Episode 5 Young, Rich and House Hunting

Up and down the country, super rich teens and twenty something's

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 do like to read that.

Unless you've got a trust fund, or being bank rolled by mum and dad...

Some people can work all their life to become a millionaire,

I just adopted it.

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

38, bloody hell.

Go back to your dad.

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 bottles of Cristal,

a standard weekend really.

I'll make a hundred times as much in 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 the theme I want to be going for cos £700 is a good bargain.

It's going to be extortionate.

-This one is 420,000.

-79,950.

Er on the market for about two and a quarter million.

There is no question, no doubt in my mind, I've become obsessed with property.

-Have we got it?

-Yeah. My God!

In tonight's show, we meet a 17 and 18-year-old brother and sister

who have more than half a million pounds to splash.

I didn't check where the house was.

I sort of expected there to be a big sign.

A 19-year-old Essex boy with over £300,000 to spend on his first flat.

Yeah, this is, this is a bit of me, without a doubt.

Oh, my God, this is lovely.

And a 24-year-old who's been given £1.5 million by his parents

to build a property empire.

Bit of dead flies under it. That would definitely not work in my house.

Outside London, in the Chiltern Hills, Beaconsfield, lives Ed.

I'm 24-years-old, looking at building a portfolio

of about four or five properties, around sort of £300,000 each.

Maybe a two or three bedroom house for some young executives.

He's lived in the town all his life and his parents

recently gave him half a million pounds to buy a house.

I'm a massive fan of Rod Stewart, everyone always takes

the mick out of me for it, but I've got all his albums and everything.

How To Be A Property Millionaire, I do like to read that sometimes.

All my shirts come from a French company.

I don't want to tell anyone where I get them because the more people you tell

then the more people you're going to be seeing wearing them.

But one pad isn't enough.

He wants a local property empire.

I think the average house price in Beaconsfield is around 700,000.

There is a council estate in Beaconsfield, but it's a nicer council estate than some places.

Is it me or is it just that all council estate houses have really small windows?

To start his property portfolio, Mum and Dad have now gifted him

an additional £1.5 million to buy houses in the local area.

I'm happy to give him money if he's going to invest it

and look after it in a sort of business way.

He's got big shoes to fill, Dad Mike recently sold his business

for a reported £230 million,

putting him straight onto the Sunday Times rich list.

Judging by wealth, I suppose yes, I'm at the...

quite near the top of the list. Am I happier than the average Joe Bloggs,

you know, with a regular job in a three bedroom semi?

Well, maybe I am.

It's very difficult for Edward to do better than I've done.

But Dad might have competition, as Ed aims to prove him wrong.

I'm ambitious and I really want to do well. My overall goal

is to be very successful in business, in whatever I do.

And I can see that line going down the property route.

And it's time to catch up with teenagers Amelia and brother Henry.

When it comes to house hunting, these two are wet behind the ears.

I'm Amelia. I'm 18.

I'm Henry and I'm 17 and I'm looking to buy a property with my sister.

-We've got 600,000 to spend.

-Yeah, we're chipping in together.

The two teenagers have inherited money and want a London flat.

Spec doesn't matter for these inexperienced first time buyers,

but the location is crucial.

I'm only going to live in Chelsea. It's the centre of the world.

Exactly.

They've already seen two properties, but it turns out that a budget

of £600,000 doesn't get you much in Chelsea.

Quite small.

I'd have this as like a sofa, like the room as a sofa.

The room as a sofa.

But Amelia is a woman on a mission. In four weeks' time

she's off on holiday and wants everything sorted beforehand.

I'm on my gap year as well and so when I get back from travelling

it'd be really nice to have sort of my own flat and sort of like get out into the real world.

Not lower basement. Is it SW1V?

It has to be SW1V, not P, cos as close to Sloane Square as possible.

Teenage entrepreneur Johnny still lives at home in Southend,

but wants to find a bachelor pad.

I am 19-years-old.

I'm working with a budget of about £300,000.

He left school at 16 with no qualifications.

I was extremely, extremely worried about what I was going to do,

then I was reading Duncan Bannatyne's book, believe it or not,

from the Dragons' Den, and I just saw a little few bits and pieces in there

about care homes and, you know, I looked at the basics,

you need a house and that sort of thing, and I thought OK, let's give it a go, let's give it a try.

Now aged 19, he's a self-made millionaire, with an expanding

care home business and a large amount of responsibility.

You can't be a kid all the time.

You get a few bits now and then, but the moment the phone rings or

goes wrong - snaps right back in.

Call the social worker, call Terry.

Basically we take people who have got learning disabilities, mental health, and it can range all the way from

just simple epilepsy and autism, all the way up to full blown paranoid schizophrenia.

Even with his high pressure business,

there's still a teenager fighting to get out.

I love the car. I like

having stuff that other people think "That's pretty nifty, pretty cool."

At the moment he's able to socialise quite a lot,

when he wants to, but work will always come first with Johnny, yeah.

The success has come at a cost.

I have completely missed out on my teen years really.

He has sacrificed quite a lot,

like he put a lot of time and effort into it, but it's paid off.

After years of professionally taking care of other people,

it's time for Johnny to look after number one.

I don't mind spending money if I know I'll be getting money back for it.

With an investment there's no question, I'd much rather do it.

But obviously if I've going to be living in a house, it's a different story and

I know my stuff when it comes to houses, but I'll be looking at flats probably, which I'm new to.

In rural Lincolnshire, Amelia is continuing

her Chelsea flat hunt from the comforts of her childhood home.

There's a house I like off the King's Road, it's on the market for 550.

I think it was an ex-council flat.

I haven't actually looked round it,

but I know I like it. So I was thinking to offer 525?

The half million pound cost will be split by Amelia and her brother, using inherited money.

Henry's currently at boarding school,

so he'll have to trust his sister's judgement.

Hi, Henry, I was just wondering,

there's a house just off the King's Road, and it's for 550,000.

-What do you think if I put an offer in?

-Definitely. You don't have to look round it.

I don't think I have to look round it either.

You see, spontaneity, we think the same.

Over one million aspiring homeowners can't buy because of house prices and mortgage availability.

With the money she's been given, Amelia is unaffected.

Her dreams of a King's Road pad are well within her sights.

Time to ring the estate agent.

I don't really care what it looks like really, within reason.

Um, I just really care where it is and I think that's the perfect spot.

Do you think you could try her at 525 and see what she says?

That'd be really kind.

A £525,000 offer on a flat she's never seen is a big gamble.

Yep...

Down in Braintree, Essex, Johnny is making the effort

to look at his first flat in an upmarket development.

The main accommodation in this particular mews property is up the stairs.

He's only 19. most guys his age take home roughly ten grand a year,

but Johnny has a cash budget of at least £300,000 for his first flat.

So if we wander down through the living area...

This is what I mean by when I said I like open plan, I like the space.

-Exactly.

-It's really nice. Yeah, this is what I was talking about.

This leads through to the master suite.

For what they've got out there, what they've got in here doesn't match up to it.

Next up it's a split level apartment, on for £325,000.

Yeah, this is a bit amazing, without a doubt.

Oh, my God, this is lovely.

-Excellent.

-This is really nice.

I'm glad I found this place, to be honest. Compared to the stuff

-I've been seeing, I mean this just beats the

-BLEEP

-out of it.

-Right. OK.

-You've got the suaveness.

I can imagine bringing my mates round or something like that and just showing them around and be amazed.

We'd probably be the loudest ones here, and the youngest ones.

In Beaconsfield, Ed's situation is also looking good.

He has one and a half million pounds to kick off his rental empire,

so he starts by checking out a modern three bedroom semi.

How much would you think you would get from a tenant per month?

Between 1,600 and 1,800.

-And you got this light tube.

-Oh, great!

-To let natural light through.

Bit of dead flies under it. You could clean them out.

That would definitely not work in my house. So how much is the property?

-545,000.

-OK.

He's open to offers.

Because this is so close to the amenities it could go very quickly.

The shops and everything in Holtspur are not great.

There is a lot of council areas in Holtspur.

The other side of town has a period property for sale

and it's £150,000 cheaper.

-There it is in all it's glory.

-Yeah.

Built in 1912. It's like me, it's old, but full of character.

OK, one living room with a nice little den round the corner there.

You'd have to be pretty short to sit here and do some work.

Little midget or something down there.

I may have to go up this one sideways.

Yeah. Good sized third bedroom.

-OK. Right, excellent.

-Great. Thanks.

-Off you go.

Have you got your chequebook?

The property is on the market for 395

and the owners might take a little bit less, you never know.

Faint heart never won fair lady, worth a try.

399, it's a lot for what they're asking for a, what, 1912 property?

I definitely think I can get less. If I can buy it for 360 it's a winner.

I'm going up to London and I might phone him and see if he will accept my offer.

He's only seen a couple of houses but Ed is ready to start building his property empire.

I'll be happy to put an offer in of 370.

Yeah. Thanks very much for your time, Trevor.

He's going to put the offer to the vendor and phone my back, so...

Uh, fingers crossed.

While Ed heads into town, Amelia has already arrived in Chelsea.

Her offer is on the table, but she's starting to get cold feet.

No-one rang me back yesterday, so I'm a bit upset about that,

so anyway I thought I'd have a look and check the house out for myself

because I've just put an offer in on something that I haven't seen,

so we better make sure I haven't made a mistake.

But her first mistake is not knowing the flat's address.

I think it's Chelsea Manor Court.

It might not be one of these, I'm just making it up.

And do you think that's the walkway they were talking about?

Ooh, ooh, excuse me, I'm looking for a house for sale.

-You looking for a house to sale here?

-Yeah.

For sale. Is there? Do you know?

-No. No. No, I don't think they are for sale.

-Are you, are you sure?

-Yes, I am pretty sure.

-Oh, OK, there's no houses round here, it's not this. We're lost.

Classic! I didn't check actually where the house was, I sort of expected there to be a big sign,

like...saying Amelia's house.

Oh, my God, I might actually be in luck.

How, um, serendipitous this situation.

Ah, yeah. This is like the one card I have in my purse.

I'm off the King's Road onto Chelsea Manor Street.

After a few directions from the estate agent, she finally finds her potential new home,

a three bedroom ex-council flat, on for over half a million.

I can see. Yeah, that's incredible.

OK. They're saying there's lots of interest in this,

you know, we don't know whether we can take your low offer.

I'm the highest offer they've had,

it's like they're just pushing it, which is just,

which is a bit annoying,

but hopefully they'll see what she says, but I'm really thrilled.

I'm absolutely delighted.

This is perfect, this is waiting for me. This is my house,

so don't let them take it away from me.

Ed and his dad are on the shooting range.

It should be a relaxing afternoon,

but their competitive nature soon gets the better of them.

Come on, Eduardo.

Ugh!

My main thing is to beat Dad,

-I think if I can beat Dad then I'll be fine.

-Cheating!

You missed quite a lot.

I missed two, but then I got two with one cartridge, which is counts twice.

Hopefully Ed's shooting is more effective than his property dealing,

because he's had some bad news.

-Yeah, about the house, did you know I put an offer in?

-Yeah.

Do you know it got rejected?

No. Did you explain you're an immediate buyer?

Yeah, immediate buyer, exchange and complete within seven days.

Leave the door open a little bit, so they can come back.

If you've offered it and they've said no, it's like who makes the next phone call?

You need a reason for them to come back to you.

-Like Monopoly! If you get three houses you can get a hotel.

-Yeah.

He might be losing in the property game,

but at least he has the chance to beat his dad at shooting.

In sixth place.

Sitting in the front of the car on the way home.

Sitting in the front of the car is Mike.

No!

-No.

-I don't believe it.

You fiddled them!

I haven't fiddled them.

Hang on.

-Fourth position, with 17 hits, is Ed.

-Oh, you shut up!

He is such a... This is so fixed.

-It's not fixed.

-As long as they put the right things on.

But how can you expect to win when you get one.

-Yeah, because I got a full house on the first.

-Yeah.

Right, listen, I'm sitting in the front.

Ed's property plans are faltering. He's not the only one.

19-year-old Johnny has hit the road,

after deciding that Braintree isn't for him.

Braintree's in the middle of bloody nowhere

and trains run to London every hour.

-If you miss a train you're

-BLEEP.

It's just not going to be convenient.

Johnny is used to looking out for other people,

but looking out for himself is now the priority,

so he's brought mate Ben along for moral support.

-Looks all right, don't it?

-Looks pretty tasty, yeah.

Got a little bit of work going on though.

They're looking at a two bedroom £420,000 cottage on the outskirts of Hertford.

It's in the heart of a restoration development, which is still being completed.

-420 grand, no.

-This is mad.

Do you know, it's the sort of place you come to see your wealthy nanny.

She'd sit you down and give you a scone or something and a cup of tea.

HE LAUGHS Oh!

Just things that you're not going to use. You want a breakfast bar.

Just grab a sandwich or something, ain't going to sit down there

and have croissants in the morning.

I'm not very happy with it. The developers next door wouldn't even let me have a look.

They probably wouldn't want you here, to be honest.

-No, you're right.

-They'd take your money, but they'd kick you out as soon as they could.

I don't know why they've made it all traditional out here,

like no telly, literally expecting you to sit there in silence

and make awkward conversation with your grandma.

They've given her a wet room, which she's going to go over and do her hip.

She's going to slip straight over there. But they said

the next little complex won't be ready till next August.

I'll have to wear a bloody hard hat every time I go down the shops.

While Johnny's search continues, in Beaconsfield Ed's had

a surprise call from the vendors of the period property he made an offer on.

The offer was rejected to start with and then they left it over the weekend,

thinking I was going to put a higher offer in, which I didn't.

So I waited and then, literally, I came out of a meeting on Monday,

and there was an email saying they accepted the offer.

So I was really happy when I saw that. So the next stage now is getting the property surveyed,

really want to exchange in the next couple of weeks and then complete sort of a week after.

Obviously being a cash buyer I can go in straightaway

and go and get that.

So I'm really happy about it and things move forward from there.

Not to be outdone, his dad has also decided to buy somewhere,

a penthouse apartment in the heart of London.

Well, this is our fantastic new London pad. This is the best place in London.

It'll become a crash pad for the family when they're in town.

I suppose the balcony and the outside is an exciting part.

24-year-old Ed has been gifted £1.5 million

to create a property empire, but right now Dad

has another challenge for him; redecorating the new flat.

This is a right state, so he's either got to

tile it, maybe slate, terracotta tile is not that fantastic.

He maybe he could put decking down or whatever.

Ooh, that's a demonstration. I didn't know I'd get that. I assume we'll be safe up here.

Are they all walking on there, look. See the placards?

There's hundreds of them, look.

I feel a bit sort of safe up here. I'll lock the door.

It's got to be practical, but it's still got to look modern and trendy

and he's got to get that balance right, so that it looks cool

and he's got to do it in a reasonable quick time. No pressure.

While Ed and Dad are over the moon with their new places,

in Brentwood, Essex, Johnny is having a hard time finding a place of his own.

I've been so busy lately with business, everything's kind of taken its toll,

it's limited me to how much I've been checking for houses

and stuff like that, it's kind of taken a backseat.

Um, but obviously business is first.

Today he's taking time off work to visit a flat in Brentwood.

He knows the area well and is viewing yet another restoration development.

Maybe this will be the one, as he's discovered a spooky connection with the building.

Turns out it used to be some kind of Victorian mental assessment unit,

which has a strong sense of irony considering that's the business that I'm in now.

The two bed flat is on for half a million pounds,

that's 15 times the average deposit most first time buyers have to spend.

This is the second bedroom. You've got a lovely vaulted ceiling, just want to point that out to you.

-Yeah, that's gorgeous, innit?

-I'd like to know what your initial reaction is.

-Well, yeah, open space, that's what I love.

-You think this could tempt you?

It's very tempting, yeah.

But once again Johnny has issues with bedroom size.

But I possibly want to see something maybe with bigger bedrooms.

I saw a place, I thought in this block, not in this block,

in this development, I think it might have been

-the bakery one you were talking about.

-I'm afraid that's lived in.

-Shall we go and meet the owner and see if I can make 'em an offer of.

-No, no, no, I need you here.

In Chelsea, Amelia is still waiting to hear back from the estate agent

about the £550,000 ex council flat.

She originally made an offer 25 grand under the asking price.

Two other buyers came in, so I had to bid 550,

and then they said that they'd speak to the vendor last night

and they would call back sometime last night, but I knew they wouldn't.

With the flat hanging in the balance,

Amelia does her best to relax with a friend and hits the King's Road.

Yeah, what's the time now? 5:15 or something.

They said they'd get back to me last night or today, but they haven't.

If they said they were going to call you today, they should have called before five, you'd think.

She might be rich, but even Amelia has to experience the frustration

of waiting for an estate agent's call.

I feel messed around right now.

-Yeah, you've been waiting all day.

-I've had fun while I've been waiting around,

but I feel messed around, cos they messed around with the price already.

But her patience pays off.

Hi, please can we go to Sloane Square.

PHONE RINGS Hello. Oh, hi Giles. Oh, my God!

She accepted mine?

My, so.. Oh, my God!

OK. Speak soon. Bye!

-Bye. Whoa!

-You got it?

-Yeah!

Oh, my God!

-Yes. Oh, my God.

-So is it yours?

Yeah. Well, I haven't put the money through yet.

-Oh, my God!

-But it's definitely, definitely yours.

Yeah. Yeah. Apparently she was like, I don't think she was like, we were both cash buyers and everything.

-Oh, my God.

-But she just picked me.

-That is amazing!

That's over half a million pounds on a property she's only seen from the outside.

Ed is under pressure. He only has a week to transform

his dad's Mayfair apartment into a swanky pad.

So he starts with a safe bet, the family store.

Look, I really like this chair.

I think it's... I think it'll go well in the apartment.

Buddha head?

Definitely the sort of theme I want to be going for is sort of a modern theme,

maybe a sort of cream or even a red,

like a deep red, like an accent red with some diamantes in the middle.

They're just so practical.

This is something that would be great in the Mayfair flat. I really like this.

I could see two of these being in the seating area.

Spins as well, so you have a bit of fun.

I think definitely.

But shopping for furniture just isn't as much fun as shopping for Ed.

Dad's always saying, "Let's go out, let's do some shopping

"and let's go out and do the apartment," I'm saying,

"No, I want a bit of Ed's time, I want to go out and buy a treat myself."

Running on Ed's time doesn't come cheap,

especially when you find yourself outside a Lamborghini showroom.

I'm not a massive car fanatic,

but I've always just wanted one,

and maybe this might be the start of me getting actually into cars really well.

So Ed buys one sofa for Dad and one 0-60 in four seconds...

..100 grand Lamborghini for himself.

He's not the only one feeling the need for speed,

although Johnny is looking for something a little more practical.

We are in Enfield today because instead of buying a house

I thought I'd buy a car.

I'm 19-years-old, I think a car works better than a house anyway, so.

He's not given up on the idea of buying a flat, he just doesn't want one right now.

I'm not too prepared at the moment to blow that amount of money

on something that I'm not going to be making more money back from,

and that I'm not 100% sure on anyway, especially with the market the way it is.

After weeks of searching, he feels he deserves a little something,

like a modestly priced 28 grand run around.

This, this is my cocaine, this.

-Automatic?

-Automatic diesel, that's what I'm after.

-Yeah, I've got one of those here for you.

-Great.

'It's all positive.

'I'm glad I'm getting something new. If it's not a house, I'm glad it's a car.'

Give you a call tomorrow and get the car down here. Have another drive, see what you think.

-Pretty sure we're in business, yeah.

-Fantastic.

-Yeah, it's lovely.

-Thanks for your time today.

-Thank you very much. Nice to see you.

-No problem.

18-year-old Amelia has important news for 17-year-old brother Henry,

she's just spent £225,000 of his inheritance

on a £500,000 ex-council flat they haven't seen the inside of.

-Hello.

-Hi. Ah. How are you?

-Very well.

-We had a phone call. They said yeah and they accepted our offer.

-They what?

-They accepted our offer.

-They accepted our offer?

-Yeah.

-What the

-BLEEP?

-You're kidding.

-No.

-You're lying.

-No, I'm not.

-What?

-I'm not.

-That's awesome.

-Yeah.

They head off for a celebratory meal and soon start to figure out

how they can make their money back on the three bed maisonette.

What do you think about renting out? Do you want me to rent your room out? Shall we rent one room out?

-I should get all the money from my room.

-Mm hmm.

And you should get half the money from the other room, so I get one and a half.

-So you get three quarters of the rent, you get 450 a week and I get 150.

-Yeah.

Like being a landlord to your friends I think is going to be quite tough.

-If they've been smoking, fag ash and things.

-Kick them out.

-And a fine.

-Coz I don't really know them.

-Mm.

-All I care about is the money.

Well done Amelia, like for slaving away with buying houses while I've been...

-At school, having...

-Living the life at school.

THEY LAUGH

-Cheers, well done.

-Yeah, cheers.

While brother and sister plan for the future,

it's time for Ed to reveal the new look Mayfair apartment to his dad.

What Dad wanted me to do is change all this outside area.

I just took the easy option, I just rolled this astro turf all way out here.

He was away and then he comes back and he's like is it all done?

I had about a week or two to get it all done.

-So Dad, this is it. What do you think?

-Wow, yeah, it is different, I agree.

-Yeah.

So talk me through it, what have you done?

-Horses head.

-It's white against white, so, but it looks good, yeah, it's different.

-But you can spray it red.

-This is the only thing I don't like.

The gorilla's cool. He's angry. Make money, do things.

Look at this! You like it?

-Yeah, I feel like do my putting along here now.

-I got a cigar chair.

Why's it called a cigar chair?

Well, coz it's a dark leather

-you need...not a biro, you need a proper cigar.

-A decent cigar.

-We can open some champagne.

-We'll do a Cristal.

-Have you ever tried this before, Dad?

Of course I have! Eds, it's what I drink every night.

How can you tell it's Cristal.

-Coz the bottom bit doesn't have a thumb hole.

-Correct!

-Yeah.

Right, cheers. Thank you, Edward.

-Cheers. Cheers. Thanks.

-Excellent. Excellent London pad.

-Ooh, you can tell that's Cristal.

-Ah, it's lovely.

Next time, we meet Sally and Kim, glamorous best friends

on the verge of moving into an exclusive £800,000 pad.

Next year we'll be in the penthouse.

23 and 24-year-old Matt and Louise buy their very first home for nearly half a million.

After only seeing it once.

This is the moment I see it for the second time, when we've actually bought it.

And, ambitious 21-year-old Amelia

starts her property portfolio with nearly 500,000 to play with.

The whole street seems a bit, um, how can I put it?

Like a bit chavvy.

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