UK Smart Home Market to Hit €10.2 billion in 2024, with 82% of Brits Embracing Smart Tech

In today’s ever-evolving world, the concept of a smart home may represent the pinnacle of modern living. The UK Smart Home market has experienced remarkable growth, with projected revenue set to reach a staggering €10.2 billion in 2024 – a jaw-dropping 143% increase since 2019!

According to Statista, 82% of British homeowners possess a smart entertainment device, such as a Bluetooth speaker, or smart TV. Notably, in 2024, over 30% also reported using smart security, electricity, and lighting systems.

Sold.co.uk even suggests that enhancing your property with smart security could add as much as £10,900 to its value, demonstrating the rising trends in investing in smart technology – because who doesn’t love a smarter and safer home that pays for itself?

Did you know that the main reason why people enquire about equity release is for home improvements? Equity release allows homeowners aged 55 and over to unlock tax-free cash from their homes’ value.

According to research carried out by leading equity release provider, Responsible Life, a third of their customers declared that they would seek equity release for their future home improvements.

Smart homes are more than just a passing fad; they represent a fundamental shift in the way we live. With the advancements in technology and the increasing popularity of smart homes, there has never been a better time to consider upgrading your living space with the help of equity release. From smart thermostats offering remote heating control to intuitive smart blinds and shutters enhancing security and privacy, the possibilities are endless.

Nick Duggan, Director at The Radiator Centre, echoes this view, noting the surging popularity of smart technologies among consumers. He emphasises the transformative potential of smart heating systems, advocating for the adoption of smart radiators to optimise energy usage and comfort.

Equity release provides homeowners with an opportunity to fulfil their smart home dreams without worrying about the financial constraints. However, it’s essential for homeowners to consider the implications of equity release, including its impact on estate value and entitlement to means-tested benefits.

To explore how equity release can help accomplish your smart home dreams, book an appointment with Responsible Life’s advisers today.