Record Property Prices See Brits Squeezed out of House and Home

News provided by

Shurgard

21 Feb, 2014, 18:12 GMT

LONDON, February 21, 2014 /PRNewswire/ --

  • Three quarters of Brits say property prices mean they cannot afford more spaceas average UK house price hits £250,000[1]
  • 77% of people admit using any remaining space in the home to hoard possessions  
  • The death of the traditional spare room as homes are fit to burst with belongings

Storage company, Shurgard, has revealed that three quarters of Brits say property prices mean they cannot afford the space they need.  

These statistics, from their poll of over 3,000 British residents, come amid news that property in the UK is costing an all time high. Figures released this week show the average UK house price reached £250,000 in December, with the average house price in London now £450,000[2].

Whilst the results showed this to be a nationwide phenomenon, it is particularly prevalent in London where house prices have grown at an annual pace of 12.3% - more than double the 5.5% growth seen across the rest of the UK[3]. 79% of Londoners revealed that the high prices in the capital mean they cannot afford the space they require, compared to just 45% of people in Cardiff and 65% in Southampton.

Shurgard reveals that this lack of space has led to the death of the spare room, of those surveyed only a half had one. With boomerang kids forced to move back home after university and the elder generation, who are living longer, moving in with the grown up children, homes are bursting at the seams. Of those who are lucky enough to still have a spare room, a whopping quarter uses it as a junk room, for miscellaneous storage, instead of utilising it as living space.

British homes are truly fit to burst. Findings revealed  that our belongings are now hidden all over the house; 35% of people say they store items in the loft and 29% hide them under the bed, with another 18% using sheds or garages.

Not surprisingly Londoners most feel the need to cram. As a result of the high cost of space in the capital they are forced to squeeze their belongings into every nook and cranny. Residents of the London Borough of Lambeth are the worst for hoarding; with a staggering 96% using all the left over space in their homes to store possessions. Following them in close second are the residents of Hammersmith and Fulham, with 94% admitting that any extra space in their homes is used for storage. Space in these two areas does not come cheap; both boroughs have seen a huge hike in house prices in the last year, a reported 21% and 7% respectively.[4]

"Everyone is feeling the squeeze with property prices increasing at such a rate. We know people are struggling to afford the space they need so it's time to start changing the way we store our belongings. Rather than clogging up the home, look at alternative options - using a self storage facility can be a cost effective way to keep hold of treasured possessions and create a little more breathing room in the home." Said Duncan Bell, VP Operations at Shurgard.

http://www.shurgard.co.uk

[1] Office of National Statistics: http://www.ons.gov.uk/ons/rel/hpi/house-price-index/december-2013/stb-december-2013.html

[2] Office of National Statistics: http://www.ons.gov.uk/ons/rel/hpi/house-price-index/december-2013/stb-december-2013.html

[3] Office of National Statistics: http://www.ons.gov.uk/ons/rel/hpi/house-price-index/december-2013/stb-december-2013.html

[4] Rightmove Price Index http://www.rightmove.co.uk/news/house-price-index/february-2014

SOURCE Shurgard