Lok'nStore finds there's more taking up space

The group said it had seen occupancy – the amount of storage space rented out – increase by 4 per cent in the year to July 31, and prices increase by 4.9 per cent.

The firm, headquartered in Farnborough, Hampshire, said the dense UK population was putting pressure on homeowners to use their property space more efficiently and was generating demand across the self-storage industry.

Lok'nStore, the fourth largest self-storage firm in the UK, posted pre-tax profits for the year of 430,254, compared to a loss of 656,051 the previous year.

Around two-thirds of the company's business is generated from households.

Simon Thomas, chairman of Lok'nStore, which has 21 stores across the UK, pointed out that the UK population density was 246 persons per sq km, compared with 32 persons per sq km in the US.