September 23 2024
The Ultimate Guide to Storage Auctions – How They Work & What to Expect
Storage auctions have grown in popularity across the UK, partly thanks to TV shows and partly due to the excitement of finding hidden treasures. But despite the hype, the world of self storage auctions remains confusing for many people.
At Ready Steady Store, we are frequently asked:
“How do storage auctions work?”
“Can anyone bid?”
“What happens to a storage unit before it goes to auction?”
This guide answers all those questions clearly, simply, and transparently so you understand exactly how storage auctions in the UK operate. Whether you’re curious, thinking about bidding, or just want to know what happens behind the scenes, here’s everything you need to know.
And if you’re looking for secure storage yourself, here’s how self storage works.
How Do Storage Auctions Work in the UK?
While each self storage operator has their own procedures, the overall UK process is broadly similar. Here’s what typically happens.
1. Customer falls into long-term arrears
A storage auction only happens when a customer has fallen significantly behind on payments and has not responded to repeated reminders. Storage companies will always try every possible method including phone calls, emails, letters, and notices before taking further action.
Storage auctions are not designed to generate profit. Funds recovered go toward unpaid rent, and any surplus (after legal costs) must be returned to the customer.
If you’re comparing unit sizes or considering future storage, you can use our size estimator or handy unit size guide:
Storage Unit Size Guide
Quick Reference
9–15
sq ft
Small Storage Unit
Secure storage for documents, boxes and smaller items you need to access occasionally.
25
sq ft
Studio / Small 1-bed
Conveniently fits the contents of a studio or small 1-bedroom flat, without bulky furniture.
⭐ Most popular
50
sq ft
1–2 Bedroom Flat
Reliably fits a sofa, double bed, wardrobe and around 20 boxes - our most-booked size.
75
sq ft
2–3 Bedroom House
Accessible storage for most contents of a family home, including larger furniture pieces.
100
sq ft
3–4 Bedroom House
Friendly, flexible storage for larger homes - white goods, garden furniture and full room sets.
Helpful tip: Most of our storage units are at least 8ft high - stack your items and furniture to make the most of the height and keep your costs down.
2. The storage unit is inventoried
Before a storage unit can be auctioned:
- A complete documented inventory is noted
- Photos are taken of the contents
- Prohibited items are removed
- Personal items (passports, bank documents, medical records) are removed
3. The storage unit is listed for auction
Most UK storage auctions today are done through online auction platforms. This offers transparency and allows bidders from across the country to get involved.
4. Bidders start placing bids
Unlike TV shows, bidders cannot rummage through items.
Instead, they can:
- View the unit from the doorway which is limited as generally most providers use online platforms to auction goods
- Look at photos uploaded
- Read the description provided
This protects the customer’s privacy and prevents tampering.
5. The highest bidder wins
Once the auction closes, the winning bidder:
- Pays for the unit
- Must clear the unit within 24–72 hours
- Provides any ID required by the auction platform
You’ll usually need a van or large vehicle to collect everything if you’re unsure what size, speak to the storage provider for guidance.
What Can You Expect to Find in a Storage Auction?
Every auction unit is different, but common items include:
- Furniture
- Business stock
- Tools and equipment
- Electronics
- Collectables
- General household goods
While “hidden treasure” does occasionally appear, most units contain everyday belongings, so it’s best to bid sensibly and realistically.
Are Storage Auctions Open to the Public?
Yes. Most storage auctions in the UK are open to the public, and online platforms make it easier than ever to get involved so no need to attend in person.
How to Bid in a Storage Auction
If you’re planning to bid on a storage unit, here’s what to expect:
- 1. Register on an auction platform
You’ll need to create an account and may have to verify your identity. - 2. Review all photos and details
Check what’s visible but remember, not everything can be seen. - 3. Set a realistic budget
It’s easy to get caught up in the excitement. Decide your maximum bid in advance. - 4. Understand the fees
Some platforms charge buyer premiums or refundable deposits. - 5. Collect and clear the unit
You’ll need suitable transport and enough time to empty the entire unit within the deadline.
Common Myths About Storage Auctions
- Myth 1: Every unit contains hidden treasure
Reality: Most units hold everyday items. - Myth 2: You can sort through items before bidding
Reality: Viewing is limited to photos online or in some rare cases at the doorway. - Myth 3: Storage companies profit from auctions
Reality: Auctions are solely to recover unpaid rent. Surplus funds must legally be returned to the customer after all costs are covered.
Tips for First-Time Storage Auction Bidders
Who Takes Part in Storage Auctions?
People join storage auctions for different reasons:
- A fun hobby
- A side hustle
- A way to source inventory to resell
- The excitement of the unknown
- A treasure-hunting adventure
Whatever your motivation, approach auctions responsibly and with realistic expectations.
Thinking About Storage? Choose a Provider You Can Trust
Whether you’re storing for home or business, Ready Steady Store offers:
- Secure storage units
- Extended hours access
- 24/7 monitored CCTV
- 50% off for up to 12 weeks
- Platinum rated Feefo customer service rating
- Friendly, expert teams ready to help, open 7 days a week
If you’re ready to get started, you can find your nearest Ready Steady Store and book online in minutes.
