The housing supply in our major cities has reduced over recent years, and that teamed with spiralling house prices has forced city residents to move to smaller yet more expensive homes.
The London Population
London, for example, has seen its population hit an all-time high of 8.6 million, and the housing supply has simply not been able to keep up with the increased demand. It is only set to get worse with the population of our capital estimated to reach a massive 10 million by 2030.
London Property Prices
Property prices rising through the roof has also seen an increase in the demand for rental properties as we see more people move from rural to urban areas. A decline in the number of available properties is also seeing more people living under one roof, larger households.
London Self Storage
The result of more people living in smaller properties is good for one particular market, though, that of self storage. This industry has been identified as a growth market in the UK, all thanks to the trends of transitory lifestyles and crowded properties.
The boom in the market is evident from the number of self storage facilities in London, which is also continually growing. London self storage companies include CityStore, Big Yellow Storage, Lock and Leave and safestore to name but a few.
Changes in life, both good and bad, trigger the requirement for extra storage space. The industry defines these life events as the 4 D’s, which are death, divorce, downsizing and dislocation. Dislocation can include marriage, people moving away from or back to home and those finding new jobs. It is these events that keep the storage industry steady, as well as people’s attachment to things that they simply can not be parted with.
Recently, though, it has been the London property market that has provided the boost in profits for the London self storage companies.
Has the situation with the London property market affected you? Have you had the need to use a London self storage company? Share your experience with us in the comments.
Be the first to comment on "London Self Storage Profits on the Up"