Episode Information Property Ladder: Greenwich

Date Published:

13/06/2008

Did these two very projects run on schedule and on budget, or did the developers end up overspending?

The North Greenwich Budget

Bought for: £280,000
Renovation Budget: £80,000
Actual Spend: £120,000
Valuation: £575,000
Potential Profit: £175,000

The boys were pushed over budget by £40,000, which of course is no small sum of money. Fortunately for them, the only thing rising faster than their budget is the local housing market. The estate agents loved this home and valued it at a top price of £575,000, but this didn't stop these shrewd businessmen rejecting a bid at this upper valuation. With prices in Greenwich set to maintain their recent explosion, there's no reason why Darryl and Peter should rush to sell.

The Strood Budget

Bought for: £12,500
Renovation Budget: £40,000
Actual Spend: £61,500
Valuation: £460,000
Potential Profit: £111,000 (after taking away the £349,000 for mooring)

Vernon sweated and worked so hard on this project that his family got used to not seeing him. The 85 hour weeks that he put in transformed this shell of a barge into a spacious two bedroom home. By bringing the boat to central London they pretty much guaranteed a sale, since space is at a premium both on dry land and on the city's waterways. With the potential to make a tidy £111,000 profit, Vernon is already planning his next nautical renovation project.