BBC's Homes Under The Hammer couple spend 7 years and go £120k over budget on renovation

The world of property development comes with its fair share of success stories, as well as faltered attempts, just ask the participants on BBC's Homes Under The Hammer. A Sussex couple's ambitions saw them immersed in a seven-year marathon renovation project of a grand Carmarthenshire property, an endeavour they expected to unfold in just two years with a budget of just £100,000.

Having previously viewed the vicarage and accompanying house in Llanfynydd near Llandeilo, but initially deeming it too great a task, couple Derek and Penny eventually surrendered to the challenge when the property appeared at an auction in 2017.

Relaying his experience to the Homes Under The Hammer host Martel Maxwell, Derek shared: "A couple of hours before that we had no intention of buying it... but we've always flicked back to this one."

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The couple purchased the property nestled within the village for £250,000, with a vision of transforming the vicarage - and the additional detached house it came with - into a quintet of holiday accommodations plus a residence of their own.

Despite the prominence of 1970s and 1980s décor and a dated ambience inside, the overall condition of the two buildings they felt were in a favourable state. Channelling his optimism through their plans, marathon runner Derek projected a completion span of two years with a budget capped at £100,000.

When Homes Under The Hammer paid a four-month visit post-purchase, progress was on track, and Derek was successful in adhering to their budget - so far. However, when the show revisited in 2022, five years on, the property was still unfinished. Derek disclosed that he was already £60,000 over his initial budget and estimated an additional expenditure of £40,000 to £50,000.

The house where he and Penny lived had barely seen any changes, with most rooms retaining their dated look, and only three out of the five holiday apartments were completed. These holiday apartments were operational and were at least generating income for the couple.

Derek pointed out that one of the significant issues they faced was mould in the ground floor flats and 'a hectic few years with various personal circumstances'. He stated: "The major works that we have had to do is curing the damp problem downstairs and everywhere else we've either removed or gone over the textured wall and ceiling coatings."

The building now met current building regulations and has undergone some interior design transformations including an old, blue 1980s bathroom replaced with a sleek, modern one and this was the standard that Derek was intending to replicate throughout the vicarage.

Outdated and extremely dirty kitchens had been swapped out for ones with modern appliances, as some kitchens in the apartments were so filthy that Derek found it easier to rip them out than clean them. The property's windows had also been replaced and upgraded, making the spaces more light and airy.

Some rooms have received a fresh coat of paint and new furnishings, giving them a cool, modern appearance. Derek expressed hope that within another six to nine months, the property would be fully finished, with all five flats available for rent.

When the programme left the story in 2022 the marathon project was still running and nowhere near the finishing line with two more flats needing attention, so the TV crew turned up again in February 2024 to see if Derek was on the winner's podium or still toiling to bring this seven year renovation to an end.

All five apartments were finished, as well as the entrance hall, plus the couple's kitchen in their home had been totally transformed with the addition of a contemporary new kitchen. But after seven years of renovating, in conjunction with running the holiday lets, the couple are keen to move on and slow down, and so the whole property site was on the market.

In total Derek thought he had spent £220,000 on the renovation and combined with the £250,000 initial purchase price was in it for £470,000. The agent returned and valued the properties in 2022 returned and valued the site at between £780k and £810k.

Derek revealed that he had actually already agreed a sale within this price range - the project that became a marathon rather than a sprint has rewarded him with a winner's medal of a pre-tax profit of in excess of £300,000.

This story was part of series 27 episode 17 currently available to view on BBC iPlayer. For more property stories sent to your inbox twice a week sign up to the property newsletter here and join the Amazing Welsh Homes property Facebook group here. For the latest TV and showbiz news sign up to our newsletter here.

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