{"id":3383,"date":"2020-07-07T16:58:00","date_gmt":"2020-07-07T15:58:00","guid":{"rendered":"https:\/\/octagoncapital.co.uk\/?p=3383"},"modified":"2023-11-15T16:04:13","modified_gmt":"2023-11-15T16:04:13","slug":"storage-wars-uk-cities-paying-over-twice-for-self-storage","status":"publish","type":"post","link":"https:\/\/octagoncapital.co.uk\/guides\/storage-wars-uk-cities-paying-over-twice-for-self-storage\/","title":{"rendered":"Storage Wars: UK Cities Paying Nearly Double for Self-Storage\u00a0"},"content":{"rendered":"<ul>\n<li><strong>Londoners pay 107% more per week than average for a 50 sq. ft. storage unit<\/strong><\/li>\n<li><strong>Camden is the most expensive place to rent storage space in the UK (up to \u00a3101.63 p\/w)<\/strong><\/li>\n<li><strong>Local 100 sq. ft. units cost 8% of a Londoners average wage, 7% of Swansea and 6% of Manchester, Liverpool and Newcastle<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>New research from bridging loans broker Octagon Capital reveals the cities in the UK getting the worst deals on self-storage units, with Londoners paying significantly over the odds at a rate 107% higher than the national average.<\/p>\n<p>Looking at the average cost of a 50 sq. ft. unit in locations around the country (ideal for storing the contents of a one bedroom flat), London is the most expensive, with customers likely to spend an average of \u00a31,797 per year.<\/p>\n<p>Considerably higher than second place Swansea, which has an average of \u00a31,006 per year for the same sized unit. Exeter residents are getting the best deal in the country, paying 31% less than the nationwide average (\u00a3598 p\/y).<\/p>\n<p>&nbsp;<\/p>\n<table style=\"height: 484px;\" width=\"873\">\n<tbody>\n<tr>\n<td width=\"104\"><\/td>\n<td width=\"136\"><strong>Average annual cost for 50 sq. ft. unit (\u00a3)<\/strong><\/td>\n<td width=\"203\"><strong>Percentage Difference from Nationwide Average<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"104\">London<\/td>\n<td width=\"136\">1,797<\/td>\n<td width=\"203\">107%<\/td>\n<\/tr>\n<tr>\n<td width=\"104\">Swansea<\/td>\n<td width=\"136\">1,006<\/td>\n<td width=\"203\">16%<\/td>\n<\/tr>\n<tr>\n<td width=\"104\">Liverpool<\/td>\n<td width=\"136\">958<\/td>\n<td width=\"203\">10%<\/td>\n<\/tr>\n<tr>\n<td width=\"104\">Edinburgh<\/td>\n<td width=\"136\">892<\/td>\n<td width=\"203\">3%<\/td>\n<\/tr>\n<tr>\n<td width=\"104\">Manchester<\/td>\n<td width=\"136\">882<\/td>\n<td width=\"203\">2%<\/td>\n<\/tr>\n<tr>\n<td width=\"104\">Bristol<\/td>\n<td width=\"136\">833<\/td>\n<td width=\"203\">-4%<\/td>\n<\/tr>\n<tr>\n<td width=\"104\">Newcastle<\/td>\n<td width=\"136\">803<\/td>\n<td width=\"203\">-7%<\/td>\n<\/tr>\n<tr>\n<td width=\"104\">Cardiff<\/td>\n<td width=\"136\">765<\/td>\n<td width=\"203\">-12%<\/td>\n<\/tr>\n<tr>\n<td width=\"104\">Birmingham<\/td>\n<td width=\"136\">745<\/td>\n<td width=\"203\">-14%<\/td>\n<\/tr>\n<tr>\n<td width=\"104\">Glasgow<\/td>\n<td width=\"136\">700<\/td>\n<td width=\"203\">-19%<\/td>\n<\/tr>\n<tr>\n<td width=\"104\">Portsmouth<\/td>\n<td width=\"136\">650<\/td>\n<td width=\"203\">-25%<\/td>\n<\/tr>\n<tr>\n<td width=\"104\">Southampton<\/td>\n<td width=\"136\">650<\/td>\n<td width=\"203\">-25%<\/td>\n<\/tr>\n<tr>\n<td width=\"104\">Exeter<\/td>\n<td width=\"136\">568<\/td>\n<td width=\"203\">-31%<\/td>\n<\/tr>\n<tr>\n<td width=\"104\"><em>Nationwide Average<\/em><\/td>\n<td width=\"136\"><em>868<\/em><\/td>\n<td width=\"203\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>This trend continues when looking at 75 and 100 sq. ft. sized units, ideal for a two-bed flat or house, with London topping both tables and costs averaging 110% and 100% more than the average respectively. Liverpool similarly finds itself at the top end of the table for each unit size analysed, paying 12% more than average for 75 sq. ft. (\u00a31,238 p\/y) and 17% more for 100 sq. ft. (\u00a31,674 p\/y).<\/p>\n<p>Camden in London has the highest individual costs per year for 75 sq. ft. and 100 sq. ft. units (\u00a33,542 and \u00a35,285 p\/y respectively), while also placing second for 50 sq. ft. (\u00a32,909 p\/y) behind Kennington (\u00a33,024 p\/y).<\/p>\n<p>Even when taking into account the average weekly wage in areas around the country, Londoners are still paying over the odds. For example, a 100 sq. ft. storage unit costs 8% of the average weekly wage of a Londoner, compared to just 3% of Portsmouth residents at the other end of the table. On average, 5% of the weekly wage would be spent on a <a href=\"https:\/\/theboxco.co.uk\/pages\/london-storage\">storage unit in London<\/a> of this size.<\/p>\n<p><strong>Dan Kettle of Octagon Capital, commented:<\/strong>\u00a0\u201cThere are many factors that affect pricing in cities around the UK, but the large difference in costs between London and the rest of the UK is still significant when you take into account the proportion of the average wage that relates to.<\/p>\n<p>\u201cThe best way to get a good deal on self-storage is to ensure you select the right sized unit so you\u2019re not overpaying on space, and always shop around. There may be a better deal with a different company and don\u2019t forget to try and negotiate costs.<\/p>\n<p>\u201cAt Octagon Capital we provide bridging loans to assist those looking to embark on a project such as a move, renovation or refurbishment where self-storage is often needed.\u201d<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>References\u00a0<\/strong><\/h3>\n<p>Data consists to quotes for various sized self-storage units by Big Yellow, Safestore, Shurgard and Lok\u2019nStore on w.c. 29<sup>th<\/sup> July 2020, with annual costs reflecting the weekly cost multiplied by 52<\/p>\n<p>Average wage data via Centre for Cities: https:\/\/www.centreforcities.org\/data-tool\/#graph=map&amp;city=show-all&amp;indicator=average-weekly-workplace-earnings\\\\single\\\\2019<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Londoners pay 107% more per week than average for a 50 sq. ft. storage unit Camden is the most expensive [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3386,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7,5],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Storage Wars: UK Cities Pay Nearly x2 for Self-Storage\u00a0| Octagon Capital<\/title>\n<meta name=\"description\" content=\"Some storage companies are in the UK are capitalising on certain cities as they charge nearly double for self-storage.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/octagoncapital.co.uk\/guides\/storage-wars-uk-cities-paying-over-twice-for-self-storage\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" 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