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Londoners could save thousands with self-storage

Posted on by nationwide.storage

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A new report out from Deloitte Real Estate has found that Londoners could save a bundle by downgrading the size of the home or apartment and taking out self-storage instead. The premise is based on a person taking occupancy in a home with one less room and putting the clutter they wouldn’t normally use into self-storage instead.

Savings

The estimated savings are said to be up to £4500, but using the model the report uses it is an annual saving of just over £1,000. The report uses the average unit size of 50 square feet, with a monthly rental price of £32.50; this is compared to the cost of an extra room in Hammersmith or Fulham which would cost around £120 a month. Despite not quite matching the top estimate, this average is no scrimping method, you get well over a grand back to your annual budget for other things such as holidays and travel.

Guest Room

Most people like to have a spare room in their home or apartment to accommodate guests or as an entertainment space. In reality though, it is mainly used as a room in which to store clutter and junk that you don’t want encroaching on your day to day living space. This means that it never gets used as a guest room and becomes off limits. The report suggests that by moving these non-essential items into self-storage and moving home you might have one less room but a lot more money in your pocket.

London Housing

As you might imagine, the amount you can save varies greatly depending on where you live in London, but the report also shows that most areas would see a financial benefit in having one less room and using self-storage for clutter that you can’t bear to part with. Prices in London are rising all the time and the trend doesn’t seem to be abating, that is why the low prices for storage offer an attractive alternative. There are some people however to whom the thought of losing the room or even the space doesn’t seem appealing, and in all honesty some people do manage to maintain guest rooms for their initial function.

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Houses in general are getting smaller according to a report on new builds, this might also force some people’s hand as they look to retain their possessions but keep them elsewhere. The average length of a tenancy is around 41 weeks with businesses taking up most of the occupancy levels right now according to a previous Deloitte report. But all that could change with smaller houses and tighter budgets. Self-storage companies are looking to recover profits which had dipped very slightly thanks to a VAT increase.

Safe & Security

With advanced CCTV systems in place and access at all times, there has never been a better way to store your possessions. Facilities run almost around the clock so you never have to worry about getting access to your things, and you get peace of mind knowing they are safe, dry and protected when you’re not there.

If you’re considering taking out self-storage then why not get in touch with Nationwide Storage today. You might be surprised at how much you can save.

Image Credit: iStockPhotos

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