A new report from Balgores Property Group reveals there has been a steep rise in tenants looking for property to rent in Essex, up 36% year on year.
Basildon has recorded the largest leap over the last 12 months, with a 68% rise in tenants looking for rental property in the town, followed by Chelmsford (48%), Upminster (40%), Hornchurch (35%), Romford (15%) and Brentwood (12%).
Balgores has also seen a sharp rise in the number of landlords registering their rental properties with the agency. The largest rise in landlords has been seen in Hornchurch, where there has been a 59% increase year on year. Basildon has also recorded a steep rise in landlords, up 48% followed by Romford (36%), Upminster (34%), Chelmsford (25%) and Brentwood (12%).
Howard Lester, Director of Balgores Property Group comments: “Our figures show that there are increasing numbers of tenants looking for rental property in Essex, especially Basildon where rental prices are affordable. For example, the average rent price for a three bed semi-detached house is £1,000.00 pcm. If a tenant wanted to purchase a three bed property in Basildon, they would have to pay around £263,000 and raise a deposit of at least £13,150.
“Most tenants are choosing to rent a property in Essex rather than buy, for social and financial reasons. Many tenants live in an area where they could never afford to buy, so they can be close to family, friends and work. Although some tenants could afford to purchase a home if they moved to a cheaper location, many don’t want to sacrifice their social life, or face a longer commute to work.
“There's a long-held view in the UK that people rent only because they have to, but for many, it is a lifestyle choice. Renting is less hassle and responsibility than buying. For example, if the boiler breaks down or the roof starts leaking, the landlord will get it fixed. Tenants don’t have to worry about funding expensive repairs or maintaining a property.
“However, tenants are made to feel like second class citizens and renting is seen by many, as the poor alternative to buying a property. The bottom line is that tenant’s face ever rising house prices and stagnating wages and the rental market provides good stable homes to live in. In fact, rental property now provides almost 50% of the total housing stock in the UK.
“Unfortunately, there is constant bashing of the buy-to-let market by the media and Government. The majority of landlords provide comfortable and quality properties to a growing band of tenants who see them as their homes. With so many people now renting out of choice, attitudes to the rental market must change. Both landlords and tenants are making a significant contribution to the British economy.”
For further information, please visit www.balgoresproperty.co.uk
