BBC 1 – Homes Under the Hammer Highlights

Alex Goldstein On Homes Under the Hammer. Filmed in 2011.

BBC 1 – Homes Under the Hammer Highlights

Full transcript below:

Lucy: Hello and welcome to the programme.

Martin: Even in the currently challenging property market we still both enjoy buying property.

Lucy: Yeah, we like the idea of getting a good deal, but in today’s competitive market, well it’s not always that easy.

Martin: One way you could get a bargain is to buy under the hammer.

The city of Ripon in North Yorkshire has an abundance of old and historic properties. Some of them are in good condition and others if not quite ruins, have definitely seen better days. That was the case for this 17th century grade two listed former flat and shop not far from the city centre. Built before the invent of the motor car it was on a busy road and had windows, floors and doors from another age. With its rather higilty pigilty layout turning it round would be a uphill struggle for most people but for married couple Giles and Claire tackling a mountain of work was nothing new.

Giles: Yeah, we’ve got a property in the French Alps, we run a catered chalet.

Martin: Oh great.

Having paid £68.5 thousand to get a foothold in the UK market and armed with an £11,000 budget former top slalom skier Giles and his wife Claire set about turning the shop and flat into one large home. 14 months later we’re back to see the results.

Well the outside’s a big improvement with snowy white walls and a new black front door, while inside, well on the face of it, it’s not quite so impressive but as with any assault on a mountain the key to success is preparation but will all their efforts be worth it? What do two local property experts think of the progress so far?

Alex Goldstein: I really like the open plan aspect that immediately hit you. I think the breakfast kitchen will be fantastic and again the open plan into what will be the family area and then going up onto the next two floors, excellent accommodation and very much look forward to seeing it once it’s completed.

Martin: Encouraging comments but will the lack of parking and garden limit its rental potential?

Alex Goldstein: I think you’re looking between £600 and £650 per calendar month.

Giles: Well that’s very good yeah, pleased with that.

Claire: Yeah that’s pretty good.

Martin: Yeah pleased with even a rental of £600 a month on a £100,000 investment would mean a yield of over 7%, that’s not bad. How would it fair if re-sold?

Alex Goldstein: I think once renovated you’re looking between £175 and £190,000.

Giles: That’s good as well, yeah brilliant.

Martin: No wonder they’re pleased, that could be a pre-tax profit of between £70 and £90,000.