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How storage auctions in the UK work

TV shows like Storage Hunters and Storage Wars are popularising the idea that you can make big money from buying at sort of auction, but storage auctions in the UK are a bit different than they are in the US, so you’ll need to know a few facts before you commit your time and money.

Storage hunting

Storage hunting and storage auctions in the UK offer buyers a chance to make money when owners of storage lockups default on payment, and most storage facilities are only too pleased to open their doors to the public in the hope that the auction will generate more funds.

Bidding

Unlike the popular US TV shows, a storage auction in this country is normally carried out over Email or phone communication rather than at the door of the storage container being auctioned. When a locker is ready for sale, most storage firms have a list of potential buyers who are always on the lookout for a new storage locker. In most cases in this country, the highest bidder gets the locker. You won’t find buyers bidding each other up in an auction frenzy because of the Email and telephone nature of the bidding process.

Great bargains

This makes the auction a little more business-like and it also makes for great bargains as the competitive element of an auction is taken away. Getting a storage locker for a percentage of its price has to be a great feeling and it makes a lot of business sense but it’s not the only way of getting involved with storage auctions.

Auction houses

Some storage auctions in the UK also offer the contents of the locker to local auction houses. Buying at an auction house could mean a lower investment because they often split the lots up. If you’re interested in becoming involved with this type of auction, you should get in touch with your local storage facilities who will put you on their list and contact you when one becomes available.

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