Increase In Lending Boosts Self Storage In Warrington

The last few years have been tough for self storage in Warrington

. With first time buyers in the market finding it tough to get a mortgage house purchases have been on the wane - with an inevitable affect on the flow of business. However, with lenders now announcing a rise in Loan to Value Rates and buyers creeping cautiously back into the market there is real hope that the town's local economy can start to move forward.

In terms of self storage, Warrington has been over-subscribed for quite some time now. Drawn in by a booming market during 2007, companies rushed to expand their presence in this sector. While the industry as a whole has held up relatively well during the down turn, exhibiting small but significant growth, that does not take into account the macro economic climate of the locality.

In Warrington the outlook has been relatively bleak, with serious levels of unemployment impacting consumer confidence. As a result the housing market has performed below expectations. First time buyers have simply been unable to get a foot on the first rung of the property ladder. Now though lenders have started to announce LTV rates over up to 90%. The move has been hailed by some leading firms as signs that the good old days may be on their way back.

Although a long way short of the heady days when 95% rates were common, this is tempting new buyers back into the market and that is already seeing a positive impact on self storage in Warrington. New owners are opting to make use of facilities either on a long or short term basis. Companies are working to tempt businesses through the doors with a selection of new deals.

The arrival of the 'age of recovery' trumpeted by the marvelous looking 0.1 per cent growth rate announced at the beginning of the year is injecting a timid confidence back into local business if such a thing is possible. Unemployment is still rising, but at a slower rate than previously. As such we may not have reached the beginning of the end, but at least the end of the beginning. In other words, light is at the end of the tunnel.

There is real cause to hope that both residential and business clients will soon be loosening their purse strings. As such the example of self storage in Warrington represents an ideal case study of the wider economic climate which sees confidence slowly but surely making its way back.

by: Dominic Donaldson

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