47:54and got to the point where I didn't know what to do.
0:47:54 > 0:47:58And thirdly, the finances slightly ran away with themselves
0:47:58 > 0:48:00and £12,000 was an amateur guess
0:48:00 > 0:48:05at what we hoped we might manage to limit it to and it was quite naive.
0:48:05 > 0:48:09I think we've come in over 18, probably heading towards 20,
0:48:09 > 0:48:11but I haven't paid the final bills for the last bits yet.
0:48:11 > 0:48:17£20,000 doesn't seem too bad with the amount of work carried out
0:48:17 > 0:48:21but with Keith's £42,250 purchase price,
0:48:21 > 0:48:25his total outlay will be £62,250.
0:48:25 > 0:48:27So, money well spent?
0:48:27 > 0:48:29What do two local property experts think,
0:48:29 > 0:48:33starting with the expert who saw it originally in its awful state?
0:48:33 > 0:48:35The property's certainly changed quite a bit
0:48:35 > 0:48:36since I last saw the property.
0:48:36 > 0:48:39There is now a shower room to the rear
0:48:39 > 0:48:41which, obviously, was a vital addition,
0:48:41 > 0:48:44and it has been done to a reasonable standard.
0:48:44 > 0:48:46It's been modernised so it's ready to move into.
0:48:46 > 0:48:48I also like the garden as well. It's unusual
0:48:48 > 0:48:51to find a garden of this size with a terrace property
0:48:51 > 0:48:53so close to the city centre.
0:48:54 > 0:48:56Keith bought this with a view to lease it
0:48:56 > 0:49:00to a charity who might house people who are currently homeless,
0:49:00 > 0:49:03so this is not about a quick profit.
0:49:03 > 0:49:07But how has the £62,250 investment fared?
0:49:09 > 0:49:11Once the property's completed,
0:49:11 > 0:49:15I would anticipate a resale value in the region of £65,000.
0:49:15 > 0:49:18If we were to place the property on the sales market,
0:49:18 > 0:49:22I would look to a figure in the region of £60,000.
0:49:22 > 0:49:27That would mean a loss at worst and a small profit at best.
0:49:27 > 0:49:30Given the work that was needed to bring this house up to scratch,
0:49:30 > 0:49:34it's hardly surprising. But what does Keith think of those values?
0:49:34 > 0:49:37That's about what I think we've spent
0:49:37 > 0:49:40but we're going to rent it to a charity
0:49:40 > 0:49:43which will have people who, otherwise, would be homeless
0:49:43 > 0:49:47and that's terribly important. Everybody deserves a good home.
0:49:48 > 0:49:51Absolutely spot-on there, Keith.
0:49:51 > 0:49:53But having spent a fair amount of money,
0:49:53 > 0:49:55he needs to recoup some of that back,
0:49:55 > 0:49:58so what kind of rental income could this house bring in?
0:50:02 > 0:50:04I would anticipate rental income
0:50:04 > 0:50:07in the region of £400 per calendar month.
0:50:07 > 0:50:09If we were to place the property on the rental market,
0:50:09 > 0:50:14I would recommend a figure in the region of £395 per calendar month.
0:50:14 > 0:50:17I've been offered £425 to £450.
0:50:17 > 0:50:22Keith's top figure would mean a yield of just under 9%
0:50:22 > 0:50:24and he's hoping that the property will house people
0:50:24 > 0:50:27who find it harder than most to find accommodation.
0:50:27 > 0:50:30So, on reflection, what does Keith feel about this project?
0:50:33 > 0:50:35From the moment I first walked in this house,
0:50:35 > 0:50:38I realised it was a delightful little house
0:50:38 > 0:50:41and even though it had massive problems, it's turned out great
0:50:41 > 0:50:45and I've really enjoyed doing it, apart from the times when I haven't.
0:50:53 > 0:50:56Now it's time to return to Seascale in Cumbria,
0:50:56 > 0:50:59where we've been following Peter in his quest
0:50:59 > 0:51:03to turn this huge detached property into a room letting business.
0:51:04 > 0:51:08It was back in 2012 when Peter bought the house at auction
0:51:08 > 0:51:10for £135,000.
0:51:10 > 0:51:13With four reception rooms and eight bedrooms,
0:51:13 > 0:51:16plus a substantial extension and a garage at the back,
0:51:16 > 0:51:20he certainly had the space to play with, but what about time and money?
0:51:21 > 0:51:24It's going to take a couple of years, I think, to come to fruition,
0:51:24 > 0:51:27but I'm going to try and get one or two rooms sorted out
0:51:27 > 0:51:31and get the downstairs presentable and the kitchen sorted
0:51:31 > 0:51:33and get a couple of rooms going
0:51:33 > 0:51:36and then, once that's bringing in a bit of income,
0:51:36 > 0:51:37then I'll start to do other rooms.
0:51:37 > 0:51:40And when we returned two years later,
0:51:40 > 0:51:43Peter had been true to his word.
0:51:43 > 0:51:46He'd managed to complete one bedroom of the planned eight,
0:51:46 > 0:51:48with another just about ready,
0:51:48 > 0:51:50and there was good reason for the delay.
0:51:52 > 0:51:53The plumbing was in a terrible state.
0:51:53 > 0:51:56The hot water tank had been leaking for years.
0:51:56 > 0:51:59I started taking up floorboards and discovered
0:51:59 > 0:52:03that the electrical work was put in by a cowboy, let's say.
0:52:03 > 0:52:06It wouldn't have been long before a fire had started.
0:52:06 > 0:52:09- MUSIC: Theme to Psycho - Peter's job as a film cameraman
0:52:09 > 0:52:13means he's no stranger to drama, jeopardy and cliff-hangers.
0:52:13 > 0:52:15MUSIC: Theme to Jaws
0:52:16 > 0:52:19- IN DRAMATIC VOICE:- Well, sit back, grab some popcorn,
0:52:19 > 0:52:24as we reveal the final act in Peter's very own epic production.
0:52:24 > 0:52:27Five years after our first visit, we're back to see
0:52:27 > 0:52:32if Peter has finally managed to finish this project!
0:52:32 > 0:52:36MUSIC: Theme from Lawrence Of Arabia
0:52:48 > 0:52:51Well, it all looks pretty impressive on the first floor.
0:52:51 > 0:52:54As well as the bedroom Peter completed in 2014,
0:52:54 > 0:52:58there are now two more rentable rooms,
0:52:58 > 0:53:01one with an en suite and one with a separate shower room.
0:53:03 > 0:53:06But the first-floor bedrooms didn't tell the whole story
0:53:06 > 0:53:11as, much like Hollywood, if you sneak a look behind the scenes,
0:53:11 > 0:53:14you'll begin to see the real picture.
0:53:14 > 0:53:17Peter has done a great deal of work in this place,
0:53:17 > 0:53:20but it's still far from the eight-bedroom HMO that he imagined
0:53:20 > 0:53:24when he first bought at auction, and the reason is very simple.
0:53:25 > 0:53:28It took far longer than I expected, so then it took longer
0:53:28 > 0:53:31to get the money coming in from the rented rooms.
0:53:31 > 0:53:35The biggest challenge, really, was putting the hours in
0:53:35 > 0:53:37cos working on my own, it's very time-consuming
0:53:37 > 0:53:40cos, if you've got a couple of people with you,
0:53:40 > 0:53:42then things happen more than twice as fast.
0:53:42 > 0:53:45If you're plumbing and you have to run some pipe
0:53:45 > 0:53:47under a floor or something, it's much easier with two people
0:53:47 > 0:53:50because one person can be at one end and one at the other.
0:53:50 > 0:53:53When you're on your own, you push the pipe in and it gets stuck,
0:53:53 > 0:53:56then you have to go the other end and try and get it out that way
0:53:56 > 0:53:57and it's a nightmare.
0:53:59 > 0:54:01The kitchen's been given a modest makeover
0:54:01 > 0:54:03to service the needs of his tenants
0:54:03 > 0:54:07and Peter has installed an ultra-modern biomass boiler.
0:54:07 > 0:54:09But the extension at the back of the house
0:54:09 > 0:54:11is currently being used as storage.
0:54:11 > 0:54:14MUSIC: Shape Of You by Ed Sheeran
0:54:14 > 0:54:17On the second floor, the rooms are a lot tidier,
0:54:17 > 0:54:20but most of the work here has been to the fabric of the building -
0:54:20 > 0:54:23fixing the electrics and plumbing and dealing with damp.
0:54:23 > 0:54:26Rather than plough on, Peter has decided
0:54:26 > 0:54:29it's time to sell up and move on.
0:54:30 > 0:54:32I decided to sell for various reasons,
0:54:32 > 0:54:35one of which was that I might be getting
0:54:35 > 0:54:37a long-term assignment down south
0:54:37 > 0:54:41and I couldn't really face managing a rental accommodation
0:54:41 > 0:54:43and working 300 miles away.
0:54:43 > 0:54:46That wouldn't have been too good for me, I don't think.
0:54:46 > 0:54:50And just over two weeks after putting it on the market,
0:54:50 > 0:54:55I received an offer which I accepted and that was that.
0:54:55 > 0:54:57MUSIC: Don't Look Back In Anger by Oasis
0:54:57 > 0:55:01As he prepares to hand over the keys, Peter is philosophical.
0:55:01 > 0:55:05Well, as I'm moving on, I won't look back in anger, as they say.
0:55:05 > 0:55:10The place has been fine to work on and it's been a good experience.
0:55:10 > 0:55:15I've learnt a lot of skills and refined skills I already had.
0:55:15 > 0:55:17It kept me fit to a certain degree,
0:55:17 > 0:55:20carrying things up and down the stairs, you know.
0:55:20 > 0:55:22We took a fireplace out on the top floor.
0:55:22 > 0:55:25It was about 15 trips with muck buckets
0:55:25 > 0:55:27down the stairs with all the rubble.
0:55:27 > 0:55:31A few weeks off here and there for filming assignments,
0:55:31 > 0:55:33which was a nice break.
0:55:33 > 0:55:38# But don't look in anger I heard you say... #
0:55:40 > 0:55:42Five years in the making and for Peter, at least,
0:55:42 > 0:55:46this low-budget feature is finally over.
0:55:46 > 0:55:48But will there be a Hollywood ending?
0:55:51 > 0:55:53We invited a local estate agent along
0:55:53 > 0:55:56to take a look at Peter's progress
0:55:56 > 0:55:59and give us some up-to-date valuations on this property.
0:55:59 > 0:56:01First impressions, there's plenty of space.
0:56:01 > 0:56:05There's been work done but there's still a lot to do.
0:56:05 > 0:56:08The big selling points of this place are its location.
0:56:08 > 0:56:11It's close to the local nuclear plant.
0:56:11 > 0:56:14Also, the size of the building offers options,
0:56:14 > 0:56:16in terms of the use of the rooms,
0:56:16 > 0:56:18so people won't feel squashed into this place.
0:56:18 > 0:56:21It'll be comfortable for different people to live here.
0:56:21 > 0:56:26Peter bought this house for £135,000
0:56:26 > 0:56:28and has been frugal with his refurbishment,
0:56:28 > 0:56:33spending only £9,000, to bring that total to £144,000.
0:56:33 > 0:56:36He's now moving on, but what kind of rental income
0:56:36 > 0:56:38could a new owner be expecting?
0:56:39 > 0:56:42The income depends on the standard of the rooms.
0:56:42 > 0:56:45The ones that have been done have been done to a really good standard.
0:56:45 > 0:56:47That needs to continue.
0:56:47 > 0:56:50It may well be worth sacrificing some of the rooms upstairs
0:56:50 > 0:56:53because en suites will attract a higher rental.
0:56:53 > 0:56:55In terms of the value, I would imagine
0:56:55 > 0:56:58that those rooms could be £200 to £220 per calendar month.
0:56:58 > 0:57:03Rooms without an en suite would be £150 to £170 per calendar month.
0:57:03 > 0:57:06Those figures are not including council tax and utilities,
0:57:06 > 0:57:09but, based on eight rooms, the agent's higher figure,
0:57:09 > 0:57:13well, that's potentially around £1,700 per month.
0:57:13 > 0:57:15And what about a sales value?
0:57:15 > 0:57:18In its current condition, this property would sell
0:57:18 > 0:57:23for somewhere between £220,000 and £225,000.
0:57:23 > 0:57:24That's a coincidence.
0:57:24 > 0:57:28Yes, £220,000 is exactly what I've just sold it for.
0:57:28 > 0:57:32Which means that Peter has realised a profit of £76,000,
0:57:32 > 0:57:34before fees and taxes.
0:57:34 > 0:57:37What is he planning to do with that hard-earned windfall?
0:57:39 > 0:57:42Well, I've spotted a house in the next village along
0:57:42 > 0:57:47which has potential to have a photographic studio in,
0:57:47 > 0:57:51also a three-bedroom house and a garage, so that suits me.
0:57:51 > 0:57:55Now I'm involved with some local filmmakers
0:57:55 > 0:57:57and we want to pursue further projects,
0:57:57 > 0:58:00so a studio is going to be very useful.
0:58:03 > 0:58:07Every auction property comes with its fair share of twists and turns
0:58:07 > 0:58:09and the odd unexpected bump in the road.
0:58:09 > 0:58:12Yes, so join us next time, as we follow more auction buyers
0:58:12 > 0:58:16on their renovation journeys, here on Homes Under The Hammer.
0:58:16 > 0:58:17- Bye-bye.- Goodbye.