Home renovation scheme should be extended

New figures reveal that the Home Renovation Incentive Scheme has exceeded an estimated €1 billion in works since it was introduced in 2013 – with Galway homeowners investing over €39 million in value.

But the scheme hasn’t been a real success in rural Ireland, with over two-thirds of the spend undertaken in just three counties – Dublin, Cork and Kildare.

It is due to come to an end on New Year’s Eve – but in its pre-budget submission last week, Hardware Association Ireland called on the Government to extend the scheme by 24 months in order to achieve greater penetration and awareness across Ireland, particularly in rural areas.

The Revenue figures reveal that since October 2013, over 65,000 works have been registered with the scheme across more than 45,000 individual properties.

Window replacements, kitchen upgrades and general repairs and renovations top the list of works completed under the scheme.

The majority of properties that registered for HRI are urban-based, with Dublin by far dominating with €560m in total works registered, followed by Cork at €109.5m. The cumulative total tax credits eligible to be claimed to date is €71.85 million.

The Revenue statistics coincide with new research released by HAI – the national representative body for hardware/DIY retailers and builders merchants – which reveals that more than half of all homeowners have not heard about the HRI scheme, with awareness highest (58%) among those aged 50 to 64 in Dublin.