The public overwhelmingly believes councils should provide greater transparency on property investments, a survey by YouGov shared exclusively with the Bureau has found.

Our investigation published today reveals some of the smallest local authorities in England have amassed debts the equivalent of more than ten times their spending power to buy commercial property such as shopping centres, supermarkets and business parks. The number of councils investing in real estate to generate revenue has doubled in the past two years.

Councils say the deals are low risk and bring in extra revenue to replace funding cut by central government. However, some experts have warned borrowing to fund the purchases ties the future of vital public services to the uncertainty of the property market.

A YouGov survey, shared exclusively with the Bureau, has found public opinion is split on whether the investments are a concern.

But 80% of the 1,737 polled said the properties or land being bought should be made public, 82% believe councils should be transparent about how purchases are being funded and 78% thought councils should reveal any external consultants advising on the deal.

The Bureau found these crucial pieces of information are often only discussed and approved in meetings behind closed doors. Deals worth tens of millions of pounds have even been signed off by unelected council officials without any public scrutiny at all.

In April, the government introduced revised guidelines which aimed to discourage councils from borrowing to finance commercial investments but left the door open for councils to “disregard” the rules as long as they explain why.

Councils investing in the property market are required to publish at least one strategy document each year outlining their plans.