Giles Peaker appears on BBC Radio 4’s Money Box program giving his views on the unknown costs involved with right to buy
Since 1980 more than 1.9 million council properties have been transferred into private ownership through the Government's ‘Right to Buy’ policy. That scheme is to be extended to 1.3 million tenants in housing associations.
The program discusses the unknown repair costs involved when purchasing ex-council properties. In one block of flats in Bermondsey South London, a new home-owner was hit with a £50,000 bill for repairs to the roof and exterior of her home. These repairs were deemed necessary by the council and owners within the block were all hit with similar bills.
Peaker advises anyone thinking of buying a home within this scheme to “Do your very best to find out what works are planned for the near future.” That way you won’t be surprised with a hefty repair bill after you buy.
Have a listen to the full program here. To fast forward to this item of the program go to 9 minutes 30 seconds in.