0:00:02 > 0:00:05Hello, welcome to the show. If you're looking at property as an investment or maybe somewhere
0:00:05 > 0:00:08to live, then 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. Head down to your local auction house,
0:00:16 > 0:00:18make a bid and the property is yours,
0:00:18 > 0:00:20if you buy under the hammer.
0:00:46 > 0:00:48One of the great things about buying at auction,
0:00:48 > 0:00:52a few weeks after that winning bid, you could legally be the owner.
0:00:52 > 0:00:55Yes, and if you're keen to get on with the project, that is good news.
0:00:55 > 0:00:59So what got the buyers bidding on today's show?
0:00:59 > 0:01:02Lucy visits the desirable area
0:01:02 > 0:01:04of St John's Wood in North West London.
0:01:04 > 0:01:07But will she judge this book by its cover?
0:01:07 > 0:01:09It's not terribly pretty, is it?
0:01:10 > 0:01:11I'm in Birkenhead
0:01:11 > 0:01:15and this terrace house has put a real bounce in my step.
0:01:15 > 0:01:16Wow. Listen to this.
0:01:16 > 0:01:19RATTLING
0:01:20 > 0:01:23And I'm in the suburb of Handsworth in Birmingham,
0:01:23 > 0:01:26looking at this plot with a seemingly low guide price.
0:01:26 > 0:01:29However, it's missing one thing.
0:01:29 > 0:01:30And that's not a house.
0:01:31 > 0:01:34- 180...- All 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 > 0:01:38when they went under the hammer.
0:01:38 > 0:01:40Yours, sir.
0:01:45 > 0:01:48North West London now, and the area of Sir John's Wood,
0:01:48 > 0:01:54one of the most desirable and sought after postcodes in all of London.
0:01:54 > 0:01:57The name of St John's Wood derives from its medieval owners,
0:01:57 > 0:02:00the Knights of the order of St John of Jerusalem.
0:02:02 > 0:02:03So, what am I here to see?
0:02:03 > 0:02:07Well, I'm expecting something amazing!
0:02:07 > 0:02:11Wow. It's going to be one of these big, old villas.
0:02:11 > 0:02:13Beautiful Victorian charm that it has...
0:02:13 > 0:02:14Ha!
0:02:14 > 0:02:17Actually, no, nothing like that.
0:02:17 > 0:02:22It's large, but it's got a flat roof and white rendered extension.
0:02:22 > 0:02:26It's not really keeping with all the properties along this road.
0:02:26 > 0:02:27It's not terribly pretty, is it?
0:02:27 > 0:02:31But on the positive side, it's got three bedrooms and it's,
0:02:31 > 0:02:33amazingly for Central London,
0:02:33 > 0:02:36well, there's a garage and off-street parking.
0:02:36 > 0:02:41The guide price for a property like this, in this posh part of London,
0:02:41 > 0:02:44£1.45 million.
0:02:44 > 0:02:46Let's take a look inside.
0:02:49 > 0:02:51That's right, you heard Lucy.
0:02:51 > 0:02:55A £1.45 million guide price.
0:02:55 > 0:02:57Hm! Apparently, the property was originally part
0:02:57 > 0:03:01of the adjoining Victorian villa, but it was completely rebuilt
0:03:01 > 0:03:03in the 1950s - and I can't wait to see more.
0:03:07 > 0:03:09The first thing that strikes you when you walk in
0:03:09 > 0:03:12is how much stuff there is everywhere. Look at this!
0:03:12 > 0:03:15I've been told the new owners have already moved in,
0:03:15 > 0:03:17so there you go. Now, let's have a look around.
0:03:17 > 0:03:21You can see we've got a toilet down here, there's a lot of wasted space,
0:03:21 > 0:03:24and a corridor here, which leads to an old cupboard at the end.
0:03:24 > 0:03:26The garage is over here,
0:03:26 > 0:03:28so I'm wondering whether you might think about
0:03:28 > 0:03:31converting all of this and incorporating this
0:03:31 > 0:03:32into your living space.
0:03:32 > 0:03:35That could add some extra square footage.
0:03:35 > 0:03:37You can see there's no features here,
0:03:37 > 0:03:40but you'd kind of expect that from a 1950s build.
0:03:40 > 0:03:42And it just gets better.
0:03:42 > 0:03:45Because through here we've got a wonderful, huge living space.
0:03:45 > 0:03:49It's so light. There's big glass doors leading out to the garden,
0:03:49 > 0:03:51it's just fantastic.
0:03:51 > 0:03:54But before we get too excited, bit of a problem.
0:03:54 > 0:03:58The house next door goes over the top of us here,
0:03:58 > 0:04:01which means there's a flying freehold,
0:04:01 > 0:04:03and when renovating this place,
0:04:03 > 0:04:06it can bring up a whole list of problems.
0:04:06 > 0:04:08Be warned.
0:04:08 > 0:04:10# What's your problem?
0:04:10 > 0:04:12# What's your problem?
0:04:12 > 0:04:15# I don't get what your problem is... #
0:04:15 > 0:04:18Well, a flying freehold is, in British law,
0:04:18 > 0:04:22when two properties share a space, IE a corridor, a passageway,
0:04:22 > 0:04:25or in this case, when a neighbouring property overhangs.
0:04:25 > 0:04:28It can have an effect on mortgage financing
0:04:28 > 0:04:31and also means you have all sorts of party wall agreements
0:04:31 > 0:04:34to sort out. But let's carry on exploring.
0:04:36 > 0:04:39There's a study off the living room, currently full of boxes.
0:04:42 > 0:04:44The kitchen's at the back of the house.
0:04:44 > 0:04:46It's sadly not very impressive.
0:04:46 > 0:04:48It's not big, it's not clever,
0:04:48 > 0:04:50and it's definitely in need of modernising.
0:04:50 > 0:04:53But off this is a useful conservatory-dining area.
0:04:55 > 0:04:57Then up to the first floor.
0:04:59 > 0:05:01Well, upstairs, it's rather narrow.
0:05:01 > 0:05:05It's almost like just a little corner of the house here.
0:05:05 > 0:05:07You've got one, two bedrooms.
0:05:07 > 0:05:11Now, the thing that I just can't get my head around,
0:05:11 > 0:05:15if you're paying over a million quid for a property in London,
0:05:15 > 0:05:18you need to have more than one bathroom,
0:05:18 > 0:05:22and the only bathroom in this property is up there.
0:05:22 > 0:05:23No good.
0:05:23 > 0:05:26There might be a bathroom, but it's not exactly sumptuous.
0:05:26 > 0:05:29And the separate loo means it's also on the small side.
0:05:31 > 0:05:34At the other end of the landing is the third and last bedroom.
0:05:35 > 0:05:38This place may be habitable as it is,
0:05:38 > 0:05:42but it certainly isn't kitted out like a million pound-plus mansion.
0:05:42 > 0:05:45But with nearly 2,000 square feet of space,
0:05:45 > 0:05:48one thing this property does have is potential.
0:05:52 > 0:05:56Another huge bonus is this wonderful garden you get with the property.
0:05:56 > 0:05:59Look at these mature shrubs and trees.
0:05:59 > 0:06:02I think it must be about 70 foot long, and for Central London...
0:06:02 > 0:06:04- LUCY LAUGHS - ..that's large.
0:06:04 > 0:06:07It means there's room to extend out to the rear,
0:06:07 > 0:06:09and you could even add more square footage to the house
0:06:09 > 0:06:11if you wanted to.
0:06:11 > 0:06:12But this is a leasehold property,
0:06:12 > 0:06:14so you'd need the freeholder's permission
0:06:14 > 0:06:16to make any major changes.
0:06:16 > 0:06:19And don't forget, this is a conservation area,
0:06:19 > 0:06:22so you'll need planning permission to do anything.
0:06:22 > 0:06:23# Ooh, please!
0:06:23 > 0:06:27# Please, please, please, please, please, baby...
0:06:27 > 0:06:28# What can I do?
0:06:28 > 0:06:29# What can I say?
0:06:29 > 0:06:32# Please, please, baby... #
0:06:32 > 0:06:35So, with that big guide price of 1.45 million,
0:06:35 > 0:06:39there could potentially come some quite big problems.
0:06:39 > 0:06:42What does a local estate agent think of this property?
0:06:44 > 0:06:47To prepare this ready for resale, or rental,
0:06:47 > 0:06:50the house would have to be completely gutted
0:06:50 > 0:06:55and some internal walls knocked down and open-plan living
0:06:55 > 0:06:57made on the ground floor.
0:06:57 > 0:06:59Most of the developments in this area are done
0:06:59 > 0:07:01to an extremely high level.
0:07:01 > 0:07:04You could easily spend half a million pounds
0:07:04 > 0:07:07refurbishing this house to a good standard for the area.
0:07:07 > 0:07:09Wow, that is a big investment.
0:07:09 > 0:07:11Even if you got it for the guide price,
0:07:11 > 0:07:15adding half a million would take you to nearly £2 million.
0:07:15 > 0:07:17So what could it sell for?
0:07:18 > 0:07:19After refurbishment for sale,
0:07:19 > 0:07:22I think this house would be worth somewhere in the region
0:07:22 > 0:07:23of £2.5 million.
0:07:25 > 0:07:28Well, this is a pricey property and it's not perfect.
0:07:28 > 0:07:31It's all looking a bit tired and dated
0:07:31 > 0:07:33and the layout definitely needs sorting.
0:07:33 > 0:07:36You'll need to get another bathroom on the first floor.
0:07:36 > 0:07:40And the ground floor, well, the layout's not ideal either.
0:07:40 > 0:07:43So who had the big bucks needed to bid for this one?
0:07:43 > 0:07:45Let's find out at the auction.
0:07:49 > 0:07:51A three-storey coach house,
0:07:51 > 0:07:56it's the white building, just under 2,000 square feet.
0:07:56 > 0:07:58Put a million and 250.
0:07:58 > 0:08:00Not going to go below a million 250.
0:08:01 > 0:08:04Million 250, 250?
0:08:06 > 0:08:07260?
0:08:07 > 0:08:09The big numbers just kept coming.
0:08:09 > 0:08:14We rejoined the battle at £1,840,000.
0:08:14 > 0:08:15840?
0:08:17 > 0:08:19840, sir?
0:08:19 > 0:08:20850.
0:08:20 > 0:08:22860.
0:08:24 > 0:08:25870.
0:08:27 > 0:08:29860, million 860.
0:08:29 > 0:08:30Back to you.
0:08:30 > 0:08:32Looking for 870.
0:08:33 > 0:08:37If not, million 860 is going first time,
0:08:37 > 0:08:39second time,
0:08:39 > 0:08:42third and last time. If you're all done...
0:08:42 > 0:08:44870.
0:08:44 > 0:08:45880, close.
0:08:45 > 0:08:47890?
0:08:47 > 0:08:48Yeah?
0:08:48 > 0:08:50900. Million 900.
0:08:50 > 0:08:51910.
0:08:52 > 0:08:54One more go? Might be, just do it?
0:08:54 > 0:08:56910?
0:08:57 > 0:08:59Million 900. Anyone else?
0:08:59 > 0:09:02Million 900 first time,
0:09:02 > 0:09:04second time,
0:09:04 > 0:09:06third and last time, if you're all done...
0:09:07 > 0:09:10Sold, million 900. Sorry, the other bidders. Well bought.
0:09:13 > 0:09:16The final bid of £1.9 million
0:09:16 > 0:09:19was made by first-time auction goer, Yank.
0:09:19 > 0:09:21Yank is a retired doctor
0:09:21 > 0:09:24and he bought this St John's Wood property as a home
0:09:24 > 0:09:26for him and his wife, Frances.
0:09:26 > 0:09:28And, in fact, they've already moved in.
0:09:29 > 0:09:32Frances and Yank, congratulations.
0:09:32 > 0:09:34This is a stunning property.
0:09:34 > 0:09:36It's incredibly exciting for you both.
0:09:36 > 0:09:38- Why did you want to buy this? - The garden. Purely the garden.
0:09:38 > 0:09:40Because we looked at this house,
0:09:40 > 0:09:46and it was, it's nearly 2,000 square foot of property.
0:09:46 > 0:09:47Which is about what we needed,
0:09:47 > 0:09:50because we've just come out of a 3,500 square foot
0:09:50 > 0:09:53Georgian property in Central London.
0:09:53 > 0:09:59And Frances, all these years, we haven't had a garden since 1986,
0:09:59 > 0:10:01has been longing for a garden,
0:10:01 > 0:10:04and we came... When we saw the pictures online
0:10:04 > 0:10:06and we then came and had a look at it,
0:10:06 > 0:10:09and we just fell in love with this, because...
0:10:09 > 0:10:12it is so unusual...
0:10:12 > 0:10:16to be so close to town and have this tranquil garden.
0:10:16 > 0:10:19So you found this place prior to the auction, you had a look around,
0:10:19 > 0:10:20what did you think?
0:10:20 > 0:10:21I thought it was a tip.
0:10:21 > 0:10:24You thought it was a tip. Did you think it was ugly?
0:10:24 > 0:10:25Oh, it's hideous.
0:10:25 > 0:10:27Is this where you thought you would end up, or...?
0:10:27 > 0:10:30No, no, I wasn't concerned about the house.
0:10:30 > 0:10:33I was not concerned about the condition of the house
0:10:33 > 0:10:35or the house at all.
0:10:35 > 0:10:37And why is Frances so laid-back?
0:10:37 > 0:10:40Well, she owns her own interior design company.
0:10:40 > 0:10:43So can she see beyond its current state?
0:10:44 > 0:10:47I could see well beyond. We're going to change it completely.
0:10:47 > 0:10:51We're going to remove most of the ground-floor walls.
0:10:51 > 0:10:54There's not a lot we can do upstairs,
0:10:54 > 0:10:56cos the rooms are small.
0:10:56 > 0:11:01But we're going to be putting in four new bathrooms.
0:11:01 > 0:11:04Erm, we're going to replace the kitchen.
0:11:04 > 0:11:07We're going to have a conservatory across the back.
0:11:07 > 0:11:09- So you're taking this down.- Yes.
0:11:09 > 0:11:11You'll put something right across the back of the property.
0:11:11 > 0:11:14- Provided we get permission. - OK, so you need to think about this.
0:11:14 > 0:11:16Is it going to be something contemporary?
0:11:16 > 0:11:18- What sort of style are you going to run with?- Traditional.
0:11:18 > 0:11:20- Quite traditional.- A traditional?
0:11:20 > 0:11:22Traditional, definitely will be traditional.
0:11:22 > 0:11:25A traditional addition, because it's a traditional building.
0:11:25 > 0:11:28- Everything outside is going to be tradition.- Mm-hm.
0:11:28 > 0:11:31Everything inside's going to be very, very, very modern.
0:11:31 > 0:11:34So the couple have big plans for this property.
0:11:34 > 0:11:37But remember, they'll have to negotiate with the freeholder
0:11:37 > 0:11:40and the local conservation officer before any work can progress.
0:11:43 > 0:11:45So you're not concerned about the future
0:11:45 > 0:11:47and the hurdles you may have to climb?
0:11:47 > 0:11:50I don't think so, I think that, erm...
0:11:50 > 0:11:55we have a brilliant surveyor, who worked with us on our last house.
0:11:55 > 0:11:57And I think as long as you don't fall foul
0:11:57 > 0:11:58of the conservation people,
0:11:58 > 0:12:02and don't attempt to do anything they wouldn't like,
0:12:02 > 0:12:04and have meetings with them,
0:12:04 > 0:12:07I'm sure they will be as pleased as me
0:12:07 > 0:12:13to get rid of this hideous garage, this very ugly frontage...
0:12:13 > 0:12:16and make it into something that will be more in keeping with the road.
0:12:16 > 0:12:18Have you got a budget in mind?
0:12:18 > 0:12:22Well, Frances is the one whom you should ask.
0:12:22 > 0:12:24- At least 350,000. - She's already told me.
0:12:24 > 0:12:26So £350,000 is your budget.
0:12:26 > 0:12:28To do the work that WE want done,
0:12:28 > 0:12:33it's going to cost us at least three and probably about 350.
0:12:33 > 0:12:36So, are you guys happy to be living here, you're here, you've moved in,
0:12:36 > 0:12:39while the work and the craziness is going on?
0:12:39 > 0:12:41- Because it's not going to be easy. - At the end of the day,
0:12:41 > 0:12:45when the work comes to be done, there is so much work to be done,
0:12:45 > 0:12:47that we couldn't possibly stay here in time.
0:12:47 > 0:12:51So we'll move into rented accommodation for that period,
0:12:51 > 0:12:53which we reckon will be about four months.
0:12:53 > 0:12:57OK. Guys, I'm so excited for you both. Good luck with this project.
0:12:57 > 0:12:59I cannot wait to see what it's like when it's finished.
0:12:59 > 0:13:01So lovely to meet you both.
0:13:01 > 0:13:03- Thank you.- Thank you for letting me be here today.
0:13:03 > 0:13:05We can't wait for it to be finished either.
0:13:05 > 0:13:07Well, I love the fact
0:13:07 > 0:13:11that this is Frances and Yank's idea of downsizing.
0:13:11 > 0:13:16They've now got nearly 2,000 square foot of prime property to renovate.
0:13:16 > 0:13:19Will Frances be able to make this place truly fabulous?
0:13:19 > 0:13:22They've got a big budget, but will it be enough?
0:13:27 > 0:13:30Birkenhead is just across the River Mersey from Liverpool,
0:13:30 > 0:13:33and, no, we're not going to play that tune.
0:13:33 > 0:13:35We are not that predictable.
0:13:35 > 0:13:37Are we?
0:13:37 > 0:13:41The famous Birkenhead market opened in 1835 but over time
0:13:41 > 0:13:44its venue has moved around the town.
0:13:45 > 0:13:47No time for shopping for me today.
0:13:47 > 0:13:50Because I'm out and about.
0:13:50 > 0:13:52And the sun is shining.
0:13:52 > 0:13:54Today's property is on this street.
0:13:54 > 0:13:57It is a three-bed, mid-terrace property
0:13:57 > 0:14:01with a guide price of £37,000-plus, and here it is.
0:14:01 > 0:14:04And you know what? It's only 15, 20 minutes away
0:14:04 > 0:14:06from Liverpool town centre.
0:14:06 > 0:14:09If you take a ferry across the Mersey.
0:14:09 > 0:14:11MUSIC: Ferry Cross The Mersey by Gerry and the Pacemakers
0:14:11 > 0:14:14No, no, no. Stop it. Please.
0:14:14 > 0:14:16RECORD SCRATCHES, MUSIC STOPS
0:14:16 > 0:14:19Nice long hallway.
0:14:19 > 0:14:21Really high ceilings, as well.
0:14:21 > 0:14:24And there's some really nice original coating.
0:14:24 > 0:14:27Huge radiator, which is always a good sign.
0:14:27 > 0:14:29This textured wallpaper would have to go, though.
0:14:29 > 0:14:31But it feels really spacy.
0:14:31 > 0:14:33In this first reception room here,
0:14:33 > 0:14:36it's a really nice-sized room.
0:14:36 > 0:14:38But it looks incredibly damp.
0:14:38 > 0:14:40There's damp patches in the corner,
0:14:40 > 0:14:42above the fireplace,
0:14:42 > 0:14:45and right in the far corner there, just to the right
0:14:45 > 0:14:49of that really nice bay window, we are back to the bare brick.
0:14:49 > 0:14:51The floor's gone in, in the corner.
0:14:51 > 0:14:53There's rot on the skirting boards.
0:14:53 > 0:14:58And there's actually a root, a tree root, on the inside of the brick.
0:14:58 > 0:15:02The "do not use" sign is to advise that the gas and electrics
0:15:02 > 0:15:06may not be safe. And that's just the first room.
0:15:06 > 0:15:09As you come down the hallway a bit more,
0:15:09 > 0:15:12you can feel... Wow!
0:15:12 > 0:15:13Listen to this...
0:15:13 > 0:15:16RATTLING
0:15:16 > 0:15:20This hallway, as you come in, or as you bounce in, it's very...
0:15:20 > 0:15:22This is suspended.
0:15:22 > 0:15:25You can hear the pipework underneath your feet.
0:15:25 > 0:15:26Get that sorted ASAP.
0:15:26 > 0:15:28There are your stairs going up to the bedrooms,
0:15:28 > 0:15:31and then you come in to the second reception room.
0:15:31 > 0:15:34And we are back to the plaster.
0:15:34 > 0:15:36Everywhere you look, there's damp patches.
0:15:36 > 0:15:39And this carpet even feels damp, as well.
0:15:39 > 0:15:43You come through here into what is the kitchen.
0:15:43 > 0:15:46And a tiny kitchen, as well.
0:15:46 > 0:15:47Take it all out.
0:15:47 > 0:15:51Give yourself a blank canvas in here - and you know what?
0:15:51 > 0:15:54You've got a really tight entrance coming round the corner,
0:15:54 > 0:15:59into this kitchen, walking into this work surface, as well.
0:15:59 > 0:16:04Why not knock this wall out, create a nice big kitchen-dining area?
0:16:04 > 0:16:07It's going to appeal to a lot more people.
0:16:07 > 0:16:09Right.
0:16:09 > 0:16:12I can see the ceiling's got a bit of a problem there.
0:16:12 > 0:16:15Beyond that wood panelling, I can see a bit of a gap.
0:16:15 > 0:16:17Let's have a look outside.
0:16:19 > 0:16:21So there is a bit of space out the back.
0:16:21 > 0:16:24It's not quite a garden, more of a yard.
0:16:24 > 0:16:27And this render doesn't look too good, either.
0:16:29 > 0:16:32I think that might need doing again.
0:16:32 > 0:16:35The walls look like they're going to topple at any time.
0:16:35 > 0:16:39You've got trees embedded in the brick just there,
0:16:39 > 0:16:40all overgrown.
0:16:40 > 0:16:43You've got a pile of rubbish, as well.
0:16:43 > 0:16:47You've got a back, a back gate, which leads on to an entry of sorts.
0:16:47 > 0:16:49And then you've got this big tree here.
0:16:50 > 0:16:54Now, I am a lover of the great outdoors.
0:16:54 > 0:16:56But I really don't want my trees
0:16:56 > 0:17:00intertwined with the fabric of my property,
0:17:00 > 0:17:02and that's exactly what's going on here.
0:17:02 > 0:17:04That is going to take some doing.
0:17:05 > 0:17:07I wouldn't really want to get involved in that.
0:17:07 > 0:17:11# I have built a treehouse
0:17:11 > 0:17:15# I have built a treehouse
0:17:15 > 0:17:18# Nobody can see us
0:17:18 > 0:17:21# It's a you and me house... #
0:17:21 > 0:17:23I don't think I've ever seen anything like it.
0:17:23 > 0:17:28It does explain that guide price of £37,000-plus.
0:17:28 > 0:17:31The tree at the back is intertwined with the brickwork,
0:17:31 > 0:17:33and there's one right at the front.
0:17:33 > 0:17:36Both need urgent attention.
0:17:37 > 0:17:41The boundary wall at the back also needs to be made safe.
0:17:41 > 0:17:45My opinion is get to the "root" of this particular problem
0:17:45 > 0:17:47before worrying about the rest of the house.
0:17:51 > 0:17:55A quick look upstairs and there's a family bathroom with a damp issue.
0:17:55 > 0:17:58The master bedroom ceiling is actually bowing,
0:17:58 > 0:18:02from what I can only assume is water gathering above it.
0:18:02 > 0:18:04I don't think you have to be a mastermind to work out
0:18:04 > 0:18:06the roof is a goner.
0:18:07 > 0:18:10Two weirdly-shaped bedrooms were clearly once one,
0:18:10 > 0:18:13the split window being another giveaway.
0:18:13 > 0:18:16This house is a real challenge, and as I said,
0:18:16 > 0:18:19it's one I think I wouldn't like to take on myself.
0:18:20 > 0:18:22Would a bidder be barking up the wrong tree?
0:18:22 > 0:18:26Looking to restore this house, guided at 37 grand-plus,
0:18:26 > 0:18:28what does a local estate agent think?
0:18:29 > 0:18:32Obviously from the outside, it doesn't really have any curb appeal.
0:18:32 > 0:18:34And then obviously inside the property,
0:18:34 > 0:18:38the kitchen, and the property walls, and damp, it's in distress.
0:18:39 > 0:18:41At the moment, I don't think it's a very successful
0:18:41 > 0:18:45three-bed conversion, so would it be better as a two-bed?
0:18:46 > 0:18:48There is a shortage of three bedrooms in Birkenhead, generally.
0:18:48 > 0:18:51Most of them are two-up two-down sort of styles.
0:18:53 > 0:18:56There's so much work that needs to be done here.
0:18:56 > 0:18:58Would a profit even be possible?
0:18:58 > 0:18:59How do the figures stack up?
0:19:01 > 0:19:04If this property was brought up to a good standard,
0:19:04 > 0:19:08the resale value would be somewhere between £85,000 and £90,000.
0:19:08 > 0:19:11And if the vendors were to choose to let the property,
0:19:11 > 0:19:16it would achieve anywhere from 500 to £525 per calendar month.
0:19:17 > 0:19:19Basically, this house is sopping wet.
0:19:19 > 0:19:21First thing to do is get a roof on it,
0:19:21 > 0:19:24get it watertight and then see what you've got to work with.
0:19:24 > 0:19:25The layout's not quite right.
0:19:25 > 0:19:27The structure's not quite right.
0:19:27 > 0:19:29Basically, you're stripping it back to the bare brick
0:19:29 > 0:19:31and starting again.
0:19:31 > 0:19:34Let's find out who didn't mind getting their hands dirty
0:19:34 > 0:19:36when it went under the hammer.
0:19:36 > 0:19:37A three-bedroom mid-terrace house
0:19:37 > 0:19:39with double glazing and central heating.
0:19:39 > 0:19:41We've got a guide of 37,000.
0:19:41 > 0:19:45And we will open the bids up at... What shall we say? 35?
0:19:46 > 0:19:47Anybody at 35?
0:19:48 > 0:19:50What shall we say? 30?
0:19:50 > 0:19:51Yes? Thank you. I see you at 30.
0:19:51 > 0:19:5332? 32,000.
0:19:53 > 0:19:55Can I say 34?
0:19:55 > 0:19:57Is bid. 36.
0:19:57 > 0:19:5836, 38.
0:19:58 > 0:20:00I'll take 37. 38?
0:20:00 > 0:20:0139.
0:20:01 > 0:20:0439 I have. Can I say 40?
0:20:04 > 0:20:0639,500, gentleman's bid.
0:20:06 > 0:20:0840, madam? And another half?
0:20:09 > 0:20:1141. And a half.
0:20:11 > 0:20:1342. And a half.
0:20:13 > 0:20:1643. And a half?
0:20:16 > 0:20:18Shake of the head. So it's still the lady now, 43,000.
0:20:18 > 0:20:20It's your bid, madam. Anybody else?
0:20:20 > 0:20:23Any of my other bidders want to jump back in at 43-and-a-half?
0:20:23 > 0:20:27If not, with you then, madam, at £43,000, the first time...
0:20:27 > 0:20:2843 for the second time.
0:20:28 > 0:20:31Last chance for anybody else to jump in at 43-and-a-half?
0:20:31 > 0:20:33All done, are we? At £43,000?
0:20:33 > 0:20:35We are. Sold.
0:20:35 > 0:20:39The successful bid of £43,000 came from Gina,
0:20:39 > 0:20:41who's at the auction with her mum, Pauline.
0:20:41 > 0:20:45But I caught up with Gina and her husband Russ at the property
0:20:45 > 0:20:49to find out their plans for their new acquisition.
0:20:49 > 0:20:50# Gina!
0:20:50 > 0:20:51# Gina! #
0:20:53 > 0:20:55- Russ, nice to meet you. - Nice to meet you, Dion.
0:20:55 > 0:20:57Gina, nice to meet you, too.
0:20:57 > 0:20:58Congratulations to both of you.
0:20:58 > 0:21:00Firstly, who found this place
0:21:00 > 0:21:03and were you looking for this kind of place?
0:21:03 > 0:21:06Gina found it for her mum. She was looking, weren't she?
0:21:06 > 0:21:08- It's for your mum?- Yeah.
0:21:08 > 0:21:10She's just sold her house round the corner.
0:21:10 > 0:21:13- OK.- So she just wanted to downsize. So we found this in the auction,
0:21:13 > 0:21:16so me and me mum went to the auction and bidded for it.
0:21:16 > 0:21:19Did you go to the auction house with a budget and think,
0:21:19 > 0:21:20- "I'm not going over that?"- Yeah.
0:21:20 > 0:21:23She wanted 30 and she wants to go a little bit cheaper,
0:21:23 > 0:21:25but it went for more, didn't it?
0:21:25 > 0:21:27I went there and I got a phone call,
0:21:27 > 0:21:31I said 38,000 and she went, "We've bought it for 43".
0:21:31 > 0:21:33LAUGHTER
0:21:33 > 0:21:36# I like it too much, I like it too much... #
0:21:36 > 0:21:38Well, Gina's mum Pauline
0:21:38 > 0:21:41clearly likes the area, and the other reason
0:21:41 > 0:21:43for busting the budget was that she's safe in the knowledge
0:21:43 > 0:21:46that Russ is a brickie and has his own building company.
0:21:46 > 0:21:49But where on earth is he going to start?
0:21:49 > 0:21:54First things first, there's... New roof, seal the house off.
0:21:54 > 0:21:57New windows. Work from the top down.
0:21:57 > 0:22:00Dry it out, new plaster.
0:22:00 > 0:22:01Rewire. Central heating.
0:22:01 > 0:22:03Damp proof course.
0:22:03 > 0:22:07And then pass the buck over to Gina and she can decorate the place!
0:22:07 > 0:22:091 to 20 like that. THEY LAUGH
0:22:09 > 0:22:10Just listing everything off.
0:22:10 > 0:22:14Really... Obviously, that's what you do, isn't it?
0:22:14 > 0:22:17- Yeah, yeah.- You can just tell that you know what you're doing.
0:22:17 > 0:22:18I've got a good team as well,
0:22:18 > 0:22:21so we're just going to hammer it, really.
0:22:21 > 0:22:23So is there any thoughts, Gina, of making an en-suite up there,
0:22:23 > 0:22:26- if it's going to be for your mum? - She wants a wet room,
0:22:26 > 0:22:29so we're not going to put a bath or nothing in there.
0:22:29 > 0:22:32It's literally going to be just a walk-in wet room for her.
0:22:32 > 0:22:35- OK.- Also downstairs, where the kitchen is now,
0:22:35 > 0:22:38- we're going to put a downstairs toilet...- Gotcha.
0:22:38 > 0:22:41..and maybe a wet room for the future. As she gets older.
0:22:41 > 0:22:44And we're going to make the backroom...
0:22:44 > 0:22:46like an open-plan diner-kitchen.
0:22:48 > 0:22:50It's great to hear Russ and Gina
0:22:50 > 0:22:54are really future-proofing this house for all Pauline's needs.
0:22:54 > 0:22:58However, I wonder if their generous-sounding 30 grand budget
0:22:58 > 0:23:00is enough to crack this property.
0:23:00 > 0:23:04And I'm even more gobsmacked to hear their timescale
0:23:04 > 0:23:05of five to six weeks.
0:23:05 > 0:23:08Yeah, you heard it, five to six weeks.
0:23:08 > 0:23:12I've got a team, I've got me, I've got her brother,
0:23:12 > 0:23:14Will, helps me. Erm, I've got me dad.
0:23:14 > 0:23:16I've got loads of lads.
0:23:16 > 0:23:19I've got joiners that work with me, as well. Roofers. Plumbers.
0:23:19 > 0:23:22- So I'll just call them all in. - Mates' rates?- Yeah.- Mates' rates?
0:23:22 > 0:23:25Yeah, give them a few bevvies and that for helping me out.
0:23:25 > 0:23:26You can't pay 'em on beer!
0:23:26 > 0:23:29You're going to have to look after them, as well.
0:23:29 > 0:23:32- Teas and coffees, maybe?- Yeah.- Eh? Keep 'em sweet.- And a bacon butty.
0:23:32 > 0:23:35And a bacon butty. I might pop round then, myself.
0:23:35 > 0:23:36I don't want to get stuck in.
0:23:36 > 0:23:38DION LAUGHS
0:23:38 > 0:23:40I'll project manage it for you.
0:23:40 > 0:23:43So how much influence is your mum going to have on the finish here,
0:23:43 > 0:23:46the way it looks, the colours, Gina?
0:23:46 > 0:23:48- She's basically told us... - LAUGHTER
0:23:48 > 0:23:51- Left it down to us.- Really?!
0:23:51 > 0:23:54Because she just... She likes anything we do anyway.
0:23:54 > 0:23:57So she's not worried or nothing.
0:23:57 > 0:23:59She's just said, go ahead and do it.
0:23:59 > 0:24:01- Get on with it.- Yeah.- Pressure's off then, really.
0:24:01 > 0:24:03Listen, I wish you all the best.
0:24:03 > 0:24:06I hope your mum's really happy with the result.
0:24:06 > 0:24:08A bit of pressure on you, but I think you'll pull it off.
0:24:08 > 0:24:10- Cheers, Dion.- Good luck to you. Gina, all the best.
0:24:10 > 0:24:11Thank you very much.
0:24:13 > 0:24:17So, Russ is replacing a wet house with wet rooms.
0:24:17 > 0:24:19But he's got an awful lot of work to do.
0:24:19 > 0:24:21But he's got the experience, he's got the know-how
0:24:21 > 0:24:24and he's got the team. So it shouldn't be a problem.
0:24:24 > 0:24:26Five to six weeks though, might be a little bit short.
0:24:26 > 0:24:28And you know what else is difficult?
0:24:28 > 0:24:31Keeping wife and mother-in-law happy at the same time.
0:24:31 > 0:24:34You can find out how he gets on later in the show.
0:24:35 > 0:24:37Coming up, in Birmingham,
0:24:37 > 0:24:40I'm optimistic that something could be made from this lot.
0:24:40 > 0:24:41But...
0:24:41 > 0:24:43Bad news though, obviously,
0:24:43 > 0:24:45if you're right next to a house, here.
0:24:48 > 0:24:50DION: And we'll find out if Gina and Russ
0:24:50 > 0:24:53got more than they bargained for back in Birkenhead.
0:24:53 > 0:24:55We just found loads of woodworm, dry rot.
0:24:59 > 0:25:02MARTIN: It was back in 2012 that Lucy was in the desirable area
0:25:02 > 0:25:06of St John's Wood in North West London.
0:25:06 > 0:25:11It was here that she saw this modest 1950s house with a less modest guide
0:25:11 > 0:25:13of £1.45 million.
0:25:14 > 0:25:18It wasn't the typical Victorian villa you might expect round here.
0:25:18 > 0:25:20But there was still plenty going for it.
0:25:20 > 0:25:24Through here we've got a wonderful, huge living space.
0:25:24 > 0:25:26It's so light!
0:25:26 > 0:25:28There's big glass doors leading out to the garden.
0:25:28 > 0:25:29It's just fantastic.
0:25:31 > 0:25:33This part of the building did have a flying freehold,
0:25:33 > 0:25:36as the neighbouring property ran over the top of it.
0:25:36 > 0:25:39And the house itself was in a conservation area,
0:25:39 > 0:25:40which could be tricky, too.
0:25:40 > 0:25:44But there was still just under 2,000 square feet to play with.
0:25:44 > 0:25:46And...
0:25:46 > 0:25:49Another huge bonus is this wonderful garden you get
0:25:49 > 0:25:50with the property.
0:25:50 > 0:25:53I think it must be about 70-foot long, and for Central London...
0:25:53 > 0:25:55- LUCY LAUGHS - ..that's large.
0:25:55 > 0:26:00That beautiful garden was the reason husband and wife Yank and Frances
0:26:00 > 0:26:04paid £1.9 million for the house on auction day.
0:26:04 > 0:26:09Frances, all these years, we haven't had a garden since 1986,
0:26:09 > 0:26:11has been longing for a garden, and we came...
0:26:11 > 0:26:16We saw the pictures online, and we came and had a look at it,
0:26:16 > 0:26:18and we just fell in love with it.
0:26:19 > 0:26:22Sadly, Frances and Yank's dream of restoring this house
0:26:22 > 0:26:27and enjoying the garden together did not come to fruition,
0:26:27 > 0:26:30as Yank passed away in 2014.
0:26:30 > 0:26:32He had cancer.
0:26:32 > 0:26:36And we thought this project was...
0:26:36 > 0:26:41so large that he would actually live long enough to see it through.
0:26:41 > 0:26:43But unfortunately he didn't.
0:26:43 > 0:26:44So...
0:26:44 > 0:26:47He died and...
0:26:47 > 0:26:51I eventually, after a lot of deliberation,
0:26:51 > 0:26:54decided to go ahead with doing the house.
0:26:56 > 0:26:57Our sincere condolences to Frances,
0:26:57 > 0:27:02who made a brave decision to carry on with the huge project.
0:27:02 > 0:27:05And now, five years on from the purchase,
0:27:05 > 0:27:08she has a rather lovely event planned at the house.
0:27:10 > 0:27:12My daughter's getting married
0:27:12 > 0:27:14and she's getting married from...
0:27:14 > 0:27:17We're having the main reception
0:27:17 > 0:27:19at this house.
0:27:19 > 0:27:24And we're having friends and family coming from all over the world.
0:27:25 > 0:27:27And we decided to have it at home,
0:27:27 > 0:27:30so we have a deadline and we had to meet it.
0:27:30 > 0:27:32The house is complete and ready
0:27:32 > 0:27:35for one of Frances' two daughters to have her big day.
0:27:35 > 0:27:38Congratulations to bride-to-be Aviva.
0:27:38 > 0:27:41I'm sure your mother would've made it very special.
0:28:07 > 0:28:10What a truly stunning transformation.
0:28:11 > 0:28:15Knocking through that small room and sinking the floor in the living area
0:28:15 > 0:28:17has given the impression of a much larger space.
0:28:31 > 0:28:34There's now an extension across the back of the house
0:28:34 > 0:28:36and Frances has done an incredible job
0:28:36 > 0:28:38with the interior design.
0:28:50 > 0:28:53The two bedrooms on the first floor are bright and airy,
0:28:53 > 0:28:55and there's now a small shower room on this floor,
0:28:55 > 0:28:57which is perfect for a family home.
0:28:59 > 0:29:00And on the second floor,
0:29:00 > 0:29:03the new pitched roof creates a fantastic master bedroom.
0:29:06 > 0:29:08The house is an absolute triumph
0:29:08 > 0:29:12and Frances should be incredibly proud of what she's achieved.
0:29:12 > 0:29:15But did the potential obstacles with planning prove an issue?
0:29:18 > 0:29:20I didn't personally have issues with planning,
0:29:20 > 0:29:22because we had a project manager.
0:29:22 > 0:29:24And he had issues with planning.
0:29:24 > 0:29:28Because not only did we have planning, we had a listed building,
0:29:28 > 0:29:30St John's Wood Society,
0:29:30 > 0:29:32and the freeholder.
0:29:33 > 0:29:36So it was all incredibly complicated.
0:29:38 > 0:29:41In the end, it took two-and-a-half years to get the plans approved,
0:29:41 > 0:29:45so did that impact on the £350,000 budget?
0:29:45 > 0:29:47How much did Frances end up spending?
0:29:50 > 0:29:51Double, easily.
0:29:53 > 0:29:56My son got carried away with the electrics.
0:29:56 > 0:29:57And...
0:29:57 > 0:30:01Which is unfortunate, because I now have a system,
0:30:01 > 0:30:04which... unless I have a degree in...
0:30:04 > 0:30:09in science or computer studies, I am unable to use.
0:30:10 > 0:30:12Sounds like pretty hi-tech stuff
0:30:12 > 0:30:14but this house is a modern masterpiece.
0:30:14 > 0:30:18Frances and Yank had planned to live in the house but Frances is yet to
0:30:18 > 0:30:20decide whether she will stay.
0:30:20 > 0:30:22It will no doubt be a very difficult decision.
0:30:26 > 0:30:30But perhaps two local estate agents can help us along.
0:30:30 > 0:30:32What did they think of the house?
0:30:32 > 0:30:35Starting with the agent who saw the property five years ago.
0:30:38 > 0:30:41I don't think this house could have been done any better.
0:30:41 > 0:30:44It's very rare that I say that and, over the years,
0:30:44 > 0:30:47I've seen plenty of flats and houses in the area.
0:30:47 > 0:30:51But this has been absolutely maximised and finished
0:30:51 > 0:30:53to the highest possible standard.
0:30:53 > 0:30:55First impressions are the house is absolutely
0:30:55 > 0:30:58beautiful. It's really, really well finished.
0:30:58 > 0:31:01There's some really nice touches and some fantastic design features.
0:31:01 > 0:31:04I'm particularly a fan of the polished Venetian plaster
0:31:04 > 0:31:08up the stairwell, with the lights that are protruding from the wall.
0:31:08 > 0:31:10That's a really nice touch.
0:31:10 > 0:31:11Simple but very, very nice.
0:31:11 > 0:31:14The living space flows beautifully onto the garden
0:31:14 > 0:31:17and I think that will attract a lot of buyers to this house.
0:31:17 > 0:31:21Unsurprisingly, the house is a resounding success.
0:31:21 > 0:31:24So what could it be worth if Frances does decide to sell,
0:31:24 > 0:31:28bearing in mind the £2.6 million that has been spent overall?
0:31:31 > 0:31:34If we were marketing this property for sale in the current market,
0:31:34 > 0:31:37we'd be asking somewhere in the region of £4 million.
0:31:37 > 0:31:39In today's market, I would value this property
0:31:39 > 0:31:43in the region of £4 million - £4.25 million.
0:31:43 > 0:31:47That top figure could mean a potential profit of £1.65 million,
0:31:47 > 0:31:51before deductions of any taxes and fees.
0:31:51 > 0:31:53So, what does Frances think about that?
0:31:53 > 0:31:57We bought the house knowing we were going to do work to it
0:31:57 > 0:31:59and spend money on it.
0:31:59 > 0:32:00And it wasn't an issue.
0:32:02 > 0:32:05Frances never intended this property to be about money and only time will
0:32:05 > 0:32:07tell whether she will stay here.
0:32:07 > 0:32:10But what does she feel about the project now it's over?
0:32:13 > 0:32:17Relief that it is all over, nothing more than that.
0:32:17 > 0:32:19Just a feeling of relief.
0:32:19 > 0:32:23That I've got the rest of the year to look forward to without having
0:32:23 > 0:32:24any more builders.
0:32:29 > 0:32:33This is St Mary's Church in the Birmingham suburb of Handsworth.
0:32:33 > 0:32:37This Grade Two listed building was the final resting place of three
0:32:37 > 0:32:39linchpins of the Industrial age,
0:32:39 > 0:32:44James Watt, Matthew Boulton and William Murdoch.
0:32:44 > 0:32:48They worked as partners in their Birmingham engineering firm and
0:32:48 > 0:32:52without their numerous innovations, and steam power,
0:32:52 > 0:32:55it's doubtful Great Britain would have become the leading
0:32:55 > 0:32:59industrialised nation of the 19th and 20th centuries.
0:32:59 > 0:33:03So I'm on a street of traditional terraced houses.
0:33:03 > 0:33:07So, which one do you think it is that I'm going to be looking at today?
0:33:07 > 0:33:09This one?
0:33:09 > 0:33:10Nope. That one?
0:33:12 > 0:33:14Nope. It must be this one.
0:33:14 > 0:33:17Oh, no. I'm actually here to see a plot of land
0:33:17 > 0:33:19in between the terraced houses.
0:33:19 > 0:33:21Guide price at 20,000 quid.
0:33:21 > 0:33:23HE CHUCKLES In we go.
0:33:25 > 0:33:27So, what have we got?
0:33:27 > 0:33:31Five metres wide, by a pretty impressive 40 metres long.
0:33:31 > 0:33:36Reasonably level and obviously on this pretty nice street.
0:33:36 > 0:33:39Er, obviously needs a bit of clearing but,
0:33:39 > 0:33:42yeah, a good start.
0:33:43 > 0:33:45However, it's missing one thing.
0:33:45 > 0:33:47And that's not a house.
0:33:47 > 0:33:48Planning permission.
0:33:48 > 0:33:52At the moment, this is purely a plot of land.
0:33:52 > 0:33:54And, as such,
0:33:54 > 0:33:56its potential is pretty limited.
0:33:56 > 0:33:57So you, if you buy it,
0:33:57 > 0:34:00are going to have to start the whole process of applying to the council
0:34:00 > 0:34:02to find out what you could actually build here.
0:34:03 > 0:34:06Once you've got the planning permission, though, suddenly
0:34:06 > 0:34:08the value of this land rockets,
0:34:08 > 0:34:11almost five or so times, I would guess,
0:34:11 > 0:34:13from the guide price.
0:34:13 > 0:34:16So, it's a really interesting opportunity because to get that
0:34:16 > 0:34:20planning permission it won't necessarily cost you
0:34:20 > 0:34:23very much at all. Oh, now you're interested. Hm?
0:34:23 > 0:34:26# I call that a bargain
0:34:26 > 0:34:29# The best I ever had... #
0:34:31 > 0:34:34Now, I don't want to look a gift horse in the mouth
0:34:34 > 0:34:36but it might be worth asking yourself why the seller
0:34:36 > 0:34:38hasn't already done all of this to make
0:34:38 > 0:34:40more money when they sell?
0:34:40 > 0:34:43Could it be because permission might be tricky to get?
0:34:43 > 0:34:47A chat with the planning department would be my first move.
0:34:48 > 0:34:51So you really have got a pretty substantial plot here
0:34:51 > 0:34:54and you could build a decent-sized house and still have
0:34:54 > 0:34:56a good-sized garden. That's good news.
0:34:56 > 0:34:58Some other bits of good news.
0:34:58 > 0:35:02Easy access to services because we are on a street with other houses,
0:35:02 > 0:35:06there's bound to be sewerage close by, electricity, gas, water.
0:35:06 > 0:35:09And that's certainly going to keep your build costs down.
0:35:09 > 0:35:12Bad news, though, obviously, is you're right next to a house.
0:35:12 > 0:35:15Here. So whatever you build,
0:35:15 > 0:35:17you're either going to have to get them on board that you can build
0:35:17 > 0:35:20right up against their property, or leave a substantial gap
0:35:20 > 0:35:23and that would, of course, shrink the size of
0:35:23 > 0:35:26whatever you might build. So things to consider.
0:35:26 > 0:35:30I would also want a proper survey, which would show boundaries,
0:35:30 > 0:35:33overhead power cables, flood risks and so on.
0:35:33 > 0:35:36I'd also be exploring if there was any protected wildlife,
0:35:36 > 0:35:40or ground contamination. Always do your homework.
0:35:40 > 0:35:44This local estate agent has braved the elements to help me with mine.
0:35:44 > 0:35:46# I can't stand the rain... #
0:35:46 > 0:35:50This area is a typical inner-city area of Birmingham, really.
0:35:50 > 0:35:54It's a fairly thriving one in many ways and a busy thoroughfare into
0:35:54 > 0:35:56Birmingham city centre, both in terms of traffic
0:35:56 > 0:35:58and what it can provide for the community.
0:36:00 > 0:36:03Assuming all the planning hurdles are leapt over,
0:36:03 > 0:36:05I'd be thinking about a four-bed house on this plot,
0:36:05 > 0:36:08which fits the area. What could it sell for?
0:36:09 > 0:36:13The existing four-bedroom houses in this area probably sell for the
0:36:13 > 0:36:16order of up to £130,000 in reasonable condition.
0:36:16 > 0:36:20You are probably looking at a premium on that maybe up to 135,
0:36:20 > 0:36:24possibly 140, but that's probably the maximum for it.
0:36:26 > 0:36:28Well, it's a fair-sized plot but it doesn't have that all-important
0:36:28 > 0:36:30planning permission yet.
0:36:30 > 0:36:33So this is definitely one of those auction lots that you call a bit of
0:36:33 > 0:36:37a punt. Let's find out who went for it when it went under the hammer.
0:36:40 > 0:36:43It extends to just over 200 square metres
0:36:43 > 0:36:46and just over 250 square yards.
0:36:46 > 0:36:48Where shall we start, folks?
0:36:48 > 0:36:50At 30,000, am I bid?
0:36:51 > 0:36:53It's a tough crowd today.
0:36:53 > 0:36:56That optimistic opening bid was met with silence from the floor.
0:36:56 > 0:36:59As was 25, 20 and 18,000.
0:37:01 > 0:37:0216, then.
0:37:02 > 0:37:06Can't go lower than 16, can I?
0:37:06 > 0:37:08Is that 18, sir?
0:37:08 > 0:37:10At 18. So, is it 20?
0:37:10 > 0:37:1220, thank you. 20.
0:37:12 > 0:37:1322?
0:37:13 > 0:37:15That set the ball rolling.
0:37:15 > 0:37:19And we rejoin later with the price at 30,000.
0:37:19 > 0:37:2030.
0:37:20 > 0:37:2231.
0:37:22 > 0:37:2332.
0:37:23 > 0:37:2433.
0:37:24 > 0:37:2634?
0:37:26 > 0:37:2734. 35.
0:37:27 > 0:37:2936.
0:37:29 > 0:37:30No.
0:37:30 > 0:37:34At £35,000, then, number 125.
0:37:34 > 0:37:37Are we all done? One, two, three.
0:37:37 > 0:37:39£35,000.
0:37:39 > 0:37:41Thumbs up. Well done. Congratulations.
0:37:46 > 0:37:51It was Riaz and Sylvester who made the successful bid of 35,000 and
0:37:51 > 0:37:54they've been on the show several times before.
0:37:54 > 0:37:55The boys are business partners,
0:37:55 > 0:37:58with Sylvester providing the building know-how
0:37:58 > 0:38:01and Riaz supplying the project managing skills.
0:38:01 > 0:38:04I met them to find out what they plan to build here.
0:38:05 > 0:38:08Riaz, Sylvester, good to see you both again.
0:38:08 > 0:38:11- Nice to see you.- You are buying up the whole of Birmingham, then!
0:38:11 > 0:38:12All in small baby steps.
0:38:12 > 0:38:15If I remember rightly, you're not from around here, are you?
0:38:15 > 0:38:17No, I'm from Solihull and...
0:38:17 > 0:38:19- I'm from Redditch.- Redditch, OK.
0:38:19 > 0:38:22So, why have you focused in on this area, particularly?
0:38:22 > 0:38:23Well, when we were at auction,
0:38:23 > 0:38:26we were looking for a small plot for a single dwelling.
0:38:26 > 0:38:28And there weren't many there, were they?
0:38:28 > 0:38:31So this came up and we looked at...
0:38:31 > 0:38:35Ideal. We knew the street and thought, well, let's go for it.
0:38:35 > 0:38:36Now, remind me of your background.
0:38:36 > 0:38:39Because it's quite unusual for a property developer, isn't it?
0:38:39 > 0:38:41Well, I'm a scientist.
0:38:41 > 0:38:44I'm a research scientist. So most of my life has been designing paint
0:38:44 > 0:38:47systems, particularly the paint systems that go on the inside and
0:38:47 > 0:38:49outside of food and beverage cans.
0:38:49 > 0:38:53Right, and remind me how that translated into you being...
0:38:53 > 0:38:57inventing houses rather than inventing gadgets and things?
0:38:57 > 0:39:02Well, there's been a change in organisation and so there was kind
0:39:02 > 0:39:07of a redundancy package open so I decided, well, OK,
0:39:07 > 0:39:09let's have a change in career.
0:39:09 > 0:39:12I knew Sylvester for a while and he'd been saying
0:39:12 > 0:39:15perhaps we should get together and so everything just came into place.
0:39:15 > 0:39:18So we decided, OK, we'll go for it.
0:39:18 > 0:39:21Yes. So, Sylvester, how is the relationship working out?
0:39:21 > 0:39:23At the moment, it's very great.
0:39:23 > 0:39:25The first project that was finished was great.
0:39:25 > 0:39:30And we start other one and I know him almost six years.
0:39:30 > 0:39:32Yeah. So the partnership works well.
0:39:32 > 0:39:34- The partnership works well.- We complement each other, really.
0:39:34 > 0:39:36I mean, so, Sylvester,
0:39:36 > 0:39:39he knows everything there is to building and I just provide the
0:39:39 > 0:39:43admin, the softer side of the business.
0:39:43 > 0:39:47So let's move on to this because this is a bit of a new venture,
0:39:47 > 0:39:49the idea of building something from scratch.
0:39:49 > 0:39:50Absolutely. I mean...
0:39:50 > 0:39:54I think our plan was always to build houses, OK,
0:39:54 > 0:39:56from scratch, if possible.
0:39:56 > 0:40:00And so this was like our first baby step towards it and so there's going
0:40:00 > 0:40:04to be a lot of learning for both of us, in terms of all the procedures,
0:40:04 > 0:40:08all the planning that goes with building a new house from scratch.
0:40:08 > 0:40:10What was it that appealed about it,
0:40:10 > 0:40:12other than the fact it's relatively small?
0:40:12 > 0:40:16It's small but actually location-wise it's quite good.
0:40:16 > 0:40:19It's in... You know, quite a good street.
0:40:19 > 0:40:21And also amenities nearby,
0:40:21 > 0:40:24good schools and the city centre, as well, is I think
0:40:24 > 0:40:26three or so miles away.
0:40:26 > 0:40:29So from that perspective, the location is perfect.
0:40:29 > 0:40:31Right. There is one small hiccup.
0:40:31 > 0:40:34- It doesn't actually have any planning permission.- Yes.
0:40:34 > 0:40:36We knew that. And so...
0:40:36 > 0:40:40But we are fairly hopeful that we can actually achieve planning
0:40:40 > 0:40:43permission. We submitted an application and so in about six
0:40:43 > 0:40:46weeks' time, we'll hear whether we have been successful.
0:40:46 > 0:40:48So, tell me what you are planning to put up?
0:40:48 > 0:40:54Well, our plans are to build a four-bedroom end terrace house here.
0:40:54 > 0:40:58Which we adjoin to the house which we see behind us.
0:40:58 > 0:41:01What are the complications with that? You have to talk to them
0:41:01 > 0:41:03obviously because it's their wall.
0:41:03 > 0:41:05That's right. Well, it's going to be a party wall agreement
0:41:05 > 0:41:09sort of thing so we will be talking to them but the first...
0:41:09 > 0:41:11At this moment we wanted to get the planning permission
0:41:11 > 0:41:13in principle agreed.
0:41:13 > 0:41:16And then we'll open up a dialogue with the people.
0:41:16 > 0:41:20To be honest, what we are proposing has got to be a lot better
0:41:20 > 0:41:24than what they are getting now, which is a horrible place
0:41:24 > 0:41:27where it can be full of vermin and other things.
0:41:27 > 0:41:29- Right.- They will gain.
0:41:29 > 0:41:31- Right, OK. Well, fingers crossed. - Yes.
0:41:32 > 0:41:35As you might expect for this narrow plot of land,
0:41:35 > 0:41:40the plans that have been drawn up are for a long, thin house.
0:41:40 > 0:41:43The ground floor entrance will lead into a corridor,
0:41:43 > 0:41:46off which sits the lounge, a downstairs toilet
0:41:46 > 0:41:48and stairs leading up to the bedrooms.
0:41:48 > 0:41:49Beyond that, the dining room,
0:41:49 > 0:41:52kitchen and a garden room stretch
0:41:52 > 0:41:54out to the back of the plot.
0:41:54 > 0:41:57Upstairs, the four bedrooms and bathroom are strung along
0:41:57 > 0:41:59a connecting corridor.
0:41:59 > 0:42:02The boys are hoping to keep their build costs to no more than
0:42:02 > 0:42:0765,000, which would make their total spend including planning and
0:42:07 > 0:42:11architects' fees in the region of £110,000.
0:42:11 > 0:42:15With a ceiling price of 140,000, I'm worried about the profit margin.
0:42:15 > 0:42:18What we are hoping is that with a new build
0:42:18 > 0:42:23we can achieve a premium of about 20,000.
0:42:23 > 0:42:26So that is where we are looking to sell it...
0:42:26 > 0:42:28- To pitch it.- About 150. 149,950.
0:42:28 > 0:42:31That sort of order, yes.
0:42:31 > 0:42:32What's the build time?
0:42:32 > 0:42:35- Six months, no more. - Six months.- Yeah.- OK.
0:42:35 > 0:42:37- No more.- From start to finish. - From start to finish.
0:42:37 > 0:42:39That's good. Are you excited?
0:42:39 > 0:42:40Yeah, of course.
0:42:40 > 0:42:42This is our first...
0:42:42 > 0:42:45- It's going to be our first baby, almost, isn't it?- Yeah.- So we are
0:42:45 > 0:42:48looking forward to it and we are already thinking about,
0:42:48 > 0:42:52you know, at the front we're going to put a plaque in front of it
0:42:52 > 0:42:56which will be R&S sort of thing, with 2016.
0:42:56 > 0:42:59And so when our grandchildren come, they can come and...
0:42:59 > 0:43:02"Yeah, our grandads have built that."
0:43:02 > 0:43:05- Oh, that's lovely. - That's thinking ahead in the future.
0:43:05 > 0:43:08That's a really nice touch. I like that idea. Absolutely.
0:43:08 > 0:43:10Obviously, you see the partnership between you two continuing.
0:43:10 > 0:43:12Absolutely, yeah.
0:43:12 > 0:43:14We haven't sort of...
0:43:14 > 0:43:17We haven't had one cross word to each other at this moment.
0:43:17 > 0:43:20- Touch wood.- That's good.- And long may that continue.
0:43:20 > 0:43:22Yeah, absolutely. Well, congratulations.
0:43:22 > 0:43:25- Thank you.- And good luck with it. - Yes, thank you very much.
0:43:25 > 0:43:26- Have fun with the build. - Thank you.- Thank you.
0:43:26 > 0:43:29And I look forward to seeing you in a few months' time.
0:43:29 > 0:43:30- Six or so.- Yeah, sure.
0:43:32 > 0:43:36So, the first new-build venture for Sylvester and Riaz.
0:43:36 > 0:43:40A few things to sort out before they actually start work, though,
0:43:40 > 0:43:43not least getting planning permission and also talking to the neighbour.
0:43:43 > 0:43:48I'm a little bit worried that the budget might be a bit tight.
0:43:48 > 0:43:49Anyway, how will they get on?
0:43:49 > 0:43:51You can find out later in the show.
0:43:56 > 0:44:00Well, buying at auction can be very straightforward but that's not
0:44:00 > 0:44:04always the case when it comes to the renovation itself.
0:44:04 > 0:44:06We've seen how one buyer got on, how about the other two?
0:44:06 > 0:44:07Yes, will it be worth it?
0:44:07 > 0:44:10Will it be worth all that hard work when they get those valuations?
0:44:10 > 0:44:12Let's find out.
0:44:14 > 0:44:19Earlier in the show I was in Birkenhead on the Wirral peninsula.
0:44:19 > 0:44:23I was there to visit a three-bed mid-terraced property.
0:44:23 > 0:44:28The guide price of £37,000-plus for a three-bed terrace seemed like a
0:44:28 > 0:44:33good deal, but there were some added extras I could have done without.
0:44:33 > 0:44:37There's damp patches in the corner, above the fireplace,
0:44:37 > 0:44:40and right in the far corner, we are back to the bare brick.
0:44:40 > 0:44:44There is rot on the skirting boards and there's actually a root,
0:44:44 > 0:44:47a tree root, on the inside of the brick.
0:44:47 > 0:44:52The Day Of The Triffids had nothing on this because at the back,
0:44:52 > 0:44:55the garden wall had also been invaded.
0:44:55 > 0:44:58Now, I am a lover of the great outdoors,
0:44:58 > 0:45:03but I really don't want my trees intertwined with the
0:45:03 > 0:45:07fabric of my property and that's exactly what's going on here.
0:45:07 > 0:45:13# I'm still tangled up in you... #
0:45:13 > 0:45:15And, that wasn't the only issue.
0:45:15 > 0:45:20There was damp in abundance, as the spongy carpet revealed.
0:45:20 > 0:45:24The kitchen was beyond saving and the bowed ceiling upstairs indicated
0:45:24 > 0:45:27the roof was a horror story as well.
0:45:27 > 0:45:31The second and third bedroom with the weird shape and split window...
0:45:31 > 0:45:35Well, it looked like it was a Homes Under The Hammer house of horrors.
0:45:36 > 0:45:40The buyers who weren't scared by any of this were brickie Russ and wife
0:45:40 > 0:45:45Gina. They were going to renovate this house for Gina's mum, Pauline,
0:45:45 > 0:45:48who bought the house for very slightly over the 30 grand she intended.
0:45:49 > 0:45:52I got a phone call. I said, "38,000?"
0:45:52 > 0:45:55And she went, "We've bought it for 43."
0:45:55 > 0:45:56And I thought...
0:45:56 > 0:45:57LAUGHTER
0:45:58 > 0:46:02In that case, it was just as well Russ and his team would be doing the
0:46:02 > 0:46:06work themselves for a budget of around 25-30 grand
0:46:06 > 0:46:08but could they really
0:46:08 > 0:46:11do the work in a matter of five to six weeks?
0:46:12 > 0:46:16We are back eight weeks later to find out what's gone on.
0:46:28 > 0:46:29Wow!
0:46:29 > 0:46:31I can't believe it's the same house.
0:46:31 > 0:46:35Literally, everything has been stripped right back
0:46:35 > 0:46:36and done from scratch.
0:46:38 > 0:46:42That open plan kitchen and living area really works a treat.
0:46:42 > 0:46:45There wasn't enough room for the downstairs wet room,
0:46:45 > 0:46:47so they've compromised with a downstairs toilet
0:46:47 > 0:46:50and the wet room upstairs.
0:46:50 > 0:46:54That means they still managed to future proof the room for Pauline.
0:46:54 > 0:46:57Although they have a few finishing touches left to do,
0:46:57 > 0:47:02I'm amazed they've achieved so much in just eight weeks.
0:47:02 > 0:47:05So far, they've taken two weeks longer than they'd hoped
0:47:05 > 0:47:07on this whole project.
0:47:07 > 0:47:09When we were ripping out the bathroom,
0:47:09 > 0:47:12we took all the lino up and took the old bath out and behind the old
0:47:12 > 0:47:16bath we just found loads of woodworm, dry rot.
0:47:16 > 0:47:20So I investigated more and all the joists were just totally perished.
0:47:20 > 0:47:22So I had to take them all out.
0:47:22 > 0:47:27Put new joists in. New floorboards, and then crack on with the wet room.
0:47:27 > 0:47:30Not only that, but Russ and his team
0:47:30 > 0:47:34also had to replace all the joists in the downstairs hall
0:47:34 > 0:47:38and the front room due to extensive damp.
0:47:38 > 0:47:41And the water ingress upstairs has been stopped,
0:47:41 > 0:47:45thanks to a new roof fitted by some of Russ' pals who are in the trade.
0:47:45 > 0:47:49The layout of the two smaller bedrooms has also been rectified
0:47:49 > 0:47:51with a new stud wall and window.
0:47:53 > 0:47:56But did Russ get to the "root" of the problem in the back garden?
0:47:58 > 0:48:00So here is where the tree was growing out of.
0:48:00 > 0:48:04It was here. So I got rid of all the vegetation, took the brickwork down.
0:48:04 > 0:48:07Got rid of it all. And then built the brickwork back up.
0:48:07 > 0:48:11And I'm just in the process now of getting it finished,
0:48:11 > 0:48:12getting it rendered and that.
0:48:12 > 0:48:16It's a vast improvement but Russ and his team are yet to build the
0:48:16 > 0:48:20boundary wall as it contains asbestos and will be removed
0:48:20 > 0:48:21by the council.
0:48:21 > 0:48:24But they've managed a great deal in a short time,
0:48:24 > 0:48:26with Gina mucking in, of course.
0:48:27 > 0:48:29It's been hard, very hard, but...
0:48:29 > 0:48:32Especially with me four kids.
0:48:32 > 0:48:34But obviously me mum's been there to help.
0:48:34 > 0:48:36We've had other people helping as well, so...
0:48:36 > 0:48:38While they're getting minded,
0:48:38 > 0:48:41I've been down here, helping out down here.
0:48:41 > 0:48:45The huge effort from all involved has helped them stay on budget,
0:48:45 > 0:48:48coming in at 27 grand.
0:48:48 > 0:48:51So, Gina's mum Pauline must be absolutely delighted
0:48:51 > 0:48:53with the outcome.
0:48:53 > 0:48:55Me mum hasn't seen it at all.
0:48:55 > 0:49:00The first time me mum seen it was when she bought it at auction.
0:49:00 > 0:49:04She hasn't been in at all since then.
0:49:04 > 0:49:05She'll be coming in today.
0:49:06 > 0:49:09And here, bang on cue, is mum Pauline,
0:49:09 > 0:49:11so what's the verdict, young lady?
0:49:13 > 0:49:19I'm so pleased and I just did not realise or think that my son-in-law
0:49:19 > 0:49:25and my daughter could actually transform this relic of a house
0:49:25 > 0:49:28into this beautiful property that it is now.
0:49:28 > 0:49:30I am so grateful.
0:49:33 > 0:49:36Praise like that makes it all worthwhile.
0:49:36 > 0:49:39Although Pauline is unpacking her bags as we speak,
0:49:39 > 0:49:42let's see if the agents are equally as impressed.
0:49:45 > 0:49:46The property is looking good.
0:49:46 > 0:49:48The works are coming on well.
0:49:48 > 0:49:50But there is some finishing work to be done
0:49:50 > 0:49:54but hopefully when completed, it will look very good.
0:49:54 > 0:49:55My first impression of the property,
0:49:55 > 0:49:57it's nice and bright and neutral
0:49:57 > 0:50:00and would appeal to a varied market.
0:50:00 > 0:50:02I'm quite liking what I'm seeing.
0:50:04 > 0:50:07It's a great house and I'm sure Pauline will be very happy here but
0:50:07 > 0:50:09has it been a good investment?
0:50:09 > 0:50:13The house and renovation costs came to £70,000 in total.
0:50:15 > 0:50:20We would expect to market this property between 75 and £80,000.
0:50:20 > 0:50:23As far as resale is concerned,
0:50:23 > 0:50:25I would expect to achieve £80,000
0:50:25 > 0:50:29without much difficulty because it's really nicely well presented.
0:50:29 > 0:50:31I was expecting around the 80 mark.
0:50:31 > 0:50:3380 to 85.
0:50:33 > 0:50:34But...
0:50:34 > 0:50:36It's not going to go for sale.
0:50:36 > 0:50:37It's for the mother-in-law.
0:50:37 > 0:50:39But maybe in the future,
0:50:39 > 0:50:41it'll be worth even more, do you know what I mean?
0:50:41 > 0:50:45So, yeah, I'm happy with that so far.
0:50:45 > 0:50:49Russ and Gina's work has added £10,000 worth of value to the house,
0:50:49 > 0:50:53but what they've done for Gina's mum is priceless.
0:50:53 > 0:50:55So it's time now for a well earned break.
0:50:57 > 0:50:59We go on holiday in a couple of days.
0:50:59 > 0:51:02And I need me holiday now, after all the hours I've put in here.
0:51:02 > 0:51:05I think I'm going to spend ten days on a sunbed
0:51:05 > 0:51:06just sleeping.
0:51:11 > 0:51:14Let's head back to Birmingham and the suburb above Handsworth,
0:51:14 > 0:51:17where I saw a plot of land guided at £20,000,
0:51:17 > 0:51:20sandwiched between traditional terraced houses.
0:51:20 > 0:51:25It was just over 200 square metres inside, fairly level,
0:51:25 > 0:51:27and situated on a nice street.
0:51:27 > 0:51:30There was lots going for it, but this plot had a twist.
0:51:32 > 0:51:33It's missing one thing.
0:51:33 > 0:51:35And that's not a house.
0:51:35 > 0:51:36Planning permission.
0:51:36 > 0:51:39At the moment, this is purely a plot of land.
0:51:40 > 0:51:42The lack of planning permission
0:51:42 > 0:51:43might have been enough to put less savvy
0:51:43 > 0:51:47buyers off, but if you were to get through the planning process,
0:51:47 > 0:51:49there could be fruitful rewards.
0:51:50 > 0:51:55The value of this land rockets almost five or so times,
0:51:55 > 0:51:57I would guess, from the guide price.
0:51:58 > 0:52:00There was just one possible hitch.
0:52:00 > 0:52:03To make the most out of building on this narrow plot,
0:52:03 > 0:52:07it was likely you would need to build onto the neighbouring property
0:52:07 > 0:52:09and that would mean a party wall agreement.
0:52:09 > 0:52:12But overall, it had fantastic potential.
0:52:15 > 0:52:19Homes Under The Hammer familiar faces Riaz and Sylvester agreed.
0:52:19 > 0:52:22Riaz was the money man who paid £35,000 for the plot
0:52:22 > 0:52:26and he and builder Sylvester hoped to build an end terrace
0:52:26 > 0:52:28adjoining with the current one.
0:52:28 > 0:52:31And it was to be the team's first new build together.
0:52:32 > 0:52:35- Are you excited?- Yeah, of course.
0:52:35 > 0:52:39This is our... This is going to be our first baby, almost, isn't it?
0:52:39 > 0:52:42- Yeah, yeah.- So we are looking forward to it and we are already thinking
0:52:42 > 0:52:46about, you know, at the front we are going to put a plaque in front of it
0:52:46 > 0:52:50which will be R&S, 2016.
0:52:50 > 0:52:53So when our grandchildren come, they can come and...
0:52:53 > 0:52:57"Yeah, our grandads built that."
0:52:58 > 0:53:02This baby however would only be six months in the making and with
0:53:02 > 0:53:06Sylvester's small team would cost around £65,000 to build.
0:53:07 > 0:53:11So, when we returned just over two years later,
0:53:11 > 0:53:13was there a little miracle?
0:53:13 > 0:53:15# Baby, baby, baby
0:53:15 > 0:53:18# Do you really love me?
0:53:18 > 0:53:20# Baby, baby, baby
0:53:20 > 0:53:23# Will you always be there for me?
0:53:23 > 0:53:25# I can't live without your lovin'
0:53:25 > 0:53:28# Baby, can't you see?
0:53:28 > 0:53:30# Baby, baby, baby
0:53:30 > 0:53:33# Tell me, do you love me now? #
0:53:33 > 0:53:36Well, the gestation of the house might have taken a bit longer than
0:53:36 > 0:53:40planned but I'd say this is a success.
0:53:40 > 0:53:43It's bright and spacious for what was a narrow plot,
0:53:43 > 0:53:46and even more unexpected,
0:53:46 > 0:53:49it's detached and it's not a two-storey, four-bed house,
0:53:49 > 0:53:54it's a six-bed, three-storey house.
0:53:54 > 0:53:57The garden room at the back doubles as the first bedroom,
0:53:57 > 0:53:58while on the first floor
0:53:58 > 0:54:02there's another three good-sized rooms and the family bathroom.
0:54:02 > 0:54:06But what really sets this house apart is the second floor,
0:54:06 > 0:54:10with another two bedrooms and a private bathroom.
0:54:10 > 0:54:12I'm really impressed by the clever use of space
0:54:12 > 0:54:15but why the change of plan?
0:54:15 > 0:54:21Well, initially, we were going to build with a shared wall but
0:54:21 > 0:54:24we said that could be potentially too much of a headache.
0:54:24 > 0:54:27And so this house is actually a stand-alone house.
0:54:27 > 0:54:29In fact, it's a detached house.
0:54:29 > 0:54:35And therefore we don't have to worry about that party wall at all.
0:54:35 > 0:54:37So we then just built it accordingly.
0:54:37 > 0:54:40Our first permission was rejected by the council
0:54:40 > 0:54:45because the house protruded too much into the garden
0:54:45 > 0:54:49and causing a potential light issue with the neighbours.
0:54:49 > 0:54:53So we redesigned but then we achieved planning permission,
0:54:53 > 0:54:54albeit it took a year.
0:54:56 > 0:54:58What's more, once they got the planning,
0:54:58 > 0:55:01they faced various issues that caused delays.
0:55:01 > 0:55:04They found the basement of the previous house underground,
0:55:04 > 0:55:08which had to be dug out and rebuilt before the foundations could go in.
0:55:08 > 0:55:11As well as this, they had issues locating the sewerage services.
0:55:11 > 0:55:14So they overcame plenty of obstacles.
0:55:14 > 0:55:17But has it been all smiles along the way?
0:55:17 > 0:55:20Oh, yeah. I'm happy. I love working with Riaz
0:55:20 > 0:55:25because he's comfortable and sometimes when I'm
0:55:25 > 0:55:30working with Riaz, it's not like that comfortable.
0:55:30 > 0:55:33It's not easy to find somebody like Riaz.
0:55:33 > 0:55:35It's not easy to find someone like Sylvester, either.
0:55:35 > 0:55:39He's a decent builder, consulting, and really delivers.
0:55:39 > 0:55:41He goes the extra mile
0:55:41 > 0:55:42without being asked.
0:55:42 > 0:55:45# Baby, baby, baby
0:55:45 > 0:55:49# Tell me do you love me now? #
0:55:49 > 0:55:52Now, that's a happy working relationship but will the budget
0:55:52 > 0:55:54be such a happy ending?
0:55:54 > 0:55:57When we last met, Riaz and Sylvester thought their total
0:55:57 > 0:55:59spend would be £110,000,
0:55:59 > 0:56:02including the auction price and fees.
0:56:03 > 0:56:06We destroyed that budget.
0:56:06 > 0:56:09By the time we finished, we'll be close to 200,000.
0:56:09 > 0:56:14So almost double the budget we had planned.
0:56:14 > 0:56:19An extra £90,000 isn't exactly inconsequential,
0:56:19 > 0:56:22but the house is substantially larger than planned.
0:56:22 > 0:56:25Let's see if they can claw back some of that overspend.
0:56:25 > 0:56:28First, what do two local estate agents think
0:56:28 > 0:56:30of the new three-storey property?
0:56:32 > 0:56:33The property is great.
0:56:33 > 0:56:36It's a great size. It's been done to a really nice spec.
0:56:36 > 0:56:38The location is good. It will be popular.
0:56:38 > 0:56:41I find it to be nice and welcoming, nice and bright and airy.
0:56:41 > 0:56:42The room sizes are excellent.
0:56:42 > 0:56:44Not compromised.
0:56:44 > 0:56:46Bathroom on every floor.
0:56:46 > 0:56:48Good location. So, yeah, it's superb.
0:56:48 > 0:56:51Favourable reviews there but is there demand
0:56:51 > 0:56:54for a six-bed house in this area?
0:56:54 > 0:56:58There is definitely a demand for properties like this at the moment
0:56:58 > 0:57:01just because the terraced properties in this area aren't normally of this
0:57:01 > 0:57:03size, and so I think there is definitely a niche.
0:57:04 > 0:57:07Could that niche help them sell the property for at least 200,000,
0:57:07 > 0:57:09allowing them to break even?
0:57:11 > 0:57:14If the purchaser were to look at selling this property as a proposed
0:57:14 > 0:57:16six-bedroomed property,
0:57:16 > 0:57:21he would potentially be looking at offers round about £275,000.
0:57:21 > 0:57:23As a six-bedroomed property,
0:57:23 > 0:57:27I would put this property on the market for offers over £320,000.
0:57:27 > 0:57:32That's way out of our expectation, actually.
0:57:32 > 0:57:34It's like...
0:57:34 > 0:57:36business. When you put on market, 300,
0:57:36 > 0:57:40it is possible sell it for 275, which is good.
0:57:40 > 0:57:43Even at the lower valuation of 270,000,
0:57:43 > 0:57:48we could see a profit of £75,000, minus taxes and fees,
0:57:48 > 0:57:51whereas the higher valuation would mean a profit before deductions
0:57:51 > 0:57:53of 120 grand.
0:57:53 > 0:57:57So their first property baby really has brought them a bundle but
0:57:57 > 0:57:59is there another one on the way?
0:58:01 > 0:58:05We are planning to buy more land and also use the capital released
0:58:05 > 0:58:10from this project to fund our next project
0:58:10 > 0:58:13which we'll be starting real soon.
0:58:16 > 0:58:20Well, as you can see, property projects don't always turn out as
0:58:20 > 0:58:24you expect but we'll have lots more to watch unfold.
0:58:24 > 0:58:27Yes, join us for some more auction action and tremendous transformations
0:58:27 > 0:58:31- here on Homes Under The Hammer next time. See you.- Goodbye.