Renovation works are on the cards for 57 per cent of homeowners over the next year, with the average cost of the planned works totalling €6,805.
While the vast majority of households plan to spend less than €10,000 on home improvements, a recent study by Aviva Insurance Ireland found 12 per cent predict they will spend somewhere in the region of €20,000-€50,000 on more extensive work.
Painting the interior of the house was the most common renovation plan given (44 per cent), while 34 per cent are looking outwards at garden improvements.
Meanwhile, just under one third of respondents (31 per cent) said they are focusing on energy efficiency upgrades.
While 80 per cent of respondents said they have no plans to move house at present, 20 per cent said they either have moved since the onset of the Covid-19 pandemic or plan to do so.
Approximately 7 per cent of renters have or are planning to move to a cheaper location, the majority of these being in the 25-34 age bracket.
A further 7 per cent 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 per cent 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.
