A recent survey conducted by Samsung reveals that eight out of ten prospective home movers over the next five years desire smart homes and are prepared to pay a nearly 8% premium for such properties.
The tech giant’s study indicates that both renters and buyers are inclined to invest an additional 7.7% above the average UK house price – approximately £21,774 – to acquire homes equipped with the latest smart gadgets.
Focus on Energy Efficiency
Energy efficiency is a significant driver for the interest in smart homes. The research highlights that seven out of ten respondents aim to enhance energy efficiency through smart technology. Furthermore, 63% of participants believe that a smart home could lead to cost savings.
Samsung projects that the smart home market will experience a compound annual growth rate of 11.66% from 2024 to 2028, with anticipated revenues reaching approximately £8.6 billion in 2024.
The Smart Home Buyers Index 2024 by Samsung also underscores financial concerns as a primary factor for those seeking smart homes. Besides the 63% looking for cost reductions via technology, about 70% emphasize energy efficiency as a crucial aspect of smart technology, with 84% aiming to cut down on energy bills.
Increasing Property Value
Mark Seaman, Head of Samsung’s B2B Integrated Offering Team, states: “The data demonstrates that recognizing the value consumers place on smart homes can elevate rental and sale prices, thus boosting return on investment for homebuilders and developers.”
Seaman further elaborates on the necessity of homes being adaptable to continuous technological advancements: “It’s essential that homes not only offer immediate technological benefits but are also future-proofed to support ongoing developments. Developers and homebuilders have a significant opportunity to collaborate with the right partners and integrate technology from the start, adopting a digital-first approach in constructing the homes of the future.”
This research underscores the growing consumer demand for smart homes and the potential for significant financial benefits for both buyers and developers in embracing this trend.