The OP hasn't stated what the actual result of the fault is but I'm guessing it makes it undrivable.
With used items (cars), as opposed to new, the "satisfactory" argument seems to be the one usually addressed rather than faults. The law accepts that a used car will have faults and will have more break downs, less reliability, higher maintenance costs etc. and that is the reason for the relatively small percentage of the new value of most used cars.
However, on a £5k car unless it has a gazillion miles on it, it would probably be expected that a buyer would get 3 months use from it performing the basic functions of a car not excluding the failure of a part which could be deemed to have met the end of its natural life anyway. Therefore, a dodgy CD player, failed electric window etc. would be deemed just part of a used car's inferior nature to a new one and a wheel bearing, knocking suspension, exhaust etc. just part of natural wear & tear.
Where a dodgy ECU fits in is perhaps open to question - evidently it has failed after purchase but is it "satisfactory" that a £5k is non longer able to perform a basic car function due to the failure of a part which can't really be argued due to wear and tear?
I'd hope the dealer would at least help out. Most of these ECU's can be repaired rather than replaced and there are loads of specialists who will test and repair if necessary. The costs vary but it is usually £150-£200 sort of range.
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