More than half of homeowners (57%) are planning to undertake renovations in their home this year, and will spend an average of €6,805 on the planned works, according to a survey from insurer Aviva, conducted by iReach Insights.

While the majority of those planning renovations intend to spend less than €10,000, some 12% of respondents have allocated a budget of between €20,000 and €50,000, with 2% planning to spend more than €50,000.

A total of 1,000 people, over 50% of whom are homeowners, were questioned for the survey, which also found that men (53%) are more likely than women (45%) to spend less than €2,000 on renovations.

However, 46% men are looking to focus their efforts on the garden compared to 30% of women, who are more likely to want to paint their home interiors or carry out renovations on kitchens, bathrooms and bedrooms.

Women (25%) are slightly more inclined to undertake energy efficiency upgrades than men (23%)

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Most homeowners planning on spending between €10,000 and €50,000 on renovations are aged 35-44, while those aged 55+ are most likely to spend in excess of €50,000 at 4%. Only 4% of homeowners are planning work on a home office, and 10% of those are aged 35-44.

"It is evident that the trend of investing in home renovation works that we reported on last year as people were spending more time at home as a result of the pandemic continues apace this year," said Aviva's Billy Shannon. 

"While the average spend was slightly higher last year at €7,343 versus €6,805 this year, 12% of respondents to this year’s survey indicated that they plan to spend between €10,000-€50,000 this year compared to only 5% last year. 

“We would always advise homeowners to do their due diligence before employing professionals to undertake renovation work in their home and to ensure that they only engage the services of reputable, experienced and insured individuals.  Referrals are often a good way of selecting a trusted contractor."

The insurer's survey also found that 80% have no plans to move house at present, with a fifth (20%) claiming to have they have either moved since the outbreak of Covid-19 or intend to do so in the near future.

Just 7% of those planning to move want to buy a home this year, with some saying the choice is very limited – the majority of whom are in the 35-44-year age bracket -- and 7% of renters have either moved or plan to move to a cheaper location, highest among those aged 25-34.

Furthermore, 3% of respondents, most of whom are aged 18-24, have moved back to the family home, and 3% have bought a new house since the pandemic -- highest among the 35-44 bracket.

"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," Shannon added. 

"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."

(Pic: Getty Images)