This is how much extra people will pay for homes with smart tech

Homes with smart technology are in demand and can command higher prices, new research has revealed.

By Sally Burton
Wednesday, 3rd August 2022, 11:15 am
Updated Wednesday, 3rd August 2022, 11:16 am

More than half of Brits would pay extra for a new home if it came with smart technology installed, and homebuyers in general are willing to pay £2,409 more for such a home, the study found.

But despite this, above 80 per cent of people across the UK are unaware that smart home devices could save them money on their home insurance.

The number of smart homes in the UK is predicted to increase by 50 per cent by 2025, and with 89 per cent of Brits already owning smart devices, such as smart meters and smart bulbs or switches, new research by Compare the Market demonstrates how some smart tech could boost a property’s value.

The average household spends around £350 on smart devices.

So which devices in homes are most likely add that extra value?

Homebuyers will apparently spend more on houses with smart security systems, such as cameras and window sensors, for which they’ll add £345.10 to their offer.

Smart white goods, such as fridges, will potentially add £242.85, smart locks add £221.40, a smart sound system (multi-room audio control)

adds £217.75, smart blinds/curtain automation add £214.85, smart lighting system (i.e. smart bulbs / multi-room lighting control) adds £207.73,

Home automation systems, such as smart lighting and CCTV, can help increase security and detect issues earlier, so can bring insurance payments down.

smart air detectors, such as smoke/carbon monoxide add £199.35, a smart thermostat (i.e. Hive) adds £197.58, smart irrigation systems (for gardens) adds £196.90, water sensors add £184.70, and a smart doorbell or door sensor adds £180.80, so a total added sum would be around £2,409.00.

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.Alex Hasty, director at Compare the Market, said: "It’s important to remember to update your insurance 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, visit: https://www.comparethemarket.com/home-insurance/content/smart-homes/