Lending soars in trade-up sector

THE amount of money borrowed by homeowners to buy a new house has risen by 50% in the first half of the year.

Bank of Ireland said it had loaned €350 million to existing homeowners to trade up to a new house and this section of the property market now accounts for one in five mortgages.

In a new report, Bank of Ireland says 70% of its customers trade up from their first home and that 30% trade up from their second or subsequent home.