Why the Self-Storage market is projected to grow by 7.5% between 2023 & 2028
The housing crisis is responsible for driving at least a billion pounds-a-year boom in the UK self-storage market.
Just last year, revenues rose to £990m, as people found themselves unable to upsize their home, which meant they had to store their possessions elsewhere. This was reported in a study done by Cushman & Wakefield, which also revealed that demand for self-storage units has remained very high despite the pressure on household budgets and the ongoing inflation.
The same report showed that around 2% of the UK’s adult population is currently using self-storage, which is up from 1.3% in 2018. The UK actually has the most self-storage per individual of any European nation – over 2,200 storage facilities exist which typically rent spaces out under 500 sq. ft.
Self-storage: A popular and cost-effective way to store household items among Britons
As British folks continue to endure consumerism and the housing crisis, along with a fierce reluctance to let go of items with high sentimental value – there are now enough personal possessions to fill the entire Buckingham Palace 60 times over. No wonder the self-storage industry is a £1b-a-year one as units are proving to be much cheaper than renting or buying space to store things.
To give this more context, in 2022, for instance, UK homes and businesses piled enough extra items and personal possessions to fill up storage units spanning over 185,000 sq. meters. This is right around the time Cushman & Wakefield reported the 6.5% rise in the industry, leading to a collective annual revenue boom of £990m for businesses selling self-storage units.
Moreover, between 2023 and 2028, the market is projected to grow by 7.5%.
Factors directly responsible for the boom in self-storage units across the UK
The continuously diminishing residential floor space and steep cost of housing are two key drivers behind the rising demand for self-storage units. In fact, global investors are now sitting up and taking notice, not only in the UK but also other rental hotspots such as California and New York, where people do not mind spending $25,000 a year for a single unit.
And, as mentioned earlier, demand is also being driven by people’s unwillingness to let go of or dispose of personal belongings – in the hope that they might be able to upsize their home sooner rather than later – but this doesn’t always go as planned.
One industry survey where over 1,800 respondents from the UK were involved, revealed that the number one reason for using a self-storage unit was a lack of space to keep extra items or belongings at home – followed by a house move, a life-changing event like death, divorce or inheritance, and lastly, renovations.
One in five renters of self-storage units are business owners, typically online retailers. The range of possible uses for self-storage units is quite huge and Woodpecker offers secure, sustainable, and accessible self-storage units in all sizes.
Start with an easy online booking!
Woodpecker Self Storage is part of Willbox Ltd with over 30 years’ experience in container hire. We supply high quality self-storage units in multiple sizes to meet any need including storage of stock, house contents, bikes or small boats. Units can be modified to include work benches, bike racks, dehumidifying sticks, lighting electric sockets and car chargers. We have sites nationwide – contact us now for your quick and simple self-storage solutions.
Contact us at hello@woodpeckerselfstorage.co.uk or call 0808 281 3333