More than a quarter of property buyers would find a home more appealing if it was equipped with the latest “smart home” technology, a new report claims.
Research by Barclays Mortgages found that 28% of buyers would be willing to pay more – on average over £3,000 extra – if the property in question was equipped with the latest in digital home technology; from smart thermostats that can be controlled via a smartphone, to fibre optic broadband and solar panels.
The Digital Homes Report also found that prospective home owners are more likely to want fast broadband than a big garden. Buyers in York were found to be the most likely to spend more for home technology, followed by those in London and Newcastle.
Property expert and TV presenter Amanda Lamb said: “It’s really fascinating to see from the Barclays Mortgages Digital Homes Report, how peoples’ attitudes to connected technology are changing and adapting in the modern world.
“In my years of dealing with the UK property market, I’ve seen plenty of trends come and go. However, digital homes are really here to stay and this space is something I see really growing over the next three to five years.
“Whilst it will take time for it to be widely adopted by the general public, I see technology integrated in the home being a real incentive for home buyers, so would encourage home owners to start thinking about what they can do to future-proof their home.”
Some 30% of those surveyed said they believed that installing more technology would increase the value of their home.
Though some consumer concerns do remain – with 61% of those surveyed as part of the report admitting they were worried that an increasingly internet-enabled home could leave them more vulnerable to hackers and 58% concerned smart home networks could reveal when they’re away to potential burglars.
According to the report, solar panels were the most popular technology sought when looking to buy, followed by a fibre optic broadband connection. However, smart alarms, door and window sensors and thermostats also made the top five; all products increasing in popularity as the internet of things – the concept of all internet-enabled devices being connected to one another – continues to grow.