It won’t surprise anyone to know that quite a lot of our customers are on the move, often between houses and needing temporary storage for their household goods. Domestic customers often store furniture, white goods, books, and bulkier outdoor items like lawn mowers while they stop gap between houses. (Businesses also store with us for different reasons; to save moving up to new, bigger premises, for example, they can free up space in their existing premises by putting infrequently used stock or equipment into one of our drive up Storage Units). But we tend to keep a weather eye on house price trends in the area, particularly transactional activity, since the number of people moving clearly affects how we are doing as a business.
Given all the doom and gloom, the news is surprising good – or at least not bad. The Banbury OX16 area, according to www.mouseprice.com, has grown by some 5% over the last 5 years, compared with a national drop in houses prices of -2%.
And the number of transactions in Banbury is higher proportionally than in the country as a whole. Whilst the number of Banbury properties is 0.0007 of UK properties, the number of transactions is 0.001 of all UK transactions, indicating a higher than average activity rate in the area. The ratio of new builds in the area is also significantly higher than the national average at 0.1% compared the national average of 0.06%. Clearly, that’s good news for Fort Locks Storage, and we hope also that we’re good news for all those house-movers!
Price trend data for OX16 – Banbury
5yr house price growth 5.03% -2.15%
5yr house price CAGR 0.82% -0.36%
Last 12 months house price growth -1.27% -2.54%
Market size Indicator: no. of transactions 16,847 16,823,383
Market size Indicator: total no. of properties 20,572 27,687,406
Market liquidity Indicator: transactions / properties 81.89% 60.76%
Market growth indicator: new homes built 2,086 1,732,488
Market growth indicator: new builds / transactions 12.38% 10.30%
©Fortlocks Self Storage Ltd