The number of smart homes in the UK is predicted to increase by 50% by 2025 4. And with 89% of Brits already owning smart devices, such as smart meters (43%) and smart bulbs or switches (20%), new research by Compare the Market reveals how some smart tech could boost a property’s value.
The research shows that over half (51%) of Brits would pay more for a smart home and that homebuyers would be willing to pay £2,409* more for a home kitted out with smart tech.
So, which devices in homes could add that extra value?
Homebuyers will spend more on houses with smart security systems
The research shows how much extra those looking to move or buy a new home would be willing to pay if it came equipped with some types of smart tech:
How much extra homebuyers are willing to pay (£)
|Smart security systems, such as cameras and window sensors
|Smart white goods, such as fridges
|A smart sound system (multi-room audio control)
|Smart blinds/curtain automation
|Smart lighting system (i.e. smart bulbs / multi-room lighting control)
|Smart air detectors, such as smoke/carbon monoxide
|A smart thermostat (i.e. Hive)
|Smart irrigation systems (for gardens)
|Smart doorbell/door sensor
Over 80% of Brits don’t know that smart home devices could save them money on their home insurance
According to the survey, the average household spends around £350 on smart devices. So it’s good to know that, not only could these technologies increase the value of your home, they can also provide you with potential savings on your home insurance. This is because home automation systems, such as smart lighting and CCTV, can help increase security and detect issues earlier.
Commenting on the research, Alex Hasty, director at Compare the Market, says: “Not only can smart home devices make you feel safer and make your life easier, but they could also help you save on your home insurance. It’s important to remember to update your provider if you have these smart devices in your home. This is so you have peace of mind that your home, including your new tech, is fully protected”.
To find out more about which smart home tech could potentially increase your home’s value, please visit: https://www.comparethemarket.com/home-insurance/content/smart-homes/