Tipperary homeowners spend nearly €4m on Home Renovations so far in 2015

The latest Home Renovation Incentive scheme statistics show the scheme is boosting trade for Tipperary’s hardware retailers and merchants with €3.9 million Euro being spent under the scheme so far this year in County Tipperary. The scheme, which began in October 2013 has seen nearly €10million spent on home renovations in Tipperary.

The Incentive provides for tax relief by way of an Income Tax credit at 13.5% of qualifying expenditure on repair, renovation or improvement works carried out on a main home or rental property by qualifying Contractors.

National spending has hit over €7 million per week during the first seven months of 2015 with figures for the year to date topping over €220 million. This takes the total value of works since the scheme commenced to €516 million, with those taking up the scheme spending an average of €15,400, mainly on home extensions and window replacements. While these figures indicate positive growth for the sector, the majority of the works are confined to Dublin and its surrounding counties. Dublin, Kildare, Meath and Wicklow account for over 65% of the value of works indicating a distinct divide between the larger urban centres and rural activity.

Annemarie Harte, Chief Executive of Hardware Association Ireland commented:

“Merchants and suppliers are only beginning to see an increase in activity after years of struggling following the construction industry collapse. With consumer confidence starting to return, more time is needed to allow the rest of the country to catch up and benefit from this incentive. The injection into the sector has exceeded all expectations – with €516 million spent by Irish homeowners and more recently, landlords, on home improvements under the scheme since its introduction in October 2013. There is huge potential to be unlocked by encouraging this scheme in places outside of where it’s currently buoyant. The scheme is due to end on 31st December this year, that’s a little over four months to go before it will be gone and I’d ask whether consumers even realise it’s coming to an end? Hardware Association Ireland is calling on the Government to extend the scheme to allow greater penetration into rural areas.  This will allow the positive impact on business and renovators alike to continue.”

HAI’s Budget 2016 Submission outlines recommendations on the HRI Scheme- read more here.

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