Rick, Neil, Mike and Vyvyan learn that the council plans to rip down their home. Vyvyan tries to demolish it himself from the inside and Neil wants to commit suicide.
Mike, Neil, Vyvyan and Rick move into their new home. Vyvyan thinks he has found oil in the basement and Mike quickly takes control of the situation by ordering the others to do the digging.
The students wonder what to do when an unexploded bomb lands in their house. Mike sees an opportunity to make money, Rick wants to use it as a blackmail tool and Vyvyan tries to detonate it, but Neil's just worried about surviving the inevitable blast.
The boys decide to throw a party, but before long it descends into chaos. A preachy Christian turns up, Rick gets annoyed when their guests arrive early, Cinderella appears, and Vyvyan tries to impress some girls.
A spell of bad weather means the friends must find ways to amuse themselves inside the house. As they play hide-and-seek, Jerzy Balowski is transformed into an axe-wielding maniac.
The gang are desperately short of cash, forcing Neil to get a job. The army turn him down but he gets on surprisingly well being a police officer instead. Meanwhile, Vyvyan announces he's pregnant.
It's an ordinary evening: Neil's having a bath, Rick's reading Cosmopolitan, and Mike and Vyvyan are trying to watch video nasties. But before the night is over, the gang will have to bury a vampire.
A bout of illness puts a strain on Vivian's usual easygoing approach to communal living. The somewhat delicate matter of Rick's lost virginity raises further consternation.
The housemates are trying to find ways to amuse themselves during the summer holidays, but then Mr Balowski turns up and evicts them. Now it's a matter of survival, so they decide to rob a bank.