The self-storage industry in the United Kingdom is expected to reach a £1 billion turnover in 2023, which is no surprise to Liverpool storage unit operators, who have experienced tremendous growth in the first three quarters of this year. The demand for storage units has surpassed European countries, mostly due to the rental market.

Last year self-storage companies grew their revenues by more than six percent in 2022 and this year they are expected to grow even more, reaching a whopping £1 billion turnover by the end of the fourth quarter. Around two percent of adults in the United Kingdom are now relying on self-storage and it is believed to be a direct result of the lack of housing and the density of the population nationwide.

A recent study found that Liverpool storage units have an occupancy rate of more than eighty percent and this remains stable throughout the year with rental returns of approximately £27 per square foot. This year over two million square feet of additional space has been occupied throughout the country when compared to the previous year.

Most of the customers using Liverpool storage units are residential, many moving from one home to another or downsizing and needing somewhere to store their items. Residential customers are approximately thirty-six percent of all those using the self-storage facilities in 2023.

Stephen Jones, the Financial Director at Big Padlock, a leading Liverpool storage units company, said “We are seeing more self-storage facilities emerging nationwide. We have increased our company with eight convenient locations now offered in the United Kingdom. It is expected there will be around two hundred and eighty more storage facilities opened by 2026 to meet the growth in demand.”

Inflated property prices, remote working, and downsizing of homes are all leading contributors to the growth in demand experienced this year. In addition to this, more businesses are working online and are closing their brick-and-mortar stores, resulting in a need for storage to stock the items that they sell. This solution is very popular with eBay and Amazon resellers, along with businesses needing secure and safe document storage solutions.

About Us:

Big Padlock is a leading self-storage facility that operates in eight locations throughout the United Kingdom. This well-established company offers safe and secure solutions to private and business clients in Cardiff, Ayr, Aberdare, Huyton, Halifax, Wirral, Wrexham and Liverpool. Big Padlock offers easy and simple storage solutions without long-term commitment. Their units offer full access with twenty-four-hour CCTV for added peace of mind. The company offers self-storage, business storage, post boxes, offices with storage, offices to let, caravan storage, student storage, workshops, and much more with bespoke facilities for architects, solicitors, builders and traders, and Ebay and Amazon sellers. To find out more, visit https://www.bigpadlock.co.uk.