So BT added a new security feature on the latest version of the BT Home Hub firmware (6.2.6.E at time of writing) which changes the default admin password from admin to the serial number of the router. From BT Support and Advice site:
When I first noticed this new feature I thought it was quite cool and definitely a good move from BT. [...]
This kind of authentication bypass bug can go easily undetected during a security assessment if not enough attention is paid. In order to understand this type of vulnerability, we need to be familiar with settings pages available on devices’ web interface that allow the admin user to modify settings.
Administrative web interfaces have different sections/menus available to logged-in administrators. Each section is just a HTML page with a form designed to make configuration changes. [...]