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Large number of landlords exiting property market

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By Ted Healy of DNG TED HEALY

Alarming new figures have highlighted the growing number of landlords who have exited the market in recent times. More landlords than ever are putting their properties up for sale, evicting tenants and driving a rise in family homelessness, new figures suggest.

There was a sharp increase throughout last year in the number of 'Notice to Quit' issued to tenants, according to the Residential Tenancies Board (RTB), rising from 352 in the first quarter of the year to 958 in the final quarter.

Over half of all such notices were given because the landlord decided to sell the property. Over 600 landlords told tenants to move out because they were putting the property up for sale in the last three months of last year.

Many tenants have difficulty securing new places to live, with some requiring emergency accommodation.

Other reasons given – accounting for almost a quarter of all the 'Notice to Quit' – included that the landlord or a family member intended to use the property themselves. A “breach of tenant obligations” accounted for just 14 percent of the 'Notice to Quit'.

The figures from the RTB suggest 80 landlords a week exited the market in the last three months of 2021.
These are alarming figures indeed which show a large number of landlords looking to exit the market.
The property market crash of the late 2000’s saw Ireland create a large number of ‘accidental landlords’. Improved market conditions in recent times have seen people climb up out of negative equity enabling them to exit the market.

The majority of these properties are being purchased for family homes which in itself is a good thing, but the flip side is a declining number of residential rental properties in the market. At the time of writing there are only five properties listed as available to rent in Killarney; four of which are two bedroom apartments.

So what is the answer?

Incentivise landlords with tax breaks on rental income? Rental income is currently classed as general income incurring full income tax liability. Throw in stricter rent controls and compliance costs and is it little wonder people are exiting the market?

‘Good’ landlords who may not have increased their rent or perhaps reduced their rent over the pandemic period are now, in practice, being penalised with rent controls allowing for nominal increases. They are not allowed to now charge market rent for the property! While the theory of these rent controls makes sense and is certainly required, should a practical common sense approach also be taken in specific cases?

Should Local Authorities be allowed to buy any properties with HAP (Housing Assistance Payment) or RAS (Rental Accommodation Scheme) tenants in place, effectively becoming the landlord?

One thing is for sure, a plan needs to be put in place to slow down the disorderly exit of accidental and semi-professional landlords from the market or the already squeezed rental market faces further difficulties.

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Con O’Leary: Killarney loses a vibrant and popular personality

Killarney Chamber of Tourism and Commerce has led the tributes to the late Con O’Leary, an extremely popular and very successful businessman in the town, who passed away in the […]

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Killarney Chamber of Tourism and Commerce has led the tributes to the late Con O’Leary, an extremely popular and very successful businessman in the town, who passed away in the early hours of Sunday.

Con was a vibrant and popular personality in Killarney where he operated The Laurels on Main Street, a thriving bar and restaurant, which he inherited following the passing of his father, Thado.
The business organisation said from a social perspective, The Laurels became the beating heart of the town and it was a landmark at the Market Cross in the same way as Clery’s clock was in the capital city.
Chamber said Con’s passing really marks the end of an era as he was one of a golden age of inspirational local business people who developed and built Killarney, through hard work, bravery and great commercial flair, and helped create the wonderful tourist attraction and holiday destination it is today.
“Con was very proud of Killarney and he played a very active part in progressing the town at many levels.
“He was a man that was never short of great ideas and his contribution to the business life of the town and as a director of Killarney Race Company was immense,” Chamber said.
“He was ahead of his time in many respects with the introduction by what became known as “the singing lounge” many years ago and The Laurels always led by example through its successes in the annual Killarney Looking Good competition”.
The business representative organisation noted that the O’Leary family has always been very supporting of the town and Con’s daughter, Kate, was a very dynamic Chamber President and is still a very valued member of the executive.
Chamber expressed deep sympathy to Con’s wife, Anne, children Kate, Niall, Tara and Lorna, sons-in-law, grandchildren, sisters, relatives and friends as well as the dedicated staff in The Laurels, past and present, who Con always had great time for and a great rapport with.

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All Roads Lead To Kerry For National Road Safety Conference

Kerry County Council is to host a two-day road safety conference at the INEC Killarney on May 28 and 29. The ‘Safer Roads’ road safety conference is an inter-agency event […]

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Kerry County Council is to host a two-day road safety conference at the INEC Killarney on May 28 and 29.

The ‘Safer Roads’ road safety conference is an inter-agency event focused on improving road safety, reducing traffic-related incidents, and sharing knowledge and best practices for safer road use. It encompasses various strategies and efforts across multiple domains, including road design, engineering, enforcement, forensic collision investigation, technology, education, collision trends, occupational driving, cycling and scooting, e-mobility, active & sustainable travel and on-road events.

In addition to this, AI, Virtual Reality and Driver Simulation will play a significant role at the conference, in improving safety by predicting and preventing accidents, optimizing traffic, and aiding the development of autonomous vehicles.

This ‘Safer Roads’ conference is a non-public event where road safety professionals, speakers and service providers from across Ireland, other EU countries and the UK will attend, including transportation experts, government and local authority officials, roads policing and vehicle inspection agencies, road safety advocates, educators and promoters, collision responders, cycling bodies and community safety networks.

Kerry County Council’s Road Safety Officer Declan Keogh said:
“Road safety has evolved over the years to a much broader scope, in terms of e-mobility, sustainability, technology and engineering for instance. It’s not just about the road or the vehicle anymore, but also about how technology, human behaviour, enforcement, and education intersect to reduce risks and prevent collisions. The ‘Safer Roads’ conference will involve and include every branch of the road safety tree, right across the board, and in doing so, we aim to increase road safety awareness, improve road user behaviour and decrease the collisions and carnage we see on our roads every day,”

The two-day conference also provides an opportunity for exhibitors to attend, and interested state bodies, businesses and service providers are invited to exhibit at the event to showcase their products and services and engage with delegates and officials at the conference.

Further information about the conference and how to register or exhibit can be found here. https://www.kerrycoco.ie/safer-roads-road-safety-conference/

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