The global cost of living crisis has had a catastrophic impact on millions of people across the nation the past few years, from rising energy bills and record-high fuel prices, to skyrocketing mortgage rates putting many people’s house research on hold.
With mortgage interest rates reaching a 15-year high in the summer, many households are re-thinking potential home moves and considering other space-saving options, like self-storage, instead.
Stuart Bensusan, director of Surewise.com, comments:
“The cost of living crisis is having an astronomical impact on the ability and motivation for homeowners and renters alike to move home in the UK.
With the self-storage industry continuously expanding throughout the country, it’s not unquestionable to predict that more homeowners will look for alternative solutions such as self-storage to make better use of their existing space as opposed to incurring the high cost of moving”.
Is self-storage the solution to rising mortgage rates?
In our self-storage study earlier this year, we found that:
- 18% of respondents would consider using self-storage to create more space in their existing home due to the expense of moving house
- 22% of respondents would consider downsizing their home due to rising mortgage costs
So, it’s clear that more cost-efficient ways to create space around the home, such as renting a low-cost storage unit, is something many people are genuinely considering.
Majority of People Still Use Storage For Moving Home
Despite the findings listed above, however, it’s important to note that we also discovered that almost half of all storage users do so because of moving home.
So, while self-storage may be a more cost-effective space saving option, it’s also an extremely popular and cost effective way of keeping your items safe while moving.