Oct 31, 2024

There has been a surge in the amount of money householders across Ireland are spending on home-improvement projects. Charlie Weston Homeowners are choosing to renovate rather than relocate. A survey of spending by Revolut’s 2.8 million customers shows a surge in the amount of money householders across Ireland are spending on home-improvement projects. It is thought that rapidly rising house prices are discouraging homeowners from moving, prompting them to extend and improve their existing homes. Statistics recorded by the Central Statistics Office show that property prices shot up by more than 10pc in the year to August. Revolut’s consumer spending analysis tracks millions of card payments each month to indicate several real-world spending trends by the country’s Revolut customers. The survey found that people buying property for the very first time and those weighing up whether to move to a bigger home are making it a priority to spend money on their homes. The analysis suggests that people are opting to renovate rather than relocate, either by extending or remodelling homes, Revolut said. The figures show that there has been a 30pc rise in payments to trade contractors in the three months to September when compared with the previous quarter. An additional 14pc rise was recorded for spending on masonry, stonework, and plastering costs. Analysts at Revolut said this points to a probable jump in the number of house extensions getting underway last month. With an increased demand for work on home improvement projects, architectural firms and surveyors are also proving to be the beneficiaries of people in Ireland’s need to renovate their homes. Spending on fees for these services rose 22pc in the three months to September compared with the previous quarter. This is a rise of 18pc on this time last year. Also picked up was more spending on carpentry contractors and heightened spending on plumbing and heating equipment, suggesting increasing workloads for these trades too. The amount spent at household appliance stores rose by 22pc in the quarter. Consumers spent a third more on furnishings for their homes compared with last September. Revolut said that increasing numbers of customers are borrowing from it to fulfil renovation goals. Over 20pc of Revolut’s existing personal loan customers said their reason for accessing credit was to carry out home improvements, while in the last month, the amount of home improvement loan applications Revolut received rose by 4pc, the digital bank said. A recent survey by market research company Dynata, on behalf of Revolut, found that over 18pc of people, from a sample of 1,000 respondents representing every county in Ireland, said that renovating their house or apartment would be a good reason to use a loan in the next year. Head of lending in Europe at Revolut Bank Maurice Murphy said: “During those big life events, such as moving or renovating your home, it’s important to be able to trust your bank, get a great return on your deposits, and have hassle-free access to credit when you need it. “These spending patterns suggest that a growing number of our customers in Ireland are putting their money towards decorating, renovating, or extending their homes.”