IPAV president Alan Redmond calls for review of vulture funds

A review of the future role of so-called vulture funds, who are flipping Irish properties for profit and in cases forcing existing tenants from their homes, has been called for by Alan Redmond, new president of the Institute of Professional Auctioneers & Valuers (IPAV).

“As we go forward, Irish society needs to look at the notion of selling many more tenanted properties, much in the same way that the commercial sector operates,” Mr Redmond said.

He added: “Tenants should have longer fixture of tenure which should only be broken for breach of obligations, such as the failure to pay rent.”