First time buyers warned over council buys

17-May-2005

Aspiring homeowners looking to get on the property ladder through buying ex-council property have been warned they may get more than they bargained for.

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According to a study carried out by the Guardian, many first time buyers purchasing a flat or house formerly owned by the local authority could find themselves paying out more money in the long term than if they had bought a more expensive property from a private owner.

While many aspiring first time buyers can sometimes secure a bargain, there is a concern from some in the property industry that there are too many ex-local authority buildings that are not in a good state of repair.

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The government is hoping to change this situation, and has set out rules to ensure that work is carried out on local authority buildings by 2010 that will see all such property in a good state of repair.

But until then, aspiring first time buyers are being urged to make thorough checks of former council properties that they are considering buying, to ensure that there are no major expenses that will have to be paid out after the transaction has gone through.

Click here for advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK's leading High Street Brokers, Bradford and Bingley

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