A New Generation Of Smart Home Owners

December 7, 2018

 

In Milton Keynes, the UK’s first smart housing development is nearing completion.   56 eco-friendly smart homes, designed and built to be ‘smart’ from the ground up have been decked out with features such as security cameras, smart door locks, switches and sockets and self-regulating thermostatic radiator values as standard.

 

These kinds of purposely built tech-enabled homes have up until now been something you might expect to find at the top end of the housing market.

 

With the average age of first time buyers in the UK reaching 32, Impact’s New Gen team specialising in emerging technologies wanted to find out if a new, younger and less affluent generation of home buyer will be prepared to pay a premium for a smart home.

 

Our recent study on Smart Home technology explored how the 18-34 yrs cohort felt about Smart Home technology and new homes.

 

The results are encouraging, so it’s good news for developers!

 

  • Just over three-quarters of 18-34 year olds would be interested in living in a smart home, compared to 52% of 55+ years, and almost a third of them prefer to live in a property specifically built as a smart home

 

  • On average 72% of 18-34 year olds are willing to pay more to buy or rent a property with smart home features, compared to an average of 35% of 55+ year olds

 

  • Properties with intruder safety and security devices built in, are the most popular features consumers are willing to pay more for.

 

It is evident that among current and future generations of first time buyers there is a greater openness to homes that are specifically designed to be smart. Given that house prices in the UK are already at an all time high, the challenge for developers is to ensure they identify and cater for the most pertinent needs of property buyers who will be weighing up the cost versus the value of their investment.

 

To find out more about the needs of home buyers and preferred smart home features  please get in touch: info@impactmr.com

 

*Source: Smart Homes Technology Online Survey August 2018, 1,019 UK respondents (nationally representative quotas were set on gender, region, age and social grade), August 2018

 

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