over the last eight years I've helped people launch their careers in property developing every kitchen engine I think you should take the tropical fish tank out to turn the bath on you don't have to come along like this turn the tap son like this very elegant it's gonna be hard to sell a family home for nine hundred thousand pounds nearly a million pounds be aimed at young family that a couple of children possibly three on the ages about two to seven so if they're eight you let them hear you went by house that you haven't seen a new hadn't you haven't had a survey done the house is gonna look absolutely fantastic girl if Sarah doesn't like it ventricular has never tasted even when they didn't make the wisest of decisions a rising market saved them from financial ruin you'd make a hundred ten thousand has process that is very good that's wrong in a rising market eighty three thousand pounds profit Wow I'm kind of news two years ago when house prices were at their peak 14 families set out to make their fortune from bricks and mortar I would really question whether selling this house is going to be made easier with that this is great so I think we should cover the whole house in this it's gonna feel like it's a great pad in the West End of London right in the heart of Broadstairs but little did they know the boom they were banking on was about to turn to bust everything went from fabulous to rotten overnight we've never done anything with property before and when we decide to guess what let's have a crisis in the property market it was a real shock when everything started falling down around our ears issues that house prices just go up we just had no idea that they would ever go down that's it is finished I don't think he'll ever come back over the next few weeks I'll be following these family's stories as they try to navigate their way through one of the biggest and fastest financial meltdowns in living memory [Music] it's the peak of the market and tonight's developers are on the crest of a wave every confidence going we've to make a thorough success of this so do you have somewhere that you're aiming to be financially in the next couple of years a couple million in the next year's would be absolutely wonderful talk of subdued lending and cooling house prices doesn't matter when you have the bank of mom and dad you needed some money so you ran your parent all the money in leatherhead surrey meat would be developer natasha bir she lives at home with her mom Debbie at the tender age of 21 she's already made a hundred thousand pounds developing a family house I I've dreamt of thoughts about being a property developer since I was at least 14 I all used to want to be a pilot and then I started getting into property and like I'd always enjoyed drawing floor plans even when I was at school I thought about it it's just what I'm doing and I don't really think anything of it [Music] Natasha's jacked in her job as an estate agent so she can develop full-time and this is what she's taken on a scruffy and uninspiring two-bed bungalow with an enormous 200 foot garden natasha plans to extend into a three bedroom house in just 10 weeks it's a seriously ambitious schedule but Natasha is a seriously ambitious young woman how are you financing this and then you bought this for three hundred and thirty thousand it's a lot of money to find at twenty-one basically my mom and I saw the family home last year moved ourselves into a rented house and she gave me all the equity to use hang on it so your mom sold her home and gave you all the money really mum well I like to be behind her in whatever she chooses to do and I knew that this was something that she desperately wanted to do so are you involved in this project or - no no no natasha has the sole responsibility I leave it tied to her so why have you decided to develop well I have to say my biggest inspiration was you I've been watching you since I was about 14 on the television and I just decided that's what I was going to do so I am it's only a few weeks since the Tasha bought her bungalow and the approaching downturn in the market will really test her skills as a developer and looking at Natasha's figures she might struggle she paid three hundred and thirty thousand pounds for the bungalow her 82,000 pound budget looks low and the four hundred and seventy five thousand pounds sale price seriously steep her target sixty-three thousand pound profit could be in for a nasty squeeze that does seem quite high for resale figure I've got quite a lot of experience and the local area from being an estate agents yeah I think it's quite viable I'd I thought that it would be safer to work for 30 maybe 450 at 450 I'd be able to walk away and smile but at 430 I'd probably bury myself in the garden [Laughter] [Music] at the moment the Tasha's bungalow has two double bedrooms one bathroom one reception room a skinny kitchen and a conservatory the first part of Natasha's plan is to extend the entire back of the house to create a large kitchen breakfast room and lounge then shall slice the bathroom in two and squeeze in and unsweet but that means the family bathroom will be tiny even worse the kitchen next door will end up a seriously undersized bedroom this is going to be the bedroom third bedroom this is the biggest problem with this develop yeah because it's very small isn't it let's be honest and actually really too small to be a third bedroom it smells almost a study well there will be an additional foot which means the overall dimensions would be eleven foot by eight foot it's still really a single it will always be single I don't think I can get around that if I was you I would be tempted to take it further out in this direction so that you you took it right out to here if you gave yourself another sort of three or four feet in this direction you then could call it a double no and what would happen to the kitchen breakfast room because it would be more limited in size I personally would try and push it another maybe four or five feet because you've got the most tremendously long garden and I can afford it but then I'll have to wait for my planning to come through and even for an extra foot I have to wait for seven weeks minimum I just want to get underway at the project I think Natasha might be missing a trick the plot is certainly big enough to extend the house and just another five feet would make enough room to create a spacious family bathroom and ensuite as well as a third double bedroom I'd also add a doorway between the two reception rooms and put the lounge into the lightest part of the house and a kitchen into the darker reception room next door we're going to got two living spaces but one half of one living space is very dark whereas this is all going to be nice and light but the back half of that room will be quite dark and and a dark area is the best place to have kitchen units because you have under but the hub of the home I think these days is the kitchen rocks Jim and I want that room to be the wow factor right you're really certain about this honey yes I've given a lot of thought I can see it won't be easy getting Natasha to change her ideas she's in such a hurry to succeed I'm worried she's not taking the time to think the project through properly 16 miles away in Battersea South London 29 year old Rick Dickinson has roped in mum Margaret and dad Andy to help bankroll his first developments we have no knowledge of this area so we're completely reliant on witch's judgment and we're just going with him on it that's a big gamble with this large and very outdated 4-bedroom house for a first-time developer it's an immensely difficult and risky project to make stack up but mum and dad Dickenson have no fear every confidence going we've to make a thorough success of this and the main success will be working together and speaking to each other at the end of the project you drink drink Rick's plan is to turn the property into a luxury family home but the Batsy market is packed with high-end conversions and competition is extremely fierce so you needed some money so you rang your parents who's putting in what money they open in 50% and then I'm putting the other 50% mum and dad may have put up half the money but Rick's the one who's done the figures they bought the property in December 2007 at the peak of the market for a toppy 690,000 the budget is just eighty-seven thousand pounds but Rick hopes to sell from massively inflated 950,000 making one hundred and seventy three thousand pounds profit and then you all agreed on these figures you know so do you not agree with the budget of $90,000 resale of 950 the resale Wow figure do you think is realistic for a resale 875 or 850 maybe but it isn't just the resale price where there are problems they've allowed just fifty thousand pounds for the entire refurbishment of the house what's more there's the small matter of having to meet the payments on the half a million pound mortgage they took out to fund this project so the 50 includes your borrowing costs no we're not borrowing the money does three mortgage payments I've done the budget these two haven't so don't listen to them doesn't seem much from diggle's house in this is not I have to say your fingers don't completely as Sarah with competence we haven't touched on the plans yet these days more than ever developments needs thorough preparation all I'm seeing is utter confusion if I was mum and dad I'd be very very worried in early 2008 credit has starting to crunch and lending for houses is tightening but not from the bank of mom and dad in Battersea South London Rick Dickinson has roped his parents into going halves on the five hundred fifty thousand pound mortgage he's taken out to develop this four-bedroom house but they can't seem to decide whether it will be worth $850,000 hundred and fifty thousand when it's finished or what's included in their fifty thousand pound budget I hope they're clearer about their ideas for the property so what are your plans for the house then I think it changes daily which way we're going to go open for discussions because obviously got one house so you've got to do one thing with it yeah that's mums I do that okay this house has major layout problems and needs to be completely reworked spread over three stories on the top floor there's one pokey locked bedroom a tiny bathroom and a pint-sized kitchen the plan so far is to reach eek these rear two rooms to create a study and larger bathroom apart from a quick reverb that's all they're planning on doing with the entire property the trouble is that will leave a first floor with three bedrooms and WC but not one single bathroom and a ground floor with two reception rooms an undersized kitchen and a rear bathroom that Noah will use I think they've totally underestimated what they need to do to sell for more than they bought for let alone get the nine hundred and fifty thousand Rick once if you spend the amount that you're thinking of spending and doing what you're planning on doing I think that eight hundred is probably your more realistic resale for this which would give you a 20,000 pound profit and would that make it worthwhile that amount of money no no no no I would I would just start right from scratch with a pan I think there are three crucial things that this property in this area needs to stand a chance of competing for the dwindling number of top end buyer first off I would extend the kitchen to the side and create that ever-popular open-plan kitchen diner secondly a first-floor bathroom is a must and the middle room is the most convenient spot to have one lastly for families it would be a major bonus to have a third and fourth bedroom upstairs but to really cash in I'd extend into the roof making one of them a superb master suite these improvements will add 80,000 pounds to the budget but I think they'll push a realistic sale price up by a hundred and twenty thousand pounds and in this toughening market make the property much easier to shift increasing the budget but if you swallow that and you accept that then I think you could do ok out of this I think we're gonna sit down and we're going to look at it all what you've said today yeah take them all that makes sense yeah and we've got to get some more quotes in figures I mean a lot of I think in months and a lot of the work we can get along with while we're still making final decisions but it's not just Ric's money at stake here and if I were mom and dad I'd be keeping a very close eye on their investment so who's going to be doing what who's project managing this on a day-to-day basis Ricky's butt will be heavily involved with it and we'll be consultations all the time about it and you're in charge of the budget as well are you well I guess so because well that's going to be a major concert yeah I think we have to be looking at things very carefully and keeping a close eye cause otherwise you know things could run away and [Laughter] in Leatherhead sorry it's week one and Natasha burrs 10 week development work has started on digging the foundations for the new rear extension but not before Natasha's had a big rethink of her plans I'm not challenged by often with my thoughts and she did challenge her and yeah it was hard to swallow but she's she's right I'm doing most of her things veterans getting bigger the lounge is making the kitchen moved but I didn't go back to planning changing plans part way through is a fear for developers but Natasha shared to go back and apply for permission to build a larger rear extension it will cost her 3 grand in mortgage payments but it's only a six to eight week delay and I think it might give her a chance of getting the four hundred seventy five thousand pounds she's looking for you are treading a very difficult line because if this was going to be a disaster there'd be no question you had to go back to planning but what you're ending up with is a fine sized third bedroom but not massive and a fine sized sitting room but not massive and the resale figure you're looking for is spectacular and spectacular house well well that extra little bit of space that you would have got from going by but I have what I have I've got to make the best of the space of God and I think the layout that I have at present is going to work fine you know I wanted to push on with it and I think I think it's going to work out all right it does seem to me that you are quite impulsive and and impatient and kind of all guns blazing jump on it know inspired to say that I am an impatient person but I think my impatience is what particular drives me and I think if I wasn't impatient in my world I probably wouldn't be where I am today Natacha doesn't seem to realize it but where she is is taking quite a risk with her mother's money half an hour away in Battersea it's week one of the Dickinson's three-month build but there's only a few small jobs happening on site because when it comes to plans they can't seem to agree on much first it's the size of the loft well I think we really have to perhaps go further out than that and then it's the side extension I think we're trying to show you 10 times about the picture-taking area understand up you're not listening to me yes even the fireplaces are causing disagreements I know I told you to ask filly to bring the fireplace down and that one which of that was no no I didn't I didn't Richard this really can't go on fortunately it doesn't in a miraculous turnaround Rick mum and dad suddenly decide to go with all other things I suggested for the loft conversion to extending the kitchen into the side return they increase the budget to 157,000 and double the schedule to six months but there's a wait for planning and with the unstable market panic sets in you'll have a for sale board outside well thank you but Tamara taught me through what what's the plan behind selling it is this finished we just thought if we could sell now the lower price but keep the same profit margin why not how much do you try to sell it for please put a starting price of 800 so you bought it for 690 thousand when the market was higher than it is now you've ripped out the fireplaces and carpets and now you've put it on the market at 110,000 pounds more yeah yeah I mean you know genius it is everybody should do but it's a building site that's yes exactly so some people have peeled some amount but we're under no illusions I don't think any of us are expecting anyone to walk through the dorm gate fantastic I'll buy it for 800 but if it gets somebody else who might be interested in a bit down the road it's opening up to them as well well I've been around this over all sorts of different markets black markets dippin markets rising markets this kind of house in this sort of area and to buy it modernize it and then put it fresh back on the market with a big bang it has always been the most effective way of getting the best possible money for it I would go along with that I agree with her in Leatherhead it couldn't be more different as 21 year old Natasha is taking the full weight of the project on her young shoulders ma'am debbie has sold the family home to bankroll this development crazy to have done this but I have every confidence in Natasha she feels very responsible for the situation yes she's the one that loses sleep I don't she's 30 more meters okay I'm hoping she'll give me my money back so I can buy a new car now three weeks in the Tosh's eager to hit her ambitious ten week schedule but there's a problem she's forgotten to tell the builders that she's changed her plans I turned up on site and I have a wall which you know the Buddhist is exactly as the plan stated so I mean credit to them for getting onto it so quickly I just didn't think thing fast enough unless it's absolutely vital of the wall staying in a modern family home it's a good selling point to have a flow between the kitchen and living areas I'm back to show Natasha that with the wall blocking the flow of rooms this layout suffers so this is a fitting room yeah and and then you'll go outside here into a courtyard and then this is going to be the breakfast area with the wall gone and that will be the kitchen you go into the sitting room there and you imagine that I'm you know the mum or dad in here and your other kids in there I'm trying to talk to you it's been taken actually in terms of a family space it's really rubbish isn't it the better it works for your perspective market then the more you can ask so you will get more and a lot more than the cost opinion so adora des in Battersea the good news is they've realized that you can no longer make an easy fast buck in today's housing market but the bad news is that progress is slow getting plans drawn up for the side return and loft conversion is taking much longer than the Dickinson's expected they're already a month in and have achieved very little what's happening is we've been told it we're weak and then it's two to three weeks then they come through and then if we need to make a change and we get told it's a week but it's another two weeks so all the weeks keep adding up nobody all quite to do work without drawings you know we're just waiting on those it takes another month before they firm up the drawings and find a builder that finally work begins [Music] the first job is converting the shabby loved room into a master suite it's costing them more but it's money well spent but it comes to the side return however they're cutting corners we have considered fully glazed in the back area we've looked into the costs and yeah they do look great the trifold doors but at a minimum if you're looking at 2 grand for the doors alone and so you can get the same effect just normal French doors the truth is you can't in this area making this development stand out will mean opening up the entire back of the house like this property of five but it drive away it's a large structural job but it's worth it yeah it's a tricky one weighing up the costs and it shouldn't all be about the cost but it is and the drawings well the calculations be a grand this still were extra still what be say another five or six hundred the extra labor I'd imagine being at least 2 grand and the doors will be anywhere up to 9 you could be looking at 15 to 20 K just give them a wall like that I think it would be worth spending that make the kitchen really spectacular it's in the big scheme of things and he'd see their money back you don't think it was it is the law of diminishing returns and we're saying well we're pouring more money in there we'll ever possibly conceivably get out of it plus our time and work yeah I mean sorry I'm not charity I completely understand that but surely you don't want to get a retirement it's what Sarah's try and if you're not a charity and if you're not doing this for a bit of funds of your time then surely you need to make a profit exactly yes you have bought a house with a lot of competition are very similar houses and you need to make it really great not okay if you spend this money and make the kitchen really spectacular you'll get a lot more that for it than if you didn't yes we definitely will we will actually follow it up yeah and we will get in touch with the structural engineer and mm-hm yes with Margaret on side it's not long before the Dickinson's are back on track and a month later with planning permission granted work begins on the side return extension we've got a structural engineer and we had the plans altered slightly so that back wall will virtually be a glass or drip reporters and I'm sure it'll be wonderful we are doing a lot more work on the property now we're in the loft on the side to turn just probably gotten an extra 60 K or so yeah but we've enhanced the project by doing it and come the end day when we do move the property on that I'll be reflected in what we get forward in the other head the economic storm clouds are starting to gather and the threatening natasha's development dream I realized that I'm gonna go over budget but I hadn't foreseen that the market was going to go as flat as it has the Dickinson's are well into this development in south london ceiling they brought right at the peak of the market in 2007 and there's no sign of a change in direction in the falling markets it's starting to take its toll the base price they're coming six to ten grand you're hemorrhaging money on the mortgages it's just finding that money every month I I don't think I would say that I'm finding this to be an enjoyable experience I would really like it to be over I think we've done enough already and I think we should keep things as simple as possible yeah it's probably less stressful for me and probably more stressful for Martin because you know I'm on site every day I get to see what's going on and how things work I can be confident of it whereas if you're not on site every day and not here you're 6,200 miles away you know there's loads of money power into this and what's happening for it back in Leatherhead Natasha purr is nearly halfway through her schedule at 21 she's a young girl in a big hurry she wants it down as quickly as possible we're progressing exceptionally well and I'm thoroughly pleased the builders but I don't want people you know slowing down and you know thinking they can relax otherwise it will end up drifting on and on and on Natasha's very impatient and won't always listen to what I tell her if I say two weeks she think of me a week I say six weeks pure gonna be four weeks take the concrete slab do to be laid in the lounge Kevin the builders warned Natasha it's going to take longer to dry than she's hoping for but surprise surprise she doesn't want to listen I can see I'm gonna end up having to wait a couple of weeks for the floor well I've only it's a couple of weeks I think I'm being very optimistic with your timings because recommended drying time for screed is a millimeter a day and you've got 76 millimeters of screed to go to six days so that's a minimum of two and a half months before you lay the floor that doesn't fit my schedule at all that kind of pushes it over by five weeks the Tosh's builder is planning to use the standard method of pouring a concrete floor but there's a quicker solution for her that as the markets looking increasingly volatile could pay dividends then what I'm suggesting is that you go back to what people used to do a long time ago and that's just have a suspended floor which is how the rest of the houses are up to this it's the same as this you have joist across the floor then you put your insulation between the joists you need to put a layer of plywood on top of the joists and then you lay the flooring on top of that it's probably more expensive in terms of labour rather than material in a mortgage repayment though yeah the beauty of this is you don't have to wait two and a half months for screed to dry yeah you can build this flooring system tomorrow us fantastic it means up beyond deadline well maybe you don't know Joe yeah missin patients back Natasha peeing Natasha gets straight onto it I'm hardly out the door before work on the time-saving suspended floor begins [Music] sixteen miles away in Battersea things are also starting to move forward for rec mum and dad's with the structural work in the loft complete Rick gets the decorators in to start on the first and second floors it's been a real fight to get this bunch to fulfill the potential of their development but they're still cutting corners take these doors when converting a loft you have to ensure that all doors to exit the property are fire retardant but Richard solution is far from ideal [Music] why did you choose these particular doors we chose those doors because the original doors are for panel Victorian doors and so we wanted to get full panel it's close to that as we could how much were these fifty pounds each I can't leave my nice way to put this but but they do look quite cheap I just think at 900 to 950 thousand pounds especially around this area people are going to expect well top n but I've got an equally cost-effective solution and thankfully the Dickinson's still have the original period doors because with proper consultation most councils will allow you to use a special fire proofing paint this is normal paint and this half is in some things normal yeah it seems to catch fire itself doesn't it exactly where is with the intumescent paint it just bubbles and the paint expands to form a barrier so that the flame can't get through to the wood behind it at a cost of around 50 pounds a door it's no more expensive than the cheap wood effect fire doors the Dickinson's have installed but the finish will be far superior and in a development like this that cans for a lot would you consider changing the fire doors that you have used and upgrading them we considered it before and we did although we weren't sure that a fire officer wouldn't necessarily sign sanded off I have done this on lots of houses in London's worth so I've spoken to them before I think you need to do such great weed sure it's not used somebody came round and said they like this house but the doors are rubbish well you know but you know as well as that idea that's not what people do is they don't come round and go fabulous house I'll pay a million pounds the door is the reason I'm not going to dip no one in the whole history the universe has ever done that they'll just say this is a bit shabby around the edges I'll buy the one downstream also we're considering what you've said and I'm sure will be lots of discussions about them later sister Tasha began her development at the beginning of 2008 the price of property has started to fall uncertainty in the housing market means that a fifth of all mortgage products have been quietly withdrawn including a be removing the last 100% mortgage the number of houses selling is starting to go into freefall and Natasha's original ambitions are looking impossible to achieve yes the market has gone down but I believe the house that I've created is something better than I actually anticipated and therefore I think it's it's balancing out quite well and certainly for six five - four seven five should be achievable I don't think she's got a hope in hell of selling for 475 thousand pounds even though she's worked slat out and her development is only three weeks over schedule bankrolled by mum Debby Natasha's worked tirelessly to turn this bungalow into a modern three-bedroom home and it works pretty well the ones dilapidated conservatory is now a bright and airy lounge overlooking the spectacular garden next door the dark living room is a new kitchen diner with a simple uncluttered design and a first-class finish it's a real shame she didn't put a door between the kitchen in the sitting room and a bit of a missed opportunity not extending further into the enormous garden in this market particularly which is quite a Trixie market you kind of want to give yourself the best possible opportunity you can and having it that little bit bigger would have given you that just a tiny bit better chance of of actually you know getting top work for this I think the room that we've been left with is a very good size and it's like well in proportion with the rest of the rooms of the house Natacha may not have wanted to extend even further back but she did turn the third bedroom into a double and that will certainly help push up the price of this bungalow I think this was that pokey little kitchen you've now got a good-size double bedroom which opens up this bungalow to a completely different market having three double bedrooms rather than two double bedrooms and a tiny single no it's what time really well this place I'm pleased the shabby master bedroom has been updated and given a value adding ensuite and there's a further double bedroom and a great sized family bathroom there's no denying that what Natasha's achieved is impressive but has it been enough to bring mom Debbie the best return on her investment now you bought this house for three hundred and thirty thousand didn't you yes and you originally were hoping to spend eighteen thousand refurbishing its occurrence how much did you end up spending it was a hundred and five thousand say twenty-five thousand over since you bought this property the market has been pretty flat do you have any idea what it would now be worth in its finished condition in an ideal world we're looking at 475 if Natasha got the four hundred seventy five thousand she'd originally wanted she'd make a forty thousand pound profit like this third double bedroom probably the best thing I could have done Wow oh this really is saying special city the whole atmosphere that creates is fabulous I'm very impressed actually I mean I think it's been well thought through is very saleable I would recommend an asking price of four hundred and fifty thousand pounds I would buy this property at four hundred and forty thousand pounds so I would value this property at four hundred and thirty thousand pounds we have had three agents in to value the property though and they came in at four hundred and thirty thousand four hundred and forty thousand and four hundred and fifty thousand which would make between a five thousand pound loss and a 15,000 pound profit I have to say I do you think those figures are quite low I've obviously been doing my own research throughout the development of the project and I believe it is worth more than the figures that have been have been said and how do you feel about those years well hopefully we will improve on those figures time will tell we think it's worth a little bit more my personal gut feeling would be to put it on a just under the 450 mark which I mean it will find its own natural level in the market if lots of people want it will go up but Natasha being Natasha puts it on at four hundred seventy five thousand and after four weeks reality hits home and with no hope of a buyer anytime soon she decides to rent it out but in Battersea Rick and mum and dad Dickenson have another six months to go in a falling market before their development will be finished you've got houses that you think are worth x1 months and then you go back in and really disappoint the owners because you're telling them a different figure the next month it's October 2008 eight months after the Dickinson's started the modernization of an enormous four bed house in Battersea South London their budget has increased from 87 thousand to one hundred and seventy six thousand but this has created a truly beautiful home properly extending into the loft has transformed an almost unusable space into a highly desirable master suite downstairs the middle bedroom is a large and stylish family bathroom something this has never had although the cheap fire doors they stuck with don't contribute to a high-end finish on the ground floor they ends up going all out for the kind of top-end kitchen diner that families in this area demand that must be really tough doing this development whilst the market has been not just dropping but crashing down but you've ended up with a phenomenally lovely house it's been a great team job great and your inputs been fantastic as well but the truth is it's all about figures in this particular areas had an extra hit because it's on a direct feed up to the city in terms of public transport and and the immediate area is stuffed full of the people who have been hit hardest by the current economic turmoil and that economic turmoil has caused national house sales to go into freefall despite the government pumping billions into the banking system in Battersea the number of houses sold has fallen by a massive 33 percent a year ago the Dickinson's dreamt of getting a profit of a hundred three thousand pounds by selling this house for nine hundred and fifty thousand pounds now they need eight hundred and sixty six thousand pounds just to break even I would say in the last 18 months prices around here have dropped by 25% you've got houses that you think are worth x1 months and then you go back in and really disappoint the owners because you're telling them a different figure the next month I value this house at eight hundred and twenty five thousand pounds prop did eight hundred thousand pounds in the current market I think this house would sell for seven hundred and fifty thousand pounds we have had three agents in to value the property and they've valued is at seven hundred and fifty thousand eight hundred thousand and eight hundred and twenty five thousand now the average of those would make a seventy four thousand pound loss we feel it wouldn't be a consideration to sell the property at this moment in time yeah exactly the value of the house is less than we'd like but you know we're looking to the future the only viable future is letting the property but without keep and mortgage payments the Dickinson's will need just under three thousand pounds a month to break even as it was your original plans would have got two thousand six hundred pounds of months but with the side extension and the loft conversion you'd get two thousand two hundred pounds for this I think it's great and I'm very pleased that you know we have done all the things that you know we discussed with you initially and it really has made it a wonderful house by maximizing this properties potential the Dickinson's will at least get some return their investment which is a huge saving grace but her family ties need saving as well this was a family venture would you do another one you know why not because it's very difficult when there are three of you and you know there's always going to be the odd one who was that that was me was it yes so for the boys gang up on you yes hilarious everything she's ever thrown at me like when I why he was like this why he like that I was singing this is her tall painful so you realize all your failings come from your mother like his daddy is with no sign of the market picking up anytime soon Rick decides to move into the development himself and rent out the other three bedrooms I think the property was the right property the price might not have been the right price when we were buying a lot of people were buying still very quickly she don't have time to go into a property sit back have a chat about it so you're going to do it's like right if we don't make an offer this will be gone I've read trained as an electrician or domestic installer I should say so you know I can rewire house is anything domestic I can do I just cruise around London mermaids bike rescue damsels who don't have any lights so its development hasn't put me off developing at all I'm actively looking at ways of you know getting another project going meanwhile in Leatherhead after 12 months of letting the property and the 475,000 asking price still unachievable natasha decides to move into the development with her mum I think 475 is slightly ambitious I obviously have a lot of heart and soul in this property and therefore believed it was worth 475 but I'm living in a beautiful house that I created paying a very small mortgage I'm still very keen to make money out of property but the market obviously is going to have a major factor and the time delay in making my million but I will get there just for that you know a couple of years delay with property prices falling more and more developers are choosing to hang on to their properties hoping that the market will bounce back this is a very risky strategy especially if you're banking on interest rates staying low when interest rates do go up more people will be unable to hang on to their properties and this surge of properties on to the market will tend to force the market down even further next week developers set out to make a killing from flat conversions just as that market came tumbling down you're planning on turning this house into three flats for 60,000 hands yeah if we can do it literally your dog can do it [Music] [Music] you
