Self Storage Report 2022-template-v8

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POLITICAL CLIMATE

ON A COUNTRY BASIS, THIS REFLECTS THE FOLLOWING INCREASES AND AVERAGE HOUSE PRICES:

As with our 2021 Report, COVID has been a dominant feature in the news. Positively as we move into calmer waters. We are still witnessing the fallout from Brexit with shortages of people to fill our growing job vacancies. Most recently, and still dominating the news, is the surging rate of inflation coupled with a significant increase in the cost of living as a result of higher utility costs, petrol and food prices. We are seeing the onset of families starting to struggle as a result and it is anticipated this will be a feature in the economy throughout a large part of 2022. This will not be helped by the rise in National Insurance tax from April 2022. Sadly, the war in Ukraine is a new event and the thinking in general is that this could well be a drawn out affair.

10.7 % (£296,000) ENGLAND 14.2 % (£205,000) WALES

11.7 % (£181,000) SCOTLAND 7.9 % (£159,000) NORTHERN IRELAND

HOUSING MARKET

Annual sales volumes and pricing in 2021 picked up where 2020 left off with continued growth. This being aided by the continuing shortage of housing, along with extension of the Stamp Duty holiday in England and Northern Ireland until 30 June 2021. Between 1 July and 30 September the threshold decreased to £250,000 and reverted back to pre Stamp Duty holiday tranches from 1 October. As at February 2022, the Office for National Statistics recorded year on year growth of 10.9%. Pricing in February alone increased by 0.7%. The average UK house price increased by £27,000 to £277,000.

NORTHERN IRELAND

AVERAGE HOUSE PRICE BY COUNTRY, UK: JAN 2005 TO FEB 2022

ENGLAND

WALES

SCOTLAND

300,000

250,000

AVERAGE HOUSE PRICE, UK, JAN 2005 TO FEB 2022

300,000

200,000

250,000

150,000

200,000

100,000

150,000

50,000

100,000

2006 FEB

2008 FEB

2010 FEB

2012 FEB

2014 FEB

2016 FEB

2018 FEB

2020 FEB

2022 FEB