Galway Bay fm newsroom – The average rent for a property in Galway city has risen by more than 7 and a half percent over the past year.
That’s according to the latest index from the Residential Tenancies Board, which shows the average rent in the city is now 1 thousand and 65 euro.
This is behind the average rent in Dublin, which is just above 15 hundred euro, an increase of almost 10 per cent.
Housing Minister Eoghan Murphy says he will shortly be introducing new rent protection measures in the Dail.
Nationally, rents for existing tenancies have gone up by 4.9 per cent while rent rates for new tenancies are up 8.4 per cent.
More from Director of the Residential Tenancies Board Rosalind Carroll at 9
Works on Kirwan roundabout set to reach completion in third quarter
Galway Bay fm newsroom – Works to turn Kirwan roundabout into a signalised junction are scheduled to reach completion in the third quarter of this year.
Galway City Council has awarded the main works contract to John Madden & Sons Ltd.
The multi-million euro project will see the current 5-arm roundabout transformed into a 4-arm traffic light junction.
Prior to the pandemic, it was estimated that around 40 thousand vehicles pass through the Kirwan Roundabout every day between the hours of 7am and 7pm.
The plan aims is to improve traffic flow, reduce congestion at peak times and offer increased safety to pedestrians and cyclists.
It also hopes to discourage the ongoing issue of ‘rat runs’ through local residential areas.
Sections of four private properties will be impacted by the change – the Menlo Park Hotel, a B&B, a home, and a residential site.
Galway has third highest number of PUP claimants this week
Galway Bay fm newsroom – Galway has the third highest number of claimants for the pandemic unemployment payment this week.
Over 24,900 people in the city and county are to receive the State support this week.
Dublin is the county with the highest number receiving PUP this week with over 146,500 claimants, followed by Cork with over 47 thousand.
Meanwhile, over 8,200 people in Galway have been medically certified for the COVID-19 related enhanced illness benefit.
This week, the Department of Social Protection has issued weekly payments valued at over €139 million to those in receipt of the pandemic unemployment payment.
City Council to proceed with €3.5 million loan for first time buyers scheme
Galway Bay fm newsroom – Galway City Council has agreed to borrow €3.5 million for a loan scheme for first time buyers.
The total allocation will go towards the provision of the 2021 Rebuilding Ireland Home Loan scheme for city residents.
At this week’s Local Authority meeting, councillors agreed unanimously to borrow €3.5 million from Government for the 2021 Rebuilding Ireland Home Loan scheme.
The scheme is only available to first time buyers who have already had two loan applications rejected by commercial lending institutes.
The income of a single applicant must not exceed €50,000 while the combined income of joint applicants must not be over €75,000.
Loans of up to 90% are available on properties up to €320,000 – with the maximum interest rate is set at just under 3%.
Director of Services for Housing Dermot Mahon told the meeting that since the scheme started in 2018, the City Council has financed 35 loan approvals at a total cost of just under €5.2 million.