Smart homes: which smart devices could add value to your home?
Worldwide revenue from smart home devices will hit a whopping $182,442.72 (£149,365.85) by 2025 – a 48% increase from 2022 – according to Statista. At the end of 2021, 259.89 million homes around the world were considered ‘smart’, and this is predicted to grow by 84% by 2025.
With smart home devices growing in popularity, and with 89% of people in our recent survey already owning at least one device, it’s clear the trend is here to stay. In fact, the devices you have in your home could even add value to your house if you’re thinking about selling up.
Read on to discover the smart devices that homebuyers are willing to spend the most on, as well as the smart technology most popular in homes across the UK and the reasons people choose it.
Smart security systems add most value
People are drawn to homes with smart tech already installed, with over half (51%) of Brits surveyed saying they’d pay more for a smart, connected home. In fact, homebuyers say they’d be willing to pay £2,409 or more for a home kitted out with smart tech.
Smart security systems are the tech people are willing to pay most for when looking for a new home, with buyers willing to add an extra £345.10 on average to the asking price. Men are willing to pay slightly more (£384.88) than women (£304.27) for this tech.
But despite being security conscious, people are willing to pay the least for a ‘smart doorbell / door sensor’ when looking for their next home – £180.80 on average.
What’s the most popular smart tech in UK homes?
The most popular smart devices across the UK are smart TVs, with 51.2% of homes surveyed owning one. Smart speakers, such as the Amazon Echo, are the second most popular – there were 320 million installed worldwide in 2020 and this number is forecast to grow to 640 million by 2024, according to Statista. Third are smart meters, which automatically send your energy use to your supplier.
Smart security systems are the most sought-after devices, along with smart doorbells or sensors and smart thermostats. These control the heating in your home and can help make it more energy efficient (and if you’re looking to cut costs, check out our useful energy-saving tips).
With the average household spending £350.18 on smart devices (men are likely to spend £76.47 more on this type of tech than women), it’s good to know that smart tech could 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.
Looking at smart homes by city, Liverpool, Leeds and London spend the most on smart home devices, with Liverpool tipping the scales at £461.76 on average.
Convenience and security are the two main reasons why people want to buy smart home tech, although 14.3%, say they want to save money in the long term.
Surprisingly few people are altogether uninterested in smart devices – just 7.9% of people surveyed say they don’t own any, and don’t want to buy any.
Whether or not you’re planning to sell your home, smart devices can make life easier and could save you some money on your home insurance. But if you do have devices in your home it’s important to update your home and contents insurance. This can give you peace of mind that your home, including your smart tech, is fully protected.
Brought to you by the home insurance experts at comparethemarket.com.
Amount homebuyers would be willing to pay if a house contained all the smart devices listed
- Survey of 2,001 homeowners and renters in May 2022 by TLF.
- Survey of 1,000 UK adults looking to move house/buy a new home in the next 12-18 months was undertaken by TLF in July 2022.
- Survey of 2,001 UK adults with building and/or contents insurance via TLF in March 2022.