Ross-on-Wye house. Brighton and Ross-on-Wye. Property Ladder

Episode Information Property Ladder: Brighton & Ross

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Contents:

Date Published:
04/08/2009

Sarah revisits Ross-on-Wye in April 2008 - and Gareth the record producer-turned-developer is now Gareth the part time estate agent.

Sarah finds that Gareth is now a part time estate agent

Successful developing is all about being first in line when those good deals come on the market. And using his insider agency knowledge, Gareth has snapped up what he thinks is a gold plated opportunity.

Before he started ripping it to pieces, it was an unremarkable two bedroom bungalow, but just like project number one, it’s got the same potential. And that’s because it’s got the same Ross-on-Wye hillside, and the same views to die for.

Gareth bought the property for £245,000, has a budget of £140,000 to replace the old bungalow with a larger, newer model, and hopes to sell for £500,000, making £115,000 profit. It sounds like good business, as long as he can turn the project around quickly, because the market here is haemorrhaging about two per cent a month.

The bungalow has amazing views

Gareth’s working to a challenging four month schedule. He’s off to a quick start with the demolition, but two months later some of the shine has rubbed off this development and the schedule has fallen way behind. By now, the shell should be finished, but Gareth’s still on the interior block work.

Spring turns into summer and, with the market falling all the time, a further 14 weeks pass in ghostly silence. So it comes as quite a surprise when Gareth asks to meet Sarah in a local pub and explains that he's sold the property, unfinished.

Final Breakdown

Bought for: £245,000
Ground work and demolition: £50,000
Sold for: £335,000
TOTAL PROFIT: £40,000

Given that prices in the area have dropped by 20 per cent, this 13 per cent return is not bad at all.

Sarah and Gareth talk money in the pub

It isn’t easy to make a profit from an unfinished project. Gareth was canny enough to buy this development and then get planning permission for a bigger dwelling, and that’s a great way to add value. The bottom line is that Gareth made money when the market was rising, and made money when it’s falling. His sites may not run like clockwork, but he’s proved that, as a developer, he can stay the course.

But Gareth doesn't want to be a developer any more; he doesn't enjoy the project management. And in this market, unless you love the job like crazy, are prepared to work really hard, and give it your all, there are far easier ways to make a living.

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Comments

  1. Hi does anyone know where in brighton the property is located. i would like to see planning permission to see if i can do something similar with my property. many thanks
    Posted by padraig on 28/09/2009 14:54:20
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  2. I was also disappointed - just a repeat and only one true revisit. I would have liked to have heard more about what happened with the Brighton guy - what happened to his second property for example?
    Posted by SMR on 09/08/2009 11:15:19
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  3. Missed it! Will it be shown again would have liked to have seen it as I used to be mad about EMF?
    Posted by H on 05/08/2009 11:14:38
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  4. I enjoyed the epidsode as I missed it when it was originally shown. Especially the bit about Ross on Wye as I live near there. Anyone know what pub the interview was filmed in? It looked lovely!
    Posted by SRT, Ledbury on 05/08/2009 11:11:41
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  5. There was a piece of dance music when looking at the finished cottage. Anyone got any ideas what it was?
    Posted by jane1098 on 05/08/2009 09:46:10
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  6. I too thought it was a new series but 5 minutes in I recognised both developments. Worth watching if only to see the handsome Myles Gilbert, what a good looking guy.....
    Posted by Hymie on 05/08/2009 07:55:08
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  7. Just a cheap repeat. Ok there was a useful update on the Ross on Wye chap but as for Brighton the story was unchanged from the original...or the first repeat, or was it the second repeat, repeated also on E4, More4 etc etc. If its going to be billed as new even by tagging on just a footnote 10 minutes at the end lets at least catch up to date with everyone in the programme or be honest and not advertise it as new
    Posted by KS on 04/08/2009 23:57:25
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  8. Interestin show, could you let me know who the architect was on the Ross on Wye project. We have a view that is exceptional and the coach house front window view is excepyional.
    Posted by Martyn Cashmore on 04/08/2009 21:18:14
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  9. Are we to assume the program makers ran out of money, so we getting even more repeats! Repeats, repeats everywhere. I think this episode has been shown at least twice previously :0(
    Posted by Darl on 04/08/2009 20:30:16
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  10. I've seen this before, this is from 2006/7 i think?
    Posted by DP on 04/08/2009 20:18:03
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  11. I thought this was supposed to be a new series? This is just a repeat. What a load of rubbish.
    Posted by Deb on 04/08/2009 20:04:53
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