Construction BUSINESS

Two-thirds (67%) of Irish adults are planning on renovating or redecorating their homes within the next 12 months, according to a survey carried out behalf of Hardware Association Ireland, supporting the association’s call for the Government to expend the Home Renovation Incentive Scheme.

Of those planning work, almost one-third (31%) expect to spend more than €5,000 on redecorations and renovations while 9% expect to spend more than €15,000. Some 18% of respondents aged 18-24 plan on spending over €15,000.

By far the biggest motivation for renovating was a need for general updating and refurbishment with 81% or respondents citing it while 11% said it was because they could not afford to move home. The Home Renovation Incentive Scheme was cited by just 5%.

Annemarie Harte.

“While the number of people intending to spend money on their homes next year is very welcome the low level of interest in the Home Renovation Incentive Scheme must be a cause for concern,” said HAI chief executive Annemarie Harte. “We believe the scheme should be extended and amended to make it more attractive to homeowners around the country. The scheme should be extended beyond its planned end date of 31st December 2018 for a further 24 months. This would allow people considering renovations to include the scheme in their plans.”

Ms Harte also called for changes in the operation of the scheme. “The scheme has been highly successful with almost €2 billion spent on works up to 30th June 2018. However, 65% of that has been spent in just four counties – Dublin, Meath, Wicklow and Kildare. The floor for the qualifying spend should be lowered from €4,405 to €3,000 to encourage the owners of smaller homes and the ceiling should be raised to €50,000 from €30,000 as an incentive for homeowners to pursue larger projects. We believe these changes would allow the scheme to spread out and have more of an impact in the other 22 counties which have yet to feel the full benefits of the recovery in the economy.”

Repainting was by far the most popular project with 75% saying this was on their agenda, next came general repairs and renovations at 51%, while gardening and landscaping was planned by 34%. Kitchen upgrades remain popular with a quarter (25%) planning one. Window replacement was mentioned by just 11%, possibly reflecting the high energy performance of modern homes. Just 6% said they were planning an extension while 4% had an attic conversion in mind.