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Redundant pair on Homes Under the Hammer add £47,000 to value of Derby house

A pair of former business analysts from Derbyshire have undertaken a career change to become property developers and have featured on popular daytime BBC TV show Homes Under the Hammer.

Mike and John took redundancy from a global utility company and decided to use their package to purchase a two-bedroom property in Littleover, Derby.

After spending £193,000 to buy and renovate the property, it was valued at £240,000.

Homes Under the Hammer presenter Martin Roberts visited the property before the pair snapped it up and was “mystified” by the property’s classic avocado green toilet suite.

Martin loved the property’s big bay windows and a beautiful apple tree located in the garden.

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However, he also noted that the house did not have double glazing at the rear and the floorboards also showed signs of rot.

Mike and John bought the property at auction for £152,000 and caught up with Martin at the property to discuss their plans.

John said: “We both worked for a global utility company for a lot of years. We have worked together for 25 years and this is something that we have talked about for quite some time.

“I can’t believe the reality has actually happened.”

According to Mike: “It’s our first project so what we have decided to do is take on something that is a bit smaller and more manageable.”

A local estate agent estimated that once renovated, the Littleover home would likely reach a value of £210,000 and could be rented out for at least £700 pcm.

Mike and John said that they planned to spend £20,000 to £25,000 on the project and hoped to have it completed within six months.

When the show caught up with the pair again, just five months later, the house was unrecognisable.

The pair went over budget and spent £41,000 on the renovation.

However, estate agents valued the house at £240,000 and estimated that the property could make up to £850 pcm.

See the before and after pictures below.