Renovations are on the agenda for 57% of homeowners in the coming year, with the average cost of the planned works totaling €6,805.
A recent study by Aviva Insurance Ireland indicated that 12% of households anticipate spending between €20,000 and €50,000 on more extensive work, despite the fact that the great majority of households aim to spend less than €10,000 on home upgrades.
Painting the interior of the house was the most common renovation plan given (44 percent), while 34 percent are looking outwards at garden improvements.
Meanwhile, just under one-third of respondents (31 percent) said they are focusing on energy efficiency upgrades.
While 80% of respondents claimed they currently had no plans to move, 20% reported either having already moved since the Covid-19 outbreak started or having plans to do so.
7 percent of renters have moved or plan to move to a less expensive area, with the bulk of these individuals falling between the 25–34 age range.
A further 7 percent said they hope to buy a house this year, although many said they are concerned that choice within the housing market is very limited.
Also, 3 percent of respondents said they have moved back to their family home, the majority of whom were aged 18-24.
“Rising house prices and rents throughout the country, coupled with limited supplies for both, is undoubtedly causing difficulties for those hoping to buy or rent a new home,” Billy Shannon from Aviva Insurance Ireland said.
“Our research findings show that this is particularly evident amongst those in the younger age cohorts who are looking to save for or buy their first home, as many younger respondents who are currently renting saying that they are either looking to move to a cheaper location or indeed, moving back into the family home,” he added.