0:00:01 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:05It can be difficult to judge
0:00:05 > 0:00:07the property market these days.
0:00:07 > 0:00:09And you can't always believe what you hear
0:00:09 > 0:00:11and what is written in the paper.
0:00:11 > 0:00:13It can be a bit of a minefield.
0:00:13 > 0:00:17Yes, the only way to really know is to see for yourself, and a great
0:00:17 > 0:00:20place to go looking is your local property auction.
0:00:46 > 0:00:50Well, a massive range of properties sell under the hammer,
0:00:50 > 0:00:52so why not head down to your local
0:00:52 > 0:00:55auction house and see what's on offer?
0:00:55 > 0:00:58Yeah, you might be pleasantly surprised at the prices that you
0:00:58 > 0:01:01come across. So what got today's bidders excited?
0:01:02 > 0:01:07Lucy's enjoying the features of this 1930s semi in Hertfordshire.
0:01:07 > 0:01:10Look at that stained glass window behind me!
0:01:10 > 0:01:12A gorgeous door.
0:01:12 > 0:01:14There is a centrepiece I could do without
0:01:14 > 0:01:16at this two-bed flat in Croydon.
0:01:16 > 0:01:18And then you see that.
0:01:18 > 0:01:22Which is not good at all.
0:01:22 > 0:01:26And I'm trying to focus on the positives at this plot in Derby.
0:01:26 > 0:01:28What I haven't told you yet is
0:01:28 > 0:01:32the good news that this thing has planning permission!
0:01:34 > 0:01:37All these properties have been sold at auction and we'll find out who
0:01:37 > 0:01:41bought them and what they paid when they went under the hammer.
0:01:41 > 0:01:42Your lot.
0:01:47 > 0:01:51Post-war Britain saw a massive housing crisis and the solution was
0:01:51 > 0:01:58to create 28 new towns, built in three waves from 1946 to the '70s.
0:01:58 > 0:02:02Today Lucy's visiting one of them, Hatfield in Hertfordshire.
0:02:02 > 0:02:06Nowadays it's very much in demand as it's 20 minutes from London by rail
0:02:06 > 0:02:09and hosts the University of Hertfordshire.
0:02:09 > 0:02:12It's a great location but, walking up to the property, well,
0:02:12 > 0:02:15there is something that's concerning me.
0:02:15 > 0:02:18And that is the yellow line running all the way up this road.
0:02:18 > 0:02:20Now, it's a quiet residential street so,
0:02:20 > 0:02:24why are there parking restrictions? Well, I've done some research.
0:02:24 > 0:02:28And it tells me there's a university nearby and it is to stop
0:02:28 > 0:02:31the students using this street as a giant free car park,
0:02:31 > 0:02:34so, I think it's a good thing, but it does mean
0:02:34 > 0:02:37I'm hoping for plenty of off-street parking.
0:02:37 > 0:02:41Here's the property and, so far, so good.
0:02:41 > 0:02:45The parking situation is sorted. It's time now to look at the house.
0:02:45 > 0:02:47So, what have we got here? It's a three-bed semi,
0:02:47 > 0:02:51and the guide price was £335,000 plus.
0:02:51 > 0:02:54Well, it looks really nice from the outside.
0:02:54 > 0:02:55Let's see if there are any other
0:02:55 > 0:02:58problems inside that could be easily fixed.
0:03:02 > 0:03:06Well, I've got real fond childhood memories of growing up in a '30s
0:03:06 > 0:03:10house like this and they're just so lovely and welcoming.
0:03:10 > 0:03:11And the thing I love...
0:03:11 > 0:03:14Look at that! Stained-glass windows behind me.
0:03:14 > 0:03:17A gorgeous door, you've got the stairs leading up,
0:03:17 > 0:03:19they're just really great houses.
0:03:19 > 0:03:24And they really do lend themselves to families living in them, I think.
0:03:24 > 0:03:25Or, is that just me and my memories?
0:03:25 > 0:03:29But you've got a really good size in here, great lounge.
0:03:29 > 0:03:30No central heating, I've noticed.
0:03:30 > 0:03:34You've just got an old gas fire and some storage heaters back there.
0:03:34 > 0:03:35But look at this.
0:03:35 > 0:03:38This really is the focal point here.
0:03:38 > 0:03:40A fantastic box window.
0:03:40 > 0:03:45Absolutely beautiful, with all this leaded light, original windows.
0:03:45 > 0:03:49My only worry would be that they're only single glazed.
0:03:49 > 0:03:51Now, there are a few options.
0:03:51 > 0:03:53You could get secondary glazing.
0:03:53 > 0:03:54I'm not really a fan.
0:03:54 > 0:03:58Or you could take them out and put double glazing in behind them,
0:03:58 > 0:04:01but that is quite a costly thing to do. But whatever the weather,
0:04:01 > 0:04:05I would keep them - I'd probably just stick an extra jumper on, to be honest.
0:04:05 > 0:04:09A great room, lovely and sunny and I can imagine sitting in here with my
0:04:09 > 0:04:12family watching the telly, having a really nice time.
0:04:13 > 0:04:19# So full of beautiful memories
0:04:19 > 0:04:23# Isn't it nice to be home? #
0:04:23 > 0:04:26Well, a bit of a negative is the kitchen.
0:04:26 > 0:04:29Not just the kitchen itself, the units, and...
0:04:29 > 0:04:31Oh! A bit of a sticker collection going on in there.
0:04:31 > 0:04:34I think the kitchen is just too small.
0:04:34 > 0:04:36It's not even a little bit small.
0:04:36 > 0:04:38It really doesn't lend itself to family living.
0:04:38 > 0:04:40So, you know what I'm going to say.
0:04:40 > 0:04:43You've got this fabulous big space in here.
0:04:43 > 0:04:46You could call it a second reception room,
0:04:46 > 0:04:50but I really do think that if you did take this wall down here between
0:04:50 > 0:04:51the kitchen and dining room,
0:04:51 > 0:04:55you could create some really rather lovely open-plan living.
0:04:55 > 0:04:57It's so much of a better use of space.
0:04:57 > 0:05:00I just think it would really work well with this property.
0:05:00 > 0:05:04So, wouldn't it be lovely to come straight out from your open-plan
0:05:04 > 0:05:08kitchen/diner into this garden? Check this baby out!
0:05:08 > 0:05:10I reckon it's about 75 foot.
0:05:10 > 0:05:13This really is a fantastic family space.
0:05:13 > 0:05:16But I'm going to go back round here and say,
0:05:16 > 0:05:20I think what would be the optimum thing would be to extend out.
0:05:20 > 0:05:23You only need to look that way and look that way.
0:05:23 > 0:05:26And you can see the neighbours have done exactly that.
0:05:26 > 0:05:29The precedent has been set, so a single-storey extension
0:05:29 > 0:05:32out this way to create extra space is exactly
0:05:32 > 0:05:36what this house needs and will add a certain amount of value, too.
0:05:38 > 0:05:42There is plenty of opportunity to add value upstairs.
0:05:42 > 0:05:45While the three bedrooms are all a decent size
0:05:45 > 0:05:47with some 1930s character,
0:05:47 > 0:05:50there is the potential to go into the loft space,
0:05:50 > 0:05:53as many in the area have done.
0:05:53 > 0:05:57You might need to create some more landing space for proper stairs and
0:05:57 > 0:06:00also address the separate bathroom and toilet dilemma.
0:06:00 > 0:06:02Both feel quite small at present.
0:06:08 > 0:06:10Time to get the thoughts of a local estate agent.
0:06:10 > 0:06:15What would she do with this property, guided at £335,000?
0:06:18 > 0:06:21It's a great 1930s semidetached house.
0:06:21 > 0:06:24If it was me, I'd extend the property.
0:06:24 > 0:06:27I'd definitely extend downstairs at the back of the house,
0:06:27 > 0:06:29creating a large kitchen/diner.
0:06:29 > 0:06:32That's a really popular layout for families.
0:06:32 > 0:06:36I think creating another bedroom is always a good thing.
0:06:36 > 0:06:39It always adds more value to the property.
0:06:39 > 0:06:42So creating a fourth bedroom in the loft would be a good idea,
0:06:42 > 0:06:45as long as the costs weren't prohibitively expensive.
0:06:46 > 0:06:49This house oozes character and potential,
0:06:49 > 0:06:51but you could lose your head.
0:06:51 > 0:06:54So let's be sensible and look at the numbers.
0:06:54 > 0:06:58The guide was £335,000 plus,
0:06:58 > 0:07:01and extending out and upwards would not be cheap.
0:07:01 > 0:07:04If you did, how much could it be worth?
0:07:04 > 0:07:09With an extended kitchen/dining area and a loft bedroom,
0:07:09 > 0:07:12I would expect to achieve a sale price in the region of
0:07:12 > 0:07:15£525,000.
0:07:20 > 0:07:22I'm quite fond of this house.
0:07:22 > 0:07:24There's certainly so much you can do here.
0:07:24 > 0:07:27You could extend up, you could extend out, you could knock through.
0:07:27 > 0:07:31But, you know, you could do just a straightforward refurb on
0:07:31 > 0:07:34what's already here, because it all seems to work.
0:07:34 > 0:07:36So let's see who wanted to buy this property
0:07:36 > 0:07:38and drive it forward when it went up for auction.
0:07:43 > 0:07:45Freehold two-floor semidetached house, this one,
0:07:45 > 0:07:47does need a bit of TLC.
0:07:47 > 0:07:49Do you want to start me around 335 for it?
0:07:49 > 0:07:50Let's see where we go.
0:07:50 > 0:07:54You do. 335, I'm bid. 337, somebody?
0:07:54 > 0:07:56337. 340?
0:07:56 > 0:08:01340. 342, 345, 348, 350.
0:08:01 > 0:08:07350. 352? 355. 355
0:08:07 > 0:08:09in a new place. 358?
0:08:09 > 0:08:11358. 360?
0:08:11 > 0:08:13No? 360 from you?
0:08:13 > 0:08:16Yours, then, at £358,000 at the moment.
0:08:16 > 0:08:18360, new place.
0:08:18 > 0:08:22362. 364. 366.
0:08:22 > 0:08:27368. 370. 372. 374.
0:08:27 > 0:08:30376. 378.
0:08:30 > 0:08:32377, if you like. Doing so well.
0:08:32 > 0:08:37377. 378?
0:08:37 > 0:08:39377, then, with you at the moment.
0:08:39 > 0:08:44For the first, at 377 for the second,
0:08:44 > 0:08:47third and final time at 377...
0:08:47 > 0:08:49GAVEL BANGS
0:08:49 > 0:08:52Your lot, sir, at 377. Well done. Your bidder number is?
0:08:52 > 0:08:54And you got a kiss as well.
0:08:54 > 0:08:58I did all the hard work, you've just got to pay for it! 377.
0:08:58 > 0:09:02Buyer Gaynor was clearly excited about the £377,000 purchase
0:09:02 > 0:09:05she and her husband Philip had made.
0:09:05 > 0:09:09Gaynor is an administrator while Philip has been around
0:09:09 > 0:09:12the property scene in many forms - as an estate agent,
0:09:12 > 0:09:16in land acquisition and he's now a property developer.
0:09:16 > 0:09:18But they have never bought at auction before.
0:09:18 > 0:09:20Gaynor and Philip, congratulations.
0:09:20 > 0:09:23- Thank you.- Tell me, guys, why did you want to buy this?
0:09:23 > 0:09:25Start with you, Philip.
0:09:25 > 0:09:28We wanted to buy it for somewhere to live.
0:09:28 > 0:09:30We've been, over the years,
0:09:30 > 0:09:35we've done a few sort of do-ups which we've tended to sort of do up,
0:09:35 > 0:09:38stay for a short time then sell on.
0:09:38 > 0:09:41We've had a bit of enough of it, so we thought we'd buy this.
0:09:41 > 0:09:44It's still a project.
0:09:44 > 0:09:47Lots to do. But we're going to stay here for a couple of years,
0:09:47 > 0:09:51- perhaps two or three years.- The idea is to be over this way because of
0:09:51 > 0:09:53the grandchildren. The family's over this way.
0:09:53 > 0:09:55So this is why we moved over this way.
0:09:55 > 0:09:57And I want to stay settled for a little while,
0:09:57 > 0:10:00to have the kids round and just to enjoy it a bit,
0:10:00 > 0:10:02as opposed to just doing it up and moving on.
0:10:02 > 0:10:04You need a breather, guys, come on!
0:10:04 > 0:10:06You're doing up and selling, and doing up and selling.
0:10:06 > 0:10:08I mean, this really is a great project.
0:10:08 > 0:10:11- And it's a smashing house, isn't it? - I think it is, yes.- We think so.
0:10:11 > 0:10:16I really like the house. Now, let's talk about what I think is the nicest thing about this house,
0:10:16 > 0:10:20those beautiful old stained-glass windows with the leaded light.
0:10:20 > 0:10:22- Are you going to keep them? - We'd like to keep them,
0:10:22 > 0:10:24but we've made inquiries as to
0:10:24 > 0:10:27whether it is possible to incorporate
0:10:27 > 0:10:30the original windows into double glazing,
0:10:30 > 0:10:35rather than having them sort of made to look like the old ones.
0:10:35 > 0:10:38We're still not sure yet whether we can do that.
0:10:38 > 0:10:42- We'll try hard.- But the windows need replacing, so we'll have to see.
0:10:42 > 0:10:46While the windows are still to be confirmed,
0:10:46 > 0:10:48they definitely plan to extend.
0:10:51 > 0:10:55The idea is to extend down the side of the property and,
0:10:55 > 0:10:58at the back of the property, single-storey,
0:10:58 > 0:11:01and then upstairs, loft conversion.
0:11:01 > 0:11:04I've got an architect working on it as we speak.
0:11:04 > 0:11:07Not sure whether we're going to have to extend the first floor slightly
0:11:07 > 0:11:11to get the staircase in or whether we can do that within the space we have.
0:11:11 > 0:11:13So that's basically it.
0:11:13 > 0:11:16So, can I say, guys, you are going for it on every level!
0:11:16 > 0:11:18- We are.- You're doing everything.
0:11:18 > 0:11:20- Yes.- Yes.- Wow. That's really good.
0:11:20 > 0:11:21So you're going to just max it out,
0:11:21 > 0:11:24- just get as much space as you possibly can.- BOTH: Yeah.
0:11:24 > 0:11:25So what is the budget?
0:11:25 > 0:11:28Well, we're sort of thinking 80,000 - 100,000.
0:11:28 > 0:11:32- Something like that.- So a real healthy amount, which is fantastic.
0:11:32 > 0:11:34- Yeah.- So, how would the downstairs layout be?
0:11:34 > 0:11:37- Talk me through it.- We're going to keep this room on its own.
0:11:37 > 0:11:39We thought about knocking through,
0:11:39 > 0:11:41but then that would just make it too open.
0:11:41 > 0:11:44- I agree.- So keep this as the grown-ups' room.
0:11:44 > 0:11:46And then the dining room, still have a dining room,
0:11:46 > 0:11:49but that will open out onto the garden, hopefully,
0:11:49 > 0:11:51and then there'll be a kitchen/breakfast room,
0:11:51 > 0:11:55coming round to a utility room, downstairs cloakroom and study.
0:11:55 > 0:11:59So you're going to have one grown-ups' room and the rest of the house is for the grandchildren?
0:11:59 > 0:12:01- Yes, exactly.- Is how I see it!
0:12:01 > 0:12:03It's a big job and the couple hope
0:12:03 > 0:12:06to complete the project in nine months.
0:12:06 > 0:12:08But who's going to be doing all the work?
0:12:11 > 0:12:12I do the donkey work.
0:12:12 > 0:12:15I do the clearing up and stripping off the wallpaper.
0:12:15 > 0:12:18I'm not normally allowed to do topcoats.
0:12:18 > 0:12:20I can do the undercoating, I'm not
0:12:20 > 0:12:23really allowed to do the topcoating. (He's very fussy.)
0:12:23 > 0:12:25Maybe on this job you might get a promotion!
0:12:25 > 0:12:27- Maybe!- You don't know.
0:12:27 > 0:12:28He might promote you.
0:12:28 > 0:12:31I'd like to think that she could do a topcoat in this house.
0:12:31 > 0:12:33Would you let her do just one?
0:12:33 > 0:12:35- I'll give it a try.- So when we come back, you can say...
0:12:35 > 0:12:37I did the topcoat.
0:12:37 > 0:12:40- That's a deal. - Can you do that for me?- Yes.
0:12:40 > 0:12:42Go on, shake on it!
0:12:42 > 0:12:44Brilliant. See what I do for you?
0:12:46 > 0:12:49And remember, Philip, a handshake on TV makes it official!
0:12:53 > 0:12:57I'm so excited to see the outcome. I can't wait to see what it's like when it's finished, and I'm sure
0:12:57 > 0:12:59the grandchildren and your own kids are going to love this house.
0:12:59 > 0:13:02So congratulations and well done, Philip.
0:13:02 > 0:13:03Lovely to meet you. Gaynor?
0:13:03 > 0:13:06- Nice to have met you. - Good luck with the topcoat.
0:13:08 > 0:13:12Well, I think Philip and Gaynor are going to have so much fun with this
0:13:12 > 0:13:15property and it's clear that they're going to make it look great.
0:13:15 > 0:13:20But will Philip gloss over his promise of letting Gaynor
0:13:20 > 0:13:21do that final topcoat?
0:13:21 > 0:13:25Join me later on in the programme and you can see how they get on.
0:13:30 > 0:13:35Today I'm in Croydon, the south-most borough of Greater London.
0:13:35 > 0:13:38It's also the second most populated
0:13:38 > 0:13:42with an estimated 380,000 people living here.
0:13:42 > 0:13:44Croydon town is enjoying a bit of a revival at the moment,
0:13:44 > 0:13:49with millions of pounds being spent on a new shopping centre
0:13:49 > 0:13:51and other building projects.
0:13:51 > 0:13:54I'm a 20-minute walk away from the centre of Croydon.
0:13:54 > 0:13:58The property I'm here to see is a ground floor two-bed flat with
0:13:58 > 0:14:02a guide price of £170,000 plus, and here it is.
0:14:02 > 0:14:06Now, I'm not a massive fan of the pebbledashed look but I do like
0:14:06 > 0:14:10the bay windows. What's inside got in store?
0:14:10 > 0:14:12Let's find out.
0:14:17 > 0:14:19OK.
0:14:19 > 0:14:22So, two, from what I can see,
0:14:22 > 0:14:26good-sized first rooms which I'm pretty sure are the bedrooms.
0:14:26 > 0:14:30Nice, big window. Very bright in that front bedroom.
0:14:30 > 0:14:34But I can see quite a severe crack, there.
0:14:34 > 0:14:36Nice ceiling rose on there.
0:14:36 > 0:14:39A few things to deal with in there, but a nice room, nice and bright.
0:14:39 > 0:14:42Second bedroom, again, another nice ceiling rose in the middle.
0:14:42 > 0:14:44This is a double bedroom as well.
0:14:44 > 0:14:46Excuse me.
0:14:47 > 0:14:50OK, one of the skirting boards has rotted away.
0:14:50 > 0:14:52Get to the bottom of that sharpish.
0:14:52 > 0:14:59Down this very narrow hallway with lots of woodchip on the walls.
0:14:59 > 0:15:02You then enter this huge...
0:15:03 > 0:15:05..room. It's a lounge, it's a living room.
0:15:05 > 0:15:08It could be a living room/dining room.
0:15:10 > 0:15:12And then you see that.
0:15:12 > 0:15:14Which is not good at all.
0:15:14 > 0:15:18That looks like it has been a very severe leak.
0:15:18 > 0:15:21The whole of the ceiling has come down.
0:15:21 > 0:15:23You can actually see straight up
0:15:23 > 0:15:28into the upstairs flooring.
0:15:28 > 0:15:31You can see that the carpet has been
0:15:31 > 0:15:33taken out as well because the water
0:15:33 > 0:15:37must have spread, dampness must have spread all over the place.
0:15:37 > 0:15:40But this is a really good-sized room, all the same.
0:15:40 > 0:15:43Again, it's reasonably bright for the size of room.
0:15:43 > 0:15:45You've got a door going outside.
0:15:45 > 0:15:49And we keep going in this really long, large flat.
0:15:49 > 0:15:51You've got the family bathroom.
0:15:51 > 0:15:54You need to make that nice and modern and fresh in there.
0:15:54 > 0:15:57But there's enough space to play with.
0:15:57 > 0:16:00And right at the end, you end up in the kitchen.
0:16:00 > 0:16:04Now it's a lovely sort of shade of blue and brown.
0:16:04 > 0:16:08The units, everything in here, is completely dated.
0:16:08 > 0:16:12Get it out. Put a nice, fresh kitchen in here.
0:16:12 > 0:16:13I'm surprised.
0:16:13 > 0:16:16I didn't expect this flat to be so big.
0:16:16 > 0:16:20But, then again, I didn't expect to find a view of the neighbours' flat
0:16:20 > 0:16:24upstairs, either. There is an under-the-stairs cupboard,
0:16:24 > 0:16:29which usually gets used for maybe hanging coats up there,
0:16:29 > 0:16:31or storing suitcases,
0:16:31 > 0:16:35but there are other uses for this kind of space under the stairs.
0:16:35 > 0:16:39I've seen it being used as a utility room, put your washing machine and your dryer in there.
0:16:39 > 0:16:41Or even as a bit of a pantry.
0:16:41 > 0:16:44Think about it. Just a bit of food for thought.
0:16:44 > 0:16:47And by the way, I thought he'd left the building!
0:16:47 > 0:16:51# Baby, baby, baby, baby Baby, baby, baby, baby... #
0:16:51 > 0:16:54And, with that, I think I'll leave the building too, and head outside.
0:16:54 > 0:16:59# Come back, baby, I wanna play house with you. #
0:16:59 > 0:17:01So I'm out the back now.
0:17:01 > 0:17:06It's a bit of a bonus if you get that with a ground floor flat,
0:17:06 > 0:17:08and it's a really good size as well.
0:17:08 > 0:17:12It doesn't look much at the moment, because you can't see how big it is,
0:17:12 > 0:17:15but I'm guessing this is at least 30 foot.
0:17:15 > 0:17:19Now to get that with a ground floor flat has got to be a massive selling
0:17:19 > 0:17:22point. Well, it would be, to me.
0:17:23 > 0:17:25What will a selling professional think?
0:17:25 > 0:17:29We've invited a local estate agent along to get his opinion on this
0:17:29 > 0:17:31two-bed flat in Croydon.
0:17:31 > 0:17:35# In a house that has everything
0:17:35 > 0:17:39# Everything but love... #
0:17:39 > 0:17:41First impressions of the property are the space.
0:17:41 > 0:17:43The space is actually fantastic.
0:17:43 > 0:17:45The downside is that it does need a lot of work.
0:17:45 > 0:17:48There's holes in the ceilings, there's cracks along the chimney,
0:17:48 > 0:17:52resin on the ceilings and I think probably a surveyor needs to be booked in to have a look at that.
0:17:54 > 0:17:58Once renovated, who might be tempted to buy this property?
0:17:58 > 0:18:00This property, once renovated, would definitely appeal to
0:18:00 > 0:18:03maybe even another investor looking for a good
0:18:03 > 0:18:06rental return, because it's that area where rental really works well,
0:18:06 > 0:18:08and possibly first-time buyers, as well.
0:18:10 > 0:18:13If this flat was refurbished to a good standard,
0:18:13 > 0:18:16what would its value be on the sales and rentals market?
0:18:16 > 0:18:19This flat would sell on the open market at approximately £300,000,
0:18:19 > 0:18:23and would rent for approximately £1,250 per calendar month.
0:18:27 > 0:18:30So, there are a couple of things I don't like about this flat.
0:18:30 > 0:18:33One is the crack and the other one is the damp.
0:18:33 > 0:18:35But there are a couple of things I really like.
0:18:35 > 0:18:38The sheer size of the inside of the flat,
0:18:38 > 0:18:40and you get some outside space as well.
0:18:40 > 0:18:43Let's find out who else saw the positives when it went under the hammer.
0:18:45 > 0:18:46310.
0:18:46 > 0:18:50Unfortunately we missed the bidding for this particular lot at auction.
0:18:52 > 0:18:56But the successful bidders, paying 226 grand,
0:18:56 > 0:18:59were Genghis and his father, Tops.
0:19:01 > 0:19:04Tops is a builder and a Genghis is a property manager.
0:19:04 > 0:19:07But the flat is their first purchase as a team.
0:19:07 > 0:19:11I met them for a chat to find out more. Tops, nice to meet you.
0:19:11 > 0:19:14- Nice to meet you. - Genghis, nice to meet you, too.
0:19:14 > 0:19:15- You all right? - Congratulations, chaps.
0:19:15 > 0:19:20Tell me, firstly, how's the father-son relationship in business working?
0:19:20 > 0:19:23So far, so good! It's good, for now.
0:19:23 > 0:19:24It's good for now.
0:19:24 > 0:19:26- Tops, you agree?- Yes, absolutely.
0:19:26 > 0:19:28At the moment, eh?
0:19:28 > 0:19:32What roles are we taking? Who's taking charge of what? Tell me.
0:19:32 > 0:19:35I'm dealing mainly with the finance, legal side, all the paperwork,
0:19:35 > 0:19:36bits and pieces like that.
0:19:36 > 0:19:39When we get the keys and we're ready to start,
0:19:39 > 0:19:42the keys get handed over to Dad, and off he goes.
0:19:42 > 0:19:45Are you the hands-on, get involved...
0:19:45 > 0:19:47- Correct.- Knock things down.
0:19:47 > 0:19:49- Correct.- I can tell by the frame, you see!
0:19:49 > 0:19:51It's a bit of a giveaway!
0:19:51 > 0:19:54Tell me about this flat, then. What made you want to buy this flat?
0:19:54 > 0:19:57In particular, I mean, we know the area fairly well.
0:19:57 > 0:20:00We've always had our eye on properties in and around this sort of area.
0:20:00 > 0:20:04But the kind of thing that was a deal breaker for us was the space
0:20:04 > 0:20:08that it had to offer. Obviously the added benefits of the private
0:20:08 > 0:20:11- garden at the back.- Yes.- So, yeah, quite a few reasons, really.
0:20:11 > 0:20:13It's a surprise when you come through the door, isn't it?
0:20:13 > 0:20:15You come through the door and you think, "OK, fair enough,
0:20:15 > 0:20:19"it's a ground floor flat," but it stretches back quite a long way.
0:20:19 > 0:20:23- Quite a bit.- That's the first thing I said. When I walked in, I thought, wow, this is spacious.
0:20:23 > 0:20:26And it's a dump. Basically, I can get in there,
0:20:26 > 0:20:31and just gut the whole lot out so when you start from
0:20:31 > 0:20:34scratch, it's easier rather than, like, you know, thinking,
0:20:34 > 0:20:37"Let's do this bit, this bit is OK, let's leave this bit."
0:20:37 > 0:20:41- So you start from scratch. And it's all your work.- Correct.
0:20:41 > 0:20:43- And then you know it's done properly.- That's it.
0:20:43 > 0:20:46As soon as I walked in here, I could smell damp.
0:20:46 > 0:20:47When we actually viewed the property
0:20:47 > 0:20:51there was an active leak from the first-floor flat down into our flat.
0:20:51 > 0:20:53As a result of that, it did kind of
0:20:53 > 0:20:55wet the entire carpet in the property.
0:20:55 > 0:20:58Obviously, the property is empty. There's no windows or doors open,
0:20:58 > 0:21:01so the smell of damp has sunk into the carpet and it's kind of
0:21:01 > 0:21:04spreading around, but the leak has now stopped so, hopefully
0:21:04 > 0:21:07once we get the carpets changed, and the floorboards removed,
0:21:07 > 0:21:10- that should eliminate the smell. - I see the crack in the front room, as well.
0:21:10 > 0:21:13- Yes.- Severe? Anything to worry about?- No.
0:21:13 > 0:21:16We did have a surveyor in, before, obviously, we went to the auction.
0:21:16 > 0:21:20He said there was some evidence of subsidence previously but that's now
0:21:20 > 0:21:23settled and there hasn't been any movement for a while.
0:21:23 > 0:21:25So, again, it's not severe,
0:21:25 > 0:21:27but it's something we're definitely going to attend to.
0:21:27 > 0:21:31Internal, gut it all out, have a look at what's behind there,
0:21:31 > 0:21:35redo it, plaster the outside, render the outside...
0:21:35 > 0:21:37Get rid of that, and make it look a bit prettier.
0:21:37 > 0:21:40- Yeah. Exactly.- So, in here, then, with regards to decor, carpets,
0:21:40 > 0:21:42what are we going to go for?
0:21:42 > 0:21:44What kind of finish will you go for?
0:21:44 > 0:21:46Neutral. I mean, I love neutral.
0:21:46 > 0:21:49Obviously I've got the majority of the final say when it comes to the
0:21:49 > 0:21:52- interior stuff! But... - He's got more colour sense than me.
0:21:52 > 0:21:55- OK, OK.- The finishing touch,
0:21:55 > 0:21:58"Let's have this colour, let's have this bit like that."
0:21:58 > 0:22:00Nothing too jazzy. Just very neutral and nice and modern.
0:22:00 > 0:22:02Just try and keep it plain and simple, really.
0:22:02 > 0:22:05You've got a little bit of outside space as well, which must've been a bonus.
0:22:05 > 0:22:08Yeah, of course. And we actually found, after we bought the property,
0:22:08 > 0:22:12that the front garden also belongs to us, as well, so we've got the front and the back.
0:22:12 > 0:22:14Which is good, but, again, it's more work.
0:22:14 > 0:22:16So you've given me a bit of a list,
0:22:16 > 0:22:18there, of work that needs to be done.
0:22:18 > 0:22:21Dad's just going to pull things down and start again.
0:22:21 > 0:22:22How much is it going to cost?
0:22:22 > 0:22:25- What's your budget?- Well, ideally,
0:22:25 > 0:22:28we don't want to go anything above 25,000 for the lot.
0:22:28 > 0:22:30So it's a reasonable budget.
0:22:30 > 0:22:31It's a fairly healthy budget.
0:22:31 > 0:22:35Again, we've kind of given ourself some allowance there for unexpected
0:22:35 > 0:22:40things, but again that's, hopefully, obviously, the top end.
0:22:40 > 0:22:42I agree with you. That's a healthy budget.
0:22:42 > 0:22:45- It's quite a lot of money. Yeah. - We don't want to cut corners.
0:22:45 > 0:22:49We want to do the work completely and we want to do it to a good standard,
0:22:49 > 0:22:51so we don't really want to cut any corners.
0:22:51 > 0:22:55Hence, we've given ourselves enough to do what we want.
0:22:57 > 0:22:58The father and son developers
0:22:58 > 0:23:01are hoping this job will take a very sharp eight weeks
0:23:01 > 0:23:04but know they might have to allow a little more time
0:23:04 > 0:23:07if they uncovered something unexpected.
0:23:10 > 0:23:13Have you got a team of builders that you pull in and they do the work for
0:23:13 > 0:23:16you, or do you keep an eye on things, or...
0:23:16 > 0:23:20I'm sort of more on-site. My brother is involved.
0:23:20 > 0:23:24So he's a bit of a general builder, all-rounder.
0:23:24 > 0:23:25So I do my bit.
0:23:25 > 0:23:28- He does his bit. - DION LAUGHS
0:23:28 > 0:23:31And I will bring in the subbies and then he does his bit.
0:23:31 > 0:23:32- It's like a team.- I like that,
0:23:32 > 0:23:36because you've got the destroyer and then you've got the creator.
0:23:36 > 0:23:39- That's it, that's it.- And then you've got the money man.
0:23:39 > 0:23:40All within the family.
0:23:40 > 0:23:43- Exactly.- Good shout. - All within the family.
0:23:45 > 0:23:47Once the renovation is complete,
0:23:47 > 0:23:50the guys intend on selling this property and using the profits to
0:23:50 > 0:23:52take on to another project.
0:23:52 > 0:23:54But this is still a part-time venture for both the men.
0:23:56 > 0:23:59Well, I'm actually involved in property in terms of property management
0:23:59 > 0:24:03and maintenance and stuff, so that's what I do on a full-time basis.
0:24:03 > 0:24:05Dad is a builder,
0:24:05 > 0:24:08so he's always got projects on the go as well but property development
0:24:08 > 0:24:10is definitely something we kind of want to get into,
0:24:10 > 0:24:12- on a full-time basis.- Good for you.
0:24:12 > 0:24:15He can't wait to get his hands dirty,
0:24:15 > 0:24:17and I can't wait to see the end result.
0:24:17 > 0:24:20- Exactly. In the bank account! - Exactly.- Listen, good luck.
0:24:20 > 0:24:21- Thank you very much.- All the best.
0:24:21 > 0:24:23Tops, good luck, sir.
0:24:23 > 0:24:25Thank you. Cheers.
0:24:25 > 0:24:29So father and son team Genghis and Tops have got themselves a decent
0:24:29 > 0:24:32first project to be getting on with together.
0:24:32 > 0:24:36Now, there are a few issues to overcome, but what I do like is they've both
0:24:36 > 0:24:39got their own skills. Genghis is going to look after the money,
0:24:39 > 0:24:42and Tops is going to knock things down and start again.
0:24:42 > 0:24:45But will they get everything done within the timescale of 8-10 weeks?
0:24:45 > 0:24:48You can find out later in the programme.
0:24:49 > 0:24:53Still to come, this plot in Derby is working its magic on me,
0:24:53 > 0:24:55but you might need a helping hand.
0:24:55 > 0:24:58Now it's time for me to cast a bit of a spell on you...
0:25:01 > 0:25:03And we will find out if there are any cracks
0:25:03 > 0:25:05in this father-son partnership.
0:25:05 > 0:25:09Dad's answer has always been, "I'm working as fast as I can, please get off my back!"
0:25:13 > 0:25:17Back now to the town of Hatfield in Hertfordshire, just 20 minutes from
0:25:17 > 0:25:22London by rail. It was here that Lucy saw this marvellous 1930s
0:25:22 > 0:25:27three-bed semi that had a guide price of £335,000 plus.
0:25:27 > 0:25:31Like many houses of this era, it had pros and cons.
0:25:31 > 0:25:35The first con was no central heating and single glazing.
0:25:35 > 0:25:39However, it has to be said, very beautiful single glazing,
0:25:39 > 0:25:43while the separate bath and toilet were not so desirable.
0:25:43 > 0:25:47That layout is typical for the 1930s period house this is, and the same
0:25:47 > 0:25:49could be said for the pokey kitchen.
0:25:49 > 0:25:52But there was a solution right out the back.
0:25:52 > 0:25:56Check this baby out! I reckon it's about 75 foot.
0:25:56 > 0:25:59This really is a fantastic family space,
0:25:59 > 0:26:01but I'm going to go back round to here and say,
0:26:01 > 0:26:05I think what would be the optimum thing would be to extend out.
0:26:05 > 0:26:09You only need to look that way and look that way.
0:26:09 > 0:26:12And you can see the neighbours have done exactly that.
0:26:12 > 0:26:16A precedent has been set so a single-storey extension out this way
0:26:16 > 0:26:20to create extra space is exactly what this house needs and will add
0:26:20 > 0:26:22a certain amount of value, too.
0:26:22 > 0:26:26- Third!- By all accounts, it was a sound investment, and husband and
0:26:26 > 0:26:31wife Philip and Gaynor agreed, by paying £377,000 on auction day.
0:26:31 > 0:26:33I did all the hard work...
0:26:33 > 0:26:36Although they have renovated properties in the past,
0:26:36 > 0:26:38this one had a difference.
0:26:40 > 0:26:43The idea is to be over this way because of the grandchildren.
0:26:43 > 0:26:47The family's over this way and I want to stay settled for a little
0:26:47 > 0:26:49while, to have the kids round and just to enjoy it a bit,
0:26:49 > 0:26:52as opposed to just doing it up and moving on.
0:26:53 > 0:26:55They had a budget of 82,000,
0:26:55 > 0:26:59which included plans for the extension and loft conversion.
0:26:59 > 0:27:02And they hoped to complete the work in around nine months.
0:27:03 > 0:27:07Well, 19 months later, we're back.
0:27:07 > 0:27:10The front living room is so much brighter
0:27:10 > 0:27:12and has a sophisticated look,
0:27:12 > 0:27:16thanks to Phil and Gaynor's collection of antique pieces.
0:27:16 > 0:27:19It's a shame that the original windows have gone,
0:27:19 > 0:27:23although they have kept the front door, which is a nod to the past.
0:27:23 > 0:27:27Nice job. But, have they managed to extend out back?
0:27:29 > 0:27:31Yes, they have. Wow, what a difference.
0:27:31 > 0:27:35There's now a stunning kitchen/diner in a new single-storey extension
0:27:35 > 0:27:38with bi-folding doors out to the garden.
0:27:42 > 0:27:45The formal dining area has been separated from the cooking area,
0:27:45 > 0:27:47giving it some escape from
0:27:47 > 0:27:50clattering dishes and cooking smells.
0:27:52 > 0:27:55They've also squeezed in a small utility room,
0:27:55 > 0:28:00a downstairs WC and a small study at the front of the house.
0:28:05 > 0:28:07How is it looking upstairs?
0:28:09 > 0:28:13The good news is some more of the original glass has been retained.
0:28:18 > 0:28:22The old-fashioned bathroom is now super modern, super stylish and,
0:28:22 > 0:28:24well, just super.
0:28:26 > 0:28:28Like the rest of the house,
0:28:28 > 0:28:31upstairs has all been rewired and replastered.
0:28:31 > 0:28:35They stuck pretty closely to their plans although the loft conversion
0:28:35 > 0:28:38was deemed too expensive, so they haven't bothered.
0:28:39 > 0:28:41They hired a local builder
0:28:41 > 0:28:44and sought out tradespeople to do the plumbing,
0:28:44 > 0:28:48electrics and plastering, but most of the interior was done by Philip,
0:28:48 > 0:28:51and Gaynor got stuck in, too.
0:28:51 > 0:28:54I did get to do some painting with a roller,
0:28:54 > 0:28:59and I did get to do a little bit of gloss work in the bedroom because I
0:28:59 > 0:29:01like to do gloss marks, because I'm not very good.
0:29:01 > 0:29:04But Phil has done the vast majority of it.
0:29:04 > 0:29:06Mainly at the weekends.
0:29:06 > 0:29:09But he's very particular.
0:29:09 > 0:29:13Every skirting board, every crack, has been done by Phil.
0:29:13 > 0:29:15He's worked really, really hard.
0:29:15 > 0:29:17You did your fair share.
0:29:17 > 0:29:19Don't undersell yourself, Gaynor.
0:29:19 > 0:29:22You made that gloss work look easy.
0:29:22 > 0:29:25But did the pair face anything more challenging along the way?
0:29:25 > 0:29:28The biggest challenge was living here.
0:29:28 > 0:29:31I think we were quite good to the builders,
0:29:31 > 0:29:33but obviously it's not ideal for
0:29:33 > 0:29:35them and they were very good in
0:29:35 > 0:29:39leaving it each day, fairly tidy, for us to live in.
0:29:39 > 0:29:43I think, also, it does cause a bit more delay
0:29:43 > 0:29:45if you're living in the property
0:29:45 > 0:29:47and the builders are trying to accommodate you,
0:29:47 > 0:29:50keeping the power on and the water supply,
0:29:50 > 0:29:51and other sort of facilities.
0:29:51 > 0:29:54It does sort of hold things up for them a bit.
0:29:54 > 0:29:57And trying to impress my four-year-old granddaughter
0:29:57 > 0:30:00was a challenge, because she just could not get her head round
0:30:00 > 0:30:03that this could be anywhere nice, ever, and continually told me,
0:30:03 > 0:30:05"Well, it's still dirty."
0:30:05 > 0:30:08So I was very pleased that we finally finished and she likes it.
0:30:08 > 0:30:10Well, who wouldn't?
0:30:10 > 0:30:15What I also like is that the couple came in on budget at £100,000 -
0:30:15 > 0:30:17less the cost of the loft conversion, of course.
0:30:17 > 0:30:21So, what is the secret to their success?
0:30:21 > 0:30:23It's a joint effort, really.
0:30:23 > 0:30:28We both know what we like and so we...
0:30:28 > 0:30:29Phil's more cautious.
0:30:29 > 0:30:31I'm slightly more...
0:30:31 > 0:30:33Well, I don't know if flamboyant is the right word,
0:30:33 > 0:30:36but want to push it a little bit more, so he's one side,
0:30:36 > 0:30:39I'm the other and we meet in the middle.
0:30:39 > 0:30:42They've definitely found what works for them.
0:30:42 > 0:30:45But will the house work for the experts?
0:30:45 > 0:30:48We invited along two local estate agents to give us their thoughts on
0:30:48 > 0:30:53the couple's £477,000 investment.
0:30:54 > 0:30:58The property's finished to a very good quality and a high standard.
0:30:58 > 0:31:00It's a very spacious, extended,
0:31:00 > 0:31:02semidetached house and it will be
0:31:02 > 0:31:05appealing to a lot of potential buyers.
0:31:05 > 0:31:06They've done a fantastic job.
0:31:06 > 0:31:10The selling points are certainly the kitchen and dining area,
0:31:10 > 0:31:13the bi-folding doors leading out into a fantastic garden and they've
0:31:13 > 0:31:14really transformed the property.
0:31:14 > 0:31:17The layout works very well for family life.
0:31:17 > 0:31:20It's been extended on the ground floor so it's got additional living
0:31:20 > 0:31:23space, which is what families are looking for and it has a nice flow,
0:31:23 > 0:31:25and it's nice and light and airy.
0:31:25 > 0:31:28There's an incredibly high demand for properties such as this -
0:31:28 > 0:31:31we have many buyers moving up from London, wanting space
0:31:31 > 0:31:34and this really falls into that bracket.
0:31:34 > 0:31:37Philip and Gaynor have spent a total of £477,000, so,
0:31:37 > 0:31:42will the agents' positivity extend to the valuations?
0:31:42 > 0:31:46I would value the property somewhere in the region of £575,000.
0:31:46 > 0:31:52In my opinion, the current market value would be £575,000.
0:31:52 > 0:31:56That's a potential profit of £98,000, not including taxes and
0:31:56 > 0:31:59fees. Is that enough to tempt them to sell up?
0:32:01 > 0:32:04Ooh, that's great, oh, that's good.
0:32:04 > 0:32:07- Smashing, yeah.- Pleased with that. - We'd take that.
0:32:07 > 0:32:09We're not selling, though.
0:32:09 > 0:32:12Well, that's him told.
0:32:12 > 0:32:16Will they have another go in the future?
0:32:16 > 0:32:20Towards the end of the project you think, I'm not doing this again,
0:32:20 > 0:32:22but time goes on and
0:32:22 > 0:32:26we quite like doing it, so I think, probably there will come a time in
0:32:26 > 0:32:29the not-too-distant future when we'll
0:32:29 > 0:32:32- be looking at...- And having just heard those prices...
0:32:32 > 0:32:34- That's encouraging.- Yes.
0:32:34 > 0:32:37Although I can't believe I'm saying it,
0:32:37 > 0:32:39I think we probably will be doing another one!
0:32:44 > 0:32:48Ask people from the Derbyshire town of Heanor which city is closer,
0:32:48 > 0:32:52Derby or Nottingham, and you're likely to get two different answers
0:32:52 > 0:32:54depending on which side of the town they're from.
0:32:54 > 0:32:58Today I've found one of those lots that might also split opinion.
0:33:00 > 0:33:04So, is the auction lot I'm here to see worth haggling over?
0:33:04 > 0:33:08Well, quite possibly. £48,000 plus
0:33:08 > 0:33:12gets you, potentially, this.
0:33:12 > 0:33:13Hmm.
0:33:15 > 0:33:19Well, currently on the site is this former workshop.
0:33:19 > 0:33:23And, as you can see, it's in a pretty poor state of repair.
0:33:23 > 0:33:27So immediately this is looking like a knock it down and start again kind
0:33:27 > 0:33:31of job. Well, what I haven't told you yet is the good news is that
0:33:31 > 0:33:33this thing has planning permission!
0:33:33 > 0:33:39For the creation, he says, avoiding drops of water, of two three-storey,
0:33:39 > 0:33:42three-bedroom semidetached houses.
0:33:42 > 0:33:43And, actually,
0:33:43 > 0:33:48suddenly...it becomes very interesting. We don't care any more what this looks like.
0:33:48 > 0:33:50All we're thinking about is
0:33:50 > 0:33:53how much profit in building those would you get?
0:33:53 > 0:33:56One thing for sure - location, nice views out of the window,
0:33:56 > 0:33:58so, yeah, apart from the mess,
0:33:58 > 0:34:03it's an interesting start but you do have to have slightly rose-tinted
0:34:03 > 0:34:06spectacles, oh, yes, and an umbrella might help, today!
0:34:08 > 0:34:11# Raindrops keep falling on my head
0:34:13 > 0:34:17# But that doesn't mean my eyes will soon be turning red... #
0:34:17 > 0:34:20Actually, the holes in the roof and the general state hasn't dampened my
0:34:20 > 0:34:22enthusiasm for this lot at all.
0:34:22 > 0:34:25It's all going to be knocked down and cleared anyway,
0:34:25 > 0:34:27so that's suddenly lifted my spirits.
0:34:27 > 0:34:34# It won't be long till happiness... #
0:34:34 > 0:34:38Now it's time for me to cast a bit of a spell on you,
0:34:38 > 0:34:41and use your imagination...
0:34:41 > 0:34:45from this to what we're hoping this place could become.
0:34:45 > 0:34:48Because, as I've said, it has got planning permission
0:34:48 > 0:34:51and all you see here will go, to be replaced by this.
0:34:51 > 0:34:54Now, we've obviously got quite an interesting plot here.
0:34:54 > 0:34:56Very steeply angled down.
0:34:56 > 0:34:58Right by the road. It does need
0:34:58 > 0:35:01a bit of careful planning and that's exactly what's been done here.
0:35:01 > 0:35:04Believe it or not, we're getting two properties,
0:35:04 > 0:35:06three bedrooms and you might think,
0:35:06 > 0:35:09"How are they going to manage that in a normal, terraced property?
0:35:09 > 0:35:11"Maybe two, possibly three?" But, again,
0:35:11 > 0:35:15it's making the most of the topography of the land by actually
0:35:15 > 0:35:17doing something quite unusual,
0:35:17 > 0:35:21and that's by sticking this, here, this third bedroom on the basement
0:35:21 > 0:35:24underneath the lounge and the living room area,
0:35:24 > 0:35:28which is this area here, and then the next two bedrooms up on the top
0:35:28 > 0:35:30floor. Two bedrooms on the top floor
0:35:30 > 0:35:33with a bathroom, then down to the living room area
0:35:33 > 0:35:36which I presume will be on this floor and down into the lounge
0:35:36 > 0:35:38to create your third bedroom.
0:35:38 > 0:35:42A lot of people don't like having bedrooms that you go down to
0:35:42 > 0:35:43but it is only one,
0:35:43 > 0:35:46so it might end up being used as a study or something like that.
0:35:46 > 0:35:50Basically, I don't see how else you could make the most of
0:35:50 > 0:35:54this fairly interesting and quite challenging plot.
0:35:54 > 0:36:00# I-I-I I have some problems
0:36:02 > 0:36:06# If you had the answers
0:36:06 > 0:36:11# We could solve 'em, yeah... #
0:36:11 > 0:36:13There are definitely challenges here.
0:36:13 > 0:36:17The asbestos roof, for one, will need specialists in to remove it.
0:36:17 > 0:36:20The incline of the plot will make it difficult to work on.
0:36:20 > 0:36:24But, being previously a workshop, there are likely to be services,
0:36:24 > 0:36:27gas, water, electricity etc.
0:36:27 > 0:36:31Its proximity to the road does allow easy access in and out of the site
0:36:31 > 0:36:34so, for me, there are more positives than negatives.
0:36:36 > 0:36:39But what does a local property expert think?
0:36:39 > 0:36:41Are the two three-bedroomed houses
0:36:41 > 0:36:45the right size and design for the area?
0:36:45 > 0:36:49This site is quite an interesting one with the levels,
0:36:49 > 0:36:50the different levels.
0:36:50 > 0:36:53And there are a few properties further down the road
0:36:53 > 0:36:56that are split levels with three storeys.
0:36:56 > 0:36:59So it isn't unusual for this particular road.
0:36:59 > 0:37:01And, yeah,
0:37:01 > 0:37:06I think although there is quite a lot of work to do on the site itself
0:37:06 > 0:37:09to get it into some sort of shape for the two properties,
0:37:09 > 0:37:12I think it will be a great place.
0:37:12 > 0:37:15Getting the plot into shape will cost money -
0:37:15 > 0:37:17demolition costs and clearing the site
0:37:17 > 0:37:19and then there are the build costs.
0:37:19 > 0:37:23But the guide price of £48,000 plus does make it all seem tempting.
0:37:23 > 0:37:28What kind of value could the two three-bedroomed houses have?
0:37:28 > 0:37:31I'd say that, once they're complete,
0:37:31 > 0:37:37the houses would sell for somewhere between £125,000 - £130,000.
0:37:37 > 0:37:44And the rental would be circa £525 per calendar month.
0:37:44 > 0:37:48So with a possible 260 grand in sales versus the costs...
0:37:48 > 0:37:50would you take a punt?
0:37:50 > 0:37:54Well, it may not look like much at the moment but this has got huge
0:37:54 > 0:37:59potential, primarily because it's got that planning permission already
0:37:59 > 0:38:03in place, and, for a fairly low guide price,
0:38:03 > 0:38:07I think whoever bought this is onto a bit of winner.
0:38:07 > 0:38:10Let's find out who it was when it went under the hammer.
0:38:14 > 0:38:18Lot 15 is a parcel of building land which has got planning permission
0:38:18 > 0:38:21for a pair of three-storey semidetached houses,
0:38:21 > 0:38:24each offering three-bedroomed accommodation.
0:38:24 > 0:38:26I'll take 42, to put it into the bidding.
0:38:26 > 0:38:2842, thank you, sir.
0:38:28 > 0:38:30At £42,000 is the opening bid.
0:38:30 > 0:38:3342,000, 43 somewhere else?
0:38:33 > 0:38:3443 in front of me.
0:38:34 > 0:38:37At 43,000. 44, on the right.
0:38:37 > 0:38:39At 44, 45.
0:38:39 > 0:38:4245,000. 46 is bid.
0:38:42 > 0:38:44At 46,000, 47?
0:38:44 > 0:38:4747. At 47,000, 48?
0:38:47 > 0:38:5447,500. 47,500, 48. 48,500. 49.
0:38:54 > 0:38:58At 49,000. And a half.
0:38:58 > 0:39:00£50,000.
0:39:00 > 0:39:02At 50, and a half again?
0:39:03 > 0:39:05Shakes his head. £50,000.
0:39:05 > 0:39:08Right in front of me. At 50,000, it's going to go.
0:39:08 > 0:39:1050,000 once...
0:39:10 > 0:39:13- Twice, third chance. - GAVEL BANGS
0:39:13 > 0:39:16Sold at the back for 50,000, 448, thank you.
0:39:16 > 0:39:21Sold, for £50,000, the old workshop and land were bought by Ashley.
0:39:25 > 0:39:27He lives just four miles away,
0:39:27 > 0:39:30but this was to be his first property development project.
0:39:30 > 0:39:32Talk about jumping in at the deep end!
0:39:32 > 0:39:36I met him back at the building to find out his plans.
0:39:39 > 0:39:41- Ashley, good to meet you. - Nice to meet you, too. Likewise.
0:39:41 > 0:39:43- How are you?- Very well, thank you.
0:39:43 > 0:39:45Are you cold?
0:39:45 > 0:39:48It has been a little this morning but it's been with us,
0:39:48 > 0:39:52- the elements are with us now. - You could do with some windows in this place, really, couldn't you?
0:39:52 > 0:39:55- Um, yes.- Tell me why you bought it. - Um, basically, Martin,
0:39:55 > 0:39:59- I've had a sandwich business for the past 20 years.- Sandwich business?
0:39:59 > 0:40:02Yes, sandwich factory where we supplied wholesale sandwiches
0:40:02 > 0:40:06- out to universities, schools, vending machines, shops.- Oh, wow!
0:40:06 > 0:40:08And I just decided it was time for a career change.
0:40:08 > 0:40:10So, this...
0:40:10 > 0:40:11I've always wondered...
0:40:11 > 0:40:14We'll talk about this in a minute, I'm more interested
0:40:14 > 0:40:16- in the sandwiches for a second. - Sure.- I've always wondered,
0:40:16 > 0:40:20- do you have like production lines and bread and people spreading butter?- It is handmade,
0:40:20 > 0:40:21but it is all production line.
0:40:21 > 0:40:23You've got the actual conveyor,
0:40:23 > 0:40:26you've got machines that deposit mayonnaise,
0:40:26 > 0:40:27- fillings.- Squelch!
0:40:27 > 0:40:29You've got the packing machinery at the end.
0:40:29 > 0:40:32- It's quite complex.- Wow, and what was your most popular sandwich?
0:40:32 > 0:40:33Believe it or not, cheese and onion.
0:40:33 > 0:40:36- Really? - Simple cheese and onion, yeah.
0:40:36 > 0:40:38You can't get away, yeah.
0:40:38 > 0:40:39- Second best?- Ham salad.- Right.
0:40:39 > 0:40:42There you go. Anyway, why move out of sandwiches into property?
0:40:42 > 0:40:45OK, just wanted to take life a little bit easier,
0:40:45 > 0:40:46to be honest with you.
0:40:46 > 0:40:49Seven days a week, running your own business.
0:40:49 > 0:40:53Come to that age, early 40s now, so I'm just looking at something,
0:40:53 > 0:40:54taking life a little bit easier.
0:40:54 > 0:40:58Yeah, I was going to say the "easy" route into property was probably
0:40:58 > 0:41:01buying a little lick of paint kind of touch-up, two-down terrace.
0:41:01 > 0:41:04Not this sort of... Yeah, bit of a larger project.
0:41:04 > 0:41:08But I've got friends who do ground works and demolition.
0:41:08 > 0:41:11So, I've brought them up, they've had a look at the plot.
0:41:11 > 0:41:13- It doesn't really faze them, really. - Right.
0:41:13 > 0:41:16So, I'm looking to bring those guys in and then maybe bring the builders
0:41:16 > 0:41:19in from there. I'm not sure yet at this stage, but we shall see.
0:41:19 > 0:41:22Right. So, are you going to be managing the project rather than...?
0:41:22 > 0:41:25I want to learn, I want to use this as a learning experience,
0:41:25 > 0:41:27learning curve. First project.
0:41:27 > 0:41:31I'm not worried too much financially about making too much money.
0:41:31 > 0:41:34- It's the learning process I'm really interested in.- Right.
0:41:34 > 0:41:37So, this isn't about the dough for Ashley, it's about learning
0:41:37 > 0:41:41and going back to basics to earn his bread and butter.
0:41:41 > 0:41:43Sensibly, he's sticking to the approved plans
0:41:43 > 0:41:46for the two three-bed houses. He's not rushing this, either,
0:41:46 > 0:41:49with a realistic nine months to one year timescale.
0:41:52 > 0:41:54So, have you got a fixed price from the builder for doing it?
0:41:54 > 0:41:58No, again, once we have completely gutted it, we'll have a better
0:41:58 > 0:42:02understanding of where we are going to be financially.
0:42:02 > 0:42:04The sort of quotes I've been quoted,
0:42:04 > 0:42:07I'm going to be looking around the 160-170 area.
0:42:07 > 0:42:09- For the whole thing? - For the whole thing.- OK.
0:42:09 > 0:42:11So, it's stacking up OK.
0:42:11 > 0:42:13And what about the demolition costs?
0:42:13 > 0:42:15Erm, again, that's going to be in that 170.
0:42:15 > 0:42:18- Oh, OK. - I'm calling in a favour, yeah!
0:42:18 > 0:42:20Somebody you've made a lot of sandwiches for?
0:42:20 > 0:42:25- Yes.- What price do you think you might get for the finished things?
0:42:25 > 0:42:27Again, talking to the agent, doing my research,
0:42:27 > 0:42:32going to be looking around about the 125 area for each property.
0:42:32 > 0:42:35- So, if you've got two... - Yeah. Looking about 250.
0:42:35 > 0:42:38So, potentially an 80 grand profit?
0:42:38 > 0:42:41Potentially. Obviously, there's all the legals and tax to come out.
0:42:41 > 0:42:44Of course. But that would be all right for your first one.
0:42:44 > 0:42:46- Wouldn't be bad. - It'll be a nice little start.
0:42:46 > 0:42:48And is this is the way you're going to go?
0:42:48 > 0:42:51Buying plots of land and developing them, or would you...?
0:42:51 > 0:42:52I would look at renovations.
0:42:52 > 0:42:55Obviously, I've seen the show many times, and I'll look at
0:42:55 > 0:42:58- whatever I think looks a nice little venture.- Right.
0:42:58 > 0:43:01Ashley ran his sandwich business seven days a week,
0:43:01 > 0:43:04so in selling that on and moving into property,
0:43:04 > 0:43:06he's hoping it will give him more time with his family
0:43:06 > 0:43:09and a chance to return to his previous passions.
0:43:11 > 0:43:13I've just started to play basketball again.
0:43:13 > 0:43:16When I was in my early 20s and teens,
0:43:16 > 0:43:18I used to be an avid basketball player.
0:43:18 > 0:43:21- Oh, great!- I went over to the States on a scholarship.
0:43:21 > 0:43:23I've just gone into playing in a vets' league,
0:43:23 > 0:43:25over 40s, where there's tournaments throughout the UK.
0:43:25 > 0:43:28Ireland, just come back from Ireland and played for a tournament a couple
0:43:28 > 0:43:31of days. And I've got quite a few planned,
0:43:31 > 0:43:33going over to the States for a tournament next year.
0:43:33 > 0:43:35- Wow!- So, this sort of job will give me the flexibility to be able to
0:43:35 > 0:43:38- do that as well. - Listen, congratulations.
0:43:38 > 0:43:39- Good luck with it. - Thank you.
0:43:39 > 0:43:41Really looking forward to seeing how it all turns out.
0:43:41 > 0:43:44- Nice to have met you. - Yeah, you too!- Thank you.
0:43:44 > 0:43:50Well, I certainly think that Ashley has bag-uetted himself a bargain
0:43:50 > 0:43:54with this place, but I'm not so sure it's going to be that much easier
0:43:54 > 0:43:56than running his sandwich business.
0:43:56 > 0:43:58Still, he seems to be on a bit of a roll,
0:43:58 > 0:44:02so you can find out how he gets on later in the show.
0:44:06 > 0:44:08Well, earlier on, we saw how one property turned out,
0:44:08 > 0:44:10but what about the other two?
0:44:10 > 0:44:12Yes, will they look any different now,
0:44:12 > 0:44:15and has all that money been well spent? Let's find out.
0:44:17 > 0:44:20Now back to the two-bed ground floor flat in Croydon.
0:44:21 > 0:44:25It had some big problems which needed a new owner who had belief
0:44:25 > 0:44:28in their own property developing skills.
0:44:28 > 0:44:32Nice big window, very bright in that first bedroom.
0:44:32 > 0:44:36But I can see quite a severe crack there.
0:44:36 > 0:44:39Ah, nice ceiling rose, though, in there.
0:44:39 > 0:44:42'There was a nice ceiling rose in bedroom two also,
0:44:42 > 0:44:45'but this double bedroom had problems of its own, too.'
0:44:45 > 0:44:48One of the skirting boards has rotted away.
0:44:48 > 0:44:49Get to the bottom of that, sharpish.
0:44:52 > 0:44:58Father and son team Tops and Genghis paid £226,000 for the flat.
0:44:58 > 0:45:00That was 56 grand over the guide price.
0:45:01 > 0:45:04They plan to do it up for resale and as Tops is a builder
0:45:04 > 0:45:08and Genghis is a property manager, they were not fazed by what needed
0:45:08 > 0:45:11to be done on their leaky, creaky, smelly flat.
0:45:13 > 0:45:16When we actually viewed the property, there was an active leak
0:45:16 > 0:45:19- coming from the first-floor flat down into our flat.- OK.
0:45:19 > 0:45:20As a result of that,
0:45:20 > 0:45:23it did kind of wet the entire carpet in the property.
0:45:23 > 0:45:26Obviously, the property is empty, there's no windows or doors open.
0:45:26 > 0:45:29So the smell of damp has kind of sunk into the carpet and is kind of
0:45:29 > 0:45:32spreading around. But the leak has now stopped, so hopefully,
0:45:32 > 0:45:35once we get the carpets changed and the floorboards redone,
0:45:35 > 0:45:37it should eliminate the smell.
0:45:37 > 0:45:39So, they were on top of the damp issue,
0:45:39 > 0:45:42and they already had a surveyor out to establish that the cracks
0:45:42 > 0:45:45were nothing to worry about, so Tops was ready to get stuck in.
0:45:47 > 0:45:49First, bedroom one.
0:45:49 > 0:45:52Gut it all out, have a look what's behind there, redo it,
0:45:52 > 0:45:55- plaster the outside, render the outside.- Get rid of that,
0:45:55 > 0:45:57- and make it look a little bit prettier.- Yeah, exactly.
0:45:59 > 0:46:03Tops and Genghis reckoned around an eight-week timescale.
0:46:03 > 0:46:05We're back 15 weeks later,
0:46:05 > 0:46:08and the outside has certainly had an overhaul at the front,
0:46:08 > 0:46:10and the back.
0:46:13 > 0:46:19# Everything is changing, and I've been here for too long... #
0:46:19 > 0:46:22Inside the flat, there has been a full refurbishment.
0:46:22 > 0:46:26New plumbing, electrics, tiling and flooring throughout,
0:46:26 > 0:46:28carried out by Tops and his contractors.
0:46:37 > 0:46:41A damp-proof course and special rot treatment for the ceiling joists
0:46:41 > 0:46:43sorted out that damp problem.
0:46:49 > 0:46:52It was similar treatment for bedroom two, and thankfully,
0:46:52 > 0:46:54there's no more woodchip on the walls.
0:47:02 > 0:47:06To the front of the flat now, and the large crack in bedroom one
0:47:06 > 0:47:08has been sorted, as Tops predicted.
0:47:09 > 0:47:15New coving and ceilings meant the ceiling roses I admired had gone!
0:47:15 > 0:47:21# I've been here for too long, I've been here for too long... #
0:47:26 > 0:47:28The kitchen had definitely been around far too long,
0:47:28 > 0:47:31but I'm glad to say it is a goner,
0:47:31 > 0:47:34and Genghis' wife has put her stamp on it.
0:47:35 > 0:47:37Over to you, Tops.
0:47:38 > 0:47:40Completely redone.
0:47:40 > 0:47:42Done the whole thing new again.
0:47:42 > 0:47:46Erm, we had to create an opening to get to the garden.
0:47:46 > 0:47:49New door, window.
0:47:49 > 0:47:51New plaster, throughout the ceilings.
0:47:51 > 0:47:53Floors, new tiles.
0:47:53 > 0:47:57Erm, purple tiles, as you can see.
0:47:57 > 0:48:01I was more into the red burgundy, but it had to be purple.
0:48:01 > 0:48:03I'm happy with it. I'm happy with it.
0:48:03 > 0:48:05Erm, brand-new kitchen.
0:48:06 > 0:48:09- And that's it, really. - He makes it sound so simple,
0:48:09 > 0:48:12but it did require some changes to the layout.
0:48:12 > 0:48:14Where the bathroom was initially,
0:48:14 > 0:48:19there was an entrance into the rear garden from a passageway.
0:48:19 > 0:48:22We basically incorporated that area into the bathroom and we removed
0:48:22 > 0:48:25the access to the garden from the bathroom into the kitchen, so
0:48:25 > 0:48:29you're kind of giving yourself more space throughout the flat in total.
0:48:29 > 0:48:33I think it's worked out pretty well, in terms of changing the layout.
0:48:33 > 0:48:37As project manager, Genghis was effectively his dad's boss.
0:48:37 > 0:48:39How did that work out?
0:48:39 > 0:48:42Where I've not actually being involved in the actual labour side
0:48:42 > 0:48:45of things, I was very conscious about timing.
0:48:45 > 0:48:49So, it was always a repetitive conversation about, you know,
0:48:49 > 0:48:51"We're running behind schedule, we need to get a move on."
0:48:51 > 0:48:54And Dad's answer has always been, "I'm working as fast as I can,
0:48:54 > 0:48:57"please get off my back!"
0:48:57 > 0:49:00Er, well, they still appear to be speaking.
0:49:00 > 0:49:01So, how long did the work actually take?
0:49:03 > 0:49:08It has been around 12 weeks, but saying that,
0:49:08 > 0:49:10Dad and his team of builders have had other emergency jobs
0:49:10 > 0:49:12they've had to attend to.
0:49:12 > 0:49:16So, all in all, in terms of working weeks, it's been about eight weeks,
0:49:16 > 0:49:19so we're pretty much bang on schedule, really.
0:49:19 > 0:49:21Yeah.
0:49:21 > 0:49:23Well, that is a good way of looking at it.
0:49:23 > 0:49:25What about that 25 grand budget?
0:49:25 > 0:49:26Is that bang on, too?
0:49:27 > 0:49:30I think we've ended up spending about £4,000-5,000 over that.
0:49:30 > 0:49:33So, it's not a massive, massive increase. We would have liked
0:49:33 > 0:49:35to have stayed within the budget but, again,
0:49:35 > 0:49:37there's some things that you can't really budget for.
0:49:40 > 0:49:44We called in two local estate agents to see if it was 30 grand well spent
0:49:44 > 0:49:47on their £226,000 purchase.
0:49:50 > 0:49:52With regards to the standard of finish,
0:49:52 > 0:49:54everybody loves a new kitchen and a new bathroom.
0:49:54 > 0:49:56The floors are great, all the carpets are new,
0:49:56 > 0:49:57the walls have been re-plastered.
0:49:57 > 0:50:00I think the purple tiles in the kitchen really make it stand out
0:50:00 > 0:50:02and are a real statement factor on it.
0:50:02 > 0:50:04So, it's definitely a first-time buyer's dream.
0:50:04 > 0:50:07I think the layout works well for the property.
0:50:07 > 0:50:10You've got a very nice big living room,
0:50:10 > 0:50:12you've got two decent-sized bedrooms,
0:50:12 > 0:50:14and a very spacious kitchen.
0:50:14 > 0:50:19Tops and Genghis bought this to sell on, so how will their £256,000
0:50:19 > 0:50:22investment fare on the current Croydon market?
0:50:23 > 0:50:26I believe this property could sell for anywhere in the region of
0:50:26 > 0:50:30£325,000-£330,000.
0:50:30 > 0:50:34This flat should be on the market for £325,000.
0:50:34 > 0:50:35Yep, 330 sounds OK.
0:50:36 > 0:50:39Yeah, we basically based our figures around that sort of resale value,
0:50:39 > 0:50:43so I think that ties in pretty well with what we were trying to achieve.
0:50:43 > 0:50:44Mm-hm.
0:50:44 > 0:50:47In fact, the chaps have already got the flat on the market,
0:50:47 > 0:50:51and should it go for that top valuation of £330,000,
0:50:51 > 0:50:57they will stand to make a profit, before taxes and fees, of 74 grand.
0:50:57 > 0:51:00Is that good enough for them repeat the process?
0:51:00 > 0:51:03Yeah, investing in more properties is something that we're definitely
0:51:03 > 0:51:06going to continue doing. We had a lot of fun with it, and obviously,
0:51:06 > 0:51:08we have got some personal things.
0:51:08 > 0:51:11I've just found out my missus is pregnant, so again,
0:51:11 > 0:51:14exciting times to kind of get a few more out of the way while we can,
0:51:14 > 0:51:16before things start settling down.
0:51:16 > 0:51:18But, yeah, definitely, we'll be looking to continue.
0:51:23 > 0:51:26Time to pop back to Heanor in Derbyshire now to find out
0:51:26 > 0:51:29what's happened to this derelict workshop and land,
0:51:29 > 0:51:32which, surprisingly, seemed to have some real potential!
0:51:33 > 0:51:37All you see here will go, to be replaced by this.
0:51:37 > 0:51:40Now, we've obviously got quite an interesting plot here,
0:51:40 > 0:51:43very steeply angled down.
0:51:43 > 0:51:46Right by the road, it does need a bit of careful planning, and that's
0:51:46 > 0:51:47exactly what's been done here.
0:51:47 > 0:51:51But believe it or not, we're getting two properties, three bedrooms.
0:51:51 > 0:51:52And you might think,
0:51:52 > 0:51:55"How are they going to manage that in a normal terraced property?
0:51:55 > 0:51:56"Maybe two, possibly three?"
0:51:56 > 0:52:00But again, it's making the most of the topography of the land
0:52:00 > 0:52:04by actually doing something quite unusual, by sticking this here,
0:52:04 > 0:52:08this bedroom, the third bedroom actually on the basement.
0:52:08 > 0:52:12So, one hurdle surmounted, in that it had planning.
0:52:12 > 0:52:15But with asbestos roofing and a sloping plot,
0:52:15 > 0:52:17clearing the site and preparing it for the build
0:52:17 > 0:52:19wasn't going to be a picnic.
0:52:21 > 0:52:24The man who thought this challenge was right for him was Ashley,
0:52:24 > 0:52:26who bought it for £50,000 at auction.
0:52:28 > 0:52:32Ashley previously owned a sandwich business, but he fancied a new role
0:52:32 > 0:52:33as a property developer.
0:52:33 > 0:52:37This was to be his first taste at the business.
0:52:37 > 0:52:40Why move out of sandwiches into property?
0:52:40 > 0:52:42OK, just wanted to take life a little bit easier,
0:52:42 > 0:52:44to be honest with you.
0:52:44 > 0:52:46Seven days a week, running your own business.
0:52:46 > 0:52:50Come to that age, early 40s now, so I'm just looking at something,
0:52:50 > 0:52:51taking life a little bit easier.
0:52:51 > 0:52:55Yeah, I was going to say the easy route into property is probably
0:52:55 > 0:52:58buying a little bit of a lick of paint, kind of touch-up
0:52:58 > 0:53:00- two-down terrace. - Not this sort of... Yeah,
0:53:00 > 0:53:05bit of a larger project but I've got friends that do groundworks and
0:53:05 > 0:53:08- demolition.- So, I've brought them up, they've had a look at the plot.
0:53:08 > 0:53:10It doesn't really faze them, really.
0:53:10 > 0:53:13So, I'm looking to bring those guys in and then maybe bring the builders
0:53:13 > 0:53:15in from there. I'm not sure yet at this stage.
0:53:16 > 0:53:19So, hats off to Ashley. Taking on such a development isn't for the
0:53:19 > 0:53:23faint-hearted. But he had given himself up to a year to complete
0:53:23 > 0:53:28the build of the two three-bed semidetached houses.
0:53:28 > 0:53:31He was hoping to get the site cleared and the houses up
0:53:31 > 0:53:33for a budget of £180,000.
0:53:33 > 0:53:37But had he bitten off more than he could chew?
0:53:37 > 0:53:40Well, just over that one-year mark, we're back!
0:53:40 > 0:53:44# Nothing's changed, nothing's changed,
0:53:44 > 0:53:48# Nothing's changed, girl, but the weather
0:53:48 > 0:53:52# The weather, the weather, the weather. #
0:53:53 > 0:53:56Look, don't shout at the television. It's not MY fault!
0:53:56 > 0:54:01Not a lot has changed, other than the further decay and neglect.
0:54:01 > 0:54:04Looking around, I'm pretty sure the groundwork hasn't started either.
0:54:04 > 0:54:07So, has Ashley had a change of heart?
0:54:07 > 0:54:13Me original plan was to invest around about the £180,000 mark.
0:54:13 > 0:54:18But when I got builders' quotes in, around about the £200,000 mark,
0:54:18 > 0:54:24which would have taken the actual whole spend up to 250.
0:54:24 > 0:54:28So, bearing all things in mind, if I was lucky,
0:54:28 > 0:54:30I'd have walked away with this project perhaps breaking even,
0:54:30 > 0:54:33so I decided to resell it.
0:54:33 > 0:54:36# Nothing's changed, nothing's changed
0:54:36 > 0:54:40# Nothing's changed, girl, but the weather
0:54:40 > 0:54:43# The weather, the weather, the weather. #
0:54:46 > 0:54:49Of course, reselling comes with costs, too -
0:54:49 > 0:54:52legal and auction fees and taxes.
0:54:52 > 0:54:54So, is Ashley's property development career over
0:54:54 > 0:54:56before it's even started?
0:54:58 > 0:55:00Having taken this 12 months out,
0:55:00 > 0:55:02it's given me time to think about things.
0:55:02 > 0:55:06And property is still something I want to go ahead with and move into.
0:55:06 > 0:55:09It just... This wasn't the right one, initially.
0:55:09 > 0:55:13The sort of property I'm looking for is a three to four-bedroom detached
0:55:13 > 0:55:17house already, with scope for extending at the rear.
0:55:17 > 0:55:19Something like that.
0:55:19 > 0:55:23Yes, so Ashley is considering a more manageable three-bed
0:55:23 > 0:55:26house refurbishment. But part of the reason for selling
0:55:26 > 0:55:30his sandwich business was to have a more stress-free life.
0:55:30 > 0:55:33So, perhaps staying away from complicated developments
0:55:33 > 0:55:38would be a wise thing to do. But how does he fill his time these days?
0:55:39 > 0:55:42I've really been enjoying the last 12 months, to be honest with you.
0:55:42 > 0:55:44I've travelled quite extensively,
0:55:44 > 0:55:48I've been over to the United States three times, I'm getting back into
0:55:48 > 0:55:52playing basketball in over-40s veterans' tournaments,
0:55:52 > 0:55:54which I'm really enjoying, I'm making new friends.
0:55:54 > 0:55:56So, getting back into that.
0:55:57 > 0:56:00But was he right to pass this opportunity on?
0:56:00 > 0:56:02What do two local estate agents think?
0:56:02 > 0:56:05First, the agent who saw the former workshop last time.
0:56:07 > 0:56:11It's unfortunate that the project didn't go ahead,
0:56:11 > 0:56:16and it's unfortunate it deteriorated since I was here last.
0:56:16 > 0:56:18On visiting the site,
0:56:18 > 0:56:22it isn't one that is an easy development and I think this is why
0:56:22 > 0:56:24the original drawings were done for three-storey.
0:56:24 > 0:56:27I do feel that might get adjusted,
0:56:27 > 0:56:29this being because the neighbouring properties are two-storey.
0:56:29 > 0:56:32And once you start going into three-storey,
0:56:32 > 0:56:35there are more costs involved.
0:56:36 > 0:56:39There might be some merit in reassessing what to build here,
0:56:39 > 0:56:43but I think this is a site that's crying out to be redeveloped.
0:56:43 > 0:56:46But can those current plans pay their way?
0:56:47 > 0:56:52Based upon the plans that I've seen and the potential finish of
0:56:52 > 0:56:55the properties, I would believe that they would be valued
0:56:55 > 0:57:01at somewhere between £130,000-£135,000.
0:57:01 > 0:57:05Two three-bedroomed semidetached properties within this location,
0:57:05 > 0:57:10we would be looking for them to achieve around the £135,000
0:57:10 > 0:57:11each per unit.
0:57:13 > 0:57:15So, the sales values have crept up a little over the last year,
0:57:15 > 0:57:19now with a total value of 270,000.
0:57:19 > 0:57:22But again, the potential total investment of 250,000
0:57:22 > 0:57:26is not including costs like marketing and legal fees.
0:57:26 > 0:57:30Is Ashley happy he made the right choice?
0:57:30 > 0:57:31Definitely, definitely.
0:57:31 > 0:57:35Erm, I think it's good news, it's pretty much what I thought.
0:57:35 > 0:57:37But, yeah, I'm happy.
0:57:37 > 0:57:42Those resale figures are where I still thought the market was.
0:57:42 > 0:57:46A project as extensive as this is perhaps more suited to someone who
0:57:46 > 0:57:50has skills and resources to do the groundwork and build the properties
0:57:50 > 0:57:52themselves. But as a first-timer,
0:57:52 > 0:57:55Ashley couldn't be certain he could make it work.
0:57:55 > 0:57:58Sometimes, it's just best to cut and run.
0:58:01 > 0:58:03It's definitely not put me off.
0:58:03 > 0:58:05If anything, it's just whetted my appetite,
0:58:05 > 0:58:07but I've learnt a lesson from this one.
0:58:07 > 0:58:11Just do as much research and talk to estate agents.
0:58:11 > 0:58:15Just make sure that any money you spend on a potential project
0:58:15 > 0:58:17you are going to get back, and then some as well.
0:58:20 > 0:58:24Well, that's it for today's show, but we'll have plenty more stories
0:58:24 > 0:58:26from the auction rooms for you next time.
0:58:26 > 0:58:29Yes, please join us again here on Homes Under The Hammer.
0:58:29 > 0:58:30- See you.- Bye for now.- Bye-bye.