BBC Homes Under the Hammer property expert shares the ONE key mistake first-time buyers ALWAYS make

BBC Homes Under the Hammer property expert shares the ONE key mistake first-time buyers ALWAYS make

WATCH HERE: BBC Homes Under the Hammer star Moses Bright on mistake buyers make on property market

GB NEWS
Alex Davies

By Alex Davies


Published: 03/02/2024

- 06:01

Those looking to step on the property ladder need to avoid one vital error

Upcoming BBC Homes Under the Hammer star and property consultant Moses Bright has spoken exclusively to GB News all about his stint on the BBC show.

As well as lauding presenters Dion Dublin and Tommy Walsh - who's since been axed from the BBC show - Bright shared his invaluable advice for those looking to purchase property for the first time.


Bright knows all too well the trials and tribulations that purchasing property can bring as a keen investor himself - especially with so much uncertainty surrounding interest rates of late.

A leading property consultant and founder of Announce Property, Bright has told GB News how eager prospective buyers tend to make a familiar mistake - and he's explained how to avoid it.

"The first thing is advice I give to all my clients, you must have a plan," Bright began. "If you don't have a plan, you will go in there blind.

"And the reason why the plan is so important is you have to ask yourself, 'Where am I right now? Why do I want to buy a home? What kind of home do I want to buy? What are my finances like?'

Houses for sale

BBC Homes Under the Hammer's Moses Bright has a warning for first-time buyers entering the property market

GETTY

"These are themes that sometimes people overlook because buying a property involves a lot of emotions, people actually get quite emotional about it and sometimes they miss out on the little details.

"So it is important that people think, 'What is my plan? If we're going to buy property, what are our finances like? What is my credit report like?'

"Yes, there's a lot of information out there, you can read all the information online, and go on YouTube and go on the internet but when it comes to actually doing it, first thing's first - set a goal.

"You want to buy a property this year? Okay... what do you have in the bank? Where do you want to move to location-wise?

"Once you have that framework, you can now speak to a professional, speak to a mortgage broker, let them check out your current financial situation... these are steps people need to take, but it always starts with a plan. If you have a plan, it makes it easy for you to navigate the entire process within the home."

WATCH HERE: Homes Under the Hammer's Moses Bright on Tommy Walsh's axe from BBC show

Delving into his own work in the property sphere, Bright divulged: "Interest rates right now are quite high, but the good thing about what we do with our clients is we always ensure you purchase a property that you can afford, be it a first home or an investment home.

"So I'll give you a good example: all our clients who we've been working with since 2021 when interest rates - we had 0.11 percent which we never thought we'd see...

"All of a sudden it went up to three (percent) but all our clients who we've helped in the last two years during the interest rate increase, every single one of our clients have peace of mind.

"And the reason why they do is because we set a plan with them. They're working with a professional like us. I can tell them these are the things you have to put in place first before you go out there to find a property."

But instead of making a plan, Bright sees time and time again one error first-time buyers make: "The mistake a lot of people do is (when) they want to buy a property, they start looking on Rightmove or they go on Zoopla - that's it.

"We've had clients who have gone on Rightmove and they look for areas in London, knowing that their income isn't enough for that area. So rather than go on Rightmove or Zoopla, first of all, have a plan. Let's put things in place.

Homes Under the Hammer

One Homes Under the Hammer property expert has had his say on a key mistake potential buyers make

GETTY/BBC

"Sometimes people need six months to a year to just sort out their credit file - and that's what we do. What we do is we get you to set a plan and then we work with you on your credit file, and then we work with you on your finances, and once we ensure that you can get a mortgage, we then work with you to look at the areas that you can afford.

"Then we go out there and help you find a property. You do the viewings and we negotiate on your behalf, we assign you a solicitor so literally, with us, it's a one-stop shop."

Bright summarised: "So if you're thinking of buying a property in 2024, I would say start with a plan, look at your finances, look how much you can afford and then think about the future. Don't overstretch yourself.

"If the interest rate was to go up again, will you be okay? If interest rates went from 5.25 percent to six percent, would you be okay? That's something we do with all our clients."

Bright will appear on the BBC's Home Under the Hammer later this year alongside host Dublin as he gets to work lending his talents to investors looking to renovate a derelict property.

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