Update: I have now installed the new 7.1.1 installer, worked flawlessly here thanks guys!
However there appears to be a problem with the update functionality at start-up. When starting myeclipseide, the automatic updates check for updates as per normal and this works fine displaying list of updates available, however when I select the updates to install, the “Finish” button stays greyed out. The only option is to close, so no updates are installed.
I will investigate this further today.