Research Shows That 86% Of Movers Would Consider A Smart Home When Choosing Their Next Property And Would Pay £18,000 More For A Smart Home
Samsung UK’s Smart Home Buyers Index reveals a moment of opportunity for the construction industry when building the homes of the future
LONDON, UK – 28th June 2023 – Samsung Electronics Co. (UK) Ltd. Today Samsung reveals the results of a bespoke research survey* and the analysis of UK Google search results, sharing the overarching themes that are permeating consumer conversations regarding smart technology in the home. With Samsung being a leading collaborator in the building industry, the results provide essential guidance to those in construction as to how to best meet the purchasing demands of the modern consumer.
A survey of 1,000 adults looking to move home (buy or rent) in the next five years, combined with the analysis of Google search trends between March 2022 and March 2023, showed six key insights:
- Consumers want smart technology and will pay a premium for a smart home – 6.5% more than the average house price in the UK**
- Customers are prioritising energy efficiency – 71% said energy efficiency is a key factor when considering a smart home
- Ideally, new build developments should be smart tech optimised to attract the modern buyer – a third are drawn toward new builds as they think they will be pre-fitted with smart tech
- Almost 40% of Gen Z buyers want their next property to be a smart home
- Smart Energy devices lead the online search categories when compared to lifestyle, home and security – half of all UK smart tech searches featured the phrase ‘smart energy’
- Device compatibility is key – 81% said it is “important” tech is compatible and works seamlessly with current device
With 35% of respondents saying they would be “much more likely” to go for a home if it was fully equipped with smart tech, and just over a third say they would move into a home without smart tech but would retrofit it later, the importance of this technology becomes clear. One in ten said they would only move into a house with smart technology.
Almost nine in ten (88%) of those planning to buy or rent in the next five years would consider a new build property, with nearly half of those doing so because the homes are likely to be energy efficient. Searches for ‘energy efficient new build homes UK’ doubled between March and April 2023.
Movers are keen to step into a home which is set up to suit their technological needs – with 86% saying they would consider a smart home when searching for their next property. The appetite is clearly there, with people being prepared to spend 6.5% more for a fully equipped smart home – which would add more than £18,000 to the average house price of £285,000.
Thinking specifically about which devices are most attractive to consumers in the home, the majority chose a smart meter or smart TV as the most popular device. In a breakdown of UK Google searches in April 2023 for smart devices across four categories; ENERGY, LIFESTYLE, HOME APPLIANCES, SECURITY, it is smart energy devices that stand out as the strongest category (50% searched this category).
It’s clear that concern around the cost of living and environmental impact is growing in importance. Technology relating to energy efficiency is highly sought after with 29% saying they would like an air source heat pump in their home, which again was in the top three searches for smart home products after a smart meter, and before a heat pump tumble dryer. Almost three quarters (71%) said energy efficiency is a key factor when considering a smart home and more than half (56%) say it will save them money.
Mark Seaman, Head of New Business Development at Samsung UK, commented: “These results have shown that there is a real opportunity for the construction industry to answer the technology requirements of the modern consumer, to build homes that are future fit, to give buyers smarter, more efficient and better-connected properties that stand the test of time.
“That’s why, over the past few years we’ve been focused on building partnerships across the construction industry to strengthen our collaborative approach to meeting the needs of home buyers. Adopting a consultancy mindset, we have proven experience partnering with clients from the planning stage through to completion to ensure the right smart technology is applied to developments. We’re helping shape the homes of the future – creating smarter spaces that are powered by technology and have the potential to benefit everyone.”
Mark Zwerner, Vice President Global Strategic Partnerships at ABB, added: “As a proud partner of Samsung, we are pleased to see this kind of evidence supporting our experience of the consumer desire for smart technology in the home.
“Our jointly developed interconnected solutions for energy management, the smart Internet of Things (IoT) connection, and home automation allow users to easily manage their homes via one single app, touch panels, or Smart TVs. As a major leader in innovation, Samsung also supports our vision of providing owners and operators with a fully connected solution to manage all units within a larger property.”
These results have shown that smart tech in the home has evolved considerably, and those in the construction industry have a real opportunity to answer the clearly signalled requests for energy efficiency, money saving and enhancement of daily life, which in turn will of course increase sales.
For more information on how Samsung can help businesses in the construction industry, please visit: https://www.samsung.com/uk/business/appliance-solutions/construction/
TO DOWNLOAD THE SMART HOME BUYERS INDEX, PLEASE CLICK HERE