Opening Bell: First-time buyers turn to mum and dad for cash, rents rise (again), global markets sink

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A lack of housing supply is being blamed for rising rents. Last year prices rose by 9%, the average rent was €979 at the end of 2015.

The latest report from Daft.ie shows rents are rising fastest in cities outside Dublin - with a 15.4% jump in Cork.

Galway rents were up over 13%, and in Limerick they rose by 12.4%.

The survey found the number of available rental properties is less than a quarter of what it was five years ago.

Trinity College Economist Ronan Lyons compiled the Daft.ie report and says the lack of supply is driving rent increases:

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New figures show that some 15% of people buying houses with cash are first-time buyers - according to Savills.

Cash purchases account for 47% of all sales in the housing market.

Savills' director of research John McCartney says that the proportion of first-time buyers paying in cash implies that under new mortgage regulations, young purchasers are "relying on the bank of mum and dad as they wouldn’t have the money for a deposit."

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Overnight trading in Asia has seen a continuation of yesterday's sell-off in Europe and the US.

Japan's Nikkei 225 has fallen by 5.2%.

More than €4bn was wiped off the value of Irish shares yesterday as the ISEQ fell by 5.5% - its biggest one-day sell-off since 2010.

Investors are concerned about low oil prices and slowing economic growth in China.

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Michael Bloomberg, the media mogul and former mayor of New York has stated for the first time that he is considering a run for the White House.

He told The Financial Times that he is "looking at all the options" and that he has found the "level of discourse and discussion distressingly banal and an outrage and an insult to the voters," so far in the campaign.

The New York Times has reported that he in considering investing $1bn in a campaign to run as an independent candidate.