Samsung has released the latest data from its Smart Home Buyers Index 2024 with an overwhelming 79% of people surveyed saying that they want a smart home.
The research found that participants are also willing to pay an average premium of 7.7% for a smart home, which equates to £21,774 on the average house price of £282,776.
With the smart home market predicted to show a compound annual growth rate of 11.66% between 2024 and 2028 and generate projected revenues of approximately £8.6billion in 2024 alone, it’s clear that the movement is continuing to gather pace.
Financial concerns were chief among those looking for a smart home. 63% of people wanted to save money through technology, while around 70% of respondents highlighted energy efficiency as a key motivation in using smart technology and 84% wanted to save money on their energy bills. This interest in energy-efficient devices and appliances was supported by Samsung’s analysis of search volumes, where searches for smart energy appliances rose nearly 60% from April 2023 to April 2024, led by air source heat pumps. Search volumes for air source heat pumps increased 173% year on year, overtaking searches for smart meters.
The focus on energy efficiency shows a growing appetite among buyers, a positive for housebuilders with the implementation of the Future Homes Standard due in 2025, which will require new homes built from 2025 to produce 75% to 80% less carbon.
Mark Seaman, head of Samsung B2B integrated offering team, commented: “Samsung’s Smart Home Buyers Index uncovers the key consumer priorities for smart homes. We are a key partner for developers and homebuilders, guiding them as they deliver innovation and smarter living solutions. Through providing insights such as this, Samsung can help ensure the industry is keeping pace with changing consumer demands. The data shows that understanding the importance consumers place on smart homes will increase the value of rental and sale prices to help drive return on investment for homebuilders and developers.”
After energy efficiency and cost savings, home security was the biggest reason people were looking to integrate smart technology, with 75% of people wanting peace of mind and to safeguard their homes with connected security features such as doorbells or cameras.
The SHBI also say an increase in the number of over 65s who would want to take advantage of smart technology in their homes, demonstrating to the industry that catering to all demographics and not just the needs of younger generations is important.
The research went further to show the impact of smart tech on buyer perceptions of new build housing, with 80% of people finding smart homes attractive and 36% citing the amount of smart technology that is pre-fitted as the main reason for buying. A further 53% believe new developments are designed for modern life, likely including technology capabilities, whereas 57% returned to energy efficiency as their motivation to move into new developments. When asked specifically about new builds, 40% of people aged over 65 thought that pre-fitted technology would motivate them to move into one, again demonstrating the importance of integrating technology in all types of homes, including retirement properties.
Mark continued: “It’s critical that homes can support ongoing technology development and adapt to the ever-evolving landscape for smart devices and appliances. The sole focus shouldn’t be on providing technology for the short term but on ensuring that homes are future-proofed. With 61% of our survey respondents saying they expect AI to become more important to them in the coming years, even if they’re not using it now, it’s clear today’s consumers are increasingly aware of its potential.”
“Recent years have seen significant focus on the UK housing market, and the cost-of-living crisis, rising inflation and uncertain energy prices have also been top of many people’s agendas. There is a real opportunity for developers and homebuilders to engage the right partners and integrate technology from the outset, taking a digital-first approach when building the homes of tomorrow, today.”
