Business Insider UK’s design revolution is set to continue apace, with more than a quarter of UK homes being retrofitted to incorporate technology.
The number of retrofitted homes is set by the latest estimates, but the figures show the UK is on course to surpass the US and Germany as the world’s biggest market for retrofitting.
The report, which looked at new and existing homes from 2014 to 2020, shows the UK has a total of 1.5 million retrofitted properties, while Germany has 628,000 and the US has 1.8 million.
The US is still second in the world, with 629,000 homes retrofitted, ahead of the UK with 605,000.
The trend towards retrofitting is set against a backdrop of rising house prices, rising interest rates and a number of new regulations.
A number of laws introduced this year in the UK to limit the use of super-tall houses, which are normally used to house large numbers of people, mean retrofitting can be cheaper.
The average cost of a retrofit is £1,000 less than buying an identical home, according to the report.
The UK has also seen a dramatic rise in the number of homes being refurbished to include smart devices, which could also have a significant impact on the UK’s retrofitting trend.
The average cost for a refurbishment of a home to include a smart device is now £3,800, while it costs around £2,500 to refurbish a home with an open floor plan.
The cheapest price of a new home to retrofit with a smart is £8,200, the report said.
A total of 14 countries are on track to overtake the US as the top market for refurbishing, with the UK in third place.
Australia and New Zealand are in fourth and fifth places, respectively, with Singapore and the Republic of Korea in seventh and eighth.
The data comes after a series of government proposals to regulate the use and development of retrofits.
Home owners can now ask the government for a planning permission if they wish to retrofits their properties.