0:00:02 > 0:00:03Hello, welcome to the show.
0:00:03 > 0:00:06Now, there are property auctions going on all year,
0:00:06 > 0:00:07up and down the country,
0:00:07 > 0:00:11literally millions and millions of pounds' worth of property
0:00:11 > 0:00:13- sold under the hammer. - Yes, and if you want to buy
0:00:13 > 0:00:15your home under the hammer, you've come to the right place
0:00:15 > 0:00:17for that little bit of advice.
0:00:43 > 0:00:46We always say that you should do your research
0:00:46 > 0:00:48before you buy a property at auction.
0:00:48 > 0:00:50But what does that exactly mean?
0:00:50 > 0:00:53Well, for starters, you should try and view the property if you can.
0:00:53 > 0:00:56Yes, it's always good to know what you're taking on.
0:00:56 > 0:00:57But what about today's buyers?
0:00:57 > 0:01:00Do they know what's in store?
0:01:00 > 0:01:02Here's what they bought.
0:01:02 > 0:01:06First up in Langton Green, and I can't believe my ears.
0:01:06 > 0:01:0778,000?
0:01:07 > 0:01:09- Yeah.- You mean seven to eight?
0:01:09 > 0:01:11No, no. 78.
0:01:11 > 0:01:16And in Stoke, Staffordshire, I need some elbowroom.
0:01:16 > 0:01:18There's no sink in here either.
0:01:18 > 0:01:20There was somewhere to hang your dressing gown,
0:01:20 > 0:01:22but I've just destroyed that...
0:01:22 > 0:01:24Whilst in Northwood, Middlesex,
0:01:24 > 0:01:27great projects are built on strong partnerships.
0:01:27 > 0:01:30It's great that you've gone into partnership with this.
0:01:30 > 0:01:31- With THIS?- With this!
0:01:31 > 0:01:32- With this!- Oh, this!
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 > 0:01:42Sold.
0:01:45 > 0:01:50Close to Tunbridge Wells in Kent is the village of Langton Green.
0:01:50 > 0:01:53It was once famous for producing a certain famous
0:01:53 > 0:01:56table top football game, but my goal today is to find out
0:01:56 > 0:02:00if the property I'm here to see is a big scorer.
0:02:02 > 0:02:06Well, with a guide price of £425,000-£450,000
0:02:06 > 0:02:08at the auction was this.
0:02:08 > 0:02:11It's a three-bedroom bungalow, close to the village centre.
0:02:11 > 0:02:13Bungalows very popular.
0:02:13 > 0:02:16Bit like rocking horse droppings, you don't find them very often.
0:02:16 > 0:02:17Could be good news.
0:02:19 > 0:02:22Bungalows have been around in this country since the 1860s
0:02:22 > 0:02:25but despite the fact they are prized by many buyers,
0:02:25 > 0:02:30pressure to maximise plots has meant builders favouring flats
0:02:30 > 0:02:32and double-storey homes.
0:02:32 > 0:02:36So, in 2014, only 1% of new builds were bungalows.
0:02:39 > 0:02:41So, what have we got? A little entrance area there.
0:02:41 > 0:02:44Lots of glass that you'd want to replace, I doubt it's safety glass.
0:02:44 > 0:02:48Into the sort of main part of the bungalow, the central area.
0:02:48 > 0:02:52Actually feels quite spacious, which is good news.
0:02:52 > 0:02:54Certainly sets my expectations fairly high in terms of
0:02:54 > 0:02:59what the rest of the bungalow will be like, and in fact, yeah,
0:02:59 > 0:03:03into this room here... Really nice-sized kitchen/living area.
0:03:03 > 0:03:05Obviously, very, very dated.
0:03:05 > 0:03:08Have you ever seen a cooker...
0:03:08 > 0:03:11or rather a hob that small?
0:03:11 > 0:03:12It's more like a camping one.
0:03:12 > 0:03:14You'd definitely want to update this.
0:03:14 > 0:03:17But the principle of what we've got here is lovely.
0:03:17 > 0:03:21A kitchen, a living area here, very family friendly, we like that.
0:03:21 > 0:03:25Then again, very dated, of the era, these sliding doors.
0:03:25 > 0:03:29Leading through to a really nice-sized lounge.
0:03:30 > 0:03:34Again, very dated, with this stone, natural stone hearth there.
0:03:34 > 0:03:37You'd probably want to get rid of that. Parquet flooring, similarly,
0:03:37 > 0:03:40people loved it in the day, but, probably, to modernise it,
0:03:40 > 0:03:42you'd want to put something else down.
0:03:42 > 0:03:45But a good size, lots of space, just needs modernising.
0:03:45 > 0:03:47I'm not seeing anything I don't like yet.
0:03:50 > 0:03:52And what is there not to like?
0:03:52 > 0:03:56The bungalow's three bedrooms are all at the same end of the building
0:03:56 > 0:03:58and all doubles. One was obviously used as a study
0:03:58 > 0:04:01but is still big enough for a double bed.
0:04:04 > 0:04:09The family bathroom is also at this end and it's an OK size,
0:04:09 > 0:04:11even if it's a bit too pink.
0:04:14 > 0:04:16At the front is the master bedroom.
0:04:16 > 0:04:19And off it, ha-ha-ha, an en-suite.
0:04:19 > 0:04:21I love the colour.
0:04:21 > 0:04:23This amazing burgundy.
0:04:23 > 0:04:26You'd probably want to improve that.
0:04:26 > 0:04:29But it's a nice additional feature to have, lots of light coming in here.
0:04:29 > 0:04:32And, certainly, an en-suite is a great thing to have.
0:04:32 > 0:04:35So, all in all, yeah, great little bungalow.
0:04:35 > 0:04:38Or perhaps that should be a great big bungalow.
0:04:41 > 0:04:44The back garden, though not very flat, is a good size too.
0:04:44 > 0:04:47If you still don't think it's big enough,
0:04:47 > 0:04:50there's opportunity to create even more living space.
0:04:52 > 0:04:55At the side of the property but attached to it by a little corridor,
0:04:55 > 0:04:57you've got this, a nice-sized garage.
0:04:57 > 0:05:00Well, like most people's garages, it's just full of stuff.
0:05:00 > 0:05:02And that is what people tend to do these days.
0:05:02 > 0:05:05No cars live in garages, do they, honestly?
0:05:05 > 0:05:07It's full of rubbish. Why not actually make this officially
0:05:07 > 0:05:10into a proper usable space? The good news is there's a thing
0:05:10 > 0:05:11called permitted development,
0:05:11 > 0:05:14which means that so long as you adhere to building regulations,
0:05:14 > 0:05:16which means you'd have to strengthen foundations,
0:05:16 > 0:05:19make sure that the walls are insulated, all that kind of stuff,
0:05:19 > 0:05:22that you can do it without actually applying for planning permission,
0:05:22 > 0:05:24so that's good news and, yes, it would give you extra space
0:05:24 > 0:05:27on what is already quite a spacious bungalow.
0:05:29 > 0:05:31So, this bungalow is relatively rare,
0:05:31 > 0:05:34has loads of space and a great location,
0:05:34 > 0:05:36being tucked in a quiet cul-de-sac.
0:05:36 > 0:05:38It ticks lots of boxes.
0:05:40 > 0:05:44Can a local estate agency see any other advantages to this property,
0:05:44 > 0:05:47guided at £425,000-450,000?
0:05:47 > 0:05:50The nearest station would be Tunbridge Wells
0:05:50 > 0:05:52and that's probably three miles away.
0:05:52 > 0:05:55Village green is probably about 300 yards away.
0:05:55 > 0:05:58There's a twitten through behind us going through it on to the village
0:05:58 > 0:06:00green and the primary school.
0:06:00 > 0:06:03Now, for those of you wondering what a twitten is,
0:06:03 > 0:06:06in local parlance, it's a little pathway.
0:06:06 > 0:06:11If we were in Buenos Aires, it would be a caminito, but we're not.
0:06:11 > 0:06:13So, what about the property?
0:06:13 > 0:06:16It's got double glazing, it's got central heating,
0:06:16 > 0:06:18so it's not, you know, major works,
0:06:18 > 0:06:21but it's just all the nice things to make it look nice afterwards.
0:06:21 > 0:06:23What's the feeling about extending it?
0:06:23 > 0:06:26The property's got potential to do extensions
0:06:26 > 0:06:28and to do loft conversions.
0:06:28 > 0:06:32It's really down to whether the timeframe and the turnaround
0:06:32 > 0:06:35and the cost actually make it a viable proposition.
0:06:35 > 0:06:37So, what would it be worth in its current configuration?
0:06:39 > 0:06:41Well, once the property is completed and done up,
0:06:41 > 0:06:45we believe the price will be at least 550,000,
0:06:45 > 0:06:48it could well go up to £600,000.
0:06:48 > 0:06:51- And for rental?- We believe that the rental on this property,
0:06:51 > 0:06:54once it's all done up, would be something in the region
0:06:54 > 0:06:56of £1,200-£1,300 per calendar month.
0:06:57 > 0:07:00Well, it's a nice bungalow, just in need of some modernisation,
0:07:00 > 0:07:02but in a good area,
0:07:02 > 0:07:06so I'm sure it'll be a popular lot under the hammer.
0:07:06 > 0:07:08Lot 13, in Langton Green.
0:07:08 > 0:07:11Start me where you will on that one. 425, can I say?
0:07:11 > 0:07:14Start me at 400 then, I'm not going below 400.
0:07:14 > 0:07:15400, thank you.
0:07:15 > 0:07:16£400,000 bid.
0:07:16 > 0:07:19On my left. 400, I have.
0:07:19 > 0:07:21Just you and me at £400,000, then.
0:07:21 > 0:07:24405? 405, I'm obliged.
0:07:24 > 0:07:25And ten now, may I say?
0:07:25 > 0:07:27410, may I say?
0:07:27 > 0:07:28410 I have.
0:07:28 > 0:07:32415. 415.
0:07:32 > 0:07:34At 415, I've got.
0:07:34 > 0:07:35420 I want.
0:07:35 > 0:07:37Are you all done at 415?
0:07:37 > 0:07:40Give me another five, it's going to the gentleman here at the front.
0:07:40 > 0:07:43At 415,000.
0:07:44 > 0:07:46Coming in again, because you're going to miss it.
0:07:46 > 0:07:49First time then at £415,000.
0:07:49 > 0:07:52Second time at 415.
0:07:52 > 0:07:55Third and final time at £415,000.
0:07:55 > 0:07:57You've got yourself a bungalow, sir. Well done.
0:07:57 > 0:08:01And the man bagging the bungalow was Chris.
0:08:01 > 0:08:02His top bid of 415,000
0:08:02 > 0:08:06wasn't the first time he's spent money to renovate property.
0:08:06 > 0:08:08He's been doing it for five years,
0:08:08 > 0:08:10but six months ago, packed in his job
0:08:10 > 0:08:13to make property development his full-time career.
0:08:16 > 0:08:17Chris, great to meet you.
0:08:17 > 0:08:19- And you.- Congratulations.
0:08:19 > 0:08:22- Thank you.- Tell me why you wanted to buy this bungalow.
0:08:22 > 0:08:24We live locally and have started
0:08:24 > 0:08:26developing properties around the area.
0:08:26 > 0:08:30- OK.- And thought that this was a good opportunity for us.
0:08:30 > 0:08:32And it's easy access to Tunbridge Wells,
0:08:32 > 0:08:34which is obviously a lovely town.
0:08:34 > 0:08:38- Yeah.- And it's quite quiet around here, as well, being a cul-de-sac.
0:08:38 > 0:08:43- So, something to take on and renovate and make nice.- Right.
0:08:43 > 0:08:45That's the plan then, is it, to do it up and sell it on or...
0:08:45 > 0:08:48- rent it out? - Yeah, that would be the plan,
0:08:48 > 0:08:51so kind of modernise it and, you know, completely fit it out,
0:08:51 > 0:08:54nice standard, and then sell it on.
0:08:54 > 0:08:56- What was your job? - I worked in sports events,
0:08:56 > 0:08:59so I did the Open and the Ryder Cup golf retail
0:08:59 > 0:09:02and then I moved onto the Rugby World Cup to look after
0:09:02 > 0:09:05the kind of commercial aspects of the Rugby World Cup.
0:09:05 > 0:09:09Great. Actually there on location, or did you do it from an office?
0:09:09 > 0:09:11Yes. On location. I was up at the Open each year
0:09:11 > 0:09:13for sort of four weeks...
0:09:13 > 0:09:15- Are you a golfer? - I play a little bit, try to play,
0:09:15 > 0:09:16- I should probably say.- Yeah.
0:09:16 > 0:09:19So, has that completely gone now, that part of your career?
0:09:19 > 0:09:21- Yes.- Moved on?
0:09:21 > 0:09:23Yeah, and moved on to do this.
0:09:23 > 0:09:28We moved down from London, near our family and moved into Tunbridge Wells.
0:09:28 > 0:09:30- Who is we?- My wife, sorry.
0:09:30 > 0:09:32- Yeah. What's her name? - She's Georgina.
0:09:32 > 0:09:36- Uh-huh.- Yeah, so she does quite a lot of the interior design bits
0:09:36 > 0:09:39and pieces at the weekend, and then I do all the grunt work,
0:09:39 > 0:09:42I suppose you'd say, with a bit of help.
0:09:42 > 0:09:44So, what work will you take on?
0:09:44 > 0:09:46I'll do all the strip outs.
0:09:46 > 0:09:49And then we'll bring in subcontractors
0:09:49 > 0:09:53for various bits and pieces, but father-in-law's an electrician,
0:09:53 > 0:09:55- so that always helps.- Very good.
0:09:55 > 0:09:58So, tell me what you're going to do to it, then.
0:09:58 > 0:10:03The idea is to completely gut it and rewire, replumb, re-plaster.
0:10:03 > 0:10:09Planning dependent, looking to do something with the garage, as well.
0:10:09 > 0:10:10But just depending on the...
0:10:10 > 0:10:14- What?- Convert it into possibly a bedroom and bathroom.
0:10:14 > 0:10:16OK, so what about the layout?
0:10:16 > 0:10:18Layout will remain the same,
0:10:18 > 0:10:21apart from kind of changing the kitchen unit layout.
0:10:23 > 0:10:25Bathrooms remain the same, decent size living space.
0:10:25 > 0:10:30I don't think we need to do a huge amount to that from that perspective.
0:10:30 > 0:10:34Maybe just change the hallway entranceway a bit,
0:10:34 > 0:10:38but in terms of space, everything's got a decent amount of size, I think.
0:10:38 > 0:10:40Chris is spot on.
0:10:40 > 0:10:42I think he's got himself a doozy here.
0:10:42 > 0:10:44And whilst it's a bit dated,
0:10:44 > 0:10:48there's tonnes of room to add value with that garage conversion.
0:10:48 > 0:10:49So, what's his budget?
0:10:49 > 0:10:53About 78,000, I think.
0:10:53 > 0:10:54- Budget?- Yeah.
0:10:54 > 0:10:5578,000?!
0:10:55 > 0:10:57Yeah.
0:10:57 > 0:10:59You mean seven to eight?
0:10:59 > 0:11:01No, no. 78.
0:11:01 > 0:11:04You're going to spend £78,000 doing this place up?
0:11:04 > 0:11:05I think, all-in, we will be.
0:11:05 > 0:11:08- How?- Depending on what we do at the front, as well.
0:11:08 > 0:11:11- What are you planning? - Well, we might do new windows...
0:11:11 > 0:11:14- That's what we've got anyway. So, we'll see.- Crikey.
0:11:14 > 0:11:16OK. And what about the resale value then
0:11:16 > 0:11:20you think you might get on this?
0:11:20 > 0:11:24We would hope for mid-500s, I would have thought, or higher.
0:11:24 > 0:11:27There was a similar property a little bit bigger up the road
0:11:27 > 0:11:30that sold a few years ago for 520.
0:11:30 > 0:11:34- Right.- But, yeah, it's got a little bit of square footage over this.
0:11:34 > 0:11:36OK. Right. And I imagine that they don't come up
0:11:36 > 0:11:39- that often in this area. - No.- It's really sweet.
0:11:39 > 0:11:40Very few and far between.
0:11:40 > 0:11:43So, where's the majority of your big budget going?
0:11:43 > 0:11:45Well, the structural work out the side,
0:11:45 > 0:11:47the garage all needs replacing,
0:11:47 > 0:11:51and actually quite a lot of the joists in the loft area
0:11:51 > 0:11:53are fairly undersized.
0:11:53 > 0:11:57And you can see from the ceilings that pretty much every room
0:11:57 > 0:12:00is undersized joists, so they'll probably all need
0:12:00 > 0:12:04- to be replaced as well.- Oh, wow! So, what about timescale?
0:12:04 > 0:12:06- Six months?- OK.- Hopefully, yeah.
0:12:06 > 0:12:08- All being well. - On the market and move on.
0:12:08 > 0:12:11- Yeah.- And is that the plan, to keep it rolling?
0:12:11 > 0:12:13Yes. That would be the idea.
0:12:13 > 0:12:15Look for the next one fairly soon
0:12:15 > 0:12:18after kind of getting close to the finishing stages of this.
0:12:18 > 0:12:20Great. Well, congratulations with it.
0:12:20 > 0:12:21- Thank you very much.- Good luck.
0:12:21 > 0:12:24- And we look forward to seeing how you get on.- Cheers. Thank you.
0:12:26 > 0:12:30Well, there you go. It's not often I'm that surprised by people's budget.
0:12:30 > 0:12:31And normally, it's the other way round,
0:12:31 > 0:12:34people underestimating what they'll spend.
0:12:34 > 0:12:37But not £7,000-£8,000, but £78,000.
0:12:37 > 0:12:40That sure is a good wodge of money.
0:12:40 > 0:12:43I do think that the area and the house itself
0:12:43 > 0:12:46justify that amount, but it is still a lot of money.
0:12:46 > 0:12:47Will he spend it?
0:12:47 > 0:12:49It sounds odd to say it that way round.
0:12:49 > 0:12:52But will he? You can find out later in the show.
0:12:58 > 0:13:02We are heading to the Staffordshire city of Stoke-on-Trent,
0:13:02 > 0:13:04but in which of the towns that make up the city
0:13:04 > 0:13:06is today's property situated?
0:13:09 > 0:13:10# Happiness has a home
0:13:10 > 0:13:12# Have a guess where it is
0:13:12 > 0:13:15# Have you ever been... #
0:13:15 > 0:13:18I'm in Packmoor, which is not too far from Tunstall.
0:13:18 > 0:13:21Tunstall is one of Stoke's six towns
0:13:21 > 0:13:25and the property I'm here to see is this. It's a terraced house,
0:13:25 > 0:13:29it's got two bedrooms and a guide price of £45,000.
0:13:29 > 0:13:30Let's get inside.
0:13:34 > 0:13:38OK. This, as you come in,
0:13:38 > 0:13:39very traditional layout.
0:13:39 > 0:13:41From the street, straight into the front room.
0:13:41 > 0:13:45I actually lived in a house with the same kind of front room
0:13:45 > 0:13:47in Leicester, right next to the football ground.
0:13:47 > 0:13:50Used to go to watch the games, three quid it was back then.
0:13:50 > 0:13:54All change. Anyway! Front room is a little bit tight
0:13:54 > 0:13:57but it's what I expected. You've got a gas fire over there.
0:13:57 > 0:14:00Some old furniture here, as well.
0:14:00 > 0:14:03When I say old, it's probably retro now.
0:14:03 > 0:14:07But carpet's old-fashioned and the floor, as I'm walking,
0:14:07 > 0:14:09does feel a little bit uneven,
0:14:09 > 0:14:11coming into the second reception room.
0:14:11 > 0:14:15And I do feel like I'm fighting up here because the floor is uneven.
0:14:15 > 0:14:17That might be a little bit of movement
0:14:17 > 0:14:20or it just could be the age of the property.
0:14:20 > 0:14:22You've got another gas fire just there.
0:14:22 > 0:14:24The ceilings are quite high.
0:14:24 > 0:14:26Both in this room and the front room.
0:14:26 > 0:14:29And then you've got your stairs just there.
0:14:29 > 0:14:31But I haven't spotted any central heating as yet.
0:14:31 > 0:14:36As I come into the kitchen, which is very tight, very snug,
0:14:36 > 0:14:39as I squeeze round the corner, and as you can see,
0:14:39 > 0:14:43the units and the whole of this kitchen
0:14:43 > 0:14:48is incredibly small, tight, dated, all needs to be changed.
0:14:48 > 0:14:50And right at the end, downstairs,
0:14:50 > 0:14:56you've got this sort of shower room, toilet, there's no bath,
0:14:56 > 0:14:59there's no sink in here either.
0:14:59 > 0:15:01There was somewhere to hang your dressing gown,
0:15:01 > 0:15:03but I've just destroyed that...
0:15:03 > 0:15:07Is there a way of using this space a little bit better?
0:15:07 > 0:15:11Is there a way of maybe making it a little bit bigger, as well?
0:15:11 > 0:15:15# Honey, can you squeeze me in? #
0:15:15 > 0:15:17It's all a bit of a squeeze.
0:15:17 > 0:15:20This extension isn't nearly big enough
0:15:20 > 0:15:21to be the main family bathroom.
0:15:21 > 0:15:23That's right, that is it.
0:15:24 > 0:15:27There's no room upstairs, even for a shower room,
0:15:27 > 0:15:31unless you are willing to compromise one of the two bedrooms
0:15:31 > 0:15:33which aren't that spacious either.
0:15:33 > 0:15:34Is there a solution outside?
0:15:38 > 0:15:40Right, I just wanted to pop out the back here.
0:15:40 > 0:15:42There isn't an awful lot of space here,
0:15:42 > 0:15:44but I wanted to have a look at this.
0:15:45 > 0:15:46Looks like new brick to me.
0:15:46 > 0:15:50I'm thinking, could you extend just that little bit further?
0:15:50 > 0:15:51Next door have done it
0:15:51 > 0:15:54and a few of houses down there have done it as well.
0:15:54 > 0:15:57There's enough space but you have got a couple of drains here,
0:15:57 > 0:15:59that might be a bit of a stumbling block.
0:15:59 > 0:16:02Also, it could cost you a few quid and are you going to get it back?
0:16:02 > 0:16:04The other thing I wanted to look at is the roof.
0:16:04 > 0:16:06It's always good when you're buying a property,
0:16:06 > 0:16:08have a look at the roof at the front.
0:16:08 > 0:16:11It might look all pretty but also check the roof at the back.
0:16:11 > 0:16:15If you can have a look up there, that roof is slightly sunken
0:16:15 > 0:16:19and there's a few missing slates as well.
0:16:19 > 0:16:20So, get the roof sorted,
0:16:20 > 0:16:22and then make a decision on what you're going to do
0:16:22 > 0:16:25with that extension. Is it worth it or is it not?
0:16:25 > 0:16:30# I'm not going to stay and watch you circle the drain
0:16:30 > 0:16:34# Watch you circle the drain Watch you circle the drain... #
0:16:36 > 0:16:40Surface water drains take away the water from gutters and downpipes
0:16:40 > 0:16:44whereas foul drainage removes kitchen and bathroom waste.
0:16:44 > 0:16:47Moving underground drains is a job for the experts,
0:16:47 > 0:16:50as the chambers can contain toxic gases, and bear in mind,
0:16:50 > 0:16:54a drain on your property doesn't necessarily mean it belongs to you.
0:16:54 > 0:16:56It might be shared with neighbours.
0:16:56 > 0:17:00You should check the planning before you pour any money down the drain.
0:17:02 > 0:17:06Let's see if a local property expert can offer any advice on this house,
0:17:06 > 0:17:09guided at 45 grand.
0:17:09 > 0:17:12Would it be a worthwhile drain on your bank balance?
0:17:13 > 0:17:16First impressions of the property is that it's really just
0:17:16 > 0:17:18a little bit dated. There's no central heating,
0:17:18 > 0:17:20which needs to be rectified.
0:17:20 > 0:17:23And also the shower room to the back is very small.
0:17:23 > 0:17:25I would suggest people maybe look to extend.
0:17:25 > 0:17:29The main option would be to keep a bathroom on the ground floor
0:17:29 > 0:17:32because there's not really too much space for one on the first floor.
0:17:32 > 0:17:35And it just really needs to be extended, really,
0:17:35 > 0:17:38to provide a normal size bathroom.
0:17:38 > 0:17:40We are agreed on that tiny shower room, then.
0:17:42 > 0:17:44I was also concerned about that bumpy floor.
0:17:44 > 0:17:47Does the agent think it needs investigating?
0:17:47 > 0:17:49We're in a coal-mining area.
0:17:49 > 0:17:53It is important that buyers check the mining report
0:17:53 > 0:17:57before the auction. It would usually be in the legal pack.
0:17:57 > 0:18:00The main thing to check is if there's any mine entries
0:18:00 > 0:18:03within 20 metres of the boundary of the property.
0:18:03 > 0:18:07And if there is, this possibly could affect resale value
0:18:07 > 0:18:11and it possibly could also affect mortgageability.
0:18:11 > 0:18:13So, this property looks easy peasy.
0:18:13 > 0:18:15But there needs to be a lot of homework done
0:18:15 > 0:18:19before sticking your hand up at auction and offering anything
0:18:19 > 0:18:21around that guide price of 45K,
0:18:21 > 0:18:23which brings me to the possible resale values.
0:18:26 > 0:18:28After renovation, I would place the property on the market
0:18:28 > 0:18:31in the region of £70,000.
0:18:31 > 0:18:33And what about the rental values?
0:18:33 > 0:18:35Rental demand would be good in this area.
0:18:35 > 0:18:37I would anticipate a rental income
0:18:37 > 0:18:40in the region of £400 per calendar month.
0:18:42 > 0:18:45So, we've got some uneven flooring,
0:18:45 > 0:18:49you've got a shower room instead of a bathroom,
0:18:49 > 0:18:51and there's no central heating.
0:18:51 > 0:18:54I actually quite like this little terraced house.
0:18:54 > 0:18:57Let's find out who else did when it went under the hammer.
0:18:57 > 0:19:00Lot 29. Guiding in at 45.
0:19:00 > 0:19:02Can I say 40 to start on this one?
0:19:02 > 0:19:04Lot 29. 40 bid, thank you.
0:19:04 > 0:19:07At £40,000. 41 can I see now?
0:19:07 > 0:19:10Opening bid of 40. Looking for 41 now.
0:19:10 > 0:19:15At 40... 41. 42. 43. 44.
0:19:15 > 0:19:1744,000, my left.
0:19:17 > 0:19:21At £44,000. 45 anywhere else?
0:19:21 > 0:19:23Are we all done then at 40...?
0:19:23 > 0:19:2445.
0:19:26 > 0:19:30Quick, quick. 45, on the front row then at £45,000.
0:19:30 > 0:19:31Against you standing.
0:19:31 > 0:19:35I'm selling it then at £45,000 for the first time.
0:19:35 > 0:19:37£45,000 for the second time.
0:19:37 > 0:19:41Third and final time. £45,000.
0:19:41 > 0:19:43You've bought it. Well done, sir.
0:19:45 > 0:19:49Securing this house for bang on its 45K guide price was Dave,
0:19:49 > 0:19:52who was at the auction with his dad and business partner Tony.
0:19:53 > 0:19:56Although they have been working together on property for a while,
0:19:56 > 0:19:58this one was actually Dave's property.
0:19:58 > 0:20:02He has bought it to sell it on but Dad's going to be helping out.
0:20:02 > 0:20:03They came along to tell me more.
0:20:03 > 0:20:07# He's a chip off the old block... #
0:20:07 > 0:20:08- Dave, nice to meet you.- You too.
0:20:08 > 0:20:10- Nice to meet you, Tone. - Nice to meet you.
0:20:10 > 0:20:11Congratulations, chaps.
0:20:11 > 0:20:14- Thank you.- Nice little pad you've got here, by the way.
0:20:14 > 0:20:17- Well done.- Thank you.- So, what are you going to do?
0:20:17 > 0:20:19Tone, how are you going to change it?
0:20:19 > 0:20:22We're going to make the bathroom a little bit bigger.
0:20:22 > 0:20:24- OK.- Because it's only a small extension at the back.
0:20:24 > 0:20:27It's a new extension but we don't want to spend
0:20:27 > 0:20:29too much money building on.
0:20:29 > 0:20:33So, what we're going to do is improve what we've got here...
0:20:33 > 0:20:35- OK.- ..by just bringing...
0:20:35 > 0:20:37Making the bathroom a bit bigger.
0:20:37 > 0:20:40Moving the back door this way.
0:20:40 > 0:20:42And then, we'll have a little utility room
0:20:42 > 0:20:45in between the living room and the bathroom.
0:20:45 > 0:20:47And the kitchen will be coming this way?
0:20:47 > 0:20:50The kitchen, this will be the living kitchen.
0:20:50 > 0:20:53- Nice one.- Yeah.- So, you have your reception room
0:20:53 > 0:20:54or your living room in there?
0:20:54 > 0:20:56- That's it.- And you will have...
0:20:56 > 0:20:58Good idea, by the way. I like that idea.
0:20:58 > 0:21:01- Whose idea was that?- I've seen it on properties before.
0:21:01 > 0:21:03- OK.- It's already been like that, so I thought that's an idea.
0:21:03 > 0:21:06- So, we got it from there, really. - And then the bathroom at the end.
0:21:06 > 0:21:08- Yeah.- Yeah.- Are you going to put a bath in there and...?
0:21:08 > 0:21:11- Yeah.- Yeah.- Bath, shower over the top of it and...
0:21:11 > 0:21:13And upstairs, you've got the two bedrooms...
0:21:13 > 0:21:15- Yeah.- Yeah.- Are you changing anything up there?
0:21:15 > 0:21:18It's hard to change anything, really, isn't it?
0:21:18 > 0:21:20Just tidy it all up and decorate.
0:21:20 > 0:21:23How long are you hoping this is going to take you?
0:21:23 > 0:21:25- How long is it going to take? - Three to four months.
0:21:25 > 0:21:28- From start to finish?- Yeah. - All done?
0:21:28 > 0:21:30That's a decent timeframe, given they are going
0:21:30 > 0:21:33to be pulling in a team to help them get the work done,
0:21:33 > 0:21:36but these two are no slouches when it comes to skills.
0:21:36 > 0:21:37I'm a joiner by trade.
0:21:37 > 0:21:39- And yourself?- Bricklayer by trade.
0:21:39 > 0:21:41Now it makes sense.
0:21:41 > 0:21:43You've got father and son... Who is the boss?
0:21:43 > 0:21:45Me.
0:21:45 > 0:21:47No hesitation there!
0:21:47 > 0:21:50At all. And how long have you been sort of working together
0:21:50 > 0:21:52- in property, then?- 26 years now.
0:21:52 > 0:21:54We've been doing...
0:21:54 > 0:21:56on a building job...
0:21:58 > 0:22:02Keeping property and renting it out is a different ball game, isn't it?
0:22:02 > 0:22:05- Of course. - And we're just learning that.
0:22:05 > 0:22:08- Good on you.- It's only over the last four or five years,
0:22:08 > 0:22:12it's like working on our own property has been the main thing.
0:22:12 > 0:22:16And do you buy to sell all the time or...?
0:22:16 > 0:22:21Yeah, if we have trouble selling them, we'll rent them.
0:22:21 > 0:22:24How much are you going to spend on it? What's your budget?
0:22:24 > 0:22:28- 11-12.- OK.- 11-12, yeah.
0:22:28 > 0:22:30Perhaps a bit more because there might be...
0:22:30 > 0:22:31Once you start taking...
0:22:31 > 0:22:34Stripping walls down, there's always the surprises.
0:22:34 > 0:22:35There is, isn't there?
0:22:35 > 0:22:38There's always something you haven't noticed.
0:22:39 > 0:22:43When you first look, there's always something else.
0:22:43 > 0:22:46I did notice it's slightly wobbly as you are coming in.
0:22:46 > 0:22:48I thought I'd had a few beers but I hadn't. Honest!
0:22:48 > 0:22:51- It's a bit wobbly, the floor, isn't it?- Yeah, yeah.- A little bit.
0:22:51 > 0:22:53It's a mining area.
0:22:53 > 0:22:56A lot of the terraces around here are like that.
0:22:56 > 0:22:59- Had a bit of movement. - A bit of movement in them.
0:22:59 > 0:23:01Sometimes...
0:23:01 > 0:23:06We did one years ago, where it was eight inches from front to back.
0:23:06 > 0:23:10What they'd done, the floor used to go through level
0:23:10 > 0:23:13and then step down into the kitchen.
0:23:13 > 0:23:15- OK.- And they'd just levelled it out.
0:23:15 > 0:23:18Really?!
0:23:18 > 0:23:20But it was all right. It was a good sound house.
0:23:20 > 0:23:23- Like this.- Is there anything in this house that surprised you?
0:23:23 > 0:23:26Anything you thought, "I didn't realise that was there,"
0:23:26 > 0:23:28- or anything frightened you?- No.
0:23:28 > 0:23:30No, nothing up to now.
0:23:30 > 0:23:32- Not yet.- At least not yet.
0:23:32 > 0:23:35- We'll find out.- See what happens when this comes off.
0:23:35 > 0:23:37- Yeah.- That's it.- Good on you.
0:23:37 > 0:23:39Listen, I'll wish you both very well.
0:23:39 > 0:23:41I'm pretty sure it's all going to work out
0:23:41 > 0:23:43with your dad being the boss.
0:23:43 > 0:23:44Yeah. Thanks very much.
0:23:44 > 0:23:46Good luck to you. Good luck.
0:23:46 > 0:23:47Thank you.
0:23:47 > 0:23:50So, father-and-son team Tony and Dave
0:23:50 > 0:23:52have got themselves a nice little project here.
0:23:52 > 0:23:54There's a few things that need to be done
0:23:54 > 0:23:57but there's a few things that have already been done.
0:23:57 > 0:24:00And I do like the idea of that kitchen dining area.
0:24:00 > 0:24:02Let's hope it all works out.
0:24:02 > 0:24:04You can find out how they get on later in the programme.
0:24:06 > 0:24:08Still to come, in Northwood,
0:24:08 > 0:24:11Lucy has an attractive guide price for us.
0:24:11 > 0:24:15No reserve. You could just make a bid of a quid and it could be yours.
0:24:17 > 0:24:19Whilst in Stoke-on-Trent, Staffordshire,
0:24:19 > 0:24:22father-and-son team Tony and Dave have a bit of advice.
0:24:22 > 0:24:24Get a good decorator.
0:24:24 > 0:24:25You don't want to do it yourself.
0:24:28 > 0:24:30Back now to near Tunbridge Wells in Kent
0:24:30 > 0:24:32and the village of Langton Green,
0:24:32 > 0:24:34where I saw a property that's becoming
0:24:34 > 0:24:38relatively scarce these days, a three-bed bungalow.
0:24:38 > 0:24:42It was dated but had a good layout with a large-ish kitchen
0:24:42 > 0:24:46and open-plan dining space to the back of the property.
0:24:46 > 0:24:50Leading through to a really nice-sized lounge.
0:24:51 > 0:24:55Again, very dated with this stone, natural stone hearth there.
0:24:55 > 0:24:57So, you'd probably want to get rid of that.
0:24:57 > 0:25:00Parquet flooring, similarly, people loved it in the day,
0:25:00 > 0:25:01but, probably, to modernise it,
0:25:01 > 0:25:03you'd want to put something else down.
0:25:03 > 0:25:06But a good size, lots of space, just needs modernising.
0:25:06 > 0:25:09I'm not seeing anything I don't like yet.
0:25:09 > 0:25:12It had three good-sized bedrooms
0:25:12 > 0:25:17and a very dated burgundy ensuite that just had to go.
0:25:17 > 0:25:20The man with the modernising touch was property developer Chris.
0:25:20 > 0:25:26Having paid a sizeable 415 grand, it was still under the guide price,
0:25:26 > 0:25:28so I thought he was quids in.
0:25:28 > 0:25:30However, that was before I heard his budget,
0:25:30 > 0:25:32or rather misheard his budget.
0:25:32 > 0:25:3478,000.
0:25:34 > 0:25:36You mean seven to eight?
0:25:36 > 0:25:38No, no. 78.
0:25:38 > 0:25:41You're going to spend £78,000 doing this place up?!
0:25:41 > 0:25:43- I think, all-in, we will be.- How?
0:25:43 > 0:25:46Chris certainly wasn't going for a basic renovation here.
0:25:46 > 0:25:49He wanted to convert the garage into more living space
0:25:49 > 0:25:52and go for an extension to the front
0:25:52 > 0:25:55if the local planning department would allow.
0:25:55 > 0:25:57He wanted the work done in six months,
0:25:57 > 0:26:00so we're back right on schedule to see if
0:26:00 > 0:26:02he's pushed the boat out on this one.
0:26:02 > 0:26:04# You push me To go the extra mile
0:26:04 > 0:26:06# You push me When it's difficult to smile
0:26:06 > 0:26:09# You push me A better version of myself
0:26:09 > 0:26:12# You push me Only you and no-one else... #
0:26:14 > 0:26:17All the dated features of this bungalow have been given the push.
0:26:17 > 0:26:21Chris has brought this kitchen into the 21st century.
0:26:22 > 0:26:26The previously rather sad sitting room is now much more glamorous.
0:26:26 > 0:26:30The work is far from cosmetic with new windows, plumbing,
0:26:30 > 0:26:32electrics and plastering throughout.
0:26:34 > 0:26:38Oh, and of course, tiling.
0:26:38 > 0:26:41The new family bathroom continues the modern fresh look
0:26:41 > 0:26:45and that same style can be seen in the master ensuite bedroom.
0:26:45 > 0:26:47# Every step I take
0:26:47 > 0:26:49# Everything I do
0:26:49 > 0:26:53# It's all because you push me
0:26:57 > 0:26:58# You push me... #
0:26:58 > 0:27:03Outside to the front, Chris has also pushed the boundaries of the house,
0:27:03 > 0:27:05by adding an extension which bridges
0:27:05 > 0:27:07from the original house to the garage.
0:27:09 > 0:27:14It runs from the front of the house to full-length windows at the back,
0:27:14 > 0:27:17while part of the garage houses a handy utility room.
0:27:26 > 0:27:28It really ties the house together
0:27:28 > 0:27:30and leads through to the other bedrooms.
0:27:35 > 0:27:37# ..To go the extra mile
0:27:37 > 0:27:40# When it's difficult to smile
0:27:40 > 0:27:42# A better version of myself
0:27:42 > 0:27:44# Only you and only you and only you... #
0:27:44 > 0:27:46And it proved a bit of a challenge.
0:27:46 > 0:27:50The extension probably wasn't in the plans when we first bought it,
0:27:50 > 0:27:54and so creating that was something that we really, really liked,
0:27:54 > 0:27:58and it's a nice big area that has developed over time
0:27:58 > 0:28:00and as we saw the extension go,
0:28:00 > 0:28:03we decided to divide it into two spaces.
0:28:03 > 0:28:04When we did the extension,
0:28:04 > 0:28:07the screed that we had to lay was a lot deeper
0:28:07 > 0:28:10than what I was used to before.
0:28:10 > 0:28:13And I hadn't realised about the drying time that it took,
0:28:13 > 0:28:17so what I was expecting to be kind of four or five weeks
0:28:17 > 0:28:19was actually a few months,
0:28:19 > 0:28:24and so it took a lot longer from that perspective and we couldn't do
0:28:24 > 0:28:27anything to the flooring or any work around that
0:28:27 > 0:28:32while it was drying off, so that was definitely a learning curve.
0:28:32 > 0:28:34It also must have cost a fair amount of money.
0:28:34 > 0:28:39At first, I thought Chris's budget of 78,000 was a bit OTT.
0:28:39 > 0:28:42But what has the work cost, now it's complete?
0:28:42 > 0:28:46I actually ended up spending 110,000,
0:28:46 > 0:28:49reason being was we ended up doing the extension,
0:28:49 > 0:28:53which was pretty much all of that, and then there were a few
0:28:53 > 0:28:58other things that we needed to do that I hadn't quite budgeted for.
0:28:58 > 0:29:01Things like the new drainage in the en-suite bathroom
0:29:01 > 0:29:06and lowering the level of the patio to get it below DPC.
0:29:06 > 0:29:10So, yeah, over budget, but hopefully the reward will be worth it.
0:29:11 > 0:29:14Wowsers. That really takes the biscuit.
0:29:14 > 0:29:17Chris has spent a total of £525,000 here,
0:29:17 > 0:29:20and there was me thinking it would be hard to spend
0:29:20 > 0:29:22a lot of money on this bungalow.
0:29:22 > 0:29:23How wrong can you be?
0:29:23 > 0:29:26Well, let's find out from two local estate agents.
0:29:26 > 0:29:28First, the agent who saw it before.
0:29:32 > 0:29:35They've made an amazing transformation.
0:29:35 > 0:29:38The extension they put on the front and opening up the hallway
0:29:38 > 0:29:41and everything, it's just a completely different house
0:29:41 > 0:29:44and what a wonderful bungalow it's turned into.
0:29:44 > 0:29:48With regard to the layout, I think it will work extremely well.
0:29:48 > 0:29:51There's a large bathroom and a wet room,
0:29:51 > 0:29:53so I think it will suit families
0:29:53 > 0:29:56and it will also suit downsizers as well.
0:29:56 > 0:29:58With bungalows being quite rare,
0:29:58 > 0:30:02this house sure looks to have a wide market appeal,
0:30:02 > 0:30:08but just how much could Chris get back from his £525,000 investment?
0:30:08 > 0:30:10Well, the resale value, I think, of the property now,
0:30:10 > 0:30:12finished as well as it has been,
0:30:12 > 0:30:15will break new boundaries in this location.
0:30:15 > 0:30:18So I would expect we would achieve
0:30:18 > 0:30:22somewhere between 725,000 and 750,000.
0:30:22 > 0:30:25I think the property has been done up extremely well,
0:30:25 > 0:30:29and I think its value will be in the region of £750,000.
0:30:29 > 0:30:30We'd be really happy with that.
0:30:30 > 0:30:35I think, initially when I started the project, I had kind of
0:30:35 > 0:30:38not anticipated quite that much,
0:30:38 > 0:30:42but, yeah, so really pleasantly surprised,
0:30:42 > 0:30:44as we've gone through the work in the six months,
0:30:44 > 0:30:47there'd been a few properties coming up for sale
0:30:47 > 0:30:51and selling around the area, so I kept my eye on those,
0:30:51 > 0:30:54and I think the property market is doing quite well,
0:30:54 > 0:30:56so, yeah, I was happy with that.
0:30:56 > 0:31:01So he should be. That top valuation would mean a pre-tax profit
0:31:01 > 0:31:03of £225,000.
0:31:03 > 0:31:05Very impressive.
0:31:05 > 0:31:08But Chris isn't one for resting on his laurels.
0:31:10 > 0:31:13Next thing for me is to keep my eye out on the property market,
0:31:13 > 0:31:16see what might be coming up.
0:31:16 > 0:31:19At the moment, there's no auctions planned for another month or so,
0:31:19 > 0:31:22so just looking round all the local estate agents,
0:31:22 > 0:31:26keeping my eye on the internet for anything that might be of interest,
0:31:26 > 0:31:28and going from there. So, yeah,
0:31:28 > 0:31:30it's just about finding the next project for me.
0:31:35 > 0:31:38Today, Lucy's in Northwood, which is in Hillingdon.
0:31:38 > 0:31:40The most westerly of the London boroughs.
0:31:40 > 0:31:45Jump on the Metropolitan line and you'll be in central London
0:31:45 > 0:31:46in 15 minutes.
0:31:46 > 0:31:49Well, it doesn't seem like there's anything too surprising
0:31:49 > 0:31:51about this road. It's got some lovely houses
0:31:51 > 0:31:55and it's only a few minutes' walk from the Underground station.
0:31:55 > 0:31:57What is however surprising
0:31:57 > 0:32:00is the guide price of the lot I'm here to see,
0:32:00 > 0:32:02which had no reserve.
0:32:02 > 0:32:05You could just make a bid of a quid and it could be yours!
0:32:05 > 0:32:07No, it's not the house.
0:32:07 > 0:32:11What you could buy for just a pound is just up this driveway.
0:32:11 > 0:32:13Intrigued? I know I am.
0:32:13 > 0:32:17# It's just that sweet little mystery
0:32:17 > 0:32:21# That makes me try, try, try, try... #
0:32:21 > 0:32:23So, what you get is...
0:32:24 > 0:32:28This parcel of land here, along this boundary,
0:32:28 > 0:32:31right along the back and along the side.
0:32:31 > 0:32:34You don't even get this shed.
0:32:34 > 0:32:37It is just this little parcel of land here.
0:32:39 > 0:32:41It's not going to take very long to look around, is it?
0:32:41 > 0:32:43# Everybody look to their left
0:32:43 > 0:32:46# Everybody look to their right... #
0:32:46 > 0:32:47Done it.
0:32:48 > 0:32:52So, not much to see but that just means you'll have to use
0:32:52 > 0:32:55your imagination to unearth the plan for this bit of land,
0:32:55 > 0:32:57with no reserve guide price.
0:32:57 > 0:33:01# ..Forget about the price tag... #
0:33:04 > 0:33:07So, it's described as a regular-shaped parcel of land
0:33:07 > 0:33:12in the auction catalogue, and it's 702 square feet in total.
0:33:12 > 0:33:16But the burning question is, what on earth do you do with it?
0:33:16 > 0:33:20Well, Lucy, could this parcel of land become a building plot?
0:33:20 > 0:33:23But, Lucy, there are some serious obstacles to overcome
0:33:23 > 0:33:25before you get planning permission.
0:33:25 > 0:33:28But you could perhaps fit a little bungalow
0:33:28 > 0:33:29or a small house on here.
0:33:29 > 0:33:32The driveway that leads up here is private,
0:33:32 > 0:33:35and so, without permission from the owner of the adjacent property,
0:33:35 > 0:33:39well, you won't even be able to access your own piece of land.
0:33:39 > 0:33:42That no reserve was set for a reason,
0:33:42 > 0:33:46and this could be a tricky lot indeed.
0:33:46 > 0:33:48# I have an angel on my shoulder
0:33:48 > 0:33:51# But a devil in my head... #
0:33:51 > 0:33:56Now, something I had noticed.
0:33:56 > 0:34:00Lots of little beautiful robins keep landing on this plot.
0:34:00 > 0:34:04They are everywhere and they are so beautiful.
0:34:04 > 0:34:06The early bird usually catches the worm,
0:34:06 > 0:34:09but thanks to the Wildlife & Countryside Act,
0:34:09 > 0:34:12any developer would have to be at one with nature here.
0:34:12 > 0:34:15All wild birds are protected,
0:34:15 > 0:34:18meaning it's an offence to intentionally harm them.
0:34:18 > 0:34:20And if you disturb these little robins
0:34:20 > 0:34:23while they were building or using their nests,
0:34:23 > 0:34:25you could end up being a jailbird.
0:34:25 > 0:34:28# Fly, robin, fly
0:34:28 > 0:34:32# Up, up to the sky! #
0:34:32 > 0:34:35Does the estate agent think that this piece of land
0:34:35 > 0:34:37with no reserve could fly at auction,
0:34:37 > 0:34:40or if this little parcel of land could be an albatross
0:34:40 > 0:34:41around your neck?
0:34:41 > 0:34:45I think the issues with this plot of land are the access,
0:34:45 > 0:34:47the location of the land,
0:34:47 > 0:34:52and how it backs on to numerous gardens of other residential homes.
0:34:52 > 0:34:57You could possibly, if you got access, build a house or a bungalow.
0:34:57 > 0:34:58If you didn't, it's very limited
0:34:58 > 0:35:01what you could really do with the land.
0:35:02 > 0:35:05Well, as we are ever the optimists on this show,
0:35:05 > 0:35:08let's see if planning was granted on one of those options,
0:35:08 > 0:35:10what kind of values could that bring in?
0:35:11 > 0:35:18I think a two-bedroom bungalow would be valued circa £500,000.
0:35:18 > 0:35:23And a three-bedroom/four-bedroom two-storey standard house
0:35:23 > 0:35:25would be worth around 800,000.
0:35:27 > 0:35:29With no reserve, this parcel of land, well,
0:35:29 > 0:35:33it could be worth taking a punt on but with all the potential pitfalls
0:35:33 > 0:35:37surrounding planning permission, certainly a bit of a gamble.
0:35:37 > 0:35:39Who was up for the challenge?
0:35:39 > 0:35:41Let's head to auction and find out.
0:35:45 > 0:35:48Start your bidding. There is no reserve, so I'll take your bids.
0:35:48 > 0:35:49200 anywhere?
0:35:50 > 0:35:51200.
0:35:51 > 0:35:58400, 600, 800, 1,000, 1,200.
0:35:58 > 0:36:00Don't know what you're thinking about. 1,200.
0:36:00 > 0:36:051,400, 1,600, 1,800...
0:36:07 > 0:36:09..2,000, 2,200.
0:36:11 > 0:36:13Yes? 2,200. 2,400.
0:36:13 > 0:36:18The lot generated some interest and we rejoin the bidding at £4,000.
0:36:18 > 0:36:19£4,000.
0:36:19 > 0:36:224,200 anywhere?
0:36:22 > 0:36:24Otherwise I'm selling it at £4,000.
0:36:24 > 0:36:264,000 for the first,
0:36:26 > 0:36:274,000 for the second,
0:36:27 > 0:36:294,000 for the third and final...
0:36:29 > 0:36:30Who's that?
0:36:30 > 0:36:32Don't leave it so late. 4,200.
0:36:32 > 0:36:394,400, 4,600, 4,800, 5,000?
0:36:40 > 0:36:43No? At 4,800 for the first,
0:36:43 > 0:36:454,800 for the second,
0:36:45 > 0:36:485,000. 5,200.
0:36:49 > 0:36:525,200. 5,400? No?
0:36:52 > 0:36:54We'll go through it again. Been here a long...
0:36:54 > 0:36:56£5,200.
0:36:56 > 0:36:585,200 for the first,
0:36:58 > 0:37:01second, third and final time.
0:37:01 > 0:37:04Sold. Sorry, sir. Too late.
0:37:04 > 0:37:07The joint purchasers of this lot were David, here on the left,
0:37:07 > 0:37:11and Jack. They both came along to tell Lucy why they decided to pay
0:37:11 > 0:37:17£5,200 for the parcel of land with no reserve guide price at auction.
0:37:17 > 0:37:19David and Jack, congratulations.
0:37:19 > 0:37:20Lovely to meet both of you today.
0:37:20 > 0:37:22- How are you?- So, what's the story,
0:37:22 > 0:37:24because this is quite an unusual lot?
0:37:24 > 0:37:28We bought the house originally about 13 years ago and there was a small
0:37:28 > 0:37:31plot of land at the back and then we heard it had gone to auction.
0:37:31 > 0:37:32You own the house on the end.
0:37:32 > 0:37:35That's right. But we still had two people bidding against us.
0:37:35 > 0:37:37We were hoping to pick it up for a tenner.
0:37:37 > 0:37:40Or a pound. There's no reserve on it.
0:37:40 > 0:37:42I would have loved that,
0:37:42 > 0:37:44to have paid a quid or ten quid for something like this.
0:37:44 > 0:37:46- That would have been marvellous. - And you ended up paying...?
0:37:46 > 0:37:48- BOTH:- 5,200.
0:37:48 > 0:37:53- Yeah.- 5,200 for this parcel of land is not bad though.
0:37:53 > 0:37:56So, what is the plan and what do you think can happen from here?
0:37:56 > 0:38:02Well, hopefully, we are going to redevelop the house, sell that off,
0:38:02 > 0:38:04and then develop the property here.
0:38:04 > 0:38:07We should be able to get a four-bedroom house here.
0:38:07 > 0:38:09- With a bit of luck. - A house for a family?
0:38:09 > 0:38:12Yeah. What do you think the chances are of that?
0:38:12 > 0:38:14Have you had a chance to talk to the local council?
0:38:14 > 0:38:18We have and we've been trying for the last couple of years to do something
0:38:18 > 0:38:22but we didn't have the extra space. They weren't necessarily against it,
0:38:22 > 0:38:25but we had the problem with the amenity space because we didn't have that
0:38:25 > 0:38:28extra space. That's why it was so important to get that.
0:38:28 > 0:38:32So, we feel quite confident that we are going to get what we want from it, yeah.
0:38:32 > 0:38:34It is three or four bedroom,
0:38:34 > 0:38:37very nice detached property with garden and front garden and parking.
0:38:37 > 0:38:40- And parking.- It's going to be unbelievable if you get planning for that.
0:38:40 > 0:38:42End value for a property like that?
0:38:42 > 0:38:44About 800,000.
0:38:44 > 0:38:45£800,000?
0:38:45 > 0:38:47- Hopefully.- Now, guys, are you developers?
0:38:47 > 0:38:50I know you both jointly own the property at the end.
0:38:50 > 0:38:51Tell me a bit about yourselves.
0:38:51 > 0:38:53Are you brothers? Are you related?
0:38:53 > 0:38:56- Are you best friends?- I'm better looking than him anyway.
0:38:56 > 0:38:57I'm a hairdresser.
0:38:58 > 0:38:59I stopped five years ago.
0:38:59 > 0:39:01No more cutting and trimming.
0:39:01 > 0:39:02Did you ever do Jack's hair?
0:39:02 > 0:39:04No. No, I wouldn't let him touch my hair.
0:39:04 > 0:39:07I wouldn't go near it. You don't know what you're going to find in it.
0:39:07 > 0:39:12You do look like brothers though. You do really look like brothers. Do people say that?
0:39:12 > 0:39:16- Yes.- They do.- And how many years have you known each other?
0:39:16 > 0:39:1840 years, I suppose.
0:39:18 > 0:39:19- It's that long.- 40 years?
0:39:19 > 0:39:22- Yeah.- It's great that you've gone into partnership with this.
0:39:22 > 0:39:24- With THIS?- With this!
0:39:24 > 0:39:25- With this!- Oh, this!
0:39:25 > 0:39:27- I thought you meant this. - It's always worked OK.
0:39:27 > 0:39:29We've never had any real problems.
0:39:29 > 0:39:31We've always shared everything we've done.
0:39:31 > 0:39:35- And we've sort of... - We've got a very good partnership.
0:39:36 > 0:39:42- MARTIN ROBERTS:- Jack and David do indeed have a property developing partnership going on.
0:39:42 > 0:39:44They own property in various parts of the country,
0:39:44 > 0:39:46from London to Yorkshire, and, of course,
0:39:46 > 0:39:49they own this adjacent property which is currently divided
0:39:49 > 0:39:51into four flats.
0:39:51 > 0:39:53And this will be stage one of the project,
0:39:53 > 0:39:57getting those renovated and selling them on.
0:39:57 > 0:39:59So, who does what? Who plays what role? Come on, tell me.
0:39:59 > 0:40:01Who's the bossy one? Who's in charge of the finances?
0:40:01 > 0:40:05- He's the bossy one. - So, you're the bossy one. And what do you bring to the table?
0:40:05 > 0:40:06Not much. I let him do it. No.
0:40:06 > 0:40:09It's very difficult because when you're dealing with
0:40:09 > 0:40:12tenants and when you've got through all the paperwork,
0:40:12 > 0:40:15it's no good having to go one to other.
0:40:15 > 0:40:17If you've got one person who looks after it all,
0:40:17 > 0:40:19at least you keep it under control.
0:40:19 > 0:40:21Dave's got enough on his plate in any case.
0:40:21 > 0:40:23So, I tell him everything that we do...
0:40:23 > 0:40:26All that goes on. We are always talking to each other.
0:40:26 > 0:40:27So, it works well that way.
0:40:27 > 0:40:29Have you ever built a house before though?
0:40:29 > 0:40:31- No.- Refurbished quite a few of them.
0:40:31 > 0:40:33My wife used to be an interior designer.
0:40:33 > 0:40:35So, we've done that quite a few times, yeah.
0:40:35 > 0:40:38But it's one thing refurbishing, it is another thing building.
0:40:38 > 0:40:40- I know. It is a challenge, isn't it? - It is a challenge.
0:40:40 > 0:40:42- Are you ready for that challenge? - Absolutely.
0:40:42 > 0:40:44Do you have a great team of builders that have got good experience?
0:40:44 > 0:40:47- Yes, we do.- You do. - We have a guy, a team,
0:40:47 > 0:40:50who have done our extensions,
0:40:50 > 0:40:51who have built houses...
0:40:51 > 0:40:53- 15 years now, isn't it? - Yeah. And they are very good.
0:40:53 > 0:40:56How much do you think it's going to cost to build the house?
0:40:56 > 0:40:58I think between 200 and 250.
0:40:58 > 0:40:59Between 200 and 250.
0:40:59 > 0:41:00Yeah. It doesn't matter.
0:41:00 > 0:41:01- We'll have the money there.- Yes.
0:41:01 > 0:41:03It's going to be very hi-tech.
0:41:03 > 0:41:06We're not going to just build a house. It's going to be beautiful.
0:41:06 > 0:41:10So, it all goes swimmingly well, you get planning permission, you're going to start to build.
0:41:10 > 0:41:12How long do you think it's going to take you?
0:41:12 > 0:41:14I think that...
0:41:14 > 0:41:16- It'll take a year.- Yeah.
0:41:16 > 0:41:17Ten months to 12 months.
0:41:17 > 0:41:20- Ten to 12 months.- So, you're giving yourselves a comfortable year?
0:41:20 > 0:41:21- Yeah.- Something you don't want to rush.
0:41:21 > 0:41:24- No.- Is anything concerning you about this?
0:41:24 > 0:41:26- The council.- What are you worried about?
0:41:26 > 0:41:29- Planning permission.- Do you think...?
0:41:29 > 0:41:32I mean, what do you think would stop you and halt this?
0:41:32 > 0:41:36I don't share David's view on this. I think that,
0:41:36 > 0:41:40you know, with the architects and planners we've got on board,
0:41:40 > 0:41:42I think it will get through.
0:41:42 > 0:41:43I've done this before
0:41:43 > 0:41:46and I think it's just a question of making sure that
0:41:46 > 0:41:48we do the right things for them.
0:41:48 > 0:41:50You know, we've got that building next door,
0:41:50 > 0:41:52which is a back-land development already,
0:41:52 > 0:41:56so they'll find it hard to object to the fact that we're doing something
0:41:56 > 0:41:58like that and we're not overlooking anything in any case.
0:41:58 > 0:42:01There might be a bit of a battle but I think at the end of the day,
0:42:01 > 0:42:04- it'll work.- Have you got a plan B?
0:42:04 > 0:42:06If you don't get permission, and I'm sure you will,
0:42:06 > 0:42:09but if it doesn't work out for you, what are you going to do with this?
0:42:09 > 0:42:12- We don't look at it from that point of view.- You've spent five grand on it.
0:42:12 > 0:42:14- A lovely bit of garden. - We will get permission.
0:42:14 > 0:42:16- It will happen. - I love your positivity.
0:42:16 > 0:42:20- Yeah.- Guys, it's been so fantastic meeting you both today.- OK.
0:42:20 > 0:42:24I hope you continue to love what you do and it's going to be really
0:42:24 > 0:42:26interesting watching this house go up.
0:42:26 > 0:42:27- It will be.- If you get permission.
0:42:27 > 0:42:29- We will.- We will. We will.
0:42:29 > 0:42:30- Thank you so much.- OK.
0:42:30 > 0:42:32Jack, lovely to meet you.
0:42:32 > 0:42:34- David, great.- Thank you. Nice to meet you.- OK.
0:42:36 > 0:42:39What a stroke of luck, or a well-thought-out plan,
0:42:39 > 0:42:40that this plot fell into
0:42:40 > 0:42:43the hands of the owners of the property in front.
0:42:43 > 0:42:45That certainly gives Jack and David
0:42:45 > 0:42:48a real advantage when it comes to that all-important
0:42:48 > 0:42:50planning permission.
0:42:50 > 0:42:55However, nothing is set in stone until all the Ts have been crossed and the Is dotted.
0:42:55 > 0:42:59And I still think they might have a battle on their hands.
0:42:59 > 0:43:03Join me later in the programme and you can find out what happens.
0:43:07 > 0:43:09Well, we've seen how one of our properties turned out
0:43:09 > 0:43:12but what about the other two? How did they get on?
0:43:12 > 0:43:13It's crunch time.
0:43:13 > 0:43:17Yes, did our buyers achieve exactly what they set out to?
0:43:17 > 0:43:18Let's find out.
0:43:21 > 0:43:24Time to return to the Packmoor area of Stoke-on-Trent,
0:43:24 > 0:43:29where I saw this two-bed mid-terraced house guided at £45,000.
0:43:31 > 0:43:35Inside was very dated and I was a little worried that the uneven floor
0:43:35 > 0:43:39might be something to do with this being a former mining area.
0:43:40 > 0:43:44While it had two good-sized living rooms, and two OK bedrooms,
0:43:44 > 0:43:47the main issue with this house wasn't the lack of space,
0:43:47 > 0:43:48but the current use of it.
0:43:50 > 0:43:52The property had been extended fairly recently,
0:43:52 > 0:43:58but the space it provided wasn't great, with a really narrow kitchen
0:43:58 > 0:44:01and a shower room that was a bit of a squeeze.
0:44:01 > 0:44:02There's no bath...
0:44:02 > 0:44:04CLATTER There's no sink in here either.
0:44:04 > 0:44:07There was somewhere to hang your dressing gown
0:44:07 > 0:44:09but I've just destroyed that...
0:44:09 > 0:44:13Is there a way of using this space a little bit better?
0:44:13 > 0:44:16Is there in a way of maybe making it a little bit bigger, as well?
0:44:17 > 0:44:22At least the outside space meant there was a possibility to extend.
0:44:22 > 0:44:27Buyer Dave got the house for bang on the guide price of £45,000.
0:44:27 > 0:44:32He and his dad Tony thought they had the answer to the space issue, also.
0:44:32 > 0:44:35So, what we are going to do is improve what we've got here.
0:44:35 > 0:44:36- OK.- By just bringing...
0:44:36 > 0:44:41Making the bathroom a bit bigger, moving the back door this way,
0:44:41 > 0:44:45and then we'll have a little utility room in between the living room and
0:44:45 > 0:44:48- the bathroom.- And the kitchen will be coming this way?
0:44:48 > 0:44:52- The kitchen, this will be the living kitchen.- Oh, nice one.
0:44:52 > 0:44:55Both Dave and Tony had trades before they got into property
0:44:55 > 0:44:59developing together. Dave was a bricklayer and Tony a joiner.
0:44:59 > 0:45:03However, they planned to get a team in to do the work for them
0:45:03 > 0:45:05on this project so their 11- to 12-grand budget
0:45:05 > 0:45:08and their three- to four-month timescale
0:45:08 > 0:45:10seemed doable. Five months later,
0:45:10 > 0:45:13we are back to see how this father-and-son team got on.
0:45:15 > 0:45:17The dated reception room has gone,
0:45:17 > 0:45:20replaced with a modern fitted kitchen,
0:45:20 > 0:45:23with a splash of colour and plenty of space for a dining table.
0:45:26 > 0:45:31There are new wooden floors and they have installed central heating throughout.
0:45:36 > 0:45:40That tiny kitchen is now a spacious utility room with combi boiler.
0:45:44 > 0:45:50The tiny shower room has been redesigned into a fantastic bathroom with a bath.
0:45:51 > 0:45:53By moving the internal wall,
0:45:53 > 0:45:56they have managed to find more space without the cost of extending.
0:46:01 > 0:46:05The front reception room is looking very smart and, fortunately,
0:46:05 > 0:46:08the mining report in the legal pack flagged no issues.
0:46:08 > 0:46:11So, they only needed to level and carpet the floor.
0:46:13 > 0:46:16Upstairs is looking brand-spanking-new and,
0:46:16 > 0:46:17like the rest of the house,
0:46:17 > 0:46:19has been replastered and repainted.
0:46:21 > 0:46:24They've done everything they set out to do and I'm convinced that it was
0:46:24 > 0:46:27right to reconfigure the space rather than increase the extension.
0:46:28 > 0:46:33We decided against it because there's a ceiling price on the houses around here.
0:46:33 > 0:46:37So, we decided to spend the money on improving what was already here.
0:46:39 > 0:46:41I think they made the right decision here.
0:46:41 > 0:46:46And just as well because remember Dave mentioned there are often surprises.
0:46:46 > 0:46:50The whole house, bar the new kitchen,
0:46:50 > 0:46:53has been fully damp coursed.
0:46:53 > 0:46:57At first, we saw some signs of damp
0:46:57 > 0:47:01and when we got to hacking the plaster off and doing it
0:47:01 > 0:47:04we decided to do it all and that
0:47:04 > 0:47:06added a bit more cost onto it.
0:47:08 > 0:47:12That has turned out to be a fairly big expense and in retrospect,
0:47:12 > 0:47:16a budget of £11,000 to £12,000 was a bit optimistic.
0:47:16 > 0:47:18So, what did they spend?
0:47:18 > 0:47:22We thought it would be about £11,000, 12,0000 or so,
0:47:22 > 0:47:28but it's been quite a bit more than that due to unexpected things.
0:47:28 > 0:47:31Once you start knocking things about, you start revealing...
0:47:31 > 0:47:32It reveals more.
0:47:32 > 0:47:38So, we've ended up spending nearer to 25.
0:47:38 > 0:47:41It's not hard to see how the costs mounted up.
0:47:41 > 0:47:45For instance, council tax needs to be calculated in.
0:47:45 > 0:47:47And apart from the obvious big-ticket items
0:47:47 > 0:47:50like the kitchen, bathroom, central heating
0:47:50 > 0:47:53and the damp proofing, other items like doors,
0:47:53 > 0:47:58handles and architraves, and good quality materials, all give a great finish,
0:47:58 > 0:48:02but don't come cheap. The lads are philosophical about it, though.
0:48:02 > 0:48:04With an old house, you've got to try and put it right.
0:48:04 > 0:48:07Spend the money putting what's there right.
0:48:07 > 0:48:10And get a good decorator. You don't want to do it yourself.
0:48:11 > 0:48:15Time to find out if making right this house will pay off.
0:48:15 > 0:48:19We invited along two local estate agents to get their thoughts on the
0:48:19 > 0:48:22changes, starting with the agent who saw it first.
0:48:22 > 0:48:25Lots of changes since my first visit.
0:48:25 > 0:48:31It's now really modern, neutral, fresh and ready to move into.
0:48:31 > 0:48:33This is my first time at the property.
0:48:33 > 0:48:38And the first impressions are that they've done a very, very good job.
0:48:38 > 0:48:40I particularly like the new layout.
0:48:40 > 0:48:42I think they've done wonders with the property in that respect.
0:48:42 > 0:48:45I think the new layout does work very well.
0:48:45 > 0:48:48To have a kitchen diner in a property like this
0:48:48 > 0:48:49is a big selling point.
0:48:49 > 0:48:54And also to have a separate utility area will appeal to most buyers.
0:48:56 > 0:49:00It sounds like their clever use of space has impressed the agents.
0:49:00 > 0:49:01Any other positive thoughts?
0:49:02 > 0:49:05The selling point of the property is it does feel like a new build
0:49:05 > 0:49:10internally. All the walls have been reskimmed and they're neutral
0:49:10 > 0:49:13and it would appeal to somebody who just wants to move into a property
0:49:13 > 0:49:18without finding the money or time to do improvements.
0:49:18 > 0:49:22It sounds like Dave and his dad Tony have got this property lark sorted.
0:49:22 > 0:49:25Is there anything the agents didn't like?
0:49:25 > 0:49:29I think there are always negatives with any property
0:49:29 > 0:49:34and here it is the fact that not all the windows are uPVC double glazed.
0:49:34 > 0:49:37And the front door, it could have been replaced by the vendor.
0:49:39 > 0:49:43New windows and doors would have increased that unplanned 25 grand
0:49:43 > 0:49:48refurbishment spend, on top of the £45,000 purchase price.
0:49:48 > 0:49:49That's 70 grand.
0:49:49 > 0:49:53And as Tony said, there's a ceiling price, so will Dave make a profit?
0:49:55 > 0:49:59I would place this property on the market in the region of £80,000.
0:49:59 > 0:50:03If we were to put this property on the open market for sale,
0:50:03 > 0:50:06I would expect it to achieve figures of £80,000.
0:50:08 > 0:50:12Minus taxes and fees, that could be a potential profit of ten grand.
0:50:12 > 0:50:14So, are the pair happy with the result?
0:50:16 > 0:50:18About what we expected.
0:50:18 > 0:50:22We've got it on the market now at a figure very close to that.
0:50:22 > 0:50:25So, if we can get anything around that sort of figure,
0:50:25 > 0:50:27we'll be quite happy with that.
0:50:27 > 0:50:29So, now this project is complete,
0:50:29 > 0:50:32will they be heading back to the auctions?
0:50:32 > 0:50:34Buy again at auction? Yeah.
0:50:34 > 0:50:35Definitely.
0:50:40 > 0:50:43- MARTIN ROBERTS:- We head back now to west London and the borough of Northwood.
0:50:45 > 0:50:48Earlier on, Lucy looked at this.
0:50:48 > 0:50:50No, not the house,
0:50:50 > 0:50:54this patch of land that measured 702 square feet
0:50:54 > 0:50:56and had a guide price of zip.
0:50:56 > 0:50:59Zero, zilch, nothing, nowt.
0:50:59 > 0:51:01Yep. The question still had to be asked though,
0:51:01 > 0:51:04was there value for even no money?
0:51:04 > 0:51:09Along this boundary, right along the back, and along the side...
0:51:09 > 0:51:12You don't even get this shed.
0:51:12 > 0:51:15It is just this little parcel of land here.
0:51:16 > 0:51:19It's not going to take very long to look around, is it?
0:51:21 > 0:51:22Done it.
0:51:22 > 0:51:26# Is this it? #
0:51:26 > 0:51:28Yep, that was it.
0:51:28 > 0:51:31Normally, planning would be the main hurdle for a plot.
0:51:31 > 0:51:34Could you even get planning for a site like this?
0:51:34 > 0:51:36But worse, in this case,
0:51:36 > 0:51:40getting an agreement with the owners of the private driveway would be vital.
0:51:40 > 0:51:44With the access issue, it was clear why this plot had no guide price.
0:51:47 > 0:51:51Sounds like a lot of ifs and buts but that didn't put the bidders off
0:51:51 > 0:51:58on auction day as the plot sold for £5,200 to business partners David and Jack.
0:51:58 > 0:52:02And it turned out, for them, the access issue was a doddle
0:52:02 > 0:52:04because they owned the property adjacent.
0:52:07 > 0:52:11So, what is the plan and what do you think can happen from here?
0:52:11 > 0:52:16Well, hopefully, we are going to redevelop the house, sell that off,
0:52:16 > 0:52:19and then develop the property here.
0:52:19 > 0:52:21We should be able to get a four-bedroom house here.
0:52:21 > 0:52:23With a bit of luck.
0:52:23 > 0:52:25So, this was a project of two parts.
0:52:25 > 0:52:30Stage one, refurbish the four flats they already own and sell them
0:52:30 > 0:52:34and use the capital from that for stage two, a new build.
0:52:35 > 0:52:37Having got the plot for a song
0:52:37 > 0:52:40and projected build costs of up to 250,000,
0:52:40 > 0:52:44they certainly had a great opportunity to create something fabulous in
0:52:44 > 0:52:46their ten- to 12-month timescale.
0:52:46 > 0:52:48But, of course, there was still a major hurdle.
0:52:50 > 0:52:52- What are you worried about?- Planning permission.
0:52:52 > 0:52:56Do you think...? I mean, what do you think would stop you and halt this?
0:52:56 > 0:52:59I don't share David's view on this.
0:52:59 > 0:53:04I think that with the architects and the planners we've got on board,
0:53:04 > 0:53:06I think it will get through.
0:53:06 > 0:53:10I've done this before and I think it's just a question of making sure
0:53:10 > 0:53:12that we do the right things for them.
0:53:15 > 0:53:19- MARTIN ROBERTS:- We are now nearly 12 months on and the good news is the flats have been
0:53:19 > 0:53:23renovated, so that's phase one of the project complete.
0:53:24 > 0:53:26But the bad news is...
0:53:26 > 0:53:30# Oh, we're halfway there
0:53:30 > 0:53:34# Oh-oh, living on a prayer
0:53:34 > 0:53:38# Living on a prayer. #
0:53:39 > 0:53:41Unfortunately, David and Jack
0:53:41 > 0:53:44have still not been able to secure planning permission
0:53:44 > 0:53:46for the plot of land they bought over 12 months ago.
0:53:48 > 0:53:52In terms of planning, we've applied and we've been backed,
0:53:52 > 0:53:57it's for a four-bedroom house, and now we are just going to appeal.
0:53:57 > 0:54:00And, hopefully, we are going to get something from the appeal.
0:54:00 > 0:54:04I think we've applied over the last several years two or three times.
0:54:04 > 0:54:07The main reason they've always come back with
0:54:07 > 0:54:10is a lack of amenity space in the area around the house.
0:54:10 > 0:54:13We were under the impression by what the council said
0:54:13 > 0:54:14that if we were able
0:54:14 > 0:54:18to offer them the amenity space which they require,
0:54:18 > 0:54:21there wouldn't be a problem. But we bought the extra piece of land
0:54:21 > 0:54:22and they still weren't happy with it.
0:54:22 > 0:54:25So, we are hoping now, this is going to appeal,
0:54:25 > 0:54:28that the Government Inspectorate will look at it more favourably.
0:54:28 > 0:54:32# So, please, please, please
0:54:32 > 0:54:36# Let me, let me, let me
0:54:36 > 0:54:41# Let me get what I want this time. #
0:54:41 > 0:54:46- MARTIN ROBERTS:- In the meantime, David and Jack have been busy creating four high-end
0:54:46 > 0:54:47one-bedroom flats.
0:54:49 > 0:54:54This includes a maisonette at the back and a very attractive duplex
0:54:54 > 0:54:55at the top of the property.
0:54:57 > 0:55:01They've also gone to the trouble of replacing the entire roof.
0:55:03 > 0:55:07We've made sure that everything here is five-star.
0:55:07 > 0:55:11Heating, the soundproofing, which is important,
0:55:11 > 0:55:14and there's nothing that we've kept back on.
0:55:14 > 0:55:19So, hopefully, that will be seen in the price that we achieve
0:55:19 > 0:55:21and also the people that
0:55:21 > 0:55:24will want to live here. We are in a wonderful position here.
0:55:24 > 0:55:28We are so near the station. 25 minutes from London.
0:55:28 > 0:55:30Parking, as well, is available.
0:55:30 > 0:55:32And it's worked out.
0:55:32 > 0:55:37The reason we've rebuilt these flats to such a high standard
0:55:37 > 0:55:40is to get the money to do the rebuild at the back,
0:55:40 > 0:55:43which is where our profit will be.
0:55:43 > 0:55:47- MARTIN ROBERTS:- David and Jack have spent £230,000 so far and of course,
0:55:47 > 0:55:49they haven't even started on that plot yet.
0:55:55 > 0:55:57We asked the agent who came before
0:55:57 > 0:56:00again to give us advice on the plot
0:56:00 > 0:56:04but first, what's his opinion on stage one of the project, the flats?
0:56:05 > 0:56:07The selling points to the properties
0:56:07 > 0:56:09are the location is second to none,
0:56:09 > 0:56:12right next to the transport and high street,
0:56:12 > 0:56:14the finish is excellent,
0:56:14 > 0:56:17and I think the whole feel of the property is really good.
0:56:17 > 0:56:20I think there is a strong demand for these properties.
0:56:20 > 0:56:22Especially for commuters,
0:56:22 > 0:56:25first-time buyers, and investors,
0:56:25 > 0:56:27because of the location of the properties.
0:56:28 > 0:56:32The estate agent is impressed with the flats and feels that if all four
0:56:32 > 0:56:37should sell, it could generate a combined sales figure of 1.1 million.
0:56:42 > 0:56:45I think we anticipated that from the beginning.
0:56:45 > 0:56:49Perhaps it's gone up a little bit because of the quality
0:56:49 > 0:56:54that we have put into the place. But it's what we'd hoped for.
0:56:54 > 0:57:00It's worth the extra money that we've put into it and the finish of the flats.
0:57:00 > 0:57:02Of course, the profit from the flats
0:57:02 > 0:57:04will go towards the building of the four-bedroom
0:57:04 > 0:57:06family house they have planned,
0:57:06 > 0:57:12which they think will cost between £200,000 and £250,000 to build.
0:57:12 > 0:57:15So, what does the agent think that a house that size could be worth?
0:57:18 > 0:57:23Depending on specification and size I feel that a four-bedroom house in
0:57:23 > 0:57:27this location would be between £700,000 and £800,000.
0:57:29 > 0:57:33Well, as we know, it's all still in the balance but if they do get
0:57:33 > 0:57:35planning permission for that four-bed family home,
0:57:35 > 0:57:39and if they get that top guide price of 800,000,
0:57:39 > 0:57:44it would mean a potential pre-tax profit of £545,000.
0:57:47 > 0:57:50But after all the problems they've encountered with planning permission,
0:57:50 > 0:57:52have they ever thought about giving up?
0:57:55 > 0:57:56No. No, not at all.
0:57:56 > 0:58:01We had it set in our minds from the start what we want to do.
0:58:01 > 0:58:06And the idea, as we said, was to do these and then hopefully concentrate on the rear, on the back.
0:58:06 > 0:58:10So, let's hope we can conclude with that.
0:58:17 > 0:58:21That's us done for today but we're going to be back very soon with more
0:58:21 > 0:58:23stories from the auction houses.
0:58:23 > 0:58:26- Some successful... - Some unfortunately less so.
0:58:26 > 0:58:28Whatever, we'll be featuring all that happens
0:58:28 > 0:58:31- here on Homes Under The Hammer.- Bye-bye.- Goodbye.