0:00:02 > 0:00:03Hello, and welcome to the show.
0:00:03 > 0:00:05Now, property auctions attract all sorts of people,
0:00:05 > 0:00:09from dedicated developers to fearless first-timers.
0:00:09 > 0:00:11Yes, but no matter how much experience you've got,
0:00:11 > 0:00:13there will always be those little things that catch you out.
0:00:13 > 0:00:16Yes, prepare as much as you can, do your research,
0:00:16 > 0:00:18hopefully that will help you out,
0:00:18 > 0:00:20and we'll try to do the same as well.
0:00:46 > 0:00:49Just in a few hours you can witness all types of properties
0:00:49 > 0:00:51being bought and sold at an auction.
0:00:51 > 0:00:55Yes, whether it's a two-up two-down, tenement, town house,
0:00:55 > 0:00:56there's something for everyone.
0:00:56 > 0:00:59So, what have we got for you on today's show?
0:01:00 > 0:01:03Where can you still find value for money in London?
0:01:03 > 0:01:06This two-bed flat in Walworth may be the answer.
0:01:06 > 0:01:09This is brick, it's traditional, I like it.
0:01:10 > 0:01:12But getting a decent return on this plot of land in Derbyshire
0:01:12 > 0:01:15will require a lot of imagination.
0:01:15 > 0:01:20Do you think that could be the site of my new dream home?
0:01:20 > 0:01:21And in South Wales,
0:01:21 > 0:01:25is this trio of flats a ready-made investment opportunity?
0:01:25 > 0:01:27It's more or less finished, I've got to say.
0:01:27 > 0:01:31New carpets - that's basically it.
0:01:31 > 0:01:33All of these properties have been sold at auction,
0:01:33 > 0:01:36and we'll find out who bought them and what they paid for them when
0:01:36 > 0:01:38they went under the hammer.
0:01:38 > 0:01:39Sold, 225.
0:01:43 > 0:01:47Home to the Old Kent Road, made famous by a certain board game,
0:01:47 > 0:01:51Walworth may not be the most sought after area of south London,
0:01:51 > 0:01:54but that could be about to change, as neighbouring Elephant and Castle
0:01:54 > 0:01:57has been undergoing a huge regeneration.
0:01:57 > 0:02:00So, time to pass go and have a look at today's property.
0:02:00 > 0:02:03# And little Frank
0:02:03 > 0:02:06# He's not even got a house on the Old Kent Road. #
0:02:09 > 0:02:12This area's dominated by purpose-built blocks,
0:02:12 > 0:02:16so it's no surprise I'm here to see a two-bedroom flat in one of them.
0:02:16 > 0:02:18In fact, it's this one here.
0:02:18 > 0:02:22It had a guide price of £205,000 when it went to auction.
0:02:22 > 0:02:24It's on the third floor.
0:02:24 > 0:02:27It looks like there's no lift. Who needs the gym?
0:02:40 > 0:02:43# One step at a time
0:02:43 > 0:02:47# That's all it's really gonna take. #
0:02:47 > 0:02:50I made it up the three flights. Wasn't too bad.
0:02:51 > 0:02:55OK, you've got good height ceilings, you have a toilet,
0:02:55 > 0:02:57but just a toilet.
0:02:57 > 0:03:01Because... Ah, here you have your bath and sink. Not ideal,
0:03:01 > 0:03:05and actually you can't really put them together because the layout
0:03:05 > 0:03:08isn't conducive, because you've got your hall in between.
0:03:08 > 0:03:12A good sized first bedroom, I like that,
0:03:12 > 0:03:15and then you have a smaller second bedroom.
0:03:15 > 0:03:18You might not accept it everywhere, but we're in London, and you know,
0:03:18 > 0:03:21you could actually get a double bed in there. It's OK.
0:03:21 > 0:03:26Through to your living area. Ah. Now, it is a two-bedroom flat,
0:03:26 > 0:03:30but I'm thinking it was originally a one bed,
0:03:30 > 0:03:35because this living area is far too small to house a kitchen in it.
0:03:35 > 0:03:37You know, where are you going to put your cooker?
0:03:37 > 0:03:39Are you going to extend round here?
0:03:39 > 0:03:42And if so, you're going to be sitting in your kitchen area.
0:03:43 > 0:03:47My feeling is that the other bedroom next door, the smaller one,
0:03:47 > 0:03:53was a kitchen at one point, because this looks and feels too solid.
0:03:53 > 0:03:55It's not a stud wall. It's not just been put up,
0:03:55 > 0:03:58it's not been an open-plan kitchen and living area.
0:03:58 > 0:04:00Nice fireplace surround.
0:04:00 > 0:04:03The place isn't completely devoid of character.
0:04:03 > 0:04:06To be a block of flats, that's quite unusual.
0:04:06 > 0:04:08The good news - they do have central heating,
0:04:08 > 0:04:11the windows look in good order, it's bright,
0:04:11 > 0:04:14it feels more solid than out the window,
0:04:14 > 0:04:16I can see the more modern concrete blocks.
0:04:16 > 0:04:18This is brick, it's traditional - I like it.
0:04:20 > 0:04:24You know, some people will sniff at purpose-built blocks like this,
0:04:24 > 0:04:26but it's a former local authority flat,
0:04:26 > 0:04:30which tells me it's been looked after and reliably built.
0:04:30 > 0:04:32It could be a great investment.
0:04:32 > 0:04:37You've just got to have a think about that second bedroom.
0:04:37 > 0:04:41The decision you have to make is - do you keep this as a two-bed?
0:04:41 > 0:04:45If you did, you would have to be pretty happy watching the TV
0:04:45 > 0:04:48in your kitchen, because it's tiny through there,
0:04:48 > 0:04:53or do you put it back to being a one-bed, more spacious, flat?
0:04:53 > 0:04:55That's the decision you have to make.
0:04:55 > 0:04:59# Baby, it's up to you
0:04:59 > 0:05:03# What are you gonna do? #
0:05:03 > 0:05:07Of course, it depends on what you want do with it. Having two bedrooms
0:05:07 > 0:05:10would make more sense if you're renting, but if you're selling,
0:05:10 > 0:05:13a one-bed apartment might be the better option.
0:05:15 > 0:05:21Now, what excites me about here is the view. Yes, it's urban here,
0:05:21 > 0:05:22but if you take a few steps along,
0:05:22 > 0:05:26and kind of squint through these two buildings, you see the Shard.
0:05:26 > 0:05:28That's beautiful.
0:05:28 > 0:05:31And it's exciting me that you can get for a little over £200,000
0:05:31 > 0:05:33- yes, it's a lot of money, but it's London -
0:05:33 > 0:05:35for that it's quite low, and you're so central,
0:05:35 > 0:05:37you get that amazing view.
0:05:37 > 0:05:42This is not a run down area, it's gritty and urban, and I like it.
0:05:44 > 0:05:47Yes, this block with a view could be a cracking investment,
0:05:47 > 0:05:51with a guide price of £205,000.
0:05:51 > 0:05:53What can a local estate agent tell us about the area
0:05:53 > 0:05:55that the property's in?
0:05:57 > 0:05:59In terms of the regeneration in Elephant and Castle,
0:05:59 > 0:06:01that is slowly spreading to Walworth.
0:06:01 > 0:06:05It's certainly getting on the radar in terms of developers and investors
0:06:05 > 0:06:08alike, as well as first-time buyers looking to get onto the ladder.
0:06:08 > 0:06:12There's talk of potentially opening a Tube station just up the road on
0:06:12 > 0:06:17the Old Kent Road. It's more a case of, I think, when as opposed to if,
0:06:17 > 0:06:21which will bring massive regeneration to the area.
0:06:21 > 0:06:25Wow, that could be great news for whoever gets the flat at auction,
0:06:25 > 0:06:27but what does the agent think they should do with it?
0:06:28 > 0:06:31In terms of the layout, if at all possible,
0:06:31 > 0:06:33I would keep it as a two-bedroom.
0:06:33 > 0:06:38Certainly, in terms of resaleability and also from a yield perspective,
0:06:38 > 0:06:42by way of renting, that's where your premiums are going to be.
0:06:42 > 0:06:45OK, that's interesting, so if it is kept as a two-bed,
0:06:45 > 0:06:49what kind of numbers are we looking at, once the property is improved?
0:06:50 > 0:06:51In terms of a two-bedroom,
0:06:51 > 0:06:57this property you would be looking to sell for £300,000-325,000,
0:06:57 > 0:06:59and in terms of rentals,
0:06:59 > 0:07:02you would be looking at around about £1,300 per calendar month.
0:07:02 > 0:07:05What about if it becomes a one-bed property?
0:07:05 > 0:07:08As a one bedroom in this property you would be looking to sell for
0:07:08 > 0:07:12between £250,000 and £275,000.
0:07:12 > 0:07:14And in terms of rentals you would be looking at around about
0:07:14 > 0:07:17£1,000 per calendar month.
0:07:17 > 0:07:20This flat's in need of modernisation and there are layout decisions
0:07:20 > 0:07:23to make. But once you've resolved them, well,
0:07:23 > 0:07:28it's in a brilliant area, up and coming, plenty of demand here.
0:07:28 > 0:07:30Let's find out who agreed when it went to auction.
0:07:34 > 0:07:37Who's here for this lot? 200, anywhere?
0:07:37 > 0:07:41We're going to go beyond that. We're going to hit 250, I'm sure.
0:07:41 > 0:07:44200 anywhere? 200 I'll take.
0:07:44 > 0:07:50205. 205. 210.
0:07:50 > 0:07:54215, sir. 215. 220. 220.
0:07:54 > 0:07:58225. 225. 230.
0:07:58 > 0:08:02Back of the room. No? 225 with the gentleman, he's only made two bids.
0:08:02 > 0:08:04He's got a lot more money to go.
0:08:04 > 0:08:07225. I'm selling it, 225.
0:08:07 > 0:08:09Who's bidding? 225 for the first.
0:08:09 > 0:08:12225 for the second.
0:08:12 > 0:08:16225 for the third and final time.
0:08:16 > 0:08:17Sold, 225.
0:08:20 > 0:08:23The lot came towards the end of the auction day, and sold quickly
0:08:23 > 0:08:27for £225,000, to Stiva.
0:08:27 > 0:08:31Stiva is a landlord and has property development experience.
0:08:31 > 0:08:34He has bought and sold in the area for some time.
0:08:34 > 0:08:38I met up with him on the third floor to find out the plans.
0:08:38 > 0:08:40Stiva. Congratulations.
0:08:40 > 0:08:42- Thank you.- So it's Steve with an "A" on the end?
0:08:42 > 0:08:44- That's right, yes. - How come?
0:08:44 > 0:08:47Well, it's actually a Russian name,
0:08:47 > 0:08:49so my mum named me after the brother of Anna Karenina.
0:08:49 > 0:08:52Wow! So is there Russian blood in the family?
0:08:52 > 0:08:54Yes, a long way back there is, yes.
0:08:54 > 0:08:58Lovely. From Russia to Walworth.
0:08:58 > 0:09:00- To Walworth, that's correct. - Yes!
0:09:00 > 0:09:03So talk me through why you chose this property.
0:09:03 > 0:09:06Yes, this particular property we're interested in primarily because
0:09:06 > 0:09:10of the location. This is an area that we're familiar with.
0:09:10 > 0:09:12We've had some properties here before,
0:09:12 > 0:09:15that we've either sold or we rent out, and also the price point.
0:09:15 > 0:09:20It was low enough, the price, we felt it was worth bidding
0:09:20 > 0:09:24- on this one, yes.- You say we, "We wanted". Who is we?
0:09:24 > 0:09:28It's really myself, but I guess, like, my wife,
0:09:28 > 0:09:31and my family are always involved in some way,
0:09:31 > 0:09:34they've helped me to finance a lot of properties,
0:09:34 > 0:09:37so I always involve them to some extent.
0:09:37 > 0:09:41The reality is it probably falls on me, actually.
0:09:41 > 0:09:43How did you get into the property business?
0:09:43 > 0:09:47My dad bought me a council flat at auction, which he redid,
0:09:47 > 0:09:53back in 2009, and we ended up buying another council flat as well.
0:09:54 > 0:09:57And we actually sold both of those a few years later,
0:09:57 > 0:10:01but it gave me a feel, really, for, you know, for property, really,
0:10:01 > 0:10:05and the idea that you can make a profit from buying and selling it.
0:10:05 > 0:10:10And also got me into the sort of auction, you know,
0:10:10 > 0:10:14the sort of rhythm of the auctions a little bit as well.
0:10:14 > 0:10:17After becoming a dad for the first time to baby son, Reuben,
0:10:17 > 0:10:20Stiva took some time out from developing properties.
0:10:20 > 0:10:23Now he's back to the day job, and raring to go.
0:10:26 > 0:10:30I'm not sure exactly what the history is with this one, but
0:10:30 > 0:10:34it doesn't seem like it's properly been converted to a two-bed.
0:10:34 > 0:10:36And I also think it's a bit of a red herring.
0:10:36 > 0:10:39I don't think the space actually works as a two-bed.
0:10:39 > 0:10:42For that reason, we're going to convert it back to a one-bed,
0:10:42 > 0:10:46and we actually feel it will be more saleable as an asset,
0:10:46 > 0:10:49if that's what we choose to do, and also it will allow us to rent
0:10:49 > 0:10:53it out as two rooms, and we'd have a communal eating area in the kitchen,
0:10:53 > 0:10:58so that falls within a model that we know and that we understand.
0:10:58 > 0:11:01When you say, "Rent it out as two rooms," what do you mean?
0:11:01 > 0:11:05So, one person renting in this room, which will be...
0:11:05 > 0:11:08Which would be the living room, if you like,
0:11:08 > 0:11:10one person renting in the bedroom,
0:11:10 > 0:11:12and then the kitchen area will be a communal area,
0:11:12 > 0:11:14but that would also have an eating area,
0:11:14 > 0:11:17so we'll design that into the kitchen.
0:11:17 > 0:11:18It minimises the risk to us,
0:11:18 > 0:11:21it minimises the amount of time to do the job,
0:11:21 > 0:11:23and it keeps it within the model that we know.
0:11:23 > 0:11:28Stiva likes ex-local authority properties, and his renovation model
0:11:28 > 0:11:30gives him maximum flexibility.
0:11:30 > 0:11:33If he wants to rent, converting the open-plan living-kitchen
0:11:33 > 0:11:38back to a self-contained room makes sense. It gives him two rooms
0:11:38 > 0:11:42that can be rented separately, but it also means that if he sells,
0:11:42 > 0:11:46the buyer could have the same set-up or use it as a one-bed flat with
0:11:46 > 0:11:50a decent reception and a separate dining-kitchen.
0:11:50 > 0:11:53Stiva has plenty to keep him occupied, and he is planning
0:11:53 > 0:11:57to completely rewire, and replace the central heating system.
0:11:57 > 0:11:59He hopes it is done within four to six weeks,
0:11:59 > 0:12:01but what about that budget?
0:12:01 > 0:12:04I think realistically, we are looking at 15,000 to 20,000.
0:12:04 > 0:12:07I'd like it to be as close to 15 as possible,
0:12:07 > 0:12:09but there are decisions that we will need to make along the way.
0:12:09 > 0:12:13For example, if we are going to redo the kitchen, do we spend 1,000 or
0:12:13 > 0:12:171,500 more and actually have really nice, quality units?
0:12:17 > 0:12:20That could actually increase its resale value quite considerably.
0:12:20 > 0:12:23Decisions like that will determine how much, but I would imagine
0:12:23 > 0:12:25it will be not less than 15.
0:12:25 > 0:12:27And I imagine it would be not more than 20.
0:12:27 > 0:12:30- Good luck.- Thank you. - I can't wait to see the results.
0:12:30 > 0:12:32- Thank you.- Four to six weeks - not that long either.
0:12:32 > 0:12:34Hopefully so. Thank you.
0:12:36 > 0:12:39Stiva's a man who knows his own mind, he knows the market,
0:12:39 > 0:12:42and he's sticking to the kind of property he knows best.
0:12:42 > 0:12:46I'm intrigued to know whether he rents it as a two-bed or as
0:12:46 > 0:12:49a spacious one-bed and sells it.
0:12:49 > 0:12:51You can find out what he does later in the show.
0:12:57 > 0:13:01This is the market town of Chesterfield in Derbyshire.
0:13:01 > 0:13:04It's home to the famous crooked spire,
0:13:04 > 0:13:08which towers above the Church of Saint Mary and All Saints.
0:13:08 > 0:13:12This spire is believed to have twisted due to the wrong timber
0:13:12 > 0:13:14being used during construction,
0:13:14 > 0:13:17which began to buckle under the weight of the lead tiles.
0:13:17 > 0:13:20And while today's lot might not be as grand,
0:13:20 > 0:13:24it's definitely something a lot of people a-SPIRE to.
0:13:24 > 0:13:27I think it's fair to say that it's a dream for a lot of people
0:13:27 > 0:13:30to build their own home.
0:13:30 > 0:13:33Well, your starting point has to be finding a plot of land
0:13:33 > 0:13:37that might be suitable. And surprisingly, you might not have
0:13:37 > 0:13:41to look as far afield as you think, because in most neighbourhoods
0:13:41 > 0:13:46like this one, really close to the town centre, there are little plots
0:13:46 > 0:13:51of land left like this one has been, probably for years, derelict.
0:13:51 > 0:13:53Well, look at this. What do you think? Wasteland,
0:13:53 > 0:13:58or do you think that could be the site of my new dream home?
0:13:58 > 0:13:59Hm!
0:14:02 > 0:14:05And if you were thinking that, then you might be interested to know that
0:14:05 > 0:14:09this plot had a guide price of £45,000 plus and planning consent
0:14:09 > 0:14:12for two three-bedroom semidetached houses.
0:14:14 > 0:14:16Now, at first glance,
0:14:16 > 0:14:19you might think that access to the site is a bit problematic, because
0:14:19 > 0:14:22you've got this road here, and the site is, what?
0:14:22 > 0:14:2610, 15 feet down this steep bank.
0:14:26 > 0:14:30You've got pedestrian access at the back, which is good news.
0:14:30 > 0:14:32But how do you get over this?
0:14:32 > 0:14:36Well, this is where a good architect will step in, and actually,
0:14:36 > 0:14:39I've had a glance at the plans for this, and if you were looking at
0:14:39 > 0:14:43an auction at a lot like this, you could access plans.
0:14:43 > 0:14:46It's all available from the local authority, who passed them online.
0:14:46 > 0:14:48You can see what the actual plans were.
0:14:48 > 0:14:51The idea they've come up with is make the most of the fact you've got
0:14:51 > 0:14:55this bit of land which is a lot lower, and actually build up the
0:14:55 > 0:15:00property from down there, and have the access to it via a door here.
0:15:00 > 0:15:02You then have a basement, basically.
0:15:02 > 0:15:06You come in on the middle floor and you'd have your bedrooms above.
0:15:06 > 0:15:10So actually, the fact that you've got that huge great hole there,
0:15:10 > 0:15:13and it's down that way, in this instance, is a real bonus.
0:15:13 > 0:15:16So, access issue? I don't think so.
0:15:16 > 0:15:20And just down this path from street level is the pedestrian access
0:15:20 > 0:15:22to the rear of the plot.
0:15:24 > 0:15:27# When you're bowling down the lane... #
0:15:27 > 0:15:28Well, clearly, one of the things...
0:15:28 > 0:15:32In fact, the main thing that makes this plot of land so interesting is
0:15:32 > 0:15:36the fact that it's got that planning permission for the creation of
0:15:36 > 0:15:39two houses. As it happens, two three-bedroom semis.
0:15:39 > 0:15:41Without that planning permission,
0:15:41 > 0:15:44this would literally be a scrap of land with a value of,
0:15:44 > 0:15:46I don't know, £2,000, £3,000. Perhaps.
0:15:46 > 0:15:50However, having that planning permission doesn't necessarily mean
0:15:50 > 0:15:53you have to stick with it. You could put in new planning permission
0:15:53 > 0:15:56for something else. Maybe you could build one house here.
0:15:56 > 0:16:00But, of course, all that takes time and money. So my guess is
0:16:00 > 0:16:03that whoever bought this would want to stick with what is originally
0:16:03 > 0:16:07in place, in terms of what's been passed, in terms of planning.
0:16:07 > 0:16:08However, that's not the end of it,
0:16:08 > 0:16:11because all you've got currently is the outline planning that
0:16:11 > 0:16:14something could be built here, and what that will look like.
0:16:14 > 0:16:17You've still got to have building regulations approved and all that
0:16:17 > 0:16:19kind of stuff, so it's not the end of the road,
0:16:19 > 0:16:21but you are a long way down the line.
0:16:21 > 0:16:25To obtain full planning permission, you would have to submit details,
0:16:25 > 0:16:28such as how the building fits in with the locality,
0:16:28 > 0:16:31building materials, drainage, and sewerage, parking,
0:16:31 > 0:16:35and vehicular access. The building regulations take care of the safety
0:16:35 > 0:16:38and suitability of the construction itself.
0:16:40 > 0:16:42Let's see what a local estate agent thought of the plot,
0:16:42 > 0:16:45guided at £45,000 plus,
0:16:45 > 0:16:47and the plans that are currently granted for this site.
0:16:49 > 0:16:52It is unusual to find a plot like this. You would have expected
0:16:52 > 0:16:55it to be snapped up and built on some years ago.
0:16:55 > 0:16:58But it's got very good potential for, you know, the current owner.
0:16:58 > 0:17:01If I were building on this plot, I would stick to
0:17:01 > 0:17:04the original three-bedroom semidetached properties,
0:17:04 > 0:17:07simply because there is a good market for those in the area,
0:17:07 > 0:17:10and I could imagine they would be built quickly and they would
0:17:10 > 0:17:13- sell quickly.- Good news for potential investors.
0:17:13 > 0:17:16But what could a three-bedroom semidetached house be worth on the
0:17:16 > 0:17:19sales and rental market?
0:17:19 > 0:17:24A three-bedroom semidetached house in this area would sell for around
0:17:24 > 0:17:26£150,000 to £160,000.
0:17:26 > 0:17:29And rental would be around £700 to £750 per calendar month.
0:17:31 > 0:17:34Well, plots of land like this don't come up at the auctions that often,
0:17:34 > 0:17:37so I'm sure it would have been a very popular lot
0:17:37 > 0:17:39when it went under the hammer.
0:17:41 > 0:17:43A development site up in Chesterfield,
0:17:43 > 0:17:45we have registered bidders online.
0:17:45 > 0:17:47Who will start me off on the guide at 45?
0:17:47 > 0:17:48Start at 45?
0:17:48 > 0:17:5142? 40?
0:17:51 > 0:17:53Bid me. 40 is bid in the room. Thank you, sir.
0:17:53 > 0:17:56Starter's bid at 40. 41 elsewhere?
0:17:56 > 0:17:5840? 41 is bid, thank you.
0:17:58 > 0:18:0041. And 42.
0:18:00 > 0:18:0242 is bid. And 43.
0:18:02 > 0:18:0443. And 44.
0:18:04 > 0:18:0744. 45. 46.
0:18:07 > 0:18:1146 is bid. It's against you. 47.
0:18:11 > 0:18:15Take the half? 46,500. 47. 47 is bid.
0:18:15 > 0:18:20And a half. No? At £47,000...
0:18:20 > 0:18:2447,500 to stay with it. If not, it goes at £47,000.
0:18:24 > 0:18:27It's in the room, ladies and gentlemen. At £47,000.
0:18:27 > 0:18:29For the first time...
0:18:29 > 0:18:33the second time... It's yours at 47,000, third and final time.
0:18:33 > 0:18:35The hammer is up. Fair warning, Internet.
0:18:35 > 0:18:39It goes. Sold at 47,000, in the room. Thank you.
0:18:41 > 0:18:46Getting the plot for 47 grand was Brian. Brian currently works as
0:18:46 > 0:18:50a security officer, and I met him and his son, Jordan,
0:18:50 > 0:18:54back at the site to see what he had planned for his new acquisition.
0:18:54 > 0:18:56Brian, Jordan, great to meet you both.
0:18:56 > 0:18:58- Great to meet you, too. - Congratulations.
0:18:58 > 0:19:01- Thank you.- So, tell me why you wanted to buy this plot of land.
0:19:01 > 0:19:04I just see it as a good investment really.
0:19:04 > 0:19:08Got planning permission. I'm a local guy, I know the area a lot.
0:19:08 > 0:19:11So, yeah, just made good sense to buy it.
0:19:11 > 0:19:12Have you done anything like this before?
0:19:12 > 0:19:14Years and years ago, I did...
0:19:14 > 0:19:18Where I come from, Clay Cross, I did a bit of a wreck up there.
0:19:18 > 0:19:20Took me a good while to do that.
0:19:20 > 0:19:22But, yeah, I've never done a self-build before.
0:19:22 > 0:19:25OK. Now, why a new-build?
0:19:25 > 0:19:27You say you haven't done it for a little while.
0:19:27 > 0:19:30It's a fair old step, isn't it, to go slamming into building things?
0:19:30 > 0:19:32What about doing a bit of renovation first?
0:19:32 > 0:19:35Well, I have actually got another one on the go.
0:19:35 > 0:19:38- Oh, have you? Oh, right. - At the minute. It's what I bought
0:19:38 > 0:19:40- from an agent. - Right.
0:19:40 > 0:19:43So that's going to keep me a little bit occupied, but you know,
0:19:43 > 0:19:46I can get a builder doing the majority, and when he needs me,
0:19:46 > 0:19:48I can drop that and get back on here.
0:19:48 > 0:19:51Right. So, Jordan, are you going to be involved in this project or what?
0:19:51 > 0:19:54Yeah. I'll be doing mostly the side of plumbing.
0:19:54 > 0:19:58- Oh, right.- Because that is what I'm currently studying at college, so...
0:19:58 > 0:20:01- Oh, brilliant. - My lecturer,
0:20:01 > 0:20:04he's coming to oversee what I'm doing and that, so...
0:20:04 > 0:20:07So it's going to be real great hands-on training for you.
0:20:07 > 0:20:09- Yes. Some experience. - Brilliant.
0:20:09 > 0:20:11Was that in your thought process,
0:20:11 > 0:20:13a chance for Jordan to do a bit of on-site training?
0:20:13 > 0:20:16Yeah, definitely, yeah. I mean, he'll be qualified.
0:20:16 > 0:20:18This is his second year at college.
0:20:18 > 0:20:22And hopefully, if this carries on, which I'm hoping it will,
0:20:22 > 0:20:24there'll be more work for him on a lot of things, really.
0:20:24 > 0:20:27- Yeah.- Not just plumbing, different side of things.
0:20:27 > 0:20:30Great. And, Jordan, how many days do you think you will be here?
0:20:30 > 0:20:32Will you be here on a weekly basis?
0:20:32 > 0:20:36If I'm still at college then it'll probably be when I can fit it in.
0:20:36 > 0:20:41But I'll try and come down and help most... When I can, basically.
0:20:41 > 0:20:44Because, you know, experience is what I need.
0:20:44 > 0:20:46Yeah. How old are you, if you don't mind me asking?
0:20:46 > 0:20:48- 17. - 17, fantastic.
0:20:48 > 0:20:51So really starting young and getting in there.
0:20:51 > 0:20:54- Yeah.- Is it something that you'd like to sort of take on,
0:20:54 > 0:20:56maybe a joint venture with your dad?
0:20:56 > 0:20:59Yeah, of course, really. It's a good trade to get into.
0:20:59 > 0:21:04A lot of money behind it, it's interesting, yeah,
0:21:04 > 0:21:06something that I'd really like to do.
0:21:06 > 0:21:10This could well be the start of a father-son property empire.
0:21:10 > 0:21:13Problem is, there isn't actually a property here,
0:21:13 > 0:21:15so they'll need to get that rectified.
0:21:17 > 0:21:20So, obviously, we've got plans in place.
0:21:20 > 0:21:23- Are you going to stick to those? - Yeah, definitely, yeah.
0:21:23 > 0:21:25I can't see anything wrong with them, really.
0:21:25 > 0:21:27I think... They're all right.
0:21:27 > 0:21:30- They look all right.- So obviously a key element of this is going to be
0:21:30 > 0:21:32- your builder.- Yeah. - Have you got somebody lined up?
0:21:32 > 0:21:34Yeah, there's a builder at the side of me.
0:21:34 > 0:21:37Lives about three doors away from me.
0:21:37 > 0:21:39He's built his own bungalow.
0:21:39 > 0:21:42I'm hoping that he's going to do one for me.
0:21:42 > 0:21:44And me help him along...
0:21:44 > 0:21:46Just labour for him or something like that.
0:21:46 > 0:21:49- Yeah.- Keep the costs down a bit. - Yeah. He's a good builder as well.
0:21:49 > 0:21:51- Brilliant.- And he hasn't got a lot on at the minute,
0:21:51 > 0:21:54- so if I catch him right... - Right.- ..it'll be brilliant.
0:21:54 > 0:21:59- Yeah.- So, it all depends on when we can get these architect plans
0:21:59 > 0:22:02- at the minute.- Right, so the issue you've got at the moment is what?
0:22:02 > 0:22:07The original architect - he's semi-retired,
0:22:07 > 0:22:10and he didn't really want to take on anything this big.
0:22:10 > 0:22:13So the plans you've got are actually just the planning permission for the
0:22:13 > 0:22:17construction. They aren't the detailed stuff that a builder
0:22:17 > 0:22:21- needs to build the place. - No, I've got to get those drawn up
0:22:21 > 0:22:24via an architect. As soon as I can get that sorted
0:22:24 > 0:22:27then, you know, get the services in, and get cracking.
0:22:30 > 0:22:34Brian is hoping to build both houses for around 150 grand.
0:22:34 > 0:22:39And with the estate agent's valuation of 150-160,000 per semi,
0:22:39 > 0:22:42this could make him a handsome return.
0:22:42 > 0:22:45He's hoping to have the houses complete in nine months.
0:22:46 > 0:22:48So, what issue is the biggest challenge?
0:22:48 > 0:22:50Clearly, the topography is a bit strange,
0:22:50 > 0:22:52with the road being up there and this big bank.
0:22:52 > 0:22:55But that seems to be compensated for by the design that has been
0:22:55 > 0:22:59- come up with.- Yeah. As they've done the plans for the two buildings,
0:22:59 > 0:23:02you've got a basement which the first floor then comes off the
0:23:02 > 0:23:05street level, and you've got your bedrooms above.
0:23:05 > 0:23:06- It's perfect, really. - Yeah.
0:23:06 > 0:23:08You get a bit of extra storage space, really.
0:23:08 > 0:23:11In lots of ways, the way the ground is shaped benefits you
0:23:11 > 0:23:13in terms of the square footage of the building.
0:23:13 > 0:23:15Yeah, it looks worse than it actually is.
0:23:15 > 0:23:17- Yeah, I think it's going to be all right.- Good.
0:23:17 > 0:23:20- Well, listen, congratulations. Good luck to you both.- Thank you.
0:23:20 > 0:23:22Looking forward to seeing how you get on. Nice to meet you.
0:23:22 > 0:23:25Thank you. Nice to meet you.
0:23:25 > 0:23:27Well, that's one way of doing it, isn't it? If you need
0:23:27 > 0:23:30a tradesperson, you have children, and get them to learn that trade.
0:23:30 > 0:23:32Well, I'm sure that wasn't the original plan,
0:23:32 > 0:23:36but it's turned out really nicely, and really nicely for Jordan, too.
0:23:36 > 0:23:39How fantastic to be able to go to college and do the practical
0:23:39 > 0:23:44experience here on your dad's first major new-build development project.
0:23:44 > 0:23:46How will they get on with this interesting plot?
0:23:46 > 0:23:48You can find out later in the show.
0:23:50 > 0:23:54Still to come in South Wales - I visit a mouthwatering prospect.
0:23:54 > 0:23:57It's very rare to actually come into an auction property
0:23:57 > 0:23:59which is more or less finished for you.
0:24:02 > 0:24:05But in Chesterfield, has Brian bitten off more than he can chew?
0:24:05 > 0:24:09I do wish that I'd come and viewed the land.
0:24:15 > 0:24:18Back now to Walworth in South London.
0:24:18 > 0:24:22I scaled three flights of stairs to look around this two-bed flat
0:24:22 > 0:24:27that had a very attractive guide price of £205,000.
0:24:27 > 0:24:31Inside, there were major drawbacks to the layout.
0:24:31 > 0:24:35This living area is far too small to house a kitchen in it.
0:24:35 > 0:24:37You know, where are you going to put your cooker?
0:24:37 > 0:24:39Are you going to extend round here?
0:24:39 > 0:24:43And if so, you're going to be sitting in your kitchen area.
0:24:43 > 0:24:46My feeling is that the other bedroom next door, the smaller one,
0:24:46 > 0:24:49was a kitchen at one point.
0:24:49 > 0:24:52I wasn't convinced that the kitchen which had been turned into
0:24:52 > 0:24:54a second bedroom was the right solution,
0:24:54 > 0:24:57but two rooms for rent always means more income.
0:24:57 > 0:25:02Do you put it back to being a one-bed, more spacious flat?
0:25:02 > 0:25:04That's the decision you have to make.
0:25:04 > 0:25:06# And soon you will find that there comes a time
0:25:06 > 0:25:09# For making your mind up. #
0:25:09 > 0:25:12With the property just a stone's throw from Central London,
0:25:12 > 0:25:15and the prospect of a Tube stop being created for the area
0:25:15 > 0:25:18in the near future, this looked like a sound investment.
0:25:21 > 0:25:25And the man who agreed to the tune of £225,000 at auction
0:25:25 > 0:25:30was experienced landlord and property developer, Stiva.
0:25:30 > 0:25:32Sold, 225.
0:25:32 > 0:25:35Stiva has a penchant for ex-local authority properties,
0:25:35 > 0:25:39and he also had a formula for redeveloping flats like these
0:25:39 > 0:25:44to get the most flexibility in terms of rental or sales.
0:25:44 > 0:25:47I don't think that the space actually works as a two-bed,
0:25:47 > 0:25:50so for that reason, we are going to convert it back to a one-bed.
0:25:50 > 0:25:54And we actually feel that it will be more saleable as an asset,
0:25:54 > 0:25:55if that's what we choose to do.
0:25:55 > 0:25:59And also it will allow us to rent it out as two rooms, and we'd have
0:25:59 > 0:26:02a communal eating area in the kitchen. So that sort of
0:26:02 > 0:26:05falls within a model that we know and that we understand.
0:26:06 > 0:26:10So, Stiva had a Plan A and a Plan B.
0:26:10 > 0:26:13Move the kitchen into the current small bedroom, then creating
0:26:13 > 0:26:17two good-sized bedrooms which will be rented separately - Plan A.
0:26:17 > 0:26:21Plan B - sell the property as a one-bedroom property,
0:26:21 > 0:26:24meaning the second bedroom would be a living room.
0:26:24 > 0:26:26Both pretty good plans, I thought.
0:26:26 > 0:26:29However, you know what they say about the best laid plans.
0:26:32 > 0:26:36We've returned six weeks later to find out how it's gone.
0:26:47 > 0:26:51The kitchen has indeed been moved into what was the small bedroom.
0:26:51 > 0:26:54It's a compact, modern kitchen, with a handy breakfast bar.
0:26:59 > 0:27:02Next door, and this room can either work as a living room
0:27:02 > 0:27:04or a second bedroom.
0:27:04 > 0:27:08The property has been re-floored, rewired, and redecorated,
0:27:08 > 0:27:10plus they've installed new central heating.
0:27:20 > 0:27:22The new bathroom suite, like the rest of the property,
0:27:22 > 0:27:25has been neutrally decorated.
0:27:25 > 0:27:27The toilet has also had a small sink added.
0:27:34 > 0:27:37The existing bedroom now looks fresh and inviting,
0:27:37 > 0:27:40which is a theme that runs through the whole flat.
0:27:41 > 0:27:44This was the first property Stiva has tackled
0:27:44 > 0:27:47since baby Reuben's arrival, so how was it?
0:27:47 > 0:27:52So, it was interesting to be doing this kind of work again.
0:27:54 > 0:27:57There's quite a lot that I can take from this project.
0:27:57 > 0:28:00I think I probably need a little bit more time,
0:28:00 > 0:28:03so it's harder to do things to the same kind of tight schedules
0:28:03 > 0:28:06that I have done in the past.
0:28:06 > 0:28:09And I think it would probably help to get some childcare as well.
0:28:09 > 0:28:12The builders needed me here quite a lot of the time
0:28:12 > 0:28:14in order to get things done,
0:28:14 > 0:28:17because I was going to get supplies and clearing things.
0:28:17 > 0:28:19But I take the son for two days a week,
0:28:19 > 0:28:25so that was definitely one of the challenges in this project, yeah.
0:28:25 > 0:28:27# What about it, daddy cool? #
0:28:29 > 0:28:33Ah, yes. The old work-life balance can shift somewhat
0:28:33 > 0:28:36when kids become involved. Still, he's managed to get the work done
0:28:36 > 0:28:40in the four to six weeks he set himself, but what about his budget?
0:28:42 > 0:28:47The budget that we had was between 15,000 and 20,000, and I haven't
0:28:47 > 0:28:50done the final costings yet, but I think it will sit
0:28:50 > 0:28:54almost exactly between those two figures, so around 17,500.
0:28:54 > 0:28:57Maybe 18, when we've put in some of the fixtures.
0:28:57 > 0:29:01Scope of the work was quite well defined before we did it,
0:29:01 > 0:29:04so I think it would have been possible to have done it
0:29:04 > 0:29:07for slightly less, and also I think it would have been possible
0:29:07 > 0:29:10to go further with some of the finishing, but we think
0:29:10 > 0:29:14we've got it balanced around about, you know, the right sort of level.
0:29:14 > 0:29:20I think the most likely outcome is that we'll rent it as two rooms.
0:29:20 > 0:29:23We would be interested in selling it, but we just don't think
0:29:23 > 0:29:25the market is stable enough at the moment,
0:29:25 > 0:29:29so we'd prefer not to take a risk, renting it as two rooms,
0:29:29 > 0:29:31and then wait until a better time to sell.
0:29:31 > 0:29:34Overall, I am pleased that we bought it.
0:29:36 > 0:29:40I've had a look since we bought this, and there's been nothing else
0:29:40 > 0:29:45at this sort of price in this sort of area, so in that sense,
0:29:45 > 0:29:51I think it was an opportunity, and that was the reason we went forward.
0:29:51 > 0:29:53But I do think it's been quite stressful,
0:29:53 > 0:29:56and I'll be pleased to focus on other things as well.
0:29:59 > 0:30:02So it's been a tough return to property developing for Stiva,
0:30:02 > 0:30:07but will his investment of around £243,000 into this property
0:30:07 > 0:30:11make sense to two local estate agents?
0:30:11 > 0:30:13Firstly, the agent who saw it originally.
0:30:13 > 0:30:16I think in terms of the changes made, they're very good,
0:30:16 > 0:30:18they look to be of a very high standard,
0:30:18 > 0:30:21they're nice and modern, and also contemporary as well.
0:30:21 > 0:30:23It's got a great amount of space.
0:30:23 > 0:30:26The kitchen is done very beautifully,
0:30:26 > 0:30:28the bathroom's very stylish as well,
0:30:28 > 0:30:31even if they are a little small, but still fantastic.
0:30:31 > 0:30:35Personally, I would suggest looking at the rental market in the
0:30:35 > 0:30:38first instance. I still think in terms of sales,
0:30:38 > 0:30:40this area's got some distance to go,
0:30:40 > 0:30:44especially with the talk of Tube stations in the immediate area.
0:30:45 > 0:30:48OK, then, let's have a listen to what kind of return
0:30:48 > 0:30:50Stiva could expect from both sales and rental.
0:30:52 > 0:30:54If the current owner was looking to sell the property,
0:30:54 > 0:30:59they'd be looking to achieve between £275,000 and £300,000,
0:30:59 > 0:31:01and from a rentals perspective,
0:31:01 > 0:31:05you'd be looking at around about £1,100 per calendar month.
0:31:05 > 0:31:09I would suggest renting the property at £1,100 per calendar month,
0:31:09 > 0:31:12and a sales value of £285,000.
0:31:12 > 0:31:16It probably wouldn't be worth it for us to rent it as one property,
0:31:16 > 0:31:20but we do think it's quite well suited to renting as two rooms.
0:31:20 > 0:31:24Stiva's not going to go for the potential 57 grand profit.
0:31:24 > 0:31:28Instead, his research tells him he can rent the two rooms separately
0:31:28 > 0:31:33for a total of 1,500 per calendar month,
0:31:33 > 0:31:35which would mean a yield of 7.4%,
0:31:35 > 0:31:41as opposed to the 5.4% yield he'd get if he rented it out as a whole
0:31:41 > 0:31:43for 1,100 per calendar month.
0:31:43 > 0:31:48So, Stiva's juggling job of nappies and builders has been a success,
0:31:48 > 0:31:50albeit a stressful one.
0:32:03 > 0:32:07South Wales, and a half hour drive north of Cardiff.
0:32:07 > 0:32:13We are in a village famous for its 216 metre tall viaduct.
0:32:13 > 0:32:16Once used for transporting coal from valleys by train,
0:32:16 > 0:32:20but these days rail tracks have been replaced by tyre tracks,
0:32:20 > 0:32:23and now it makes up part of the Celtic Trail cycle paths.
0:32:23 > 0:32:26Hopefully, the next property will be WHEELY good.
0:32:28 > 0:32:30I'm in - now I've got to get this correct -
0:32:30 > 0:32:34I'm in Hengoed on this really well-kept cul-de-sac.
0:32:34 > 0:32:37Now, on the left-hand side, if you have a look,
0:32:37 > 0:32:39you'll see that style of house.
0:32:39 > 0:32:41And on the other side of the road,
0:32:41 > 0:32:44you've got a completely different style of house here.
0:32:44 > 0:32:46Both very nice, though, I've got to say.
0:32:46 > 0:32:50But I'm not here to see a house, I'm here to see a block of flats
0:32:50 > 0:32:54- two two-beds and one one-bed -
0:32:54 > 0:33:00with a guide price, if you can believe it, of £125,000.
0:33:00 > 0:33:04And the new owner of this building has got the freehold.
0:33:05 > 0:33:07Well done.
0:33:10 > 0:33:13Owning the freehold means whoever bought this lot will be responsible
0:33:13 > 0:33:15for the maintenance for the building,
0:33:15 > 0:33:19plus all the communal areas inside and out.
0:33:19 > 0:33:22But they will be able to charge a management fee for the work,
0:33:22 > 0:33:24plus an annual amount for ground rent.
0:33:24 > 0:33:28And although there are only three flats up for sale on this lot,
0:33:28 > 0:33:31there are a total of five flats covered by the freehold.
0:33:34 > 0:33:36OK, then.
0:33:36 > 0:33:40Let's start on the ground floor. This is the one-bed flat,
0:33:40 > 0:33:43and the one bedroom is just there to my right.
0:33:43 > 0:33:45It's a double bedroom.
0:33:45 > 0:33:47It's got some wardrobes in, but they can quite easily come out,
0:33:47 > 0:33:51and a nice big window as well. Hallway's a decent size.
0:33:51 > 0:33:55What have we got in these doors? We have got a good-sized bathroom,
0:33:55 > 0:33:59bit of storage in there, and then we come into this area.
0:33:59 > 0:34:04Now, modern living, for me, this is what I would expect.
0:34:04 > 0:34:08Living area, kitchen here, which is all in good condition.
0:34:08 > 0:34:13It's very rare to see or to actually come into an auction property
0:34:13 > 0:34:15which is more or less finished for you.
0:34:15 > 0:34:18If I was being picky, I'd possibly change the carpet,
0:34:18 > 0:34:21and stick some paint on the walls.
0:34:21 > 0:34:23But there's nothing wrong with this at all.
0:34:23 > 0:34:27I've got two more to see. I hope they don't let me down.
0:34:27 > 0:34:32# Don't let me down. #
0:34:32 > 0:34:35The building is around ten years old, but unfortunately,
0:34:35 > 0:34:39the company that owned the block went into liquidation in 2010,
0:34:39 > 0:34:43and the flats have been laying empty since then. That's six years.
0:34:44 > 0:34:47Recently, two of the flats on this stairwell were sold,
0:34:47 > 0:34:49which leaves the three I'm looking at today.
0:34:51 > 0:34:56OK, so we are now in one of the two-bedroom flats.
0:34:56 > 0:34:58As soon as you come in, the kitchen is on your left-hand side,
0:34:58 > 0:35:01and it's a good-sized kitchen as well.
0:35:01 > 0:35:04You could quite easily fit a table and chairs in there as well.
0:35:04 > 0:35:07You'd get away with keeping all of this kitchen.
0:35:07 > 0:35:12You do need a new hob, but that is in good condition, and spacey.
0:35:12 > 0:35:15I can see - and I haven't got to go too far - I can see there is
0:35:15 > 0:35:18a bedroom off to the left, and the second bedroom is off to the right,
0:35:18 > 0:35:21and the bathroom is right in front of me, and a good size as well.
0:35:21 > 0:35:27The lounge, if you follow me in here, is spacey as well.
0:35:27 > 0:35:30You'd get your sofas in here, your TV, a nice, comfortable area.
0:35:30 > 0:35:33Well proportioned two-bed flat.
0:35:33 > 0:35:35It's more or less finished, I've got to say.
0:35:35 > 0:35:40New carpets, and that's basically it, bit of paint, that's all I'd do,
0:35:40 > 0:35:43and you get a bit of a balcony as well.
0:35:43 > 0:35:46Which you can't get onto.
0:35:46 > 0:35:50Nice feature, but I found a negative - the door's locked.
0:35:53 > 0:35:55One more floor to go, and one more flat.
0:35:58 > 0:36:01Another two-bed, much the same layout as before,
0:36:01 > 0:36:06except this one needs a bit of work on the central heating.
0:36:06 > 0:36:10# Looking for some hot stuff, baby, this evening
0:36:10 > 0:36:14# I need some hot stuff, baby, tonight. #
0:36:14 > 0:36:17I'm not on the ground floor, I'm on the first floor,
0:36:17 > 0:36:20and you've got this communal space out here.
0:36:20 > 0:36:24It's a little bit messy, but nothing a sweeping brush won't sort out.
0:36:24 > 0:36:27It's pretty rare, actually. You might sometimes get a bit of space
0:36:27 > 0:36:29on the ground floor, but this is the first floor.
0:36:29 > 0:36:32The bins will be downstairs - no smelliness round here.
0:36:32 > 0:36:34Lots of space. You've got three levels as well -
0:36:34 > 0:36:36you can go all the way to the top here.
0:36:37 > 0:36:41And you've got access...
0:36:41 > 0:36:44out into the street as well. This is a nice little bonus.
0:36:48 > 0:36:52What's not to like about this lot? Three flats in pretty good nick,
0:36:52 > 0:36:55plus the freehold for the whole building,
0:36:55 > 0:36:58all for a guide price of 125 grand.
0:36:58 > 0:37:00Will a local estate agent be as impressed?
0:37:02 > 0:37:04I think the big selling point for the flats would obviously be in the
0:37:04 > 0:37:08location. It's a quiet spot, you're surrounded by detached houses,
0:37:08 > 0:37:10cul-de-sac location.
0:37:10 > 0:37:13I'm also impressed by the size of the flats, to be honest with you.
0:37:13 > 0:37:15The bedroom sizes, the kitchen, the living room,
0:37:15 > 0:37:18they are all pretty spacious, to be honest with you.
0:37:18 > 0:37:20So I'm really impressed by the size.
0:37:20 > 0:37:22Demand is quite good, especially from the rental side of things.
0:37:22 > 0:37:26You'll always rent the flats. Salewise, yep, pretty good as well.
0:37:26 > 0:37:28There's not that many blocks around the area,
0:37:28 > 0:37:30so there's quite a decent demand.
0:37:31 > 0:37:34If these flats were given a quick makeover and resold,
0:37:34 > 0:37:37what could they expect to fetch on the local sales market?
0:37:37 > 0:37:42For the one-bed flat, I'm thinking sensibly, would be around £75,000.
0:37:42 > 0:37:47For the two two-beds, around the £80,000 mark.
0:37:47 > 0:37:51Maybe sort of up to £85,000.
0:37:51 > 0:37:54- And what about the rental values? - On the rental market,
0:37:54 > 0:37:58I think the one-bed could achieve around £375 per calendar month.
0:37:58 > 0:38:03And the two two-beds - they should be around £400 per calendar month.
0:38:05 > 0:38:07I am impressed with this place.
0:38:07 > 0:38:11It's more or less been finished for you, and one of the big factors is
0:38:11 > 0:38:14you won't need a huge budget to turn it around.
0:38:14 > 0:38:17Let's find out who spotted it when it went under the hammer.
0:38:20 > 0:38:22What we're selling is the freehold of the entire block.
0:38:22 > 0:38:26You've got three vacant flats that need a bit of upgrading.
0:38:26 > 0:38:29You've got two flats which have been sold off on a long lease.
0:38:29 > 0:38:33Looking for 125, to be in the market, to be able to sell at 125.
0:38:33 > 0:38:35115 to start things going?
0:38:35 > 0:38:37Three flats.
0:38:37 > 0:38:39115, no? 110?
0:38:39 > 0:38:41110 is bid, thank you, 110 is bid.
0:38:41 > 0:38:43111, I'm looking for.
0:38:43 > 0:38:45110 is bid, looking for 111.
0:38:45 > 0:38:50Slashing 15 grand off the guide price soon got the bidding started.
0:38:50 > 0:38:53We rejoin with the lot sitting at 152 grand.
0:38:53 > 0:38:55It's with you at the back at 152.
0:38:55 > 0:38:58I'm looking for 153, I'll open it up to the floor.
0:38:58 > 0:38:59153, thank you.
0:38:59 > 0:39:04154? 154. 155? 155.
0:39:04 > 0:39:06156?
0:39:06 > 0:39:09No. With you, sir, on the aisle at 155.
0:39:09 > 0:39:10With you, sir, at 155.
0:39:10 > 0:39:12I'll sell at 155.
0:39:12 > 0:39:15I'll sell at 155. Are you sure?
0:39:15 > 0:39:17Yeah?
0:39:17 > 0:39:18Sold, sir, to you, 155.
0:39:20 > 0:39:24It was Paula and Richard who emerged victorious from that auction room,
0:39:24 > 0:39:27and although property isn't their main occupation,
0:39:27 > 0:39:28it comes pretty close.
0:39:28 > 0:39:31They run an audio-visual manufacturing business,
0:39:31 > 0:39:36but these guys also have a portfolio of over 70 letting units,
0:39:36 > 0:39:38so it's more than just a hobby.
0:39:38 > 0:39:42I met up with them to discuss their plans for their latest venture.
0:39:42 > 0:39:44- Richard, nice to meet you. - Thank you. Nice meeting you.
0:39:44 > 0:39:47- Paula, nice to meet you too. - You too.- Congratulations.
0:39:47 > 0:39:49- Thank you.- You've got yourself a bit of a bargain.
0:39:49 > 0:39:50I really like this place.
0:39:50 > 0:39:53How much are you prepared to pay for it? That's the first thing!
0:39:53 > 0:39:55It's a great question, actually.
0:39:55 > 0:39:58It's a bit too far up for me. I'm in the Midlands - too far to travel!
0:39:58 > 0:40:01- Shame.- So, what attracted you to this place?
0:40:01 > 0:40:05Well, we were looking for an opportunity for a new project
0:40:05 > 0:40:10and this came up at auction. Really liked the look of it, large rooms,
0:40:10 > 0:40:14lovely views outside, and in a good location,
0:40:14 > 0:40:17close to the hospitals, train station.
0:40:17 > 0:40:20We were looking for something that made sense to buy on a return
0:40:20 > 0:40:23on capital, and we were looking for something with a bit of work because
0:40:23 > 0:40:25we've got two guys who work for us on the books,
0:40:25 > 0:40:27and we were looking for something to keep them busy for a while,
0:40:27 > 0:40:29and I think this will tick that box.
0:40:29 > 0:40:31What's going to keep them busy for a while?
0:40:31 > 0:40:32Because I've not spotted too much.
0:40:32 > 0:40:37Well, a little work outside, but not too much interior work.
0:40:37 > 0:40:38Just making good, really.
0:40:38 > 0:40:40Outside, there's a lot of ground work to sort.
0:40:40 > 0:40:43The decking at the back is rotten.
0:40:43 > 0:40:46The front needs a little bit of work at high level,
0:40:46 > 0:40:48so he'll have to get up and do that.
0:40:48 > 0:40:52So, not a tremendous amount, but it's a modern structure as well,
0:40:52 > 0:40:54which is always very attractive,
0:40:54 > 0:40:55because you don't have the major problems.
0:40:55 > 0:40:59In regards to the flats themselves, silly question, but what are you
0:40:59 > 0:41:02going to do to them, if anything at all?
0:41:02 > 0:41:05Changing the windows, re-plumbing upstairs.
0:41:05 > 0:41:09Good paint through from the start, probably carpets through most of it.
0:41:09 > 0:41:12There's a boiler pinched in one of them, radiators in the bath,
0:41:12 > 0:41:13as you probably saw.
0:41:13 > 0:41:16I did see that. Not a great place for radiators, to be fair.
0:41:16 > 0:41:19No, no, so we'll get them put back on fairly soon.
0:41:19 > 0:41:22A hob and cooker to be replaced.
0:41:22 > 0:41:24Services tested.
0:41:24 > 0:41:26OK, and what about the parking situation?
0:41:26 > 0:41:30There's parking across the road for four cars.
0:41:30 > 0:41:34We've got three spaces underneath the building and three outside,
0:41:34 > 0:41:37so there's plenty of parking.
0:41:37 > 0:41:40We'll probably put some garage doors to secure the bottom,
0:41:40 > 0:41:43although the planning was just for it being open parking.
0:41:43 > 0:41:45So, what parts do you both play, if you are in this together,
0:41:45 > 0:41:51- what parts do you play?- I shall be in charge of buying materials,
0:41:51 > 0:41:54looking after the workmen that we have here, making the coffee,
0:41:54 > 0:41:59and making sure that the finish is up to my very exacting standards!
0:41:59 > 0:42:02That doesn't surprise me at all.
0:42:02 > 0:42:04Just cleaning up after them.
0:42:04 > 0:42:06The glamorous side of things, yes.
0:42:06 > 0:42:08Do the builders get biscuits, by the way?
0:42:08 > 0:42:12- Yes. Oh, yeah, I spoil them. - That's a high standard, I like that.
0:42:12 > 0:42:14They don't do work otherwise!
0:42:15 > 0:42:17What about yourself?
0:42:17 > 0:42:21Overseeing the windows, making sure they are ordered.
0:42:21 > 0:42:23Building regs, we've already paid for that,
0:42:23 > 0:42:26so they'll come and inspect them afterwards.
0:42:26 > 0:42:29Going through the services, scheduling up the guys,
0:42:29 > 0:42:33when they're going to be here, what's got to be done, so yes,
0:42:33 > 0:42:35there'll be plenty to keep us both busy for a while.
0:42:35 > 0:42:39So once everything's done - to your standard, obviously -
0:42:39 > 0:42:40the builders have been fed and watered,
0:42:40 > 0:42:43- what are you doing with the flats? - We'll be renting them.
0:42:43 > 0:42:46We've already got a prospective tenant for the flat above us,
0:42:46 > 0:42:51the second-floor, so if that goes ahead, that's a nice start.
0:42:51 > 0:42:54So how much is this going to cost then? Because like you mention,
0:42:54 > 0:42:57it is minimal, but you've got the plumbing to do as well, so how much
0:42:57 > 0:42:59- is it going to cost?- Well, the new windows we're going to put in,
0:42:59 > 0:43:03is going to be a fairly big cost, so we've got a budget of about 25,
0:43:03 > 0:43:05but I would hope to come in below that,
0:43:05 > 0:43:07but I always put a lot in for unforeseens,
0:43:07 > 0:43:10- because there's usually something comes off.- Mm.
0:43:10 > 0:43:14- So, you've got a 25 grand budget. - Yeah.- That's right.
0:43:14 > 0:43:17When you get your men in, how long is it going to take you to do it?
0:43:17 > 0:43:19Two to three months maximum.
0:43:19 > 0:43:22It will depend on whether we call them off to do other jobs.
0:43:22 > 0:43:24If they're here all the time, it wouldn't take anything like that.
0:43:24 > 0:43:27- All systems go, then, eh? - Absolutely, yes.
0:43:27 > 0:43:30I cannot wait to come back to see what your standards are like!
0:43:31 > 0:43:33- Good luck, Paula. - Thank you.
0:43:33 > 0:43:35- Good luck, Richard.- Thank you. - Good luck, good luck.
0:43:37 > 0:43:40This should be a walk in the park for Paula and Richard.
0:43:40 > 0:43:42They're experienced, they know what they're doing,
0:43:42 > 0:43:44and they know what they're trying to achieve.
0:43:44 > 0:43:46Richard's got that healthy budget,
0:43:46 > 0:43:48and Paula's got the keen eye for detail.
0:43:48 > 0:43:51Sounds like a winning combination to me.
0:43:51 > 0:43:53You can find out if they do win later in the programme.
0:43:58 > 0:44:00Well, we know how one of our auction buyers got on,
0:44:00 > 0:44:02but what about the other two?
0:44:02 > 0:44:05Has it been relatively relaxed or a roller-coaster ride?
0:44:05 > 0:44:06Well, I'm keen to find out.
0:44:10 > 0:44:14Let's head back to Chesterfield now, and its famous crooked spire,
0:44:14 > 0:44:17where earlier this plot of land came up for sale at auction,
0:44:17 > 0:44:21with a guide price of £45,000 plus.
0:44:21 > 0:44:24Look at this, what do you think? Wasteland, or do you think
0:44:24 > 0:44:27that could be the site of my new dream home?
0:44:29 > 0:44:32The site didn't come without complications,
0:44:32 > 0:44:36but nothing that couldn't be overcome. At first glance,
0:44:36 > 0:44:39you might think that access to the site is a bit problematic,
0:44:39 > 0:44:43because you've got this road here, and the site is, what?
0:44:43 > 0:44:4710, 15 feet down this steep bank.
0:44:47 > 0:44:49But how do you get over this?
0:44:49 > 0:44:51This is where a good architect would step in.
0:44:52 > 0:44:55With outline planning permission already granted for two
0:44:55 > 0:44:59three-bedroom semidetached houses, this one seemed like a no-brainer.
0:44:59 > 0:45:03Employ a builder, throw up the houses, sell them,
0:45:03 > 0:45:04and pocket a tidy profit.
0:45:06 > 0:45:08And that was more or less the plan for Brian,
0:45:08 > 0:45:11who bought the plot for 47,000.
0:45:13 > 0:45:16So, obviously, we've got plans in place.
0:45:16 > 0:45:17Are you going to stick to those?
0:45:17 > 0:45:20Yeah, definitely. I can't see anything wrong with them, really.
0:45:20 > 0:45:23I think they're all right. They look all right.
0:45:25 > 0:45:29With a local builder almost signed up, Brian was hoping to complete
0:45:29 > 0:45:32the houses in nine months, at a total cost of 150,000.
0:45:32 > 0:45:37And he had a secret weapon at his disposal - his son, Jordan,
0:45:37 > 0:45:40who was keen to get some real work experience.
0:45:42 > 0:45:44I'll be doing mostly the side of plumbing.
0:45:44 > 0:45:47- Oh, right.- Because that's what I'm currently studying at college.
0:45:47 > 0:45:49Oh, brilliant.
0:45:49 > 0:45:52Well, a year has passed since our first visit,
0:45:52 > 0:45:55and it's time to see how Brian and Jordan have got on,
0:45:55 > 0:45:58turning this sloping site into suburban semis.
0:46:03 > 0:46:07As you can see, Brian's best-laid plans have gone awry.
0:46:07 > 0:46:14# There's an empty place beside here. #
0:46:14 > 0:46:16But what's gone wrong with what seemed like
0:46:16 > 0:46:19an ideal development opportunity?
0:46:19 > 0:46:23When I got the detailed plans drawn up for the two three-bedroom semis,
0:46:23 > 0:46:27the cost of building is going to be buffed up to the embankment.
0:46:27 > 0:46:31That means there will be an egress of water coming down from
0:46:31 > 0:46:36the embankment, so basically, the basement's got to be tanked
0:46:36 > 0:46:41and waterproofed, which is an expensive thing to do, really.
0:46:41 > 0:46:44I've had three quotes from three separate builders.
0:46:44 > 0:46:50They said 150 each, for each building, which really, down here,
0:46:50 > 0:46:52you'd probably only just get that anyway to sell them on.
0:46:54 > 0:46:59Oh, dear. The ceiling price in the area has meant Brian can't
0:46:59 > 0:47:01turn a profit on his original plans,
0:47:01 > 0:47:06so he's been forced to rethink what he could do with this building plot.
0:47:06 > 0:47:09The new plan is we're going to have a bungalow built now,
0:47:09 > 0:47:12a two- or three-bedroom bungalow,
0:47:12 > 0:47:15so won't be going up to any embankments or anything,
0:47:15 > 0:47:18so there'll be no tanking, so basically,
0:47:18 > 0:47:20just a nice little bungalow sat down here.
0:47:20 > 0:47:25But finding an architect to take on the job proved a major hassle.
0:47:25 > 0:47:28There was a few who didn't want the job, because of the situation,
0:47:28 > 0:47:34is what it was. Some were too busy. We eventually found one, but,
0:47:34 > 0:47:39you know, it took a few months to get the architect in place, really.
0:47:39 > 0:47:43Brian is currently awaiting planning approval on his new proposal,
0:47:43 > 0:47:47and he's hopeful that consent will be granted soon,
0:47:47 > 0:47:49despite some lingering worries.
0:47:49 > 0:47:53A slight worry, because we're down in this dip sort of thing.
0:47:53 > 0:47:55The waste, we're not quite sure yet,
0:47:55 > 0:47:59we may hopefully go and pick some up down here,
0:47:59 > 0:48:02down in these gardens, and the neighbours, hopefully.
0:48:02 > 0:48:06Failing that, it's going to have to be a cesspit, I think.
0:48:06 > 0:48:09His new budget for the bungalow is 100 grand, and once planning
0:48:09 > 0:48:12is granted, he hopes the build will be completed in nine months.
0:48:12 > 0:48:18So, does he have any regrets about this auction purchase?
0:48:18 > 0:48:22Yeah, I do wish that I'd come and viewed the land.
0:48:22 > 0:48:26Basically in a hole, it was a bit hard to make things out anyway.
0:48:26 > 0:48:30It was really overgrown, but I do wish I'd come and viewed the land.
0:48:32 > 0:48:34So, for Brian, quite literally,
0:48:34 > 0:48:37it's been a case of back to the drawing board.
0:48:37 > 0:48:40We asked two local property experts to visit the site
0:48:40 > 0:48:43and get their opinions on Brian's new plan.
0:48:44 > 0:48:45I think for this area,
0:48:45 > 0:48:49a pair of semidetached houses would have been a much better proposition.
0:48:49 > 0:48:53Bungalows - there are very few around this area,
0:48:53 > 0:48:57and they tend to sell for higher prices in other areas.
0:48:57 > 0:49:00So I think that it is a shame that a pair of semis
0:49:00 > 0:49:02couldn't be built on here.
0:49:02 > 0:49:04I can understand the reasons behind putting the bungalow in.
0:49:04 > 0:49:07My only concerns would be that all the other properties around here are
0:49:07 > 0:49:11either traditional terraces or ex-council houses, so it's not
0:49:11 > 0:49:14an area that people initially think of as having a bungalow.
0:49:14 > 0:49:17Hmm. Neither seems particularly keen on the concept of a bungalow, then,
0:49:17 > 0:49:21but financially, it certainly makes a lot of sense for Brian.
0:49:21 > 0:49:24His projected build costs and the land purchase mean he's in it
0:49:24 > 0:49:29for 147,000, so what could a bungalow sell for?
0:49:31 > 0:49:34I think a two bedroom bungalow on this site would sell in the region
0:49:34 > 0:49:37- of £170,000. - A two-bedroom detached bungalow
0:49:37 > 0:49:41in this area would sell for between 165 and £170,000.
0:49:43 > 0:49:46It's slightly lower, I was hoping for a little bit more than that,
0:49:46 > 0:49:51possibly 180, but it's still not a bad figure, really.
0:49:52 > 0:49:54And what about a three-bed bungalow?
0:49:55 > 0:49:59A three-bedroom detached bungalow in this area would sell
0:49:59 > 0:50:02for approximately 185 to £195,000.
0:50:02 > 0:50:06I would market a three-bedroom bungalow for £190,000.
0:50:06 > 0:50:08Yeah, that's excellent.
0:50:08 > 0:50:10If that comes out at that and we can sell them for that,
0:50:10 > 0:50:12that would be perfect.
0:50:12 > 0:50:16If Brian could build a three-bed bungalow for his £100,000 budget,
0:50:16 > 0:50:22he could potentially make a profit of 43 grand, so what's the plan now?
0:50:22 > 0:50:25Yeah, I think we'll definitely go for the three-bedroom bungalow.
0:50:25 > 0:50:28That sounds like a better option. There's a bigger return on that.
0:50:28 > 0:50:31It wouldn't cost a great deal more to do that, anyway.
0:50:33 > 0:50:36I think that's the way to go - a three-bedroom bungalow.
0:50:36 > 0:50:39But he's got to get planning permission and build it first.
0:50:39 > 0:50:42But that hasn't stopped Brian thinking about the future.
0:50:43 > 0:50:48Well, sell this bungalow on, and maybe do another one.
0:50:48 > 0:50:50It's all down to the missus, really!
0:50:56 > 0:51:00Hengoed in Wales is where I was earlier in the show,
0:51:00 > 0:51:03to see what seemed like a deal of a lifetime.
0:51:03 > 0:51:09With a guide price of 125 grand for not one, or two, but three flats,
0:51:09 > 0:51:11and the freehold for the building.
0:51:11 > 0:51:13# Feels too good
0:51:13 > 0:51:17# To be true. #
0:51:17 > 0:51:22I certainly thought so. Surely it must have been a disaster inside?
0:51:22 > 0:51:26It's very rare to actually come into an auction property
0:51:26 > 0:51:28which is more or less finished for you,
0:51:28 > 0:51:30but there's nothing wrong with this at all.
0:51:30 > 0:51:34I've got two more to see. I hope they don't let me down.
0:51:34 > 0:51:37# Never let me down... #
0:51:37 > 0:51:42And they didn't. These flats were in excellent condition.
0:51:42 > 0:51:45Richard and Paula, who had a side-line business of around
0:51:45 > 0:51:5070 properties, couldn't resist, and paid 155 grand at the auction.
0:51:50 > 0:51:54They wanted to rent them out, and Richard was pretty quick in trying
0:51:54 > 0:51:57to find a tenant, in the shape of yours truly.
0:51:58 > 0:52:01You've got yourself a bit of a bargain. I really like this place.
0:52:01 > 0:52:04How much are you prepared to pay for it? That's the first thing.
0:52:04 > 0:52:06It's a great question, actually.
0:52:06 > 0:52:08It's a bit too far for me - I'm in the Midlands.
0:52:08 > 0:52:11- Too far to travel! - Shame.
0:52:11 > 0:52:14Not for me, but hopefully after three to four months of hard work,
0:52:14 > 0:52:16on a 25 grand budget,
0:52:16 > 0:52:20new tenants would be able to call these flats home.
0:52:20 > 0:52:22Three months on - let's see what they've done.
0:52:32 > 0:52:35Well, there wasn't much needed doing, but Richard, Paula,
0:52:35 > 0:52:38and their team have done it well.
0:52:38 > 0:52:42On the ground floor, a lick of paint and new carpets finish the job.
0:52:42 > 0:52:46The place is much cosier, thanks to new PVC double glazing,
0:52:46 > 0:52:48something they've done to all three flats.
0:52:50 > 0:52:52Upstairs, at one of the two-bed flats,
0:52:52 > 0:52:54there's already a tenant moved in.
0:52:55 > 0:52:57The kitchen has been fixed, and in the garden,
0:52:57 > 0:53:00that rotten decking has been made safe.
0:53:01 > 0:53:04On the top floor, the other two-bed has new central heating
0:53:04 > 0:53:06and spruced-up decor.
0:53:07 > 0:53:10Richard and Paula had a simple turnaround here,
0:53:10 > 0:53:13but they had an aquatic adventure along the way.
0:53:14 > 0:53:18Well, it's been a good buy because it was a newish shell
0:53:18 > 0:53:21and everything was done to a modern standard, so you didn't have
0:53:21 > 0:53:24the usual damp problems that you get with some of the older properties,
0:53:24 > 0:53:27so it was fairly straightforward in many ways.
0:53:27 > 0:53:28But you always get the unexpected!
0:53:30 > 0:53:33The flats had been empty for so many years, the pipes in the wall
0:53:33 > 0:53:35had frozen, so we had water everywhere at the start,
0:53:35 > 0:53:38water going everywhere when we first turned the supply on, and
0:53:38 > 0:53:41having to dig out walls to find out where the pipework was going.
0:53:41 > 0:53:44I think that was the only thing that was probably unforeseen.
0:53:44 > 0:53:47The rest of it was stuff that we expected when we took it on.
0:53:47 > 0:53:51# Un, deux, et trois... #
0:53:51 > 0:53:54With this lot, the couple also bought the freehold to the building,
0:53:54 > 0:53:58and they've also done good work in the communal areas.
0:53:58 > 0:54:00In the communal areas, we've had a fair bit of work.
0:54:00 > 0:54:04Underneath the stairs we had to skim out, because it wasn't fireproofed.
0:54:04 > 0:54:08Some of the live gas pipes, people were tripping over them,
0:54:08 > 0:54:11so we had to raise the flooring and sort that out.
0:54:11 > 0:54:14We put a door access system in, a keypad for going under the stairs,
0:54:14 > 0:54:17so people don't have to find keys when they get at the meters,
0:54:17 > 0:54:21and everything. Generally paint, clean, and sort it all out.
0:54:22 > 0:54:25They stuck to the timescale, but what about the budget?
0:54:27 > 0:54:30Well, we were thinking of 20,000 to 25,000 as a budget,
0:54:30 > 0:54:33but it's always difficult to tell when you start a job.
0:54:33 > 0:54:36Luckily, this one hasn't thrown anything really nasty at us,
0:54:36 > 0:54:40and I think after contribution from the other flats which are sold on
0:54:40 > 0:54:43long-term lease, we're probably going to be about 18,000,
0:54:43 > 0:54:47which is fine. It's a nice figure to come in at, really.
0:54:47 > 0:54:51We've got a really good team and they've worked really hard
0:54:51 > 0:54:54on this project, so we're really grateful to them.
0:54:54 > 0:54:58And it works really well, the two of us, doesn't it?
0:54:58 > 0:55:01Yeah, we're lucky that the two people who work for us,
0:55:01 > 0:55:02we can rely on them to carry on,
0:55:02 > 0:55:06if we just make sure we organise and have a plan of where we're going
0:55:06 > 0:55:08and it works out nicely all-round, really.
0:55:09 > 0:55:13One tenant has already moved in, and the good news is
0:55:13 > 0:55:15they have agreed lets on the other two flats.
0:55:17 > 0:55:21One-bedroom downstairs is, I think, 470 month.
0:55:21 > 0:55:27The middle flat is 475, because he's taken a lease for a few years,
0:55:27 > 0:55:30and the top one is 500.
0:55:30 > 0:55:35So we do also have another £100 a year income from the lease on the
0:55:35 > 0:55:38flats that were sold off, so, yeah, all looking very good.
0:55:44 > 0:55:49Having spent 173 grand in total, those rental figures are making them
0:55:49 > 0:55:53a healthy 10% yield on the three flats collectively.
0:55:53 > 0:55:56But I wonder what they'd be worth on the sales market.
0:55:56 > 0:55:59To find out, we asked along two local agents.
0:55:59 > 0:56:02First, what do they think of the flats?
0:56:02 > 0:56:03They're done to a very high standard.
0:56:03 > 0:56:06The flats themselves are a phenomenal size for flats
0:56:06 > 0:56:10locally compared, and the fact that parking seems to be good,
0:56:10 > 0:56:12and they are immaculately presented.
0:56:12 > 0:56:15Fantastic location, where the block is located at the end
0:56:15 > 0:56:18of the cul-de-sac. It's a quiet cul-de-sac.
0:56:18 > 0:56:21The flats are easily accessible from the main hall,
0:56:21 > 0:56:24and all the flats seem to be very modern, light, and airy.
0:56:24 > 0:56:27The agents think that Paula and Richard are pretty much on the money
0:56:27 > 0:56:32with their rental figures, but what about those sales figures?
0:56:32 > 0:56:36The ground floor flat in today's market would fetch between
0:56:36 > 0:56:42£60,000 and £65,000. The middle apartment will fetch £80,000.
0:56:42 > 0:56:45The top floor apartment is a good, spacious apartment,
0:56:45 > 0:56:48and that would fetch between £75,000 and £80,000.
0:56:48 > 0:56:51The resale value of the top floor flat,
0:56:51 > 0:56:55I estimate between £70,000 to £75,000. The middle floor
0:56:55 > 0:57:00two-bedroom flat, I estimate between £75,000 to £80,000. And the lower
0:57:00 > 0:57:07ground floor flat, the one-bedroom - between £60,000 to £65,000.
0:57:07 > 0:57:12The top figures there could mean a combined resale of £225,000,
0:57:12 > 0:57:16and that could net the couple a pre-tax profit of 52 grand.
0:57:17 > 0:57:18Thoughts?
0:57:21 > 0:57:25Yes, there'd be a profit if we were to look to sell the three,
0:57:25 > 0:57:29but we've got a quality building that will last for many years,
0:57:29 > 0:57:31which means it will pay for itself in just over ten years,
0:57:31 > 0:57:34so no need to look at selling.
0:57:36 > 0:57:39I think this has been a great investment for the couple.
0:57:39 > 0:57:42Richard and Paula, despite having finished three flats,
0:57:42 > 0:57:44have their eye on more.
0:57:46 > 0:57:48Yeah, we've got a few more on the go at the moment,
0:57:48 > 0:57:50so we'll get working on those very soon.
0:57:50 > 0:57:52Yeah, we keep saying we're not going to,
0:57:52 > 0:57:54and then we see something of interest.
0:57:54 > 0:57:57We are looking more towards commercial because of the stamp duty
0:57:57 > 0:58:00that's been added on. That makes a big difference if
0:58:00 > 0:58:03you're trying to sell something, but again,
0:58:03 > 0:58:06we just look around, and if we think something's right, we go for it.
0:58:11 > 0:58:13Property auctions take place everywhere in the UK,
0:58:13 > 0:58:15and we've met a load of buyers.
0:58:15 > 0:58:18Yes, you never know - next time, we might be in your neighbourhood.
0:58:18 > 0:58:21So wherever you are, from Dundee to Derby,
0:58:21 > 0:58:23we hope you join us next time on Homes Under The Hammer.
0:58:23 > 0:58:25- Bye-bye.- Bye-bye.- Goodbye.