New research from bridging loans broker Octagon Capital reveals the cities in the UK getting the worst deals on self-storage units, with Swansea residents paying over the odds in Wales at a rate 16% higher than the national average.
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), Swansea is the most expensive in the UK, with customers likely to spend an average of £1,006 per year, 16% higher than the national average).
Cardiff residents are getting a considerably better deal, with an average of £765 for the same sized unit (-12% on the national average). Exeter residents are getting the best deal in the country, paying 31% less than the nationwide average (£598 p/y).
City | Average annual cost for 50 sq. ft. unit (£) | Percentage Difference from Nationwide Average
London | £1,797 | 107%
Swansea | £1,006 | 16%
Liverpool | £958 | 10%
Edinburgh | £892 | 3%
Manchester | £882 | 2%
Bristol | £833 | -4%
Newcastle | £803 | -7%
Cardiff | £765 | -12%
Birmingham | £745 | -14%
Glasgow | £700 | -19%
Portsmouth | £650 | -25%
Southampton | £650 | -25%
Exeter | 568 | -31%
NATIONAL AVERAGE | £868
This trend continues when looking at 75 and 100 sq. ft. sized units, ideal for a two-bed flat or house, with Swansea featuring high up the table for both. For a 75 sq. ft. unit, Swansea residents pay an average of £1,045 p/y while Cardiff residents pay less at £931. Meanwhile, for a 100 sq. ft. unit, the Swansea average is £1,529, with Cardiff residents paying £300 less per year (£1,209).
Camden in London has the highest individual costs per year for 75 sq. ft. and 100 sq. ft. units (£3,542 and £5,285 p/y respectively), while also placing second for 50 sq. ft. (£2,909 p/y) behind Kennington (£3,024 p/y).
Even when taking into account the average weekly wage in areas around the country, Swansea residents are still paying over the odds. For example, a 100 sq. ft. storage unit costs 7% of the average weekly wage of a Swansea resident, compared to just 5% for Cardiff residents and 3% for Portsmouth residents at the other end of the table. On average, 5% of the weekly wage would be spent on a storage unit of this size.
Dan Kettle, Commercial Director at Octagon Capital, commented: “There 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.
“The best way to get a good deal on self-storage is to ensure you select the right sized unit so you’re not overpaying on space, and always shop around. There may be a better deal with a different company and don’t forget to try and negotiate costs.
“At 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.”