Category: self access storage

The UK property market is on the move — but not at breakneck speed. After a rocky 2023, house prices are gently rising again, mortgage rates are easing, and more homes are hitting the market. For buyers and sellers alike, this creates a window of opportunity: property values are stabilising rather than soaring, and while affordability remains a hurdle, the landscape is slowly shifting. With tax changes looming and supply still lagging behind demand, now is the time to plan smartly — whether you’re a first-time buyer looking to get ahead of stamp duty hikes or a homeowner weighing up your next move. Let’s break down what’s happening and how it could shape your property journey in 2024 and beyond.

1. House Prices: The UK housing market is showing resilience. After a slight dip in 2023, average prices rebounded ~3% in 2024. Currently, house price inflation is modest at +1.9% year-on-year. In fact, average prices may rise ~2.5–3.5% in 2025 according to forecasts. That’s a gentle uptick – stabilising rather than soaring. For anyone looking to move, this means property values are creeping up but not skyrocketing. Good news: more homes are being listed (the most for sale in 7 years), giving buyers slightly more choice and bargaining power. However, regional differences persist – some areas still seeing stronger growth than others, while others remain flat. For movers, a stable price environment can reduce the frenzy and risk of gazumping, making the process a bit less stressful.

2. Mortgage Rates & Affordability: After 2022’s rapid rate rises, interest rates are finally easing. The Bank of England has begun trimming the base rate (now 4.5% after a recent cut)

bankofengland.co.uk and mortgage costs are slowly inching down. The best fixed deals are hovering around ~4.0% for 2-5 year fixes, down from the 5-6% peaks. Higher rates have stretched buyer budgets, but wage growth and rate stability are improving affordability. In 2024, first-time buyer activity surged 19% as lending became more predictable and buyers adjusted to the “new normal” of rates around 4-5%. Many newcomers are still partnering up to buy – the average first-time buyer is 33 years old and often purchasing jointly to afford a 20% deposit (~£61k on average). For aspiring homeowners, the take-away is this: plan for higher monthly payments than a few years ago, but take heart that rates are likely near their peak and could soften further. Locking in a mortgage now might secure a decent deal, and if rates fall later, refinancing could be an option. The slight relief in mortgage rates is also encouraging more homeowners to move, since the gap in mortgage costs between staying put vs. upsizing is beginning to narrow.

3. Supply vs. Demand: Britain’s housing supply crunch remains a hot topic. On one hand, the number of resale homes on the market has increased (hence more choices for buyers and a check on runaway prices). Sales agreed are up ~10% year-on-year, indicating buyer demand is still robust whenever affordability allows. On the other hand, we’re not building enough new homes to meet long-term demand. New-build completions fell to ~218k in 2024 – a 7-year low, far below the government’s 300k annual target. Estimates suggest the UK has a housing shortfall of ~4 million homes. Translation: competition for homes (to buy or rent) remains intense. Rents are surging (~9% yearly) amid a shortage of rental properties. For movers, this means if you’re selling, there are buyers out there – but if you’re looking to buy, be prepared to act decisively. For first-time buyers, more supply in the sales market is welcome, yet the overall housing deficit means affordability pressures aren’t disappearing. Tip: Have finances and mortgage agreements in principle ready, so you can move quickly on a suitable home.

4. Tax Changes on the Horizon: Upcoming tax tweaks could shake up housing decisions:

• Stamp Duty 🏷️ – The reduced stamp duty rates are set to revert after 31 March 2025. Today, first-time buyers pay nothing on purchases up to £425,000, but this will drop back to £300,000 from April 2025. For context, a £500k first home currently incurs £3,750 in stamp duty; after April 1, 2025, the same will cost £10,000 – a big jump. Regular home movers also lose the temporary double threshold: the 0% band will halve from £250k back to £125k, meaning higher tax bills on mid-priced homes. This looming deadline may spur some buyers to fast-track their plans in 2024 to save thousands in tax.
• Landlords & Sellers 🏘️ – Property investors face their own shifts. The stamp duty surcharge on second homes has increased (from 3% to 5% in England/Northern Ireland), adding extra cost for buy-to-let purchases. Meanwhile, capital gains tax allowances have been slashed, so anyone selling a rental or second property will owe more tax on their profits – a factor nudging some landlords to sell up. In fact, analysts warn that tax changes plus upcoming rental reforms (like the Renters’ Rights Bill) could push many landlords to exit. This might free up more homes for sale (a silver lining for buyers), but it also tightens rental supply further, impacting renters who aren’t ready to buy.
• Energy & Renovations 🔧 – Another consideration: evolving regulations (e.g. energy efficiency requirements for rentals, or local property taxes) can affect costs for owners and landlords. While not “tax” per se, they influence the total expense of homeownership. Buyers should be mindful of any new rules (for example, future EPC requirements for landlords by 2025/2028) that could incur renovation costs later on.

✨ What It Means for Movers & First-Time Buyers: Every trend above has a human impact. Slightly rising prices mean first-timers need to save a bit more (or adjust expectations on property type/location) – but also that homeowners have more equity to leverage for their next purchase. Higher mortgage rates have made monthly payments pricier, testing budgets – but those who can navigate this will find lenders increasingly keen to assist (and possibly more rate deals coming if base rates drop). Limited housing stock means you might have to compromise or broaden your search, yet the increase in homes on the market gives a better shot at finding the home without entering a bidding war every time. And regarding tax changes: if you’re a first-time buyer eyeing a home in the £300-500k range, there’s an incentive to act before next April to save on stamp duty. Existing homeowners thinking of upsizing might also avoid extra tax by moving sooner. For renters, be aware that landlord sell-offs could either open a door to buy (if you’re ready), or mean you’ll face more competition and higher rents if you stay in the rental market. In short, the landscape is shifting – plan ahead and seek advice (mortgage brokers, financial advisors) to make the most of these changes.

5. The Self-Storage Effect 📦: Interesting side-effect of these property trends: demand for self-storage is on the rise, hand-in-hand with housing transitions. The UK self-storage industry just passed £1 billion in annual revenue, and it’s no coincidence. Nearly 1 in 3 self-storage users (≈32%) cite “moving house” as their reason for renting a unit. Why? With housing chains and tight move-in dates, many people sell their home first (to unlock equity or avoid losing a buyer) and then face a gap before their next home is ready. Self-storage becomes a lifesaver – a secure hold for your furniture and boxes during that limbo. It takes the pressure off synchronising two moving dates perfectly.

Moreover, downsizing is a big driver. Whether due to the cost-of-living squeeze or empty-nest lifestyle changes, moving to a smaller place can leave you with excess belongings. Instead of parting with treasured items, folks are stashing them in storage. In fact, about 16% of self-storage users needed space because their new home was too small for all their stuff. With many new-build flats and houses having less square footage (and often no garage or loft), extra storage is a convenient extension of the home. It allows movers to keep hold of furniture or heirlooms they can’t fit in the new place (yet).

Rental market churn is also boosting storage needs. Tenants facing landlord sell-offs or renovating landlords might have to move on short notice. If you can’t find a suitable new rental immediately, you might store your household goods and stay with family or in a short-term let for a while. Even those relocating for work or waiting for a house purchase to complete use storage as a stop-gap for their possessions. It’s a flexible solution – you only pay for what you need and for how long you need it, which is perfect for uncertain transition periods.

Bottom line: As the property market ebbs and flows, self-storage has become the unsung hero for movers. It adds much-needed flexibility to what is often a stressful life event – whether you’re navigating a tricky chain, trimming down to a cosier home, or bridging the gap between leases. For businesses in the self-storage sector, these housing trends signal opportunity: when people move, they need somewhere to put their stuff. (No wonder the UK leads Europe in self-storage space!) And for individuals, knowing you have the option of a storage unit in your back pocket can provide peace of mind. It’s one less worry when juggling sale, purchase, and moving logistics.

🔑 Key Takeaway: The UK property market is in a period of transition, not turmoil. Moderate price growth, slowly improving mortgage rates, and a bump in housing supply are giving buyers a window of opportunity – but affordability and stock remain challenges. Staying informed on tax changes could save you a hefty sum if you time your move wisely. And if you do find yourself between homes or short on space, remember that self-storage can be a smart short-term solution (many thousands are already using it to ease their moves). The goal is to make your moving or home-buying journey as smooth as possible in a changing market. If you’re planning a move or purchase, how are these trends affecting your decisions? Feel free to share your experience or tips below – we’re all navigating this new normal together! 🚀👥

Sources: Recent market data and reports from Zoopla, ONS, Reuters, Halifax (Lloyds), and Self-Storage Association UK (insights as of March 2025).