Devastated Homes Under the Hammer buyer says 'ouch' as Bexley family house is valued after makeover

A man pictured on Homes Under the Hammer
-Credit: (Image: BBC)

Homes Under the Hammer visited Bexleyheath, in the London Borough of Bexley, during Monday's episode (June 10) as a 1930s semi-detached property went to auction. Presenter Jacqui Joseph visited the property on a quiet residential street located around a mile from Bexleyheath train station.

The three-bedroom house had a guide price of £275,000 plus, and 'wasn't looking too worse for wear', Jacqui said. Inside the property, Jacqui described it as 'dark and dated' but enjoyed its 1930s charm. In June 2022, a local estate agent gave the property a post-renovation value of £500,000 giving the buyer room for profit.

In April 2022, the Bexley property went under the hammer and was sold to Mark for £436,000 who put in an offer while living in Muscat, Oman. As a project manager in the oil and gas industry Mark is used to taking on a challenge but moved into the house with his wife while renovating it into an ideal family home.

READ MORE: Homes Under the Hammer's Tommy Walsh floored by 'rough' Lewisham flat with high price tag

Jacqui goes inside the Bexley property during Monday's episode of Homes Under the Hammer
Jacqui goes inside the Bexley property during Monday's episode of Homes Under the Hammer -Credit:BBC

Mark was armed with a budget between £60,000 and £80,000 and wanted to do as much of the renovation himself, not including electrics, plumbing or structural work. He successfully modernised the South London property into a lovely family home and spent a total of £556,000 including the purchase price.

In September 2023, a local estate agent visited the newly renovated property and was impressed with the contemporary finish. The agent was also impressed with the outside cabin as the extra space could add £15,000 to the asking price.

On the sales market, the agent said the house would now be worth between £550,000 and £575,000, but Mark wasn't very impressed with the valuation of his home.

Mark transformed the run down front room into a warm family space
Mark transformed the rundown front room into a warm family space -Credit:BBC

"Ouch", Mark said before bursting out laughing, "That's a bit of a surprise", he added. The show's presenter Martin Roberts then said: "It's not all bad, a sale at the agent's top figure could see Mark with a pre-tax profit of £19,000. However, this wasn't a profit-making venture, this is Mark's family home."

If Mark was to sell the property for the low asking price of £550,000, he would be out of pocket by £6,000 after all his hard work. But the agent went on to say how the property could be rented for £2,200 per calendar month should the family choose to. Mark confirmed he has a home in Mauritius which he plans to retire to in the future, so the rent could be a potential income.

Homes Under the Hammer airs weekdays at 11:15am on BBC One and iPlayer.

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