Lucy Alexander, co-presenter of BBC’s ‘Homes under the Hammer’ for 13 years, is set to step down from her role, but a lot of people do not realise how well qualified she is to give advice on buying property at auctions.
Over the last decade or so, Alexander has made has made some considerable gains through buying houses at auctions, using her knowledge and interest in the market, together with her experience working on the property-focused programme, to its full effect.
In 2008, she purchased a house at auction for over £1m, she told ThisIsMoney.co.uk in November last year. After spending £500,000 renovating it, she sold it in 2014 at treble its original price.
Her first property was a flat in London she purchased when she was 18. She sold it at a profit, and since then has maintained an interest in property investment. She has bought and sold 14 properties, most of them in Surrey.
Her main advice for people purchasing property at auction is to stick to a budget. In the heat of bidding, people can get carried away and end up paying too much for the property.
In an interview with SurreyLife.co.uk in September 2012, she said:
“We’re also seeing a lot of people who don’t have the finance. They pay the ten per cent deposit, and then lose the property 28 days later because they’re unable to pay the remainder.”