Houses in Limerick's regeneration zone will be purchased by the city council at their market value, a city hall Director has said.

Should homeowners decided to sell their property they can expect to receive an independent valuation, so the council gets "value for money".

Director Kieran Lehane said: "We are restricted by these rules. It is tax payers money after all, and we have to get value for money, and that value is determined independently."

However, the company behind the city's regeneration has said they will not be actively seeking to purchase peoples homes.

-- Advertisement --

Brendan Hayden, of Southside Regeneration Agency, said if residents did approach the agency they would be directed to the local authority.

But Mr Hayden did say that many homes in the area might be subject to falling market prices.

"At the end of the day, the prices of houses have come down and there is an expectation that if you go to the council you will get a better price, and that is not the case for anybody at this stage," Mr Hayden said.

Both the council and regeneration agency have said they were unaware of an offer of €28,000 given to a Ballinacurra Weston homeowner by the council.

City Hall Director Mr Lehane said the council has never received a complaint from homeowners that it had bought houses from.

"It is up to the individual if they want to sell to the council or put the house on the market themselves," he added.

(PR/JM)