€1.2bn sourced to fix up homes

It’s the big spring clean — figures show that Irish homeowners have availed of €1.2bn through the Home Renovation Incentive to fund home improvement projects over the last three years.

The HRI was launched in 2013 and provides homeowners with an income tax credit at 13.5% of qualifying expenditure on home improvement works carried out on a main home or rental property by qualifying contractors.

Latest figures show that homeowners around the country have carried out nearly 77,000 home improvement projects over the last three years, with an average spend of €16,000 per project.