Épisodes

  • 339: UK Buy-to-Let: The Estate Agent Kickback That Cost a Seller £100K

    339: UK Buy-to-Let: The Estate Agent Kickback That Cost a Seller £100K
    Oct 29 2026

    #339

    A seller paid their estate agent a 2% fee to get the best possible price for their property.

    They lost out on £100,000 because the branch manager had taken a kickback from another buyer.

    Damian King was working in that office, and he was paid a couple of grand to keep quiet.

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    Damian King's Book:
    Morally Corrupt: Confessions of an Ex Estate Agent


    Inside the Brown Envelope Culture of Estate Agency

    Damian became a trainee negotiator at 17, and a developer handed him his first envelope of cash soon after.

    He explains why it can be easy for an ordinary agent to accept a “drink” from a developer or investor, and why he believes it still happens today.

    You’ll also hear about the unofficial “hands-off” policy at one agency, where some properties were shown at their worst to steer them towards a favoured buyer.


    Choosing an Estate Agent When You Sell UK Property

    If you flip UK property or sell a buy-to-let, Damian’s advice on choosing an agent is worth hearing.

    He explains why overpricing can mean you never reach true market value, and why an agent who drops their fee instantly may not negotiate hard for you.


    How Estate Agents Judge Buyers

    Damian describes the “ghost property” test he used to separate serious buyers from time-wasters, or “wafts” as they were known in his office.

    He then sets out how to show an agent you’re serious, and why he relies on word of mouth rather than online reviews.


    Key Takeaways

    1. Find agents by word of mouth; online reviews can be gamed.

    2. Bad press can be pushed down Google, so search beyond the first page.

    3. An agent who drops their fee instantly may not negotiate hard for you either.

    4. A good agent proves their worth after the sale is agreed, not before.

    5. Overpricing a property can mean you never achieve its true market value.

    6. Show you’re serious: know the area, your price range and exact requirements.

    7. Do your own due diligence and arrive better prepared than the agent.


    About Damian King

    Damian left school at 15, worked as a labourer, and became a trainee negotiator at 17.

    He went on to sell prestige London property before becoming a developer himself.

    He now lives on a 300-acre off-grid ranch in the mountains of northern Spain.

    His book, Morally Corrupt: Confessions of an Ex Estate Agent, is available here: [BOOK LINK]
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    34 min
  • 338: UK Property Auction: Is the Market Crashing? A Trader’s Answer

    338: UK Property Auction: Is the Market Crashing? A Trader’s Answer
    Oct 26 2026
    #338Once a month, auction specialist Jay Howard from Hammered Auctions joins us to report from the front line of UK property auctions.Jay reports that an auctioneer recently told him that it feels as if we are getting close to a crashJay, an auction trader and former auction manager, takes that with a pinch of salt and explains why.Then the conversation turns to a Thunderbirds-style house with a rocket beside the swimming pool and a railway underground, and the question of whether anyone will buy it.Take our 2 min SurveyDiscovery CallAccess Resource LibraryOur WhatsApp groupGet in TouchProperty Engine discounts (Code: EXPAT)Starter: 30 day trialPro: 30 day trial/3 mths 1/2 price, Ultimate: 1/2 price 3 monthsOur Sponsors: Finnigan McNeill Property GroupYouTubeExpatPropertyStory.comWe discuss:What the UK Property Auction Room Is SayingJay opens with a conversation he had with an auctioneer the night before a sale.According to that auctioneer, a lot of buyers were still waiting until the very last moment to register to bid, and it was shaping up to be a tough day.A second auctioneer told Jay a couple of weeks earlier that the market feels close to a crash.Jay points out that she would have been in her early teens in 2008, so she has not worked through a property crash as an adult.Is the UK Property Market Crashing, or Just Adjusting?Jay does not think there is a crash, and he goes further, saying he thinks crashes are a thing of the past.To him, a crash means people handing back keys in their droves, values falling nationally, banks not wanting to lend and owners slipping into negative equity.What he is seeing instead is a slow, sluggish market, which he describes as a market adjustment.You also hear his view on the idea of a silent crash, which he does not subscribe to.He shares a recent sale where the client agreed it was a good price for this market, while both felt it might have fetched around £10k more six months earlier.Jay also looks back at COVID, when furlough and higher savings increased buying power and pushed prices up rather than down.Why Lending Rules Make Mass Negative Equity Less LikelyJay's reasoning rests on the rules now in place around lending, loan to values and affordability checks.In his view, these make it very difficult for a market correction to push large numbers of owners into negative equity at once.He accepts that some people will still find themselves in trouble, just not on the scale seen in 2008.What Is and Isn't Selling at Property AuctionsAt recent auctions, Jay has seen far less activity around what he calls long play opportunities, such as land, garages and vacant commercial property.Light industrial units, workshops and offices are still doing well, while vacant high street and secondary shops are struggling.The Thunderbirds-Style House Going to AuctionThe BBC has reported on a house in Tilehurst, Berkshire, that is reminiscent of the home in the 1960s TV series Thunderbirds.It has a rocket beside the swimming pool, an extensive network of tunnels and underground rooms, and a hand-built underground railway.At the time of recording it was due to go to auction with Edisons, with a guide price of £300,000 to £325,000.Jay compares it with the Mole Man of Hackney, a property Auction House London was instructed to sell roughly six months to a year before he joined.Why Quirky Properties Go to AuctionJay explains that a house like this goes to auction not because anything is wrong with it, but because it is so hard to value.How do you put a price on a rocket ship, a swimming pool in the British weather or a network of tunnels?He explains why a property this unusual needs the attention an auction brings rather than a spot in an estate agent's window.Will it sell, and for how much?Jay gives his prediction, and explains why what the market will pay and what a trader will pay are two very different things.Key TakeawaysA sluggish market and a crash are not the same thing, according to Jay.Today's lending, loan to value and affordability rules are, in his view, the main reason mass negative equity is less likely than in 2008.Recent auction rooms show less appetite for long plays such as land and vacant commercial property, while light industrial units remain in demand.Hard-to-value properties often suit auction better than a traditional estate agent.A trader prices a property to the margin they need, which can be very different from what the market will pay.
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    10 min
  • 337: Why Bungalows? A UK Property Strategy for an Ageing Population

    337: Why Bungalows? A UK Property Strategy for an Ageing Population
    Oct 21 2026

    # 337

    Take our 2 min Survey

    The UK has an increasingly ageing population, and research by the Homeowners Alliance points to a large and growing demand for bungalows, yet hardly any are built anymore.

    In this episode, I talk to Jo Child, whom I met in Coventry on my recent UK property tour, about the three bungalows she has renovated with her brother, who is a builder.

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    We discuss:

    Why choose bungalows as a property strategy?

    Jo started with a bungalow because a small, single-storey project felt like a manageable first renovation.

    Filtering for bungalows on Rightmove narrowed what would otherwise have been a very wide search area between Leicester and Coventry.

    Many bungalows on the market need modernising, while fully renovated ones ready to move into are in short supply.


    Accessibility features in a bungalow renovation

    Jo's first buyer used a wheelchair and ripped out much of the new renovation, including the carpets, to suit her needs.

    On her third project, Jo widened the door frames, set sockets, switches and door handles at an accessible height, and fitted hard flooring throughout.

    She also kept floors level, fitted a walk-in shower instead of a bath, and reinforced the bathroom walls so grab rails can be added later.

    The style was kept neutral, modern and light to appeal to buyers of all ages.


    Checking demand and finding the deal

    Jo checked demand by looking at how many bungalows were for sale on Rightmove, how quickly they sold, and by talking to local agents.

    She found her first bungalow on a street with lots of other bungalows, after a modern method auction sale with Pattinson had fallen through.

    Before offering, she asked the auction house why the earlier sales had collapsed, and it turned out to be the buyer's circumstances rather than the property.

    Jo also shares a stamp duty lesson that cost her on a later project.


    Choosing an estate agent and pricing to sell

    Jo found three agents through local Facebook groups and chose the one she felt would offer the best service, not the highest valuation.

    Because she had bought at a good price, she could price the bungalow to sell, and it went for over the asking price within a few days.


    Working with family and finding builders

    Working with her brother brought trust and quality, along with the occasional sibling argument.

    For investors without builders in the family, Jo recommends local Facebook groups, where people are quick to say who they rate and who to avoid.


    What's next for Jo

    After three renovations alongside a full-time job and two children, Jo has built up equity and is now looking at title splitting and commercial property for more regular income.


    Key takeaways

    · Fewer bungalows are being built while demand grows, and a focused niche can make your property search easier.

    · If you are flipping, choose an estate agent based on their marketing plan, not the highest valuation.

    · Whatever your strategy, buying at a good price is the best way to reduce risk and avoid pressure to sell low.
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    26 min
  • 336: What’s Holding You Back in UK Property Investing? We Want to Know

    336: What’s Holding You Back in UK Property Investing? We Want to Know
    Oct 18 2026

    #336

    For the first time in 336 episodes, Expat Property Story is running a listener survey.

    The aim is to understand the main challenges you face when building, or thinking about building, a UK property portfolio from overseas.

    Whether you haven't bought yet, own one property, or have ten and are thinking about slowing down, your answers will help shape future episodes.


    Take our two-minute survey

    The survey is mostly multiple choice, with just two open questions, and takes two or three minutes to complete.

    Listeners based in the UK are just as welcome to take part as those overseas.

    The findings will be shared in a future episode.

    Take our 2 min Survey

    How the podcast began

    The podcast launched in February 2022, when we already owned five student HMOs but still felt like novices.

    Season one looked back at how we bought those HMOs, alongside interviews with UK property experts.

    In season two, episodes 35 to 53, I set myself the challenge of buying a UK property at auction from Hong Kong within four months, and secured a block of flats in Derbyshire with two weeks to spare.

    Since then, guests have mostly been chosen out of curiosity, and the survey is a step towards a more systematic approach built around what listeners need.

    Take our 2 min Survey


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    5 min
  • How to Analyse a UK Buy-to-Let Deal: Area, Street, Property and Numbers

    How to Analyse a UK Buy-to-Let Deal: Area, Street, Property and Numbers
    Oct 14 2026
    #335Take our 2 min SurveyA text arrives at 5pm Hong Kong time with a batch of discounted UK properties, at least 25 other buyers in the race, and a condition that contracts must be exchanged within six hours.That leaves less than an hour to analyse the deal.In this solo episode, I walk through how to analyse a UK buy-to-let deal from overseas, from the wider area down to the street, the property and the numbers.At the end, I reveal what happened on that evening in November 2022.Take our 2 min SurveyDiscovery CallAccess Resource LibraryOur WhatsApp groupGet in TouchProperty Engine discounts (Code: EXPAT)Starter: 30 day trialPro: 30 day trial/3 mths 1/2 price, Ultimate: 1/2 price 3 monthsOur Sponsors: Finnigan McNeill Property GroupYouTubeExpatPropertyStory.comWe discuss:Building your own deal analyserBefore analysing any deal, it helps to know your goals, circumstances, target return on capital employed (ROCE), time available and appetite for risk.A deal analyser can be built in Excel, or with the help of AI, around your own criteria.More rows do not automatically make a better analyser, so aim for a first pass you can run in about ten minutes.Here is an illustrative example with made-up round numbers, to help if the audio was hard to follow.These figures are for illustration only and are not a real deal.Purchase costs· Purchase price: £100,000· Deposit (25%): £25,000, so the mortgage is £75,000· Stamp duty, including the extra 2% for overseas buyers: £7,000 (check current rates)· Solicitor: £1,500· Mortgage broker: £500· Survey: £500· Sourcing fee: £2,000· Refurb: £5,000· Capital employed (all the money you put in): £41,500Annual income and costs· Rent: £9,000 (£750 a month)· Management fee (10%): −£900· Buildings insurance: −£300· Maintenance allowance (5%): −£450· Voids allowance (5%): −£450· Mortgage interest (£75,000 × 5%): −£3,750· Net annual income: £3,150Return on capital employed· ROCE = net annual income ÷ capital employed = £3,150 ÷ £41,500 = 7.6%You may also want rows for tax on your income and for stress testing a best, average and worst case, especially for short-term lets.Analysing the areaThe three key drivers of capital growth are population, employment and infrastructure, such as transport links and regeneration projects.Former guest James Sproule describes "pretty cities" such as Cambridge, Bath, York, Harrogate and Edinburgh as a good bet for capital growth.Dr Paul Morland's advice is to avoid areas with a declining population, which you can check with the Office for National Statistics (ONS).How to check rental demandUsing Property Engine, divide the number of let agreed properties in a postcode by the total of available and let agreed properties.For example, if a postcode has 20 properties available to rent and 30 let agreed, demand is 30 ÷ 50 = 60%.The same formula works for sales: divide properties sold subject to contract by all properties for sale, including those sold subject to contract.For example, 25 sold subject to contract out of 65 in total gives 38%.Former guest Jonathan Rowland won't go near anything under 40%, while others use 50%.Analysing the street and comparablesEnglishHousePrices.com shows sold prices in a postcode from Land Registry data, giving you an idea of the street's ceiling price.Lenders are often reluctant to value a property above that ceiling.The ideal comparable is next door, the same size, sold recently and in the same condition, and Property Engine makes checking condition through photos quick.Analysing the property itselfCheck your figures with two or three local estate agents, and ask what price would achieve a really quick sale.Check the EPC for the rating, size and any non-standard construction, but treat it as a starting point rather than a bible.Google the address, check the local planning portal, and use a VPN if a council website blocks overseas browsers.Location-driven or deal-driven?Sticking to one area makes it easier to build a team, but a deal-driven approach can find bargains faster and adds some diversity to a portfolio.A big discount is always the best way to mitigate risk.Key takeaways· Build a deal analyser around your own goals and target ROCE, and keep the first pass simple.· Move from the area to the street to the property, checking your figures at each stage.· Measure demand with a simple percentage before you buy.· A trusted network of brokers, managers and partners lets you analyse quickly and safely.Resources mentionedProperty Engine (use the code expat for a discount), EnglishHousePrices.com, Rightmove, Zoopla, the EPC register, Google Earth, Land Registry, HomeTrack, EIG, Dougal.co.uk, Refurb Calculator and ExpressVPN.Episode 326 on stamp duty, Episode 301 ...
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    31 min
  • Do I Need a UK Property Tax Accountant If I Live Abroad?

    Do I Need a UK Property Tax Accountant If I Live Abroad?
    Oct 11 2026

    Send us Fan Mail

    #334

    Once a month, Simon Misiewicz from Optimise Accountants joins us to tackle a UK property tax topic — with one eye always on those of us based overseas.

    This month we’re looking at what to consider before seeking advice on your UK property investments when you live abroad.

    If you own UK property and live overseas, the right tax advice depends on more than the property itself.

    In this month's tax minisode, Simon Misiewicz of Optimise Accountants explains why UK-only advice may not be enough for expat landlords.

    Your country of residence, tax status, income and investment structure can all shape the advice you need.


    ExpatPropertyStory.com

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    Do you need a UK property tax specialist?

    Simon suggests it depends on your situation.

    If you are a basic rate taxpayer with one or two properties, he argues that a specialist property tax accountant may not be good value for money.

    He sees more value if you are a higher rate taxpayer or invest through a limited company.


    Why where you live changes the tax advice you need

    Hong Kong only taxes Hong Kong-sourced income, so UK rental income is not taxed there.

    The United States taxes its citizens on worldwide income, wherever they live.

    Simon gives the example of a UK repair that is a tax-allowable cost in the UK but treated differently in the US, where depreciation applies instead.

    Spain also taxes its residents on worldwide income.

    UK tax already paid can be deducted on the Spanish return, but Spain does not recognise the UK's Private Residence Relief.

    That means selling your former UK home after becoming Spanish tax resident could lead to a much larger tax bill in Spain.


    Key takeaways

    · Brief your accountant on your whole tax position, not just your UK property.

    · Check whether a UK-only adviser understands the tax rules where you live.

    · If you are taxed in the US, consider a dual-qualified US and UK adviser.

    · Good UK tax advice can become costly in another country if the two are not joined up.


    Coming up next month

    Simon returns to cover the cross-border tax rules that can catch expats out, from tax treaties and inheritance planning to UK pension and ISA benefits.


    Disclaimer

    This episode is for general information only and is not tax or financial advice.

    Tax rules vary by country and personal circumstances, so please take professional advice before acting.
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    8 min
  • UK Property Auction: The £70k Flat That Became a £210k Refinance

    UK Property Auction: The £70k Flat That Became a £210k Refinance
    Oct 7 2026
    Send us Fan Mail#333Would you buy a one bed flat with a short lease, a hole in the roof and the smell of bacon wafting up through the floorboards from the greasy spoon blow?Jess Macaulay host of Phoenix Property Meet did! She picked it up post-auction for £70,000 because no one else wanted it and after extending the lease, fixing the roof and reconfiguring the layout to add a second bedroom, had it revalued at £210,000!She bought it for £70,000, and within four months it revalued at £210,000.ExpatPropertyStory.comCheck out our shorts on YouTubeOur WhatsApp groupProperty Engine discounts (Code: EXPAT)Starter: 30 day trialPro: 30 day trial/3 mths 1/2 price, Ultimate: 1/2 price 3 monthsGoalsettingLeave a review37 Question Due Diligence Checklist / Auction GuideOur Sponsors: Finnigan McNeill Property GroupWe discuss:A Triple Threat UK Property Auction DealJess's case study is a textbook example of what Episode 203 guest Jason Patterson calls a "triple threat": adding value by refurbishing, extending the lease and reconfiguring the layout, all on the same property. The flat sat above a breakfast cafe in Chichester, came through probate, and had been struggling to sell on the open market for around 18 months before it went to auction.Jess picked it up post-auction after no one bid on it in the room.Why a Council Freeholder Made the Lease Extension EasyThe freeholder turned out to be the local council, which Jess says is often a good sign for anyone looking at short lease flats.She approached them before completing, and they agreed informally to both the lease extension and a deed of variation allowing the one-to-two-bed conversion.The lease extension came in at around £21,000 including fees, and the whole process was, in her words, one of the simplest she's done.Refurbishing a Flat Above a ShopThe refurbishment cost roughly £25,000 and took three to four weeks, including moving the kitchen into the living room to create the second bedroom.One unexpected addition was a vapour barrier, needed to stop cooking smells from the cafe below seeping into the flat.Financing a flat above a commercial unit, especially one with external rear-staircase access, narrows the pool of available lenders, so Jess checked with her broker before buying rather than after.Refinancing Without Waiting Six MonthsBecause the works increased the property's value so significantly, Jess used lenders who don't apply the standard six-month ownership rule before refinancing.The flat revalued at £210,000, and a 75% loan-to-value refinance let her pull out all of her capital plus a little extra.It now rents for £1,450 a month to a family.How Jess Finds Deals Other Investors SkipJess's process starts with Rightmove and EIG alerts across Hampshire, Surrey and Sussex, filtered toward stock that's sat on the market longest or been through the most price reductions.She also watches properties that fail to sell at auction, often negotiating better terms once they go to a post-auction sale.Legal packs get a first review through DocuWise before anything goes to her solicitors, and every deal runs through a deal stacker that accounts for purchase costs, stamp duty, legal fees and finance costs against the expected end value.Are Flats Undervalued in the Current UK Property MarketJess and fellow guest Jay Howard are aligned on this: she's now looking at flats in locations where she'd previously have targeted two and three-bed houses.Not all flats carry the same risk, though, and Jess flags large high-rise blocks with heavy service charges and cladding issues as a different proposition to smaller converted buildings like Victorian mansion blocks.Office for National Statistics figures cited in the episode show average house prices rose nearly 30% between 2015 and 2025, while average flat prices rose under 9%, a gap Jess sees as opportunity rather than warning sign.Key TakeawaysShort leases, probate sales and unusual layouts can be genuine opportunities if you can price and de-risk the specific problem rather than avoiding problem properties altogether.Due diligence before exchange matters most: speaking to the freeholder, a lease extension specialist and a mortgage broker all shaped whether this deal was doable.Flats may be undervalued relative to houses at the moment, but the risk varies enormously by building type, so service charges and compliance history are worth checking property by property.
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    28 min
  • UK Buy-to-Let Hotspot in the North West

    UK Buy-to-Let Hotspot in the North West
    Oct 4 2026
    Send us Fan Mail#332Darren McNeill from our sponsors FMP joins me for our regular North West spotlight, this time on Darwen, and the numbers he shared make the case for a genuine UK buy-to-let hotspot.Once a month, Darren McNeill from our sponsors FMP joins me to look at the North West property market.Darren reports that Darwen showed 8% asking price growth in January 2026, against a UK average he puts at around 1 to 2%.He also says good properties there are selling within two to three weeks, with many going to best and final offers.If you're weighing up where to buy in the North West, this episode walks through the fundamentals behind those headline figures:· Population· Transport links· Regeneration funding · RentsSo you can judge for yourself.FMP specialise in simple, straightforward buy-to-lets for under £125,000, operating across the North West and Greater Manchester.ExpatPropertyStory.comCheck out our shorts on YouTubeOur WhatsApp groupProperty Engine discounts (Code: EXPAT)Starter: 30 day trialPro: 30 day trial/3 mths 1/2 price, Ultimate: 1/2 price 3 monthsGoalsettingLeave a review37 Question Due Diligence Checklist / Auction GuideOur Sponsors: Finnigan McNeill Property GroupWe discuss:Why Darwen Looks Like a UK Buy-to-Let HotspotDarren says the typical asking price in Darwen is around £188,000, which puts it 23rd in the UK for individual town growth.When I asked whether asking price growth translates into sale prices, he said they're lucky to get properties for clients at asking price, and many are going to best and final.He contrasts this with national media coverage, which tends to focus on how quiet the market is.In his experience, the only way clients find out how busy the North West is comes when they try to buy something.It's been 12 to 18 months, he says, since they were last able to secure genuine bargains below asking price.New-Build Developments and Population GrowthDarwen's population was around 28,000 at the 2021 census, and Darren expects it has grown since then given the amount of new-build activity.Darren showed me one site with roughly 1,000 homes, and he says there are at least four huge building sites, with more being added.He points out that people moving in from outside the town and buying at £250,000 and upwards bring fresh money and good jobs into the local economy.From £30,000 to £110,000: How Fast Values Have MovedDarren bought his first Darwen property in 2018 for £30,000, renovated it and sold it for £60,000, which he says was the top of the market for a two-bed terrace at the time.Two-bed terraces on the same street are now selling for £105,000 to £110,000.He says the area wasn't at its best back then, with houses up for sale everywhere, until the council introduced landlord licensing and got rid of the bad landlords.Transport Links and JobsDarwen sits on the M65 corridor, with Bolton about 20 minutes away, Preston about 25 minutes and Manchester Victoria about 40 minutes by car.The town has its own railway station, with services to Blackburn, Bolton, Manchester Victoria and Preston, and trains to Manchester every 30 minutes.Darren says new industrial units are being built and are pulling employment into the area, alongside an existing manufacturing base that includes employers such as Perspex and Crown Paints.£100 Million of RegenerationDarwen secured £25 million through the government's Town Deal, as part of a total investment of £100 million.In July, the council announced another £5 million for the town centre transformation, which has improved the market, library and library theatre.Darren says the market and library alone have had £20 million, and that £100 million is a huge investment for a town of 28,000 people.Rents and YieldsDarren says rents have risen 5.3% over the last 12 months, with the average two-bed achieving £660 and three-beds around £780.FMP manage 50 units in Darwen, and Darren owns four himself.Their current two-bed rents range from £650 to £700, and their three-beds from £800 to £825.Recent examples include a £90,000 three-bed terrace returning £800 a month and an £80,000 two-bed terrace returning £675.Darren thinks people moving from Bolton, where purchase prices and rents are significantly higher, will keep pushing prices and rents up in Darwen.Key TakeawaysDarren's view is that population growth, new-build development, transport links, jobs and regeneration funding all point in the same direction for this part of the North West.Buyers shouldn't assume they can offer below asking price: Darren says many of the properties FMP buy for clients are going to best and final.Movement of people from nearby Bolton is a trend worth watching, since Darren expects it to keep supporting both prices and rents.
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    9 min