Homes Under the Hammer visited the British capital in a recent episode where Martel Maxwell looked around a high-rise terraced house on a residential street in Brixton. On his first visit to the period property, the presenter was impressed by the strong foundation and regal details that filled the Victorian house. But while the building had great potential, its steep asking price and noticeable signs of a leaky roof meant the buyer needed “deep pockets” and plenty of time to complete the renovation.
The four-bedroom property went to auction with a guide price of £668,000 and was sold to Doug for a blind bid of £908,000.
As a builder and carpenter by trade, the buyer had plenty of experience in renovating dilapidated buildings.
On her first visit to the property, presenter Martel Maxwell pointed out the “beautiful” high ceilings and period details that filled the hallway and lounge.
But when she moved through to the back of the house, the presenter was “disappointed” by the poor use of space in the kitchen area.
At the very top of the house was an incomplete bathroom, a small bedroom and a “bonus” space – the front half of the loft.
In April 2019, local property expert Ken Hune visited the property and noted that the layout needed “a complete rethink”. He estimated the four-bed mid-terrace could achieve a sale price of £1.4m after being refurbished.
A complete renovation including new central heating and some major structural changes was required to bring the house up to scratch.
The buyer, Doug, had budgeted £65,000 to transform the property into a family home for him and his wife in just four months.
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A large open-plan kitchen and dining area replaced the old “cluttered” and “small” rooms Martel saw on his first visit to the property. Along with a new layout downstairs, the upper floors accommodated a new family bathroom with a cast iron bath and a spacious loft conversion with two bedrooms.
All period features, including open fireplaces and the tiled hallway, had been restored, with a bold interior aesthetic befitting the Victorian building. Doug had transformed the home from a three-bed, one-bath property into a five-bed, four-bathroom abode.
Outside, a small garden was laid out to complete the “beautiful” family residence. On his second visit to the mid-terrace home, the local property expert estimated a sale price of £1.5m.
After investing a lot of time, £75,000 in renovations, plus the £908,000 purchase price – the whole project cost Doug and his wife just £1 million. The sale price gave the couple a pre-tax profit of £500,000.