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This week’s vital property news: Tenants' rights and the government getting tough on banks

Everything you need to know in one quick guided tour.

Sherry Fitz A (2)

THIS WEEK THERE were more calls on Finance Minister Michael Noonan to come down hard on banks over variable rate mortgages.

There has also been some good news for tenants, with the Private Residential Tenancies Board (PRTB) punishing a landlord for repeatedly refusing to register his tenants.

The Big Movers

One last chance

This week it was revealed that Finance Minister Michael Noonan would be engaging in a final session of talks with banks about cutting their high variable mortgage rates before the government takes direct action to force them to do so.

The Minister met with with the heads of Ulster Bank and AIB on Tuesday amid growing demands for rates to come into line with the record-low European Central Bank rates in recent times, which have not been passed on to Irish consumers.

The Irish Times reported that the government had informed the heads of Ireland’s six main banks that intervention would take place if the rates were not cut.

michael noonan Finance Minister Michael Noonan with Taoiseach Enda Kenny Source: Biran Lawless/PA Wire

Tenants’ Rights

There was good news this week for tenants as a landlord lost his case challenging his obligation to register his tenant.

The Private Residential Tenancies Board (PRTB) ordered Dereck Doherty, a Dublin landlord, to pay €5,500 in fines and legal fees.

Doherty had been sent numerous letters informing him of his obligation prior to proceedings being taken against him.

Speaking about the judgement, PRTB Director Anne Marie Caulfield, said:

It is not acceptable that a minority of landlords attempt to operate outside the law, despite several official communications setting out clearly what their obligations are and what the consequences for not registering may be.

Under Construction

clondalkin field The area that they are planning to build on Source: County architect

Des Res

While property prices in Ireland have been on the rise, things could be worse. In Sydney, Australia, this inner-city terrace property is on the market for $700,000 (€495,000).

The house is only 2.85 metres wide and Business Insider has said that it is advertised “far from being large”.

This week’s vital property news: Tenants' rights and the government getting tough on banks
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  • 2.85-metre wide Sydney house

  • 2.85-metre wide Sydney house

    Source: Business Insider
  • 2.85-metre wide Sydney house

  • 2.85-metre wide Sydney house

  • 2.85-metre wide Sydney house

And Finally…

This week Irish architects O’Donnell and Tuomey were successful in their bid to be part of designing a new cultural quarter for the London 2012 Olympic Park. Dezeen reports that they are set to design the centre in conjunction with London-based Allies and Morrison.

Bellevue Bow by Swan New Homes The Olympic Village in east London Source: David Parry/PA Wire

Read: What part of the country will bring you the biggest return on investment property? 

Also: Cork’s largest-ever office development just got a new owner

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