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CASHING IN ON THE JOY OF STORAGE

Cashing in on The Joy of Storage

Cashing in on The Joy of Storage

  • 42 million Brits say good storage adds value to their property
  • Good storage leads to an average value increase of £18k nationally and up to £45k in London
  • Stats supported by National Association of Estate Agents


With the expected seasonal uplift in house sales just around the corner, new research from the Swedish furniture retailer IKEA has shown that good storage alone can add an average of almost £18k to the value of a property in Britain.The research found that two thirds of Brits believe house prices increase by up to 10% when they have good storage. With the average house price in the UK now standing at £179,492 , this amounts to over a £17k increase, and with property prices in London being the highest in the UK averaging £458,283, this figure rises steeply again to an impressive £45k – leaving a whole host of families better off. These findings are supported by the National Association of Estate Agents who believe that, in a market where people are struggling to afford larger homes, it’s becoming more and more important to make the most of the space they have – a large part of which is often about getting the storage right. Regionally, the desire to have a home for everything we own is consistent. Despite fluctuations in house prices across the country, every region claimed the value of their property increased with good storage by up to 10%. Scotland (74%), the South East (73%) and North West (73%) were the most confident in its importance, whilst the least confident was London where over half of people (55%) still said it was valuable.

Land Registry, Feb 2015 -
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/406843/HPIReport20150223.pdf

Myriam Ruffo, Business Leader at IKEA, said:
“There is a special joy in having a place for all the things you love but we understand as your life changes, so do the demands on your home. This is the same for people who have lived in their house for decades and for people moving into a new home.

“At IKEA we recognise that good storage can be beautiful and practical, but it can also earn you money and save you time. So if you’re buying, selling, renting or even extending your home, our wide range of storage solutions can help you make the most of every inch.”

Mark Hayward, Managing Director for NAEA, said:
“The housing market is constantly changing, but there are some things that remain invaluable to home buyers and one of those things is storage. It doesn’t matter if you’re selling a one-bed flat or a ten-bed mansion, if there is no storage you are asking buyers to spend a lot more to make this right. By getting it right pre-sale you can add thousands of pounds to the value of your home, which will help moving to your new home that bit easier.”

Sample of 2,000 people surveyed for IKEA