Business

Spending increases across home improvement sectors - Revolut

Over one-in-five of those who borrowed from the online bank said they wanted to invest in their home

Revolut spending data shows a rise in home-improvement activity. Photograph: iStock
Revolut spending data shows a rise in home-improvement activity. Photograph: iStock
Fiona Keeley
Thu Oct 31 2024 - 16:19

The amount of money spent on trade contractors in Ireland rose by 30 per cent in the third quarter, according to new figures from Revolut.

The online banking company released consumer spending data on its 2.8 million customers in Ireland which shows an overall increase in spending with the bank in the home improvements sector.

Architects and surveyors saw a 22 per cent increase in spend in the third quarter, compared to the second, while there was a 19 per cent rise in the amount spent on plumbing and heating over the same period. There was also a 33 per cent rise in spending across the carpentry industry for the quarter.

The data showed increases in spend on appliances and home furnishings, both by 22 per cent.

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More than 20 per cent of people who had taken out a loan with Revolut said they wanted to carry out improvements to their home. Revolut also saw a 4 per cent rise in applications for home loan improvements this month, compared to the same time last month.

Head of leading at Revolut Maurice Murphy said “These spending patterns suggest that a growing number of our customers in Ireland are putting their money towards decorating, renovating, or extending their homes.”

In a separate survey, conducted by research company Dynata on behalf of Revolut, some 18 per cent of respondents said renovating their home would be a reason they would take out a loan. Some 1,000 people took part in that survey and each county in Ireland was represented.–

It comes as the residential property price index from the Central Statistics Office (CSO) rose by 10.1 per cent over 12 months to August this year. The index has been continuously rising since it hit a low of 165.9 on the index in May 2023.

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