Sell House Fast, a U.K.-based company that specializes in buying residential properties, has released data on the size of the U.K. self-storage market relative to the rest of Europe and identified the factors driving the consumer market. The island nation contains 1,432 operating storage facilities, which represents 47 percent of the entire European supply, according to a press release. The number of locations is expected to grow due to inefficient storage space in homes.
The number of U.K. self-storage facilities is more than the next three European countries combined: France (340), Spain (305) and the Netherlands (284). The consumer market is likely to continue to grow because the nation’s newest homes average just 76 square meters, the smallest by floor area in Europe, according to a study from Cambridge University. Though the British government has indicated it will review the current space standards for homes, 55 percent of residences in the U.K. “fall short of the accepted internal space standard,” the release stated.
“Though just 1 percent of the U.K. population currently makes use of self-storage, it is apparent by the sheer number of the facilities already existing—and continuing to arise—that there is a space concern in 2017,” said Robby Du Toit, managing director of Sell House Fast.
In the company’s survey of self-storage consumers, 40 percent indicated they are renting a unit because they don’t have enough room to store items at home. The second most popular answer was the need for storage while moving or in between properties at 21 percent. The third reason U.K. consumers are using self-storage is to create more room within their living space (11 percent).
“The fact that the U.K. stands at the forefront of self-storage [in Europe], with a massive 1,432 facilities at hand, also echoes sentiments of the housing crisis here in the U.K,” Du Toit said. “The houses built are not big enough. They are often not accessible to the majority, and even when they are, they are not fit for purpose. More needs to be done to police this issue, as we all know; but at least there are alternative options available to us should we need the service.”
Sell House Fast specializes in buying residences in the U.K., offering up to 90 percent of the property value, according to its website. The company pays for all legal fees and valuations and doesn’t charge any real estate brokerage fees.
Sources:
- Sell House Fast: UK Crowned Self-Storage Capital
