Episode 3 Young, Rich and House Hunting

Up and down the country, super rich teens and twentysomethings

are snapping up the hottest properties money can buy.

This is where the mistress will be.

You could hide your lover in here, when your husband gets home.

'How To Be A Property Millionaire.' I like to read that.

Unless you've got a trust fund, or being bankrolled by Mum and Dad...

Some people work all life to become a millionaire. I adopted it.

..the average first-time buyer now reaches a whopping 38 years old...

-38? Bloody hell!

-You're joking?!

..as Britain's youth are in danger of becoming a generation who can't afford to buy their own homes.

This series follows some of the UK's most affluent young people...

I don't actually care about this money I'm making.

80 bottles of Dom Perignon, a couple of bottles of Cristal. Standard weekend.

I'll make 100 times as much in about ten years' time.

..as they hunt for their perfect pads...

Yeah, this is a bit amazing.

-Oh, I love this!

-Oh, my God.

And there's a walk-in wardrobe!

..and go on a serious spending spree.

That's definitely the theme I'm going for. £700 is a good bargain.

It's going to be extortionate.

This one is £420,000.

£799,950.

On the market for about two and a quarter million.

There is no question - I've become obsessed with property.

We got it, yeah! Oh, my God!

In tonight's show, we follow four rich, young gents

as their house-hunting dreams turn to nightmares.

Well, what an incredibly horrendous place.

Two 18-year-old public schoolboys have a hundred grand to find a dream flat, but not all dreams come true.

I'm not so sure about the graffiti.

A 24-year-old with £1m seeks a boutique eco-home.

-A lot of red brick. Looks very councily.

-Yeah, it does.

And a 22-year-old is gifted a £350,000 apartment...

and a flatmate from hell.

I need to talk to you about getting a drum kit.

No... Absolutely not.

Public schoolboys Johnny and Kieran are best mates.

They met at Winchester College, one of Britain's most exclusive boarding schools.

OK, OK, wait. I'm Kieran. I'm 18 years old.

My name's Johnny.

Wait your turn.

My name's Johnny. I'm 18 years old.

Hi, I'm Kieran. I'm 18 years old.

These teenagers want to buy a flat in London, and luckily, their parents are giving them a helping hand.

Our parents are giving us £50,000 each, for a deposit.

We're looking for quite a nice flat, which we could perhaps later sell on

in about five, six, seven, eight years' time.

Yeah.

As long as we still say friends.

And they can have something nice with their massive budget of £600,000.

-Do you have a preference whether it's that way or this?

-I would prefer this area.

Johnny wants to live in affluent West London.

Kieran is more interested in the fashionable East End.

Kieran's got this idea that he wants to live in a trendy neighbourhood,

with trendy people wearing, like, dark, skinny jeans.

I mean, I wear quite skinny jeans.

I like that look. It's interesting.

The boys will need a mortgage. No problem for Johnny, an aspiring model.

Just got back from New York Fashion Week. What can I say? Four grand up.

I need my first campaign, because once I get that, it all kicks off.

But it might be more difficult for wannabe rock star Kieran.

I'm taking a gap year, but I'm in a band and so, we're dong stuff, like, in London.

My parents, um, are happy with, like, me moving out. It's like an independent move.

'My dad's quite happy about it,'

cos I'm moving out and he wants me to grow up and, well, become a man.

CHEERING AND SHOUTING

In leafy Wimbledon, South London, lives Josh.

'Hi, I'm Josh. I'm 22,'

and I'm about to move out for the first time.

His parents are successful property investors and he's learning the business, working as an estate agent.

I could quite easily not work, but I don't want to that.

You know, for me, it's a sense of self-achievement.

He's independent in every way, except he still chooses

to live with Mum and Dad.

He doesn't even pick a leaf up in my massive garden, do you?

That's cos, you know, I've said before we should get a gardener. Right?

Josh occupies the entire top floor of their £2m house, but he's desperate to leave home.

It cannot come soon enough, basically. I'm sure my parents won't say that.

-Their only child. Goodness me.

-He thinks he wants independence. You've got independence.

No, I do, but it's monitored independence.

-No, what he wants is a little bit of pain, isn't it?

-Yeah.

-You know?

-Yeah. I do.

It's like, you know, we've given him everything, except poverty.

He's got a phenomenal deal.

The other this is, what's quite interesting - a lot of his friends,

that he respects hugely, they all say the same thing to him.

"You must be mad to want to move out".

At 22, he already owns a house worth £500,000.

It's a great purchase. Good first-time buy, as they say.

But his house is rented out, so Josh is stuck at home - until now.

There'll be no house hunting for him, because his parents will give him a two-bed flat, worth £350,000.

He can finally move out and have the independence he craves.

My parents have a portfolio of properties, which they're going

to hand over bit by bit to me - and this will be one of them.

This is the first place out of home that I'll be living by myself.

Um, quite exciting, as I'm sure you can imagine.

And it's time to catch up with 24-year-old Zeno, one of London's richest young men.

I feel like I'm going to dance in the club tonight.

My name is Madam Voo Voo Gabor.

I am Zeno. I am 24 years old.

I'm looking for an eco-house and my budget is around £1m.

Zeno comes from a family of renowned environmentalists and he, too,

wants to continue saving the planet by buying an eco-friendly house.

I'd like to be able to have an eco-house. It is a sense of that I'm giving back to the Earth.

Previously, he started his eco-house hunt looking at a £2.25m pad.

What is that smell you're smelling? It drives me wild.

-That's probably the off gassing from some paint.

-Oh.

It was a home fit for a king - a Lion King.

ZULU-ESQUE CALL

You feel that your spirits can soar here.

But that was too expensive, even for Zeno.

So he tried out another house, on for a mere £1m.

Let's see how much noise comes in.

Hello, hello, hello, hello, hello, hello, hello, hello.

But days of searching failed to enlighten Zeno,

leaving him and his chi to continue their journey of discovery.

Today, 18-year-old Johnny and Kieran start their house hunt...

but can't agree on whether to buy

-in affluent West London, which Johnny favours...

-It's 950.

It's very expensive.

..or trendy East London, Kieran's preference.

I mean, you don't want to buy this. It looks like a council estate.

-It is a council estate.

-It is a council estate.

We haven't actually consulted any banks or any firms for mortgages.

I know the deposit has to be something like 15%.

Most first-time buyers have a deposit of just under £19,000.

These boys have five times that, thanks to the Bank of Mum & Dad.

If we have a deposit of £100,000, I think we can get a flat for about £600,000.

But when the bank or building society ask me about my income, and ask you, Kieran,

about your income, I don't even know what we're going to say.

Johnny gets paid handsomely for modelling, but Kieran is a struggling musician.

Just remind me, how much do you get paid for your gigs?

like this coming up on the 15th, how much are you getting for that, do you reckon?

Um, I don't know, actually. It could be, like, between 200 and 300.

What other part-time job were you thinking of getting?

-I know we've been talking about this.

-Yeah, we only just talked about it today.

-Yeah.

-A passing comment.

Yeah, but you need a job, or else it's not going to work.

This place would be amazing.

Four and a half million.

Ha-ha! You're so crazy.

-Look at that.

-Yeah, but can we actually try and do something productive here?

Like checking himself out on the Milan catwalk(?)

When I look at these videos, I like looking at the people on the front row.

I like looking at their faces, as I walk past.

And look at that good-looking girl.

Watch her gaze follow me, as I walk past. Look, look, look, look, look.

It's all a bit of a joke, really.

While Johnny and Kieran's house hunt has a long way to go,

in Wimbledon, 22-year-old Josh has it handed to him on a plate.

His parents have given him his first flat, and he's moving in best mate Harry.

-This is great.

-Yeah.

-This is going to be cool.

It is, exactly. This is my room, by the way.

Just thought I'd let you know. En suite.

-The question that we've got to ask is, where's the sofa going to go?

-Got room for a desk in here?

-A desk?

-Yeah, I want a desk.

-For what?

-We need an office.

OK, in that case, we can put the desk there.

Or move the sofa and put it there.

It's going to turn into a very rock and roll flat.

-It is going to turn into a very rock and roll flat.

-We'll have the walls guitar clad.

-Yep.

-Albums, speakers - left, right and centre.

The average amount first-time buyers spend on their property is £152,000.

Josh's new place costs around £350,000, but he didn't have to search for it or part with a penny.

Is this my flat? Yeah, it is my flat.

It's my parents', truthfully, but it's going to be my flat.

So there is a lot of pressure on me not to, not to mess it up and to man the fort, as it were.

-The only way is up.

-Exactly. It's a win-win situation.

Well, that's what I like to think, anyway.

We'll see how that pans out.

With the decor sorted, best mate Harry is getting his feet right under the table.

-Poker night's a good idea.

-Yeah.

-Cleaning night is essential.

Probably be Tuesday or Wednesday. What else do we need?

-Party night.

-Party, yeah. We'll have some good parties.

-I need to talk to you

-about getting a drum kit in there.

-No.

-What do you mean?

-Absolutely not.

-Why not?

-You want to get a drum kit in a flat?

-Yeah. Why not? Wooden floors, mate. Sound great.

-Wooden floors?

-Yeah.

Along with the apartment, it looks like Josh might inherit a noisy flatmate.

In West London, teenagers Johnny and Kieran haven't begun to think

about living arrangements, but they have got their very first viewing.

Not that that's motivated them to leave on time.

-Hi, Ray, it's Kieran and Johnny.

-Hi, Ray, how are you?

-Um, we're going to be a little bit late, I think.

-We're in a cab now.

All right. Take care. Bye.

Kieran has got his way and the search is starting across town, in funky East London.

-We haven't gone round a house before.

-And we don't need to.

I'm sure it's pretty simple.

-Just go round.

-I know.

The property looks quite nice and it's the sort of thing we are

looking for, so it does have potential.

But when they arrive, Johnny's fears awaken.

We're surrounded by council.

Look, Kieran, honestly, mate.

Walking through that green at night, you're going to be, like, chopped up into pieces.

They're new to house hunting, and the £370,000,

two-bed, riverside development is just as rough around the edges.

And this is the main bedroom, which has an en suite shower room

and also will have a built-in wardrobe here, as well.

Where's the bed going? It'll all be quite small.

-Think about how long a bed is.

-It's designed to fit a double.

The room next door is designed to be able to fit a bed

and a couple of bedside table and they've built in storage, as well.

It's bijou, unfinished and expensive, but Kieran loves the East End.

I really like this bit. I like the coffee shops and the bike shop,

and the restaurant's going to be here.

It's a nice canal.

-I don't know. We'll have to see.

-I'm not so sure about the graffiti.

I guess it'll have to do.

The area doesn't impress Johnny, so they move on to a second flat, in Arnold Circus, Shoreditch.

But in London, even a deposit of £100,000 will sometimes only get you

a near-£500,000 ex-council flat.

Oh, yes.

You see, yeah. It's nice.

This one is 470.

At least it's three bedrooms, so they could rent one out.

No, yeah. Look at this place.

Just look around. Looks like it will be great for parties, as well.

I really like it. And I really like the kitchen and dining room.

After only two viewings, they give up, to focus on flatmate potential.

We want them young, we want them blonde and skinny.

Students looking for accommodation.

-Art students.

-Yeah.

-There'll be art students around here.

And we'll get them, um... Yeah, we'll look.

We'll get girls to come in, like a casting, and then we decide who we take on.

Even with a massive million pound budget, Zeno has failed to find his perfect eco-house.

So he heads home for some of Mother's advice.

Are you considering any of them seriously?

I'm thinking maybe spend the money that I have, half of it on buying a house, half of it on doing it up.

-Yeah.

-I'd be giving to the environment, using money that I have in a way that's helping the world,

instead of just thinking "Wow, I'm going to be having one cool pimping place to have".

Isn't there a place down in Hammersmith somewhere where they're doing some eco-housing?

But they're built around a square, and then you share the square and that's sort of made into allotments

that's producing its own and not taking up resources.

Get some people who are like-minded and share in the project also.

I think that'd be, I think that would be incredibly fulfilling and enjoyable.

So urban community, but private,

sort of, a low impact.

Yeah, I mean, actually make something. That'd be great.

I'd feel like it'd be my baby.

-I'd give birth to it.

-Yeah.

His mother's idea of communal living gives him plenty of food for thought.

Josh doesn't need his parents' advice, but he does require furniture for the flat that they've given him.

For once, he has to dig into his own pockets.

The budget ideally was ten grand, but I can see that disappearing very quickly.

One of the TVs is five grand, half the budget.

This would be quite good and this is a hell of a lot cheaper, as well.

Those glasses... You just look like an absolute tool. No way.

This one is, yeah. Basically, I'm moving into a new flat

and I need to get... I want to hook it up with sounds.

-OK, so you want, like, a cinema home system.

-Bingo. So that's 250,

including the cables, that's nearly 500, basically about 500 quid.

So you can hook up to your TV. Can I hook it up to my iMac?

800 quid on just surround sound system is quite a lot.

I'd be happy to spend 400 quid on that.

I'll need financial advice by the end of this.

Crazy.

Three weeks in, and Johnny and Kieran are still searching for a flat, but today is starting slowly.

London has many distractions and they've had a heavy night.

We're really hungover. I'm all right. Aaahh.

Mummy.

-Full English breakfast...please.

-Shall I get some coffee?

-Yeah.

Luckily, Johnny's parents have a maid, Flory, on tap to serve them.

We were wondering if me and Johnny could get some coffee, please?

Two coffees for me and Johnny.

-OK.

-Thank you.

When they have their own flat, life will be very different.

I think when I move out, I'll probably miss

the cooking, definitely. The food and the cooking.

Because, right now I've got, my parents have, at least two maids, and they always cook for us.

-I think food will be a bit of a challenge for us.

-Yeah, no, it's not.

The boys haven't bothered to set up any more viewings, so Johnny makes an effort

to reinvigorate the search with a walk around his neck of the woods.

Here, it's just quite a nice, sort of, quiet and safe neighbourhood.

If you look at this woman there, she seems like a very nice woman.

She doesn't seem like she'd harm anyone.

And she has a very nice car.

The average price of property in Chelsea is a massive £2m.

Ooh. Look at that Audi. It's so buff.

Plush homeowners like expensive cars.

The boys spot one worth £100,000 - the same amount as their deposit - and stop to grill the owner.

Do you reckon we could find a flat around here, about 850 square feet,

for £550,000? There's no such thing around here? 600, maybe?

Minimum is about £1,000 a foot. You're probably better off going for, like, just fringy parts.

-This is prime.

-Yeah.

-Definitely sub prime.

Swanky Chelsea might be Johnny's parents' patch, but £600,000 buys nothing here.

Kieran might just get his East End dream.

Zeno's dream house doesn't seem to exist in London, so he and flatmate Harry are heading out of town.

I think it would be nice to be in the fresh air, the countryside and see the country bumpkins,

those country ladies and people cleaning out the yard, the pigsties and stuff.

They're visiting a commune in Surrey, where the flats are a mere quarter of his million-pound budget.

What an incredibly horrendous place.

The development is an attempt to create a community

that lives in harmony with itself and Mother Nature.

-Could you see yourself living here?

-It's not very much of a charming area.

-No.

-Never judge a book by its front cover.

-I'm afraid I am,

in this case. It's a bit bleak, isn't it?

It is quite bleak. I'm not sure about this, this red brick.

-It looks very councily, doesn't it?

-Yeah, it does.

What have they done below? It's like somebody is schizophrenic.

Jenny will guide Zeno around this sustainable suburb.

I think that it's very nice on top.

I'm not too sure about the bottom part. It looks slightly councily.

-Some things appeal to some people and not to others.

-Mmm, yes.

You sound like you've got tap shoes on.

Dance with you, baby.

I feel that inside, the inside's just cheaply done.

It's just... plywood.

The interior might not be to his taste, but outside is much more appetising.

-Oh, my God. You can grow your own carrots and beetroot.

-Yep.

-May I?

-Are you going to pull a carrot out?

-Yeah.

OK.

Um...

I like the delightful aftertaste of dirt.

-Delicious.

-Is it delicious?

Yes. It is.

The idea is absolutely beautiful.

'I like it. It's incredibly communal and the philosophy'

that is infused within it is very inspirational.

I think, if I could buy a large warehouse and do it up somewhere in Central London, make it a bit

more luxurious, so it's not as cheap looking inside, that would be fantastic.

The reality is, communal living doesn't involve five-star luxury.

Johnny and Kieran have viewed two properties in East London.

Today, they're viewing their first in West London's Bayswater.

This time they're early, but the agent isn't.

Does he want us to buy the house, yes or no?

Does he want his commission, yes or no?

-Johnny, do you want to go to the pub?

-Yeah, I think we should.

At £725,000, this two-bedroom flat is over budget

and almost the combined price of both places they've seen so far.

-Hello, there.

-Oh, hi, how are you?

-I'm Martin.

-Nice to meet you. I'm Johnny.

-Hello.

-Kieran.

So, in we go.

This one's been nicely refurbished.

You've got walnut floors, good double glazing here.

Quite like the doors.

The good thing about sliding doors is they don't take up so much space.

If you've got ones that swing and arc, then you can't put any furniture in the way.

Good. Shall we have a look at the reception space?

Yep. Best move on from the room where conventional doors don't fit.

So, here we come to the reception. Lovely ceiling height.

-Sorry, how much is this?

-That's £725,000.

Comes with a share of the freehold. Long lease.

I quite like the kitchen. I always look at kitchens.

It's kind of still part of your entertaining space, but you can make it separate, by just...

-..closing the doors.

-I don't like it separate. I might have to rip that door off.

-Really?

The viewing is a disappointment.

(This place is too weird. The layout is like a miniature pad.)

But rather than knuckle down and continue searching for their dream flat,

Johnny heads off for more modelling work, while Kieran hits the pub.

Me and Johnny both didn't like it.

It was just a bit too strange, the layout and everything.

Um, and we prefer the Arnold Circus place.

We'll probably go back and look at Arnold Circus and talk to our parents about it,

but I've got other things to do, like the band and travelling.

I have to sort out all that stuff.

So, house hunting, like,

comes somewhere in between all those things.

While the boys' social life is stalling their progress, Josh's domestic life is affecting his.

Well, basically, we've got a major hiccup that's happened.

My parents don't want us moving in.

They've just done a 180 on us and don't want us to go ahead with it,

which has left us in a bit of... which has left us in limbo.

Last night, his parents pulled the plug on the boys' party pad.

I didn't want my fabulously, expensively, restored property to be trashed by these two.

-That's the bottom line.

-We typed up a whole proposal, you know.

A lot of effort went into the whole thing.

Harry brought out this piece of paper. I just fell about laughing.

I mean, it's just difficult to keep a straight face.

The realisation of me actually suddenly, you know, growing up,

I mean for them, especially being an only child, I think they just found it hard to accept.

That's total rubbish, because I said to him if he wants to leave home,

the idea of, you know...he doesn't do anything around the house.

He doesn't give any kind of... I wouldn't miss it.

My sort of paternal instincts are, as long as he was within a short reach, then fine.

But under the same roof. Forget it.

His bloody music tastes are atrocious.

Without Daddy's money or flat, Josh needs to decide whether he can afford to rent privately.

Gutted. Absolutely gutted about the situation.

It's a shame, but as we said last night after the meeting, you know,

it might, in a kind of a strange way, it might be a good thing.

Yeah. It could be a blessing in disguise.

CLASSICAL MUSIC PIANO RECORDING PLAYS

Zeno's house hunting is also reaching breaking point.

He's flipped from wanting luxury eco to communal living, but still hasn't found satisfaction.

So mate Harry organises for friends to come over to help take Zeno's mind off the search.

DANCE MUSIC PLAYS

But it doesn't work.

I'm thinking of buying a big warehouse and doing it up

-and having people to be able to live in it.

-A Buddhist commune.

-Squatters.

-Yeah, squatters, exactly.

-Maybe you guys could join me.

The following morning, Zeno clears his mind and has an epiphany about his future.

'There's lots of distractions in London.

'Parties...beautiful women.'

One hardly has time to listen to oneself.

There's a place in France, led by a Vietnamese Buddhist monk.

I'm going over there and shall be meditating for a few months.

The property search will be on hold.

My sense of mind when I come back will definitely affect where I buy

my house, where I shall be and how I shall live.

Zeno's environmental flat hunt is put on hold,

but at least he can offset his carbon emissions on the flight to France.

Johnny and Kieran are going nowhere - and neither is their house hunting.

When are we going to get this house?

We were talking about just staying in uni, like, in halls, for the first year.

Despite their parents' generous £100,000 deposit,

their busy lifestyles mean neither is in the frame of mind to buy just yet.

-The house buying has been on the back burner. I know you've had a lot of modelling as well.

-Yeah.

It's been quiet over Christmas. Now I'm doing a lot. Going to Milan on Monday. So, yeah, quite busy.

Then I'm going to St Anton in, like, two weeks. The band stuff's got pretty serious recently.

When I get back from South America, we'll start recording.

It all points in one direction.

-I think we should just forget the idea for this year.

-It's over.

It's over. It's been nice knowing you.

Josh's plans to fly the nest have been scuppered by Mum and Dad, so he's done what every good son does.

He's moved back home.

For the time being, this is a pretty damned good option. I'm psychologically moving back in.

Um, well, not moving back in. I'm psychologically moving, and so this is like,

it's almost kind of coming to a new place, cos I'm seeing it in a new light, if you know what I mean.

Um, now, on that basis, on that fact, I've actually

got a bottle of champagne, which I'm now going to open, to celebrate me moving back in.

Cheers. To the joys of moving...moving house.

God, that is absolutely awful!

Happy housewarming, Josh. Brilliant.

Just goes to show - money can't buy you happiness.

And it can't always buy you a house.

Next time, we meet 19-year-old student Guy,

who's got 400 grand cash to splash,

but can't bear conventional living.

-I just want to paint the walls black.

-You can't have your living room in black.

-I can.

18-year-old Amelia has a massive 600 grand cash budget for her very first home.

Ideally, we'll buy it tomorrow. When you go to school, we have a house. I go to Thailand, we have a house.

Go skiing, have a house. It would be great.

-And 25-year-old WAG Jess...

-Massive!

..goes shopping for a second home with £2m spending money.

I want stables for the horses, a pen for the horses,

and they're like, "Where's your horses?"

Subtitles by Red Bee Media Ltd

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