Would-be first-time buyers forced to rent

Eight in 10 potential first-time buyers have to continue renting — as restricted access to mortgage credit prevents them from getting onto the property ladder, a new report claims.

The research conducted by Ignite Research on behalf of mortgage insurance provider, Genworth Financial, also found that more than 70% of first-time buyers were having to rely on their parents for financial help when purchasing a new home. Commenting on the results of the survey, economist, Jim Power said they supported the findings of research that he carried out earlier in the year on the role of universal mortgage insurance in Ireland, which found it had the potential to open up access to mortgage finance to first-time buyers.

“This research confirms that people in the first-time buyer segment of the market cannot access funding for new homes and are stuck either in the rental trap or continuing to place an