Home buyers and renters are willing to pay “more” for homes with modern furnishings

Research by Samsung shows that eight out of 10 people who want to move in the next five years want a smart home and are willing to pay almost 8% more for the privilege.

The tech giant says that people moving into a new home across the country, whether renting or buying, are willing to pay a premium of 7.7 per cent of the average UK house price – around £21,774 – if it allows them to kit out the gadgets they need.

ENERGY EFFICIENCY

Seven in ten want to improve energy efficiency with smart technology, and a similar proportion (63%) believe a “smart home” will save them money.

Samsung research shows that the smart home market is expected to record an average annual growth of 11.66% between 2024 and 2028 and generate estimated revenues of £8.6 billion in 2024 alone.

The 2024 Samsung Smart Home Buyer Index also revealed that financial concerns were top of mind among those looking for a smart home.

In addition to the 63% who wanted to save money through technology, around 70% of respondents highlighted energy efficiency as a key motivation for using smart technology, and 84% would like to save on energy bills.

INCREASE VALUE

Mark Seaman, head of Samsung’s integrated B2B offering team, says: “The data shows that understanding the importance consumers place on smart homes will increase the value of rental and sales prices, which will help increase return on investment for developers and home builders.” .

He adds: “It is critical that homes can support the ongoing development of technology and adapt to the ever-changing landscape of smart devices and appliances.

“The focus should not just be on delivering technology in the short term, but on ensuring homes are future-proof.

“There is a real opportunity for developers and house builders to establish cooperation with the right partners and integrate technology from the very beginning, building the homes of tomorrow today, focusing on digital solutions.”