Two thirds of homeowners are planning to renovate their home over the next year, new research from insurer Aviva has found.

However, two out of every ten people say cost and the lack of available tradespeople will prevent them from executing their plans.

The research, carried out by iReach Insights, also found that rising costs are seen as a challenge by a quarter of people in Dublin, compared to lower levels elsewhere in the country.

The survey found that women are more likely than men to take on renovation jobs themselves.

While people in the 45-54 age bracket are the most likely age demographic to tackle such work on their own.

"The results show that huge numbers of people want to renovate, and while some people will undertake renovations, both big and small, into their own hands - for others securing tradespeople for the works, combined with the soaring costs of labour and materials, mean that plans might have to be put on the back burner for the foreseeable future," said Billy Shannon of Aviva.

The research also explored homeowners insurance cover and found that nearly four in every ten never review the rebuilding costs of their home, with men less likely than women to do so.

Almost half of those in the 25–44-year age group say they never review their cover compared to just 31% of those aged over 55.

Less than two in every ten say the sum insured is an accurate reflection of their home's rebuild cost having reviewed it in the last 12 months for insurance purposes.

"People really need to give this some consideration," Mr Shannon said.

"The soaring costs have a direct impact on home insurance because the sum insured on a homeowner’s policy is, or should be, based on one figure only – the cost to rebuild your home from the ground up."

"So, if you don’t reprice this every few years, there’s a good chance your policy is not an accurate reflection of the value of your home. Therefore, given current inflation rates, this means for that large cohort of people in Ireland who don’t review before they renew – they are underinsured."