The amount of money spent on business entrepreneurs in Ireland increased by 30 per cent in the third quarter, according to new figures from Revolut.

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

Architects and surveyors saw their spending increase by 22 percent in the third quarter compared to the second, while spending on plumbing and heating increased by 19 percent over the same period. Spending in the carpentry sector also increased by 33 percent during the quarter.

The data showed an increase in spending on appliances and home furnishings, both by 22 percent.

More than 20% of people who took out a loan from Revolut said they wanted to make improvements to their home. Revolut also saw a 4% increase in home loan improvement requests this month, compared to the same period last month.

Maurice Murphy, head of management at Revolut, said: “These spending patterns suggest that a growing number of our customers in Ireland are investing their money in decorating, renovating or extending their homes. »

In a separate survey, conducted by research firm Dynata on behalf of Revolut, around 18% of respondents said renovating their home would be a reason they would take out a loan. Around 1,000 people took part in the survey and every county in Ireland was represented.–

This comes as the Central Statistics Office’s (CSO) residential property price index rose 10.1 per cent in the 12 months to August this year. The index has been steadily rising since hitting a low of 165.9 in May 2023.

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