Episode 45

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0:00:02 > 0:00:04Hello, welcome to the show. Now, if you're looking at property

0:00:04 > 0:00:06as an investment, or maybe just somewhere to live,

0:00:06 > 0:00:08then an auction is a really great place to start.

0:00:08 > 0:00:11Yes, why not start by just flicking through that auction catalogue?

0:00:11 > 0:00:13You might even find a little hidden treasure.

0:00:13 > 0:00:16Yes, and then you head down to your local auction house,

0:00:16 > 0:00:20make a bid, and the property is yours, if you buy under the hammer.

0:00:45 > 0:00:48One of the great things about buying at auction -

0:00:48 > 0:00:51a few weeks after that winning bid, you could legally be the owner.

0:00:51 > 0:00:55Yes, and if you're keen to get on with a project, that is good news.

0:00:55 > 0:00:58So, what got the buyers bidding on today's show?

0:00:59 > 0:01:03Lucy finds the gift of original features wrapped up in panelling

0:01:03 > 0:01:05in this cottage in Seend, Wiltshire.

0:01:06 > 0:01:08I just want to unravel it all.

0:01:09 > 0:01:12Good things come in small packages.

0:01:12 > 0:01:15Not so at this semi in Neath, South Wales.

0:01:15 > 0:01:18I don't know if you realised that, but I've gone from lounge to kitchen

0:01:18 > 0:01:19in two steps.

0:01:19 > 0:01:23And a guide price of 20-25 grand sounds like a gift

0:01:23 > 0:01:25in Wolverhampton, West Midlands.

0:01:25 > 0:01:26So there must be a catch.

0:01:31 > 0:01:3255, proxy bidder is out.

0:01:32 > 0:01:34All these properties have been sold at auction,

0:01:34 > 0:01:37and we'll find out who bought them and what they paid

0:01:37 > 0:01:39when they went under the hammer.

0:01:43 > 0:01:47Lucy is in the picturesque village of Seend in Wiltshire.

0:01:47 > 0:01:50With a mix of grand houses, idyllic workers' cottages,

0:01:50 > 0:01:54and road links to please any commuter, it's an ideal location

0:01:54 > 0:01:57for those looking for that country living lifestyle.

0:02:01 > 0:02:04Walking up to the property, I've got my fingers firmly crossed that

0:02:04 > 0:02:06I'm going to be viewing something special.

0:02:06 > 0:02:08And do you know what? I think I am.

0:02:08 > 0:02:13This - it was built around 1815 as a factory for local weavers,

0:02:13 > 0:02:17but the row was turned into housing when the industry died down,

0:02:17 > 0:02:20and unsurprisingly, you are now looking at a Grade II-listed

0:02:20 > 0:02:24property with a guide price of £70,000.

0:02:24 > 0:02:27And I'm looking at an exciting afternoon.

0:02:27 > 0:02:29I'm going to have a look around.

0:02:33 > 0:02:37Ooh! Now, I think I gave this house a bit of a big introduction.

0:02:37 > 0:02:41It's actually quite disappointing when you get inside.

0:02:41 > 0:02:44And once you've looked past all this awful panelling, I think the

0:02:44 > 0:02:48good thing is, if you come over here, look at that, behind it,

0:02:48 > 0:02:50there's some lovely big wide wooden panelling there.

0:02:50 > 0:02:52Now, that will be fantastic.

0:02:52 > 0:02:56It doesn't take you long to realise, once you strip this place back,

0:02:56 > 0:02:58there's a lot of potential here.

0:02:58 > 0:03:01And I'm pretty sure that this is a false ceiling, and once you pull it

0:03:01 > 0:03:06all down, you will find some amazing beams underneath.

0:03:06 > 0:03:09That would be quite an exciting find. And also,

0:03:09 > 0:03:11I'm just wondering if, under here, you've got a lovely original...

0:03:11 > 0:03:14I think you have, yes. A nice fire surround.

0:03:14 > 0:03:19So somebody's got to get in here, get all this yucky wood panelling

0:03:19 > 0:03:22off, and try and reveal the true beauty here.

0:03:22 > 0:03:26Do you know? It's almost as if this cottage has been wrapped up

0:03:26 > 0:03:28in lots of cladding.

0:03:28 > 0:03:32I just want to unravel it all, go back 200 years,

0:03:32 > 0:03:36and then I think you'd have a pretty stunning little home to live in.

0:03:36 > 0:03:43# Let me see you stripped down to the bone... #

0:03:47 > 0:03:50The kitchen certainly needs stripping back.

0:03:50 > 0:03:53The layout between the gallery section and the pantry and lean-to

0:03:53 > 0:03:57off it needs completely unravelling and opening out.

0:03:57 > 0:04:01Now, one idea would be to knock down this horrible old lean-to.

0:04:01 > 0:04:06You could extend outwards and create a lovely open-plan kitchen-diner

0:04:06 > 0:04:08with views out onto this garden.

0:04:08 > 0:04:12But at this point, you just need to hold your horses and remind yourself

0:04:12 > 0:04:17this house is listed, and to alter its appearance inside or out,

0:04:17 > 0:04:19you will need listed building consent.

0:04:19 > 0:04:23It's all to do with maintaining the property's character,

0:04:23 > 0:04:26and although in this case you could only improve its looks,

0:04:26 > 0:04:29you'll have to convince the conservation office first.

0:04:29 > 0:04:33There's scope, but there's also plenty of hoops to jump through.

0:04:33 > 0:04:36There are also plenty of stairs to hop up in this cottage.

0:04:36 > 0:04:39On the first floor is a bedroom to the front,

0:04:39 > 0:04:43and a large rundown bathroom that must have been a former bedroom.

0:04:43 > 0:04:46There are even more stairs to an attic floor,

0:04:46 > 0:04:50but this level required us to take several safety precautions,

0:04:50 > 0:04:51including a hard hat for Lucy.

0:04:55 > 0:04:58# Save the dance, I wanna save the dance... #

0:05:01 > 0:05:04Oh, my goodness!

0:05:04 > 0:05:09First of all, I can't get over what an absolute state it's in up here.

0:05:09 > 0:05:13And secondly, how big this room is!

0:05:13 > 0:05:18But it's clear to me that obviously this ceiling wouldn't take a lot

0:05:18 > 0:05:20to completely collapse.

0:05:20 > 0:05:23You can see it's gaping everywhere. There's holes over here.

0:05:23 > 0:05:25It's a good job I've got my hard hat on.

0:05:25 > 0:05:28It doesn't surprise me that a house of this age,

0:05:28 > 0:05:30there are structural problems with it.

0:05:30 > 0:05:34But the good news is, you've got all this space to play with,

0:05:34 > 0:05:37and that puts a big old smile on my face.

0:05:37 > 0:05:40# You make me smile

0:05:40 > 0:05:44# Oh, make me smile, make me smile... #

0:05:45 > 0:05:48The state of the ceiling and potentially the roof could be more

0:05:48 > 0:05:53likely to make you frown than smile, but a character Grade II-listed

0:05:53 > 0:05:56cottage like this can't come on the market that often.

0:05:56 > 0:05:59We've asked along an agent from the auction house that sold it

0:05:59 > 0:06:01to tell us what he thinks of the property.

0:06:01 > 0:06:04When I first saw this house, I realised there is obviously

0:06:04 > 0:06:06quite an extensive amount of work needs doing to it.

0:06:06 > 0:06:08It needs a kitchen, obviously refitting the bathroom,

0:06:08 > 0:06:11but there's good potential to add maybe a third bedroom.

0:06:11 > 0:06:15Since a lot of structural work needs doing on that top floor,

0:06:15 > 0:06:17it makes sense to try and get more out of the space,

0:06:17 > 0:06:20but there is a lot of work and planning detail needed.

0:06:20 > 0:06:24So, what could this cottage, guided at 70 grand plus,

0:06:24 > 0:06:26make on the resale market as a three-bed?

0:06:28 > 0:06:32I think the ceiling on a property like this would be around 185,000.

0:06:32 > 0:06:36That is if you were carrying out an extension to the kitchen and putting

0:06:36 > 0:06:40new bathrooms, creating that third bedroom upstairs as well.

0:06:40 > 0:06:43On a rental basis, I would guess maybe

0:06:43 > 0:06:47you would be looking at around 650-675 per calendar month,

0:06:47 > 0:06:50if it was created into a three-bedroom.

0:06:52 > 0:06:55Whoever takes this on needs to love this house.

0:06:55 > 0:06:59It's a demanding property that could be extremely expensive to restore,

0:06:59 > 0:07:01both inside and out.

0:07:01 > 0:07:03But what a project!

0:07:03 > 0:07:06Let's see who took it on at the auction.

0:07:06 > 0:07:09There we are. We've got the hang of it, I hope, from the last lot.

0:07:09 > 0:07:11It's in Seend, plenty of room.

0:07:11 > 0:07:13Needs a lot doing to it, we know, hence the price.

0:07:13 > 0:07:15There we are. Start me at 80.

0:07:15 > 0:07:1770, then, if you like. Plenty of character.

0:07:17 > 0:07:20At £70,000. 72. 74.

0:07:20 > 0:07:22At £74,000. 76.

0:07:22 > 0:07:2478 down here.

0:07:24 > 0:07:27There were a few interested parties battling to bag the cottage,

0:07:27 > 0:07:30And we rejoin the bidding at 115,000.

0:07:30 > 0:07:32Deep breath, sir. 115.

0:07:32 > 0:07:36OK, 115. And a half. 116 to the glasses.

0:07:36 > 0:07:38Otherwise the bid is over there. at 115 and a half, OK.

0:07:38 > 0:07:41£115,500 for the first time.

0:07:42 > 0:07:46£115,500 over there, then, for the second time.

0:07:46 > 0:07:48Last time, are you all done?

0:07:48 > 0:07:51Your number, sir, is... There we are.

0:07:51 > 0:07:56The successful bid of 115,500 was made by John,

0:07:56 > 0:07:58a part-time property developer with a difference.

0:07:59 > 0:08:03There's no quick two up two down projects for him.

0:08:03 > 0:08:08This is the type of tumbledown wreck John gets excited about.

0:08:08 > 0:08:10Lucy met him to find out more.

0:08:11 > 0:08:15- John, congratulations.- Thank you. - I love this little cottage.

0:08:15 > 0:08:17So, what was it about this place that made you want to

0:08:17 > 0:08:19stick your hand up and get that winning bid?

0:08:19 > 0:08:22Well, we'd like to sort of transform it into a sort of beautiful period

0:08:22 > 0:08:24sort of cottage, if we can.

0:08:24 > 0:08:28And very little has been done to it over the years.

0:08:28 > 0:08:29And when we peel it all back,

0:08:29 > 0:08:31I think a lot of the original features will be here.

0:08:31 > 0:08:34And hopefully we should be able to transform it into something

0:08:34 > 0:08:37- of a bit of beauty.- So when you start peeling things away,

0:08:37 > 0:08:39what are you expecting to find in here?

0:08:39 > 0:08:42I think we can't really work out what we're going to do

0:08:42 > 0:08:44with the house until we've peeled everything back,

0:08:44 > 0:08:47we've talked to the conservation officer, and then we're going to

0:08:47 > 0:08:49sit down and work out our plans for sort of

0:08:49 > 0:08:51making the most of what we've got.

0:08:51 > 0:08:54There will be a lot here of... There'll be some beautiful beams,

0:08:54 > 0:08:55beautiful oak floors. They're all here,

0:08:55 > 0:08:59we've just got to bring them out and sort of put them on display in a

0:08:59 > 0:09:02sort of contemporary, modern way.

0:09:02 > 0:09:05So, tell me - I want to get to the bottom of all of this -

0:09:05 > 0:09:09what is it about you that makes you want to buy a house like this?

0:09:09 > 0:09:13I have generally done up period homes and I enjoy doing period homes

0:09:13 > 0:09:17because you start with a house that is virtually unliveable in,

0:09:17 > 0:09:21and although the sort of process is painful and quite difficult

0:09:21 > 0:09:23and there's a lot of nasty surprises along the way,

0:09:23 > 0:09:26when you've finished it and you are done and you've done a good job and

0:09:26 > 0:09:29a good restoration, they make the most sort of delightful houses.

0:09:29 > 0:09:32And you have this sort of transition from houses that are virtually

0:09:32 > 0:09:36unliveable in to houses that are beautiful and very desirable.

0:09:36 > 0:09:38So what was your vision when you first walked into this room?

0:09:38 > 0:09:41I just saw a wall that I want to take down.

0:09:41 > 0:09:43- Yes. - A ceiling that I want to knock out.

0:09:43 > 0:09:46We'll end up really predominantly gutting the whole house.

0:09:46 > 0:09:50- Really? - Rewiring, replumbing, replastering.

0:09:50 > 0:09:53We will talk to the conservation officer and obviously a lot of the

0:09:53 > 0:09:55period features, we'll keep. It's currently two-bedroom,

0:09:55 > 0:09:57and it would be nice to make it three-bedroom.

0:09:57 > 0:09:59There's enough space in the attic to do that.

0:09:59 > 0:10:01That was a nice surprise, I have to say.

0:10:01 > 0:10:05Yes. And it's... We'll try and put an extension out the back

0:10:05 > 0:10:08for a kitchen, which will be nice. The neighbours have an extension,

0:10:08 > 0:10:12so we should at least be able to go as far as their extension.

0:10:12 > 0:10:17And just turn it into a sort of modern home with a nice period look.

0:10:17 > 0:10:20So who is going to get the benefit of living in this beautiful property

0:10:20 > 0:10:21once you've finished it?

0:10:21 > 0:10:23I don't know. Hopefully it will be three bedrooms,

0:10:23 > 0:10:26it would be nice to think a family could live here.

0:10:26 > 0:10:28Or rent it. I'll only sell it if I really need to.

0:10:28 > 0:10:30Is there anything you're worried about,

0:10:30 > 0:10:33with having bought this at auction?

0:10:33 > 0:10:34Yes! The sort of...

0:10:34 > 0:10:36The process is fraught with difficulties,

0:10:36 > 0:10:39and in the middle of it, it can sort of slightly overwhelm you, I think.

0:10:39 > 0:10:41There's a lot of work that needs doing.

0:10:41 > 0:10:45Yeah, it will take us a year or so to do all the work.

0:10:45 > 0:10:48It is all exciting at the beginning, but after about three months in,

0:10:48 > 0:10:51you can get a bit worn down. You've just got to keep going.

0:10:51 > 0:10:53- So you haven't got over that shock yet.- No. No.

0:10:53 > 0:10:56There is plenty to worry about, but you just... You can't...

0:10:56 > 0:10:58You can't let that affect you.

0:10:58 > 0:11:01Also, you've got an awful lot of structural work to do upstairs.

0:11:01 > 0:11:03Now, what's going on with that top room?

0:11:03 > 0:11:06Well, I think what's happening is that the roof is leaking,

0:11:06 > 0:11:12and the water is damaging the sort of Victorian lime ceiling.

0:11:12 > 0:11:15And the ceiling is basically collapsing.

0:11:15 > 0:11:17Or in the process of collapsing. And we basically...

0:11:17 > 0:11:20One of our first tasks is when we have cleared the house is to go

0:11:20 > 0:11:22and get up into the roof and fix all the tiles

0:11:22 > 0:11:24that are letting the water in.

0:11:24 > 0:11:26So how does that stand with your budget?

0:11:26 > 0:11:28I mean, how much money have you got to spend on this now?

0:11:28 > 0:11:33We have a sort of £70,000 to £90,000 budget.

0:11:33 > 0:11:37Basically, there's quite a big contingency section in there because

0:11:37 > 0:11:40until you can start to pull all the walls away, get rid of the...

0:11:41 > 0:11:46..Some of the features, you don't really know what you've got.

0:11:46 > 0:11:48And you don't really know what the cost is going to be.

0:11:48 > 0:11:51So it has been a sort of like the purchase of passion with you,

0:11:51 > 0:11:55- hasn't it?- Yes. Yes. I mean, period houses are kind of...

0:11:55 > 0:11:58You have to love to do them. I know a lot of builders hate them

0:11:58 > 0:12:01because everything is non-standard. Everything has to be custom made.

0:12:01 > 0:12:04They come with a lot of problems more modern houses don't come with,

0:12:04 > 0:12:06damp, and other issues.

0:12:06 > 0:12:11but even if you sort of take that into account,

0:12:11 > 0:12:14you still start with a house that is unliveable in and end up

0:12:14 > 0:12:17with a house that is potentially very beautiful, and in a way,

0:12:17 > 0:12:19nicer than a modern house.

0:12:19 > 0:12:23John, it's so nice to meet somebody so passionate about period property.

0:12:23 > 0:12:27- Good luck with this project. - Thank you very much.- Thank you.

0:12:27 > 0:12:29John has got the passion this place needs.

0:12:29 > 0:12:32Thank goodness it fell into the right hands.

0:12:32 > 0:12:35But I do wonder what he'll uncover when he peels off that old paper

0:12:35 > 0:12:39and panelling. And will his budget match his vision?

0:12:39 > 0:12:42You can find out how he gets on later on in the programme.

0:12:48 > 0:12:52South Wales is synonymous with wonderful singing voices,

0:12:52 > 0:12:57and mezzo-soprano Katherine Jenkins OBE is definitely one of them.

0:12:57 > 0:12:58Not only a singing star,

0:12:58 > 0:13:01she's notable for her charity work as well.

0:13:01 > 0:13:03Katherine was born and raised in Neath,

0:13:03 > 0:13:08a town that has relatively recently had its town centre redeveloped.

0:13:08 > 0:13:09It's also where we are today,

0:13:09 > 0:13:13so let's hope today's property hits all the right notes.

0:13:13 > 0:13:17I'm just a stone's throw away from Neath town centre in a sort of

0:13:17 > 0:13:20cul-de-sac dead-end. Now, in the auction catalogue,

0:13:20 > 0:13:24it is stated that our property was an end terrace.

0:13:24 > 0:13:27I want you to make your own mind up - what do you think?

0:13:27 > 0:13:31Is it an end terrace, or is it a semidetached?

0:13:31 > 0:13:34How many houses do you need to make it an end terrace?

0:13:34 > 0:13:39Anyway, it's got two bedrooms, and a guide price of £40,000 plus.

0:13:39 > 0:13:42Cameraman, wait, there's a road to be crossed.

0:13:42 > 0:13:44OK, we can do this.

0:13:44 > 0:13:47This is our property.

0:13:47 > 0:13:52Start off by getting that window changed, and make the property look

0:13:52 > 0:13:56a little bit prettier. Let's hope it's pretty on the inside.

0:14:01 > 0:14:03Is that it?

0:14:03 > 0:14:07I can actually see the back of the house from the front of the house.

0:14:07 > 0:14:10This is a very small downstairs.

0:14:10 > 0:14:13Unless there's a sneaky door under those stairs...

0:14:13 > 0:14:16And there isn't at all. Wow! This is tiny!

0:14:16 > 0:14:18And it's not in great condition, either.

0:14:18 > 0:14:20It looks like it hasn't been touched in some time.

0:14:20 > 0:14:22I'm now just coming to the kitchen.

0:14:22 > 0:14:23I don't know if you realised that,

0:14:23 > 0:14:26but I've gone from lounge to kitchen in two steps.

0:14:26 > 0:14:29And I'm about four steps away from the front door as well.

0:14:29 > 0:14:33Very tiny downstairs, and the proportions are all wrong.

0:14:33 > 0:14:35The kitchen doesn't need to be bigger than the lounge.

0:14:35 > 0:14:38Make it a bit smaller, add some space in there.

0:14:38 > 0:14:39But there's got to be...

0:14:39 > 0:14:42Right, let's have a look outside, see if we can add some...

0:14:46 > 0:14:49OK. See if we can add any space.

0:14:49 > 0:14:51Wow! This is massive.

0:14:51 > 0:14:55How come the garden is this big and the inside is really, really small?

0:14:55 > 0:14:57I'm sure we can nick a bit of space out here,

0:14:57 > 0:15:00a bit of an extension downstairs.

0:15:00 > 0:15:02Next door have done it. It seems perfect.

0:15:03 > 0:15:06And you'd still have a bit of back garden right at the end.

0:15:06 > 0:15:09That would be the way I would go.

0:15:10 > 0:15:11Too small in there.

0:15:15 > 0:15:16Of course,

0:15:16 > 0:15:19you'd have to weigh up all the costs of adding an extension.

0:15:19 > 0:15:21With the potential end value of the property,

0:15:21 > 0:15:23it might not make financial sense,

0:15:23 > 0:15:26but definitely an option worth thinking about.

0:15:26 > 0:15:31# All the small things # Truth care, truth brings...

0:15:31 > 0:15:33Right, what have we got up here?

0:15:34 > 0:15:38That's what we've got - some really bad mould.

0:15:38 > 0:15:40In this corner as well.

0:15:40 > 0:15:44As you get upstairs, you can feel the air change slightly.

0:15:44 > 0:15:46It feels like there's been no airflow.

0:15:46 > 0:15:48It feels like stagnant air.

0:15:48 > 0:15:52Family bathroom is just here, and there is more mould in the corner.

0:15:52 > 0:15:55I am a bit concerned about the mould.

0:15:55 > 0:15:59I'm even more concerned about that hole just there.

0:16:01 > 0:16:03The whole ceiling seems to be bowing.

0:16:03 > 0:16:07As you come down the corridor, you've got the two bedrooms.

0:16:07 > 0:16:09This is the smaller of the two.

0:16:09 > 0:16:12Again, I hate to say it, more mould.

0:16:12 > 0:16:14Single bedroom there.

0:16:14 > 0:16:18And follow me into the larger of the two bedrooms,

0:16:18 > 0:16:22I can see this ceiling is bowing as well.

0:16:22 > 0:16:25Somebody fancied putting a hole in the door just there as well.

0:16:25 > 0:16:28But another hole in the ceiling here.

0:16:28 > 0:16:32There's got to be something going on above here and above the hole

0:16:32 > 0:16:38in the hallway. Check the roof, see if there's any water coming in.

0:16:38 > 0:16:39Just do a little bit of maintenance,

0:16:39 > 0:16:42roll your sleeves up, make it a nice family home.

0:16:44 > 0:16:48# Baby's got the bends, oh, no... #

0:16:50 > 0:16:53Now, if you don't do your maintenance, bills will grow,

0:16:53 > 0:16:55a bit like this ivy.

0:16:55 > 0:16:59Letting it climb up the downpipe is not great.

0:16:59 > 0:17:02The weight might pull it off the wall in time, and while the roof

0:17:02 > 0:17:07looks in good nick, it's connected to those bowing ceilings.

0:17:07 > 0:17:10And here's a health warning for you for when you pull them down -

0:17:10 > 0:17:13textured materials for walls and ceilings were still being

0:17:13 > 0:17:18manufactured with asbestos up until 1984,

0:17:18 > 0:17:21so this material is not to be messed with.

0:17:21 > 0:17:23Take professional advice,

0:17:23 > 0:17:25and I'm not done with the health warnings yet.

0:17:25 > 0:17:28Mould can be bad for your health,

0:17:28 > 0:17:32with breathing problems, rashes, itches and other symptoms.

0:17:32 > 0:17:34Plenty of products will get rid of it,

0:17:34 > 0:17:39but make sure you wear a facemask, and cover any exposed skin.

0:17:39 > 0:17:42Always think about health and safety.

0:17:42 > 0:17:46And that brings me onto, how healthy is Neath's property market?

0:17:46 > 0:17:48Who better to ask than a local estate agent?

0:17:50 > 0:17:51We're having a really good time at the minute

0:17:51 > 0:17:54in the housing market. A lot of investors buying in.

0:17:54 > 0:17:55A lot of first-time buyers.

0:17:55 > 0:17:58We've seen good competition for properties, and actually achieving

0:17:58 > 0:17:59very good prices at present.

0:18:01 > 0:18:02So the market is good at the moment,

0:18:02 > 0:18:05but does he think adding an extension will add value?

0:18:06 > 0:18:09With this property, I wouldn't recommend an extension or adding any

0:18:09 > 0:18:12other bedrooms. It's pretty standard for what you're going to get.

0:18:12 > 0:18:14The resale value wouldn't warrant adding one,

0:18:14 > 0:18:17so we'd recommend to leave it as it is, and a basic refurb.

0:18:19 > 0:18:21That's probably spot on, if you are an investor,

0:18:21 > 0:18:26but if you want to make this a home, I think you might make some space.

0:18:26 > 0:18:28What does the agent think the values are?

0:18:28 > 0:18:30We've got plenty of properties let down here,

0:18:30 > 0:18:33it's a really popular area. I would expect it to achieve

0:18:33 > 0:18:36anywhere from £395 to £425 per calendar month.

0:18:37 > 0:18:39And for sales?

0:18:39 > 0:18:43Providing the renovation is done to a high standard, and we get a good

0:18:43 > 0:18:45finish, the property should achieve around the

0:18:45 > 0:18:48£85,000 to £90,000 mark as a two-bedroom.

0:18:50 > 0:18:52Yes, it's small, and it's shallow,

0:18:52 > 0:18:55and the proportions downstairs aren't great.

0:18:55 > 0:18:58You would have to do some investigation work to find out

0:18:58 > 0:19:01how those holes in the ceiling came about as well.

0:19:01 > 0:19:04That said, below the surface,

0:19:04 > 0:19:08there's a small but very nice home to be had here, and don't forget,

0:19:08 > 0:19:12you have got room to extend. Let's see who's seen that potential

0:19:12 > 0:19:13when it went under the hammer.

0:19:15 > 0:19:17Guided at 40. Can we see 40?

0:19:17 > 0:19:20Can we see 35 on this? 30,000 to start me.

0:19:20 > 0:19:23Way behind at 30.

0:19:23 > 0:19:2530, somebody, surely. 25 then, if you like.

0:19:25 > 0:19:28Thank you. Too quick to go down, wasn't I? 25, then, if you want.

0:19:28 > 0:19:29Six now, can I see from somebody?

0:19:29 > 0:19:32At 25. 26. 27.

0:19:32 > 0:19:36Business was brisk for this auction lot. We rejoin at 47 grand.

0:19:36 > 0:19:3846 and a half.

0:19:38 > 0:19:4047. And a half.

0:19:40 > 0:19:4248. And a half.

0:19:44 > 0:19:4549. And a half.

0:19:46 > 0:19:4849 and a half.

0:19:48 > 0:19:5050. And a half?

0:19:50 > 0:19:54No? At £50,000, on my left-hand side, then, for the first time...

0:19:56 > 0:20:00Second time... Third and last time, then, at £50,000...

0:20:00 > 0:20:02Yours, sir, well done.

0:20:02 > 0:20:07Unfortunately, our camera didn't catch the successful bid of Mike.

0:20:07 > 0:20:11He paid 50 grand to add this to his portfolio of rental properties

0:20:11 > 0:20:16in the area. Mike and son Lloyd met me back at the house for a chat.

0:20:17 > 0:20:18- Mike, nice to meet you. - Nice to meet you.

0:20:18 > 0:20:20- Lloyd.- Nice to meet you. - Nice to meet you too.

0:20:20 > 0:20:22Start at the beginning. Auction - how was it?

0:20:22 > 0:20:26- No, I think I paid a bit much for this one.- Oh, dear.

0:20:26 > 0:20:30Yeah, I got into a bit of a bidding war, and I got carried away.

0:20:30 > 0:20:33But I paid probably about 5,000 more than I wanted to.

0:20:33 > 0:20:37OK. But there's still a bit of profit in it. So I'm not too...

0:20:37 > 0:20:39There was five properties I was interested in,

0:20:39 > 0:20:41and this was the last of the five.

0:20:41 > 0:20:45And I just felt I didn't want to go home empty-handed!

0:20:45 > 0:20:47- If I can say that, yeah. - You wanted to get something...

0:20:47 > 0:20:50- I needed something to do. - Yeah.- In the days.

0:20:50 > 0:20:52- In the days? So what...? - I work nights.

0:20:52 > 0:20:55- What do you do, by the way? - Railtrack welder.

0:20:55 > 0:20:56OK, so you do that at night.

0:20:56 > 0:20:58Travel, yeah... Travel round the country.

0:20:58 > 0:21:01- I'm working tonight in Southampton. - Are you? Southampton?

0:21:01 > 0:21:04- Southampton, tonight.- When we've finished pestering you here

0:21:04 > 0:21:07- with this interview, you're going to go...- I'm going to bed.

0:21:07 > 0:21:10I'm going to bed for an hour, then I'm going down south.

0:21:10 > 0:21:13# Too much, too much, too much for me

0:21:13 > 0:21:14# It's hard work... #

0:21:17 > 0:21:19Mike's a hard worker all right.

0:21:19 > 0:21:22By night, he's welding railway tracks, and by day,

0:21:22 > 0:21:24he's property developing.

0:21:24 > 0:21:27He's gathered 15 rental properties in 15 years.

0:21:27 > 0:21:29Thankfully, he's not a one-man band.

0:21:30 > 0:21:32So, do you have a team, then?

0:21:32 > 0:21:34Yeah, I've got a couple of people.

0:21:34 > 0:21:36- That you use all the time? - That I use all the time, yeah.

0:21:36 > 0:21:38And Lloyd will be an addition...

0:21:38 > 0:21:41- Yeah, Lloyd is going to join the team now.- Oh, fantastic.

0:21:41 > 0:21:45And what's your attraction then to getting involved with this?

0:21:45 > 0:21:48I like all this. I've grown up with him doing it as well.

0:21:48 > 0:21:52So I've helped out a few times. But I recently got a job

0:21:52 > 0:21:55as a carpenter doing this sort of work as well.

0:21:55 > 0:21:59So this is exactly the same as what I do in my daytime job as well.

0:21:59 > 0:22:01OK. And what kind of things are you wanting him to do, Mike?

0:22:01 > 0:22:03He can do all the woodwork, all the skirtings,

0:22:03 > 0:22:05maybe have a go at fitting the kitchen.

0:22:05 > 0:22:07- OK. - Jobs that I don't want to do.

0:22:07 > 0:22:09DION LAUGHS

0:22:09 > 0:22:12It's great that Lloyd is getting involved, and he appears to have

0:22:12 > 0:22:16two jobs as well. They plan to make this a straight refurbishment,

0:22:16 > 0:22:20having the boiler and wiring checked, replacing that kitchen,

0:22:20 > 0:22:23bathroom, floor coverings, and so on.

0:22:23 > 0:22:26But what about that worrying issue of...?

0:22:26 > 0:22:30A lot of mould, a lot of moisture upstairs, and I have seen

0:22:30 > 0:22:33some quite significant sized holes in the ceilings.

0:22:33 > 0:22:34Any concerns there, Mike?

0:22:34 > 0:22:36Yeah, well, obviously I'm going to check the roof.

0:22:36 > 0:22:39We're going to tear all the ceilings down because they're all artex,

0:22:39 > 0:22:41and probably reboard all the ceilings, skim them,

0:22:41 > 0:22:44and just give them a lick of paint, and they'll be good to go.

0:22:44 > 0:22:46Outside, out the back, you've got a lot of space.

0:22:46 > 0:22:49Have you thought about maybe extending? Because next door have.

0:22:49 > 0:22:52Yeah, we have seen the extension, and looking at the legal pack,

0:22:52 > 0:22:55it did have plans for an extension on here.

0:22:55 > 0:22:58But I don't think... For a quick turnaround, quick rental,

0:22:58 > 0:23:01I don't think I'm going to be putting an extension on.

0:23:01 > 0:23:02What's your budget?

0:23:02 > 0:23:05I think roughly I can get this done for about 8,000.

0:23:05 > 0:23:07- OK. - Cos it doesn't need nothing major.

0:23:07 > 0:23:10It's got all the windows, doors, so I haven't got to put them in.

0:23:10 > 0:23:12Hopefully the boiler's OK, but I'll get it checked out.

0:23:12 > 0:23:15But I think 8,000 should do it.

0:23:15 > 0:23:16And how long is it going to take?

0:23:16 > 0:23:19I think four to five weeks.

0:23:19 > 0:23:21And how long are you going to spend on it, Lloyd? Have you got...?

0:23:21 > 0:23:24Any extra time I get from work, whether it be weekends...

0:23:24 > 0:23:27He's not looking for mates' rates, is he?

0:23:29 > 0:23:32- No. - No chance!

0:23:32 > 0:23:34It's not mates' rates, it's son rates. Yeah.

0:23:34 > 0:23:37Even more competitive rates than that.

0:23:37 > 0:23:39Listen, good luck. Mike, I wish you all the best.

0:23:39 > 0:23:42- Lloyd, good luck to the future, mate.- Thank you.- Cheers.

0:23:43 > 0:23:46So, there's no substitute for experience,

0:23:46 > 0:23:48and Mike's got 15 years of it.

0:23:48 > 0:23:50And he's not work-shy.

0:23:50 > 0:23:53He's got a night job, and he does his property throughout the day,

0:23:53 > 0:23:56so that four-week timescale should be fine.

0:23:56 > 0:23:59Their eight grand budget might be stretched, though.

0:23:59 > 0:24:03New kitchen, new bathroom, making more space in the lounge,

0:24:03 > 0:24:05and if he finds any problems with that roof,

0:24:05 > 0:24:09I think the eight grand could just be nudged to maybe nine or ten.

0:24:09 > 0:24:12We shall find out. Later in the programme, all will be revealed.

0:24:14 > 0:24:17Coming up, you can't even step inside this fire damaged property

0:24:17 > 0:24:20in Wolverhampton, West Midlands.

0:24:20 > 0:24:23It's probably not a project for a first timer.

0:24:26 > 0:24:29And the experienced Mike is having trouble with his team.

0:24:29 > 0:24:32Monday mornings, it was hard to get some of them in.

0:24:32 > 0:24:34On a Monday morning, after the weekend.

0:24:39 > 0:24:43Earlier, Lucy was in Seend in Wiltshire to see a three-floor

0:24:43 > 0:24:47Grade II-listed property, guided at £70,000 plus.

0:24:49 > 0:24:55# With the houses in a row

0:24:55 > 0:24:57# On the streets we used to know... #

0:24:57 > 0:25:01But it seemed like someone had taken away all the character inside.

0:25:01 > 0:25:05# You take away where you're from... #

0:25:05 > 0:25:07And upstairs wasn't much better.

0:25:10 > 0:25:12# I've had a pretty hard life... #

0:25:12 > 0:25:15I can't get over what a state it's in up here.

0:25:17 > 0:25:21# And if the money isn't right... #

0:25:21 > 0:25:23£115,500.

0:25:23 > 0:25:26# Can I be yours tonight? #

0:25:27 > 0:25:32But the money was right for John, who paid just over 115 grand.

0:25:32 > 0:25:36This was someone who was passionate about period properties,

0:25:36 > 0:25:37and loved restoring them.

0:25:37 > 0:25:40When you've finished it and you're done and you've done a

0:25:40 > 0:25:42good job and a good restoration,

0:25:42 > 0:25:44they make the most sort of delightful houses.

0:25:44 > 0:25:47And you have this sort of transition from houses that are actually

0:25:47 > 0:25:50unliveable in to houses that are beautiful and very desirable.

0:25:50 > 0:25:54# Easy house! #

0:25:57 > 0:26:00It won't be easy. He thought it would take £90,000 and up to

0:26:00 > 0:26:03a year to bring this property back to what it was.

0:26:11 > 0:26:14We are now coming back to see the changes.

0:26:14 > 0:26:16John has certainly had time.

0:26:16 > 0:26:19It's been nearly eight years since we were last here.

0:26:19 > 0:26:21Has he stripped the house back to what it was?

0:26:24 > 0:26:27# I'm born again

0:26:27 > 0:26:30# Get born, get born, get born again

0:26:32 > 0:26:35# Get born, get born, get born again... #

0:26:37 > 0:26:39Absolutely astonishing.

0:26:39 > 0:26:42This isn't just a property restored with the original wood,

0:26:42 > 0:26:47flagstone floors and beams, better yet, it's reborn as a bigger house,

0:26:47 > 0:26:49as John has built an extension.

0:26:54 > 0:26:57This is a brand-new extension, new kitchen,

0:26:57 > 0:27:00and there was an existing downstairs toilet, we kept that.

0:27:00 > 0:27:03It's sort designed, really, to balance the house up.

0:27:03 > 0:27:06So, nice new kitchen. Enough space for a dining table.

0:27:06 > 0:27:09I had to go through planning, it's a listed building,

0:27:09 > 0:27:11so I had to get listed building consent.

0:27:11 > 0:27:13So, yes, it just sort of completes the house now.

0:27:19 > 0:27:22Upstairs on the first floor, there is now a bedroom in keeping with

0:27:22 > 0:27:25the house's history. And that canary yellow bathroom

0:27:25 > 0:27:27is now classic and classy.

0:27:28 > 0:27:31But the top floor is the peak of the project.

0:27:31 > 0:27:34It's gone from open-plan to two beautiful bedrooms,

0:27:34 > 0:27:37and a roof no longer with some dodgy props.

0:27:39 > 0:27:41This was originally sort of open-plan.

0:27:41 > 0:27:45There was a sort of ceiling that was falling down here.

0:27:45 > 0:27:49It was one room, we created a sort of single and a double.

0:27:49 > 0:27:52We moved a window to help make the single room.

0:27:52 > 0:27:55We opened up to sort of expose the beams.

0:27:55 > 0:27:57The old floor, we used elsewhere.

0:27:58 > 0:28:03I think this was all covered in lime, which we took off,

0:28:03 > 0:28:05and left the brickwork.

0:28:05 > 0:28:09Trying to keep as much of the old part of the house still on show.

0:28:09 > 0:28:12I'm very pleased with it. I think I've done a good job.

0:28:12 > 0:28:16It makes a great open space and master bedroom.

0:28:19 > 0:28:23Love that led lined stained-glass, and seasoned developer John

0:28:23 > 0:28:27has thought to introduce a modern touch outside.

0:28:28 > 0:28:31Car parking out the front was slightly marginal. I spoke to

0:28:31 > 0:28:35the neighbour, and they very kindly sold me a bit of their garden.

0:28:35 > 0:28:39Dug out the bank and put in a parking space, and then bricked it.

0:28:39 > 0:28:43And it gives a sort of fully functioning parking space,

0:28:43 > 0:28:45which is quite useful.

0:28:45 > 0:28:50But renovating the period properties John loves isn't cheap,

0:28:50 > 0:28:52and this is Grade II listed.

0:28:52 > 0:28:55Did he go over his maximum £90,000 budget?

0:28:57 > 0:29:00I have spent 190,000.

0:29:00 > 0:29:0315 - 17,000 of that was on the car parking space.

0:29:03 > 0:29:09About 8,000 on council tax, 3,000 in insurance, and on the extension.

0:29:09 > 0:29:12So, a bit more than I budgeted.

0:29:12 > 0:29:13Yikes, it is indeed!

0:29:13 > 0:29:18That brings John's total spend to 305,500.

0:29:18 > 0:29:22Now, when we saw it nearly eight years ago, the ceiling price

0:29:22 > 0:29:26was around 185,000, which would mean a huge loss.

0:29:26 > 0:29:30So, let's hope time will be his friend here, and show a significant

0:29:30 > 0:29:34growth in the market. So, why did it take so long?

0:29:34 > 0:29:38A few months after I bought this, another property became available.

0:29:38 > 0:29:40My wife is a farmer,

0:29:40 > 0:29:45and an old farm cottage got vacated, and it was sort of closer to home.

0:29:45 > 0:29:47That was quite a lot of work.

0:29:47 > 0:29:51More than here. That took two and a half years.

0:29:51 > 0:29:54And then I sort of decided about a year and a half ago that I wanted to

0:29:54 > 0:29:57sort of stop, and so this was the last house that I completed.

0:29:59 > 0:30:02And what a swansong for the development career this is.

0:30:02 > 0:30:03Well done, John.

0:30:07 > 0:30:10Unsurprisingly, John doesn't want to part with this place.

0:30:10 > 0:30:12I mean, who would?

0:30:12 > 0:30:15So, he's decided to let it out and have secure tenants.

0:30:15 > 0:30:18So, to find out if he's getting the right rental amount, and to have

0:30:18 > 0:30:22other people fawn over this property as much as I have,

0:30:22 > 0:30:24we called in two local estate agents.

0:30:25 > 0:30:28I think they've done a beautiful job renovating it.

0:30:28 > 0:30:31Retaining the right amount of character features.

0:30:31 > 0:30:33In fact, it's oozing character features,

0:30:33 > 0:30:35which tenants and buyers will fall in love with.

0:30:35 > 0:30:39But at the same time, it provides those sort of modern comforts

0:30:39 > 0:30:42that people expect from a refurbished property.

0:30:42 > 0:30:46It's a beautiful property, stunning renovation job.

0:30:46 > 0:30:47The kitchen is fabulous.

0:30:47 > 0:30:52The stripped wood floors are certainly a very plus factor.

0:30:52 > 0:30:55The cottage has got parking, which is again very, very useful.

0:30:55 > 0:30:58And we obviously have a south facing rear aspect.

0:31:00 > 0:31:04The agents think it could sell for a top figure of 280,000,

0:31:04 > 0:31:09which against John's spend of just over 305,000,

0:31:09 > 0:31:14would mean a loss of £25,000, which is why the rental figure is crucial.

0:31:15 > 0:31:18The rental that could be achieved on this is something around

0:31:18 > 0:31:19£800 per calendar month.

0:31:19 > 0:31:21If we were going to market the property to let,

0:31:21 > 0:31:27then we would advise a price of £850 per calendar month.

0:31:27 > 0:31:31850 is what I'm getting tomorrow, so the tenant is starting,

0:31:31 > 0:31:34I am pleased with that. 850 is a good rent.

0:31:35 > 0:31:39It gives John just over a 3% yield but let's be honest -

0:31:39 > 0:31:42nearly eight years in the making, this wasn't about money.

0:31:42 > 0:31:47It was John's last hurrah to his love of period properties.

0:31:47 > 0:31:50Surely being this passionate about restorations,

0:31:50 > 0:31:52he's got another one in him?

0:31:56 > 0:31:59Well, I think with the sort of tax changes,

0:31:59 > 0:32:01it's harder to do this kind of thing.

0:32:01 > 0:32:03I'm going to have a rest for a bit.

0:32:03 > 0:32:06I probably will get tempted back in at some point.

0:32:06 > 0:32:11I like my period houses, so if I find something I really like,

0:32:11 > 0:32:14I will probably get involved again, but not for probably a year or so.

0:32:19 > 0:32:22In the West Midlands is the city of Wolverhampton,

0:32:22 > 0:32:26but its name has got nothing to do with wolves as in the animal.

0:32:26 > 0:32:31It's derived from Wulfrun, who founded it in 985.

0:32:31 > 0:32:34Since then, Wolverhampton has been at the cutting edge of many

0:32:34 > 0:32:38industrial changes, from the 14th century wool industry

0:32:38 > 0:32:40to the current aerospace age.

0:32:40 > 0:32:44I'm in Whitmore Reans in the north-west of the city centre.

0:32:46 > 0:32:53Well, £20,000 to £25,000 as a guide price for a three-bedroomed

0:32:53 > 0:32:58end terrace is pretty low by anybody's standards.

0:32:59 > 0:33:00So there must be a catch.

0:33:04 > 0:33:06Not in a very good state.

0:33:06 > 0:33:10In fact, so bad has this place been fire damaged,

0:33:10 > 0:33:12we can't actually go in.

0:33:12 > 0:33:15# I hear you knocking

0:33:15 > 0:33:18# But you can't come in... #

0:33:18 > 0:33:21OK, so, what shall we do now, then?

0:33:21 > 0:33:25# I hear you knocking

0:33:25 > 0:33:27# Go back where you been... #

0:33:29 > 0:33:31Hmm... Cup of tea, anyone?

0:33:31 > 0:33:34What's that? Go round the side? Oh, all right, then.

0:33:35 > 0:33:38Clearly, when it comes to assessing whether or not you should

0:33:38 > 0:33:39take this project on,

0:33:39 > 0:33:43properties like this, you just have to assume the worst, I guess.

0:33:43 > 0:33:46Possibly a structural engineer could help you with the exterior of the

0:33:46 > 0:33:49building, but you're looking at some interesting options here,

0:33:49 > 0:33:53aren't you? Either try and do up what's there or knock it down

0:33:53 > 0:33:55and start again, perhaps.

0:33:55 > 0:33:57A new build in this place... I don't know.

0:33:57 > 0:34:03Either way, it's probably not a project for a first timer.

0:34:07 > 0:34:08From a safe distance,

0:34:08 > 0:34:12it's easy to see that this is essentially just a shell.

0:34:12 > 0:34:15It's suffered vandalism and fire and water damage.

0:34:15 > 0:34:18I'm thinking knocking down and starting again -

0:34:18 > 0:34:21that's an option for this one. But then, there's this.

0:34:21 > 0:34:26So, just behind the property is this building here,

0:34:26 > 0:34:30but obviously used as a garage or storage.

0:34:30 > 0:34:31Well, there's the thing, you see -

0:34:31 > 0:34:34because recently the planning regulations have changed,

0:34:34 > 0:34:39which means it's a given that you would be allowed to convert this to

0:34:39 > 0:34:43residential, so suddenly, you've got the property there, you've got this,

0:34:43 > 0:34:46with a reasonable access to it that you could convert it into a

0:34:46 > 0:34:51separate dwelling, that guide price is sounding pretty good to me.

0:34:52 > 0:34:54So, with a new possibility on the horizon,

0:34:54 > 0:34:56I'm sort of thinking differently.

0:34:56 > 0:34:59Let's regroup - What have we actually got?

0:34:59 > 0:35:02Well, the auction house isn't entirely certain because of

0:35:02 > 0:35:07access issues, but they think it's a two reception, three bed house.

0:35:09 > 0:35:11And then, of course, there's this garage workshop.

0:35:11 > 0:35:15As I said earlier, it has, and is still suffering,

0:35:15 > 0:35:18from ongoing vandalism, which can be a nuisance and is very disheartening

0:35:18 > 0:35:20for neighbours in the local community.

0:35:23 > 0:35:26Possession was taken over by their local council,

0:35:26 > 0:35:27who are now selling it.

0:35:28 > 0:35:32However, there are a few caveats attached to that sale,

0:35:32 > 0:35:35one of which is that whoever buys it exchanges, pays 10%,

0:35:35 > 0:35:39but then doesn't complete on the purchase until all the work to get

0:35:39 > 0:35:42this back into habitable condition has taken place,

0:35:42 > 0:35:46and there's a limit, a time limit of doing that, of 12 months.

0:35:46 > 0:35:49You buy it, you do it up, and then you pay the rest of your money.

0:35:49 > 0:35:52Interesting. Again, it's one of those things,

0:35:52 > 0:35:55it's fine as long as you know about it,

0:35:55 > 0:35:57but you need to know about it before you buy it.

0:35:57 > 0:35:59Someone in the know about this property is an agent from

0:35:59 > 0:36:05the auction house which sold this lot, guided at £20,000 to £25,000.

0:36:05 > 0:36:08So, what can he tell us about this location?

0:36:08 > 0:36:12For a number of years, it's been a somewhat downtrodden area.

0:36:12 > 0:36:16However, the local authorities have modernised a lot of the properties,

0:36:16 > 0:36:19and it's gone through a bit of a renaissance.

0:36:19 > 0:36:21Well, whether the same can be done for this house is

0:36:21 > 0:36:25up for exploration, but first, is demolishing a better option?

0:36:27 > 0:36:32It might be a better option to demolish the whole thing.

0:36:32 > 0:36:37That would of course entail building up a party wall for the one that

0:36:37 > 0:36:41you're coming away from, and then getting planning permission

0:36:41 > 0:36:47to maybe build a pair of semis in place of the one house.

0:36:47 > 0:36:51The agent thinks it might be 150 grand plus demolition costs to build

0:36:51 > 0:36:56two semis here. He thinks they might sell for around £100,000 each,

0:36:56 > 0:36:58so not a huge amount of room for profit.

0:37:00 > 0:37:02What if they were to do up the existing structure?

0:37:04 > 0:37:08If they were to renovate the property itself, I would imagine

0:37:08 > 0:37:14that they would be likely to achieve in the region of 115, £110,000.

0:37:14 > 0:37:18Something like that. But the problem is going to be

0:37:18 > 0:37:22how much it's going to cost. It's in such a state.

0:37:22 > 0:37:26The only thing they are going to walk away with is probably the walls

0:37:26 > 0:37:29and to be quite honest, looking at them,

0:37:29 > 0:37:31I would imagine that they'd be very dubious as well.

0:37:33 > 0:37:35Well, at first glance,

0:37:35 > 0:37:39you probably wouldn't touch this auction lot with a barge pole.

0:37:39 > 0:37:43However, think about it a bit more, and suddenly...

0:37:44 > 0:37:46You know what?

0:37:46 > 0:37:48I think somebody will have spotted its potential

0:37:48 > 0:37:51when it went under the hammer.

0:37:51 > 0:37:55It's fair to say, if you look at the photograph, that it's in need of

0:37:55 > 0:37:58a bit of renovation and a bit of refurbishment.

0:37:58 > 0:38:01I am in receipt of a proxy bid.

0:38:01 > 0:38:05So let's see if the room can beat the proxy bidder.

0:38:05 > 0:38:08I'll start it on proxy at £20,000.

0:38:08 > 0:38:10Can I have 25?

0:38:10 > 0:38:1225, who is the first?

0:38:12 > 0:38:1425? 30, is it?

0:38:14 > 0:38:1630. 35. 35.

0:38:17 > 0:38:18720, do you want 40?

0:38:18 > 0:38:23- 40.- It seems a number of bidders saw the potential in this lot.

0:38:23 > 0:38:26We rejoin the bidding at 90,000.

0:38:26 > 0:38:2890. 95, is that?

0:38:28 > 0:38:3095. 95.

0:38:30 > 0:38:33Do you want to fill it up at 100, sir?

0:38:33 > 0:38:35100. At 100.

0:38:35 > 0:38:38You couldn't be further away, sir. At 100. 105, gentlemen?

0:38:39 > 0:38:44No? Mr 267, at £100,000...

0:38:44 > 0:38:47One, two, three...

0:38:48 > 0:38:51The successful bidder tucked away at the back was Wayne,

0:38:51 > 0:38:55who was bidding on behalf of his boss, Jim, who is a landlord,

0:38:55 > 0:38:58whose company owns and runs over 100 rental properties.

0:39:00 > 0:39:04OK, let's give up trying to see Wayne at the auction.

0:39:04 > 0:39:05Ah, yes, that's better.

0:39:05 > 0:39:09Now, Wayne went over his set budget of £80,000 for this

0:39:09 > 0:39:13very demanding lot. So, will he be getting into trouble

0:39:13 > 0:39:17for spending £100,000 on it? Let's find out.

0:39:17 > 0:39:20- Wayne, good to meet you. - Hiya, Martin, good to meet you.

0:39:20 > 0:39:24Congratulations, sort of. Interesting this, really, isn't it?

0:39:24 > 0:39:27On closer inspection, it is a bit outside our usual league.

0:39:27 > 0:39:29When you say, "closer inspection,"

0:39:29 > 0:39:31how much did you look at it before you bought it?

0:39:31 > 0:39:33- We drove past. - Oh.

0:39:33 > 0:39:35So, is it better or worse than you thought?

0:39:35 > 0:39:39Well, it's obviously a lot more derelict than we expected.

0:39:39 > 0:39:42But we can work magics with all sorts of properties.

0:39:42 > 0:39:45- What are you going to do to it?- We are planning to turn it into a

0:39:45 > 0:39:49five-bedroom HMO, so a shared house, communal lounge, communal kitchen.

0:39:49 > 0:39:52And charge rents from maybe £80 a week,

0:39:52 > 0:39:55and that is how it will generate its return, and that's why we're not

0:39:55 > 0:39:58particularly worried about the starting price because we will

0:39:58 > 0:40:00get the investment back in the form of rent.

0:40:00 > 0:40:02Give people a decent standard of living inside an HMO,

0:40:02 > 0:40:05- and you'll keep your tenants for a long time.- For sure.

0:40:05 > 0:40:07I'm sure the other people on the street will be delighted that

0:40:07 > 0:40:10the house has finally come to some good use.

0:40:10 > 0:40:12What do you know about its history?

0:40:12 > 0:40:15From the auction pack, it apparently had been left to rack and ruin.

0:40:15 > 0:40:18There had been a fire. The council had either taken over it through

0:40:18 > 0:40:21compulsory purchase or just adverse possession, we're not too sure.

0:40:21 > 0:40:23But we just keep an eye out for an opportunity

0:40:23 > 0:40:26- we don't worry about what went before - and we step in.

0:40:26 > 0:40:29Now, there is a caveat on the purchase that you have to do it up

0:40:29 > 0:40:31- within 12 months, don't you? - That's right, yeah.

0:40:31 > 0:40:33And that was part of the attraction of buying it.

0:40:33 > 0:40:36We only needed to pay 10% down, so £10,000 today.

0:40:36 > 0:40:39Our normal build would probably be 12-14 weeks,

0:40:39 > 0:40:42so we could have this in productive use in less than three months,

0:40:42 > 0:40:45producing money, and then we have to pay the bill

0:40:45 > 0:40:47in eight or nine months' time after that.

0:40:47 > 0:40:49So, you know, it's a good opportunity.

0:40:49 > 0:40:55Why do you think the price went such an astronomically large amount

0:40:55 > 0:40:58- above the guide? Do you think the guide was unrealistic?- Oh, yeah.

0:40:58 > 0:41:01In this particular case, I estimate there was 1,000 people

0:41:01 > 0:41:05at the auction, of which 600 people had bidders' paddles.

0:41:05 > 0:41:07And when this property went above 50,000,

0:41:07 > 0:41:11the collective gasp in the audience was practically, you know...

0:41:11 > 0:41:14Raised the roof. People walked away in shock and horror.

0:41:14 > 0:41:17So I think most of the people there were there from the guide price...

0:41:17 > 0:41:19- Right. - ..and expecting to get it cheap.

0:41:19 > 0:41:23So, yeah, unrealistic. And that's why we went a bit mad.

0:41:23 > 0:41:27There was so much fever in the room to get their hands on the property.

0:41:27 > 0:41:30And we thought, "Well, another £10,000, why not?"

0:41:30 > 0:41:33When it's done up, then, how much do you think it'll be worth?

0:41:33 > 0:41:36Well, we'll take it as... We work it on its investment value.

0:41:36 > 0:41:39So if we have five en suite rooms, £80 per week,

0:41:39 > 0:41:43that will be £400 per week income, £20,000 a year gross.

0:41:43 > 0:41:47And then what our banks generally do is lend on the basis of a multiple

0:41:47 > 0:41:50of that 20,000. And if they offer us eight times that,

0:41:50 > 0:41:54it'll be worth £160,000 and therefore, it will repay all

0:41:54 > 0:41:58our investment of the purchase price and the conversion costs.

0:41:58 > 0:42:00You go about valuing in a very interesting way there.

0:42:00 > 0:42:03- Yeah.- What about comparable houses in the area?

0:42:03 > 0:42:06Well, that's the strange thing about valuing HMOs is that, generally,

0:42:06 > 0:42:08there won't be a comparable HMO.

0:42:08 > 0:42:11And the way that the banks like to look at this sort of thing

0:42:11 > 0:42:13is a business, and it's a fairly straightforward formula,

0:42:13 > 0:42:16generally about seven or eight times the gross rent per year.

0:42:16 > 0:42:18Right. Well, that's really interesting stuff.

0:42:20 > 0:42:24Houses of multiple occupation are quite rightly strictly regulated

0:42:24 > 0:42:26and licenced by the local authority.

0:42:26 > 0:42:28And while they can be a lucrative investment,

0:42:28 > 0:42:31they need to be compliant to ensure tenant safety.

0:42:31 > 0:42:35Wayne will get some security on the site until his building team

0:42:35 > 0:42:39are ready to start, and he hopes they will have five lettable rooms

0:42:39 > 0:42:43in the three months he mentioned, and for a budget of 80,000.

0:42:43 > 0:42:47And he's taken an optimistic view on the state of the building.

0:42:50 > 0:42:53I've been inside. It's quite manky.

0:42:53 > 0:42:56Yeah. There are better words for it, I'm sure.

0:42:56 > 0:42:58No floorboards, no roof. You can see out,

0:42:58 > 0:43:01at the sky. It's less work to strip down for our builders.

0:43:03 > 0:43:04He may have seen inside,

0:43:04 > 0:43:08but the thing he did miss on his drive-by viewings was the workshop,

0:43:08 > 0:43:09so what's the plan for that?

0:43:10 > 0:43:13Worst-case scenario, we will probably rent it out for storage.

0:43:13 > 0:43:15£200 a week.

0:43:15 > 0:43:17£10,000 a year.

0:43:17 > 0:43:18Even if you said £100 a week,

0:43:18 > 0:43:20it is £5,000 a year for doing absolutely nothing.

0:43:20 > 0:43:22Congratulations. Good luck with it.

0:43:22 > 0:43:25- Thank you very much.- Can't wait to see the difference you make.

0:43:25 > 0:43:26Yes. Thank you.

0:43:28 > 0:43:30Well, it's interesting, isn't it?

0:43:30 > 0:43:33Sometimes the most...

0:43:33 > 0:43:38On the face of it, undesirable properties get the most interest in the auctions,

0:43:38 > 0:43:41but there's probably a very good reason for that.

0:43:41 > 0:43:45And certainly Wayne and his team have recognised the potential of

0:43:45 > 0:43:48this property. What a change we will see, I'm sure,

0:43:48 > 0:43:50when we return later in the show.

0:43:54 > 0:43:58Well, buying at auction can be very straightforward but that's not

0:43:58 > 0:44:02always the case when it comes to the renovation itself.

0:44:02 > 0:44:04We've seen how one buyer got on, how about the other two?

0:44:04 > 0:44:05Yes, will it be worth it?

0:44:05 > 0:44:08Will it be worth all that hard work when they get those valuations?

0:44:08 > 0:44:09Let's find out.

0:44:14 > 0:44:17Back to South Wales and the town of Neath.

0:44:17 > 0:44:21It was here we saw this end-terrace property.

0:44:21 > 0:44:24This two bed house was guided at 40 grand-plus.

0:44:24 > 0:44:28It looked a bit battered and bruised on the outside, and on the inside

0:44:28 > 0:44:30it was very underwhelming.

0:44:34 > 0:44:35Is that it?

0:44:35 > 0:44:37Very small downstairs.

0:44:39 > 0:44:41I wasn't exactly blown away and upstairs,

0:44:41 > 0:44:44there was the old health hazard of mould,

0:44:44 > 0:44:46along with a few holes here and there.

0:44:50 > 0:44:52Another hole in the ceiling here.

0:44:52 > 0:44:56There's got to be something going on above here and above the hole in the

0:44:56 > 0:44:58hallway. Check the roof.

0:45:02 > 0:45:06Not put off by the state of the semi - or was it a terrace -

0:45:06 > 0:45:10were Mike and son Lloyd. Mike works a punishing schedule,

0:45:10 > 0:45:14not only with his property portfolio but his day job as well,

0:45:14 > 0:45:15or is it a night job?

0:45:17 > 0:45:19A Railtrack welder.

0:45:19 > 0:45:20OK, so you do that at night...

0:45:20 > 0:45:22Travel, yeah... Travel around the country.

0:45:22 > 0:45:23I'm working tonight, Southampton.

0:45:26 > 0:45:30Son Lloyd also had a full-time job as a carpenter.

0:45:30 > 0:45:31When do these two sleep?

0:45:33 > 0:45:3650 grand he paid was five grand too much.

0:45:36 > 0:45:40He hoped to pull it all back with a budget of eight grand and an amazing

0:45:40 > 0:45:42timescale of four-five weeks.

0:45:45 > 0:45:47Eight weeks later, we are back.

0:45:59 > 0:46:05Wow! Relatively simple changes have transformed this pokey property into

0:46:05 > 0:46:07a plush pad. New flooring,

0:46:07 > 0:46:11lighting and a rejig of the kitchen area has proved really effective.

0:46:16 > 0:46:20Upstairs, the bowed ceilings and the mould are a thing of the past,

0:46:20 > 0:46:23with brand-new ceilings and an excellent paint job throughout.

0:46:29 > 0:46:34The bathroom suite is now modern and contemporary, ideal for new tenants.

0:46:37 > 0:46:41The back has been tidied up and there is also space for the extension,

0:46:41 > 0:46:42if needed in the future.

0:46:44 > 0:46:48Mike and son Lloyd have clearly been very busy but how has it been working

0:46:48 > 0:46:49together?

0:46:51 > 0:46:53Lloyd done quite a bit.

0:46:53 > 0:46:56He done really well. It's the first time he's worked with me.

0:46:56 > 0:46:59And to be honest he done a lot more than I did,

0:46:59 > 0:47:02to be honest with you. He done really well.

0:47:02 > 0:47:05I did a lot of the work in here, most of the general work.

0:47:05 > 0:47:08Everything you can see basically is a lot of my work.

0:47:08 > 0:47:10But I did a lot more work than just carpentry.

0:47:10 > 0:47:12I done a bit of plumbing as well.

0:47:12 > 0:47:14And stuff like that. And just anything.

0:47:14 > 0:47:17All over, everything.

0:47:17 > 0:47:18Plumbing is not my strongest point.

0:47:18 > 0:47:22So I had quite a few leaks and I actually hooked the toilet up

0:47:22 > 0:47:24to the hot water, so I was sent to change that.

0:47:24 > 0:47:26# Sons and daughters

0:47:28 > 0:47:30# Don't fall in

0:47:30 > 0:47:31# In hot water... #

0:47:33 > 0:47:35Whoa, whoa, whoa.

0:47:35 > 0:47:36Talk about hot flush?

0:47:36 > 0:47:40Seriously, though, Lloyd has really enjoyed this project.

0:47:40 > 0:47:41But do the sums add up for Dad?

0:47:44 > 0:47:46It's about £250 over.

0:47:46 > 0:47:48I think it's come in at 8,250.

0:47:48 > 0:47:52But I'm quite happy with that.

0:47:52 > 0:47:54It's probably the tenth property that I've done.

0:47:54 > 0:47:58But it's knowing where to buy the right bits and pieces and internet

0:47:58 > 0:48:02is a great option if you want to buy things.

0:48:02 > 0:48:05And get them delivered. It takes a bit longer to get them, you know,

0:48:05 > 0:48:08in your hands, get them delivered. But you do save quite a bit of money.

0:48:11 > 0:48:15Of course, father-and-son team did have some help from Mike's usual squad

0:48:15 > 0:48:17but they pretty much hit the timescale.

0:48:17 > 0:48:18Well, in a roundabout way.

0:48:19 > 0:48:23If you add it up, it works out about five weeks, really.

0:48:24 > 0:48:28Some of the workforce weren't showing up. Like, Monday mornings,

0:48:28 > 0:48:32it was hard to get some of them in on a Monday morning, after the weekend.

0:48:32 > 0:48:36But I suppose it's worked out as five weeks, really, but six weeks overall.

0:48:37 > 0:48:41So, the job came in pretty much on budget and on time.

0:48:41 > 0:48:42Very impressive.

0:48:42 > 0:48:45But how has it been for Lloyd working with his dad?

0:48:45 > 0:48:47Yeah, it was good.

0:48:47 > 0:48:49We didn't argue as much as I thought we would.

0:48:49 > 0:48:55But we got on great as well. It was good.

0:48:55 > 0:48:56So, smiles all round.

0:48:56 > 0:49:00But with a total investment of 58,250,

0:49:00 > 0:49:04will they both be smiling after two local estate agents cast their

0:49:04 > 0:49:06critical eye over their project?

0:49:07 > 0:49:10On first inspection, the property is well presented.

0:49:10 > 0:49:11I think the owner has done

0:49:11 > 0:49:14a good job refurbishing it to a satisfactory standard.

0:49:14 > 0:49:17I like the way that the owner has opened up the sort of living

0:49:17 > 0:49:21and kitchen area. It provides a lot more light and it's a lot more

0:49:21 > 0:49:25presentable and it will probably appeal to both buyers and potential renters.

0:49:25 > 0:49:27The standard of finish is very good.

0:49:27 > 0:49:28I'm quite impressed with it.

0:49:28 > 0:49:30I see, obviously, quite a lot of properties

0:49:30 > 0:49:33in the nature of my work and he's done a nice job on this one.

0:49:34 > 0:49:36Well, the agents seem impressed.

0:49:36 > 0:49:38But what about the valuations?

0:49:38 > 0:49:39Sales first, please.

0:49:41 > 0:49:43If the property was placed on the open market,

0:49:43 > 0:49:48it is in our opinion that the property is likely to realise

0:49:48 > 0:49:51a value in the region of £75,000.

0:49:51 > 0:49:58So, with the agents agreeing that would mean a pre-tax profit of £16,750.

0:49:58 > 0:49:59What do the boys think of that?

0:49:59 > 0:50:02That's really good, yeah. I thought it would be a little bit lower, to be honest with you.

0:50:05 > 0:50:07So... 75 would be great.

0:50:08 > 0:50:11So, that five grand overspend at the auction is forgotten.

0:50:11 > 0:50:13But what about the rental valuations?

0:50:15 > 0:50:17If the property was placed on the market to let,

0:50:17 > 0:50:19it is in our opinion that the property is likely to achieve

0:50:19 > 0:50:23a rental figure in the region of £425 per calendar month.

0:50:23 > 0:50:27Rental, I would think it would be very popular, very sought-after.

0:50:27 > 0:50:31Probably put it out at £495 per calendar month.

0:50:31 > 0:50:33And he would probably achieve close to that.

0:50:33 > 0:50:37I think 495 is a bit much, I suppose, for this area.

0:50:37 > 0:50:40But 425, that is what I was thinking.

0:50:40 > 0:50:44Well, if they do achieve £425 per calendar month,

0:50:44 > 0:50:47that would make a decent yield of 8%.

0:50:49 > 0:50:52So, with their first project together a success,

0:50:52 > 0:50:56Mike and Lloyd are keen to continue but there's a couple of things they

0:50:56 > 0:50:58have to iron out first.

0:50:58 > 0:51:01Having my dad as a boss is different, yeah.

0:51:01 > 0:51:09- But you can get away with a lot as well.- No.

0:51:11 > 0:51:14We returned to Wolverhampton in the West Midlands.

0:51:14 > 0:51:18This auction lot was so badly fire-damaged, we couldn't go in.

0:51:18 > 0:51:20But with a lot of space and a large garage at the back,

0:51:20 > 0:51:24it felt like a good deal for 20-£25,000.

0:51:26 > 0:51:31That guide price is sounding pretty good to me.

0:51:31 > 0:51:33# You get danger money

0:51:33 > 0:51:37# Danger money, danger money... #

0:51:38 > 0:51:41But it wasn't just the danger the property presented.

0:51:41 > 0:51:44The purchase came with a number of caveats from the local council.

0:51:44 > 0:51:48One of which is that whoever buys it exchanges, pays 10%,

0:51:48 > 0:51:52but then doesn't complete on the purchase until all the work

0:51:52 > 0:51:56to get this back into habitable condition has taken place.

0:51:56 > 0:51:58And there's a limit, a time limit of doing that of 12 months.

0:51:58 > 0:52:02# You know a man's gotta do what a man's gotta do... #

0:52:02 > 0:52:0690 right at the back.

0:52:06 > 0:52:10In a crowded auction, Wayne bought the property on behalf of his boss,

0:52:10 > 0:52:14Jim, paying 100 grand, four times the top end of the guide price.

0:52:15 > 0:52:20The company had 100 properties and planned to turn this into a five-bed

0:52:20 > 0:52:23HMO, while using the caveats to their advantage.

0:52:25 > 0:52:27That was part of the attraction of buying it.

0:52:27 > 0:52:28We only needed to pay 10% down.

0:52:28 > 0:52:30So £10,000 today.

0:52:30 > 0:52:33Our normal build would probably be 12-14 weeks.

0:52:33 > 0:52:36So we could have this in productive use in less than three months,

0:52:36 > 0:52:39producing money, and then we have to pay the bill

0:52:39 > 0:52:42in eight or nine months' time after that.

0:52:42 > 0:52:45So it looked like the relaxed and optimistically minded Wayne

0:52:45 > 0:52:49was confident that this place would be put right in just 16 weeks

0:52:49 > 0:52:54on a budget of £80,000, and the tenants would be in within a year.

0:52:54 > 0:52:56It's been longer than that!

0:53:02 > 0:53:07In fact, it's been 15 months and while the outside is clearly done,

0:53:07 > 0:53:09what's it like inside?

0:53:21 > 0:53:25From near-derelict to HMO-perfect.

0:53:25 > 0:53:29And the best news is they've managed an en-suite in every room.

0:53:29 > 0:53:33# Super-duper... #

0:53:33 > 0:53:34And wait, there's even better news.

0:53:34 > 0:53:37He managed six rooms instead of the planned five.

0:53:37 > 0:53:39# The fantastic six... #

0:53:43 > 0:53:46But it also took 15 months, so what happened?

0:53:46 > 0:53:49Has it impacted that caveat with the council?

0:53:49 > 0:53:51Company owner Jim has come along to explain.

0:53:53 > 0:53:57There's always challenges when you convert a building.

0:53:57 > 0:53:59Rarely do you finish on time or on budget.

0:53:59 > 0:54:01And with this one,

0:54:01 > 0:54:04the state of the building was far worse than we ever expected,

0:54:04 > 0:54:07so we had problems with stabilising the building.

0:54:07 > 0:54:10We found there was a well at the back,

0:54:10 > 0:54:15so the building control were very keen to ensure we got that secured.

0:54:15 > 0:54:19The work had to be done within 12 months but we ran into lots of problems,

0:54:19 > 0:54:21so it's taken us much longer,

0:54:21 > 0:54:24so we approached the council and they have been very helpful.

0:54:24 > 0:54:25They have extended the period.

0:54:25 > 0:54:28They are keen to get this property into useful use.

0:54:28 > 0:54:30And they have given us an extension.

0:54:30 > 0:54:31Thank goodness.

0:54:32 > 0:54:37But despite the problems, Jim's team has exceeded expectations.

0:54:38 > 0:54:41When we do building work, I tend to leave it to the builders.

0:54:41 > 0:54:43I don't use architects or designers.

0:54:43 > 0:54:46As they started on the job,

0:54:46 > 0:54:49they realised they could get six rooms out of the property,

0:54:49 > 0:54:53mainly because they built an extension at the back of the property.

0:54:53 > 0:54:56We have made this a little bit better, we made them en-suite.

0:54:56 > 0:54:58People prefer to have their own bathrooms.

0:54:58 > 0:54:59They don't want to share.

0:54:59 > 0:55:02So that has made things a little bit better for us.

0:55:05 > 0:55:07That extension, created under permitted development,

0:55:07 > 0:55:11has pushed the budget up from 80 grand to 100 and Jim,

0:55:11 > 0:55:14who knows a thing or two about HMOs by now,

0:55:14 > 0:55:18knows that such a set-up requires a lot of additional work inside.

0:55:21 > 0:55:22When you create an HMO,

0:55:22 > 0:55:26there's a lot more that the councils like to see in the properties.

0:55:26 > 0:55:30They are very keen on making sure there is adequate fire protection,

0:55:30 > 0:55:32so you need to have a fire alarm system.

0:55:32 > 0:55:34They want to see fire doors.

0:55:34 > 0:55:36They like to see emergency lighting.

0:55:36 > 0:55:40So it does add considerably to the cost if you convert a building,

0:55:40 > 0:55:42but if you do it at the design stage,

0:55:42 > 0:55:45it doesn't add that much to the building costs.

0:55:45 > 0:55:48Worth checking with your local council about HMOs,

0:55:48 > 0:55:51as each have different requirements and regulations.

0:55:51 > 0:55:53One bonus is the garage at the back.

0:55:53 > 0:55:56Jim is exploring the option of knocking it down

0:55:56 > 0:55:58and building a bungalow on it.

0:56:03 > 0:56:05That's one for the future, I think.

0:56:05 > 0:56:07But we are interested in the now.

0:56:07 > 0:56:11Overtime and over-budget, can Jim and the company make a profit

0:56:11 > 0:56:14having spent over £200,000 here?

0:56:14 > 0:56:17We called in two local property experts to give their thoughts and

0:56:17 > 0:56:22valuations, including the agent who saw the lot before the renovation.

0:56:22 > 0:56:26This is the second time that I have visited the property.

0:56:26 > 0:56:27The first time was one that

0:56:27 > 0:56:31we just poked our head through the front door

0:56:31 > 0:56:34to have a look. There was nothing but the four walls.

0:56:34 > 0:56:40And I must admit the vendor has made an extremely good job of modernising

0:56:40 > 0:56:46the place and kitting it out with six apartments for letting.

0:56:46 > 0:56:48The standard of finish is very good.

0:56:48 > 0:56:49I expect that to appeal to anybody

0:56:49 > 0:56:53that is looking to rent accommodation in the local area.

0:56:53 > 0:56:56So, what kind of monthly rent could Jim expect for the building

0:56:56 > 0:56:58if it were fully let?

0:56:59 > 0:57:02If the property was fully let,

0:57:02 > 0:57:04then I would envisage an income

0:57:04 > 0:57:08in the region of £2,700 per calendar month.

0:57:08 > 0:57:09With full occupancy,

0:57:09 > 0:57:13the monthly income would be in the region of £2,700 per calendar month.

0:57:13 > 0:57:17£2,700 a month is absolutely right.

0:57:17 > 0:57:19I think that would be, if it was fully let,

0:57:19 > 0:57:20we would be able to get that.

0:57:20 > 0:57:25And with such a good-quality property, I wouldn't be surprised

0:57:25 > 0:57:30if we let it very quickly and we don't have too many voids on the property.

0:57:33 > 0:57:37Against that 200 grand spent, a fully let HMO,

0:57:37 > 0:57:44£2,700 per calendar month gives Jim a HM-mungus 16% yield.

0:57:44 > 0:57:48See what I did there? With over 100 properties under their belts, Jim,

0:57:48 > 0:57:53Wayne and the team have become dab hands at the renovation and HMO game.

0:57:54 > 0:57:55More to come, Jim?

0:58:00 > 0:58:03Very privileged in being able to carry on doing what I like doing,

0:58:03 > 0:58:09and I'm doing what I like doing, it's bringing derelict properties back into use.

0:58:09 > 0:58:14I consider myself very lucky and I will carry on doing it for as long as I can.

0:58:17 > 0:58:22Well, as you can see, property projects don't always turn out as you expect.

0:58:22 > 0:58:24But we'll have lots more to watch unfold.

0:58:24 > 0:58:28Yes, join us for more auction action and tremendous transformations here

0:58:28 > 0:58:30on Homes Under The Hammer next time.

0:58:30 > 0:58:31- See you.- Goodbye.