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What Happened to London’s Self Storage Industry in 2020

The self storage Industry is one of the industries in the UK that has shown continuous and steady growth throughout the years. The United Kingdom has the most storage per person of any country in Europe—making up about 41% of the whole European storage market. More and more residents and businesses in the UK choose to rent storage units. The demand for storage units has remained robust that the annual turnover for the self storage industry last year rose to £766 million.

Many industries have performed well in 2019, but the unforeseen events in 2020 and the uncertainties brought by the pandemic proposed a big challenge to many industries in the UK. Despite this, self storage businesses appeared to be more resilient than the other businesses as the unfortunate events this year presented opportunities to the industry.

Here are some of the silver linings for the UK self storage Industry in 2020:

Interrupted or Delayed Relocation

When the lockdown happened, people were ordered to stay at home to reduce the spread of the virus. Restrictions to travel also meant that certain plans were interrupted, including plans for domestic or business relocation. People who are planning to relocate such as those who are moving to London had to delay their move due to the Covid-19 lockdown. Thus, many people resorted to temporarily storing their items inside self storages.

Increased Demand for Online Business

At first, restrictions to travel due to the lockdown caused a decrease in the enquiries for storage units. However, as people adjust to the new normal, online setups including online businesses caused a surge of enquiries for storage units. Many smaller retailers felt the need for more storage space as they expanded their online presence. Online transactions increased in popularity and businesses needed more storage space so they could buy or hoard additional stock.

Need for More Space at Home

Due to the stay-at-home orders imposed by the government, many people were forced to go back home to their families. Decluttering the house has been a requirement for homeowners to make way for more space for the family. Being locked inside their houses, most people also felt the need to clean and free their homes from clutter. The online setup also influenced people to fix their rooms. Many customers rented self storage units for extra storage.

Check out our guide on How To Create a Sustainable and Effective Home Office Environment.

More People Engaging in Home Renovations

The work from home setup due to the pandemic showed us the importance of space in our homes more than ever. Many people now look forward to creating more space at home as this online setup is believed to cause a permanent change in the UK. Consequently, many people have decided to start renovating their homes and conduct home improvement projects. Home renovations require emptying the part of the house to be improved, so additional storage space is required. Renting self storage units makes it possible to increase storage space without overcrowding your home.

The Surge in House Prices Especially in London Increased the Demand for Storages In London and Other Parts of the Country

One of the significant impacts of the Covid-19 lockdown is the stronger demand for property which led to the UK housing boom in terms of prices. In fact, the highest inflation for house prices was observed in October when the prices rose at a rate of 5.8%. Meanwhile, property values in London increased by 4.7 per cent—the fastest rate since 2016.

Due to the rise in prices coupled with other factors such as unemployment and layoffs, many people especially among the renters are unable to meet housing costs. Hundreds of thousands of London residents are left with no choice but to downsize. Downsizing is the process of renting a smaller apartment. To make up for the lack of storage space, they had to rent storage units in London.

Storage units provide an affordable storage solution that allows homeowners to have an extra room outside of their flats. If you don’t need it for daily use, you can definitely afford to store it in a remote location.

Temporary Storage for Businesses

Undeniably, most businesses have been significantly affected by the crisis. Other businesses have decided to temporarily shut down to avoid bankruptcy. Instead of paying for commercial rents, many business owners resorted to renting self storage solutions to store their furniture, products, etc.

Similarly, when the lockdown began to ease in the UK, many businesses had to adapt to the protocols imposed by the government. Businesses needed to rent storage units to store furniture to allow for social distancing in offices or restaurants.

Temporary self storage for Students

The stay-at-home orders imposed by the UK government forced students to go back home and leave their dormitories. Many students have too many items to bring back to their homes, so several opted to rent student self storage units for temporary storage.

The year 2020 has shown to us the uncertainty of life and the importance of investing for the future. The pandemic also showed us the importance of space in our homes and offices. In the future, as we adapt to this new normal, it is evident that we will all be looking to create space. Start now by investing in self storage units before it’s too late!

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