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Ireland’s largest retail industry trade body has expressed its support of the Government’s plans to abolish upward only rent review clauses. Retail Excellence Ireland (REI) claims more than 40,000 jobs are at risk in the retail sector unless the system is removed. Currently, rent prices can only increase or remain the same under review, regardless of decreases in market rates. Since rental retail rates increased by 240% between 2000 and 2007, compared to a 30% increment in consumer prices, REI claims businesses are not paying a fair market rate. As it stands, Ireland is one of just a handful of countries who still employ the system, with the remaining jurisdictions employing a market-based approach.

Approval was given this week for a 20-year lease on the old Charlestown Health Clinic to Charlestown Community Childcare Ltd.

The tenant purchase scheme for long-standing tenants of the Galway City Council has been relaunched, offering tenants the opportunity to buy their own homes from the council at a reduced rate.

Local authority tenants, who have been residents for more than 10 years, have the opportunity to purchase their house in a new scheme, with up to 45 per cent off the house price available.

The elected members of Ballina Town Council will meet again before approving a new tenant purchase scheme for long standing tenants. The new scheme, which will run hand in hand with the existing scheme, will see tenants who have more than 10 years of tenancy with the local authority get up to a 45 per cent discount on purchasing their home. This new scheme will run alongside the existing scheme from 1995 which saw tenants being able to avail of up to a 30 per cent discount on purchasing their homes.

A “huge uptake” is expected for a new tenant purchase scheme which will allow people avail of a discount of up to 45 per cent on the market price of a house.

There are several different reasons why an agency is more effective than an individual when letting a property, according to Yvonne Mulllaney of Yvonne Mullaney executive sales and lettings. For a start, an agent will have several properties online at any one time, and so gets an extremely high volume of people ringing looking for a home to rent.

Long-term local authority tenants will have the opportunity to buy their home at almost half its market value with new provisions set out in Budget 2011.

Many homeowners are now opting to let rather than sell their properties due to the current conditions in the housing market, according to local auctioneer Yvonne Mullaney.

Tony Joyce of O’Donnellan & Joyce has recently brought to the market a very attractive and substantial detached house located at 121, Claremont Park, Rahoon, Galway.