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JMcLane

Safestore Has Seen Unprecedented Levels Of Occupancy Growth In Its Storage Business

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House prices nosedive as mortgage lending flatlines and sellers move to rented in their droves

House prices nosedive as mortgage lending flatlines and sellers move to rented in their droves

As talk of a double dip and plummeting house prices abound, figures just out from Safestore, the UK’s leading self storage company, illustrate that more and more people are selling up and moving into rented, to sit tight and await the outcome of a significant drop in house prices.

Figures released today from Nationwide Building Society confirm that house prices dropped for a second month in August as the imbalance in supply and demand that drove prices higher in 2009 continues to unwind, according to the building society.

Safestore has seen unprecedented levels of occupancy growth in its storage business, 26% higher than the comparable period last year.

Company data has shown that one of the primary reasons for this is people selling their current properties and using storage to house their possessions, while they move into rental properties to bide their time before buying again.

This coincides with news that mortgage lending dived sharply last month to its second lowest levels since records began, down to just £86million in July, a significant drop from June's level of £518million, according to reports from the Bank of England.

"Understandably, people are wary about leaping into another house purchase," Neil Riding, COO of Safestore commented.

"Trying to capitalise on recent house sales, our records show that more and more UK people are moving into rented accommodation to wait for the outcome. They will have sold at a peak in the market and are now waiting for house prices to drop off.

"House owners have become much more savvy about playing the housing market, particularly after the financial crisis and the availability of facilities like Safestore really helps them to be as flexible as possible."

Who said Friday was quiet ;):ph34r:

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May I suggest storage companies are doing well because many in debt are quietly putting away their belongings in order the debt collector is unaware of their goods and chattels?

That's a fair comment. I wonder when the taxman gets to inspect storage.

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Also, people trying to sell, having all been told by the TV that they must declutter are also presumably using storage space often.

Plus people living in slave boxes realising they have nowhere else to store stuff?

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Long term storage isn't worth it for those moving to rented, it costs more than the goods are worth

and once the 50% or 75% discount wears off people are lazy and just leave it out of sight out of mind.

You have to cancle a month in advance so end up trailing on for ages with goods of no emotional or

useful value being stored in a secure lockup.

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Long term storage isn't worth it for those moving to rented, it costs more than the goods are worth

and once the 50% or 75% discount wears off people are lazy and just leave it out of sight out of mind.

You have to cancle a month in advance so end up trailing on for ages with goods of no emotional or

useful value being stored in a secure lockup.

agree, storage can sometimes cost more than the items in storage are worth...notwithstanding sentimental value.....sometimes it might be better to borrow an empty loft or garage from a friend or sell stuff and buy it back later (at a lower cost :P )

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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