Rent prices in Basildon rose more than any other town in Essex over the last 12 months, according to a new report from Balgores Property Group.
Rent prices for one bedroomed properties leapt by 19%, while two bedroomed properties rose by 9.5% and four bedroomed properties rose by 7%. Surprisingly, three bedroomed properties in Essex recorded the lowest increase at just 4%.
It now costs on average, £897 per month to rent a property in the Basildon, up 5% on last year. Despite this, Basildon remains in the no 1 spot for the most affordable rental accommodation. Chelmsford is close behind, an average rent price of £955 per month, followed by Romford £1,113, Upminster £1,046 and Brentwood £664.97. Hornchurch has the highest rent prices in the county, with an average of £1,242 per month.
Howard Lester, Director of Balgores Property Group comments: "Our latest data shows that Basildon has seen recorded the largest rent price increase over the last 12 months. The town’s affordable rental property and cheap rail travel is attracting workers commuting into London.
“The good news for tenants is that rent price rises appear to have slowed down, with an average rise across Essex of just 3% year on year. Many industry experts thought that with the increase in buy-to-let taxation introduced last year, landlords would raise rents, but this has not happened.
It’s likely in that 2017 will see higher rent prices, as landlords attempt to compensate for the new taxation measures that kick in from April 2017.
“Hornchurch is now one of the most expensive areas to rent in Essex, with the average monthly sitting at £1,242. This is a reflection of the type of property available for rent and the quality of the accommodation. Hornchurch attracts affluent families, especially those relocating from London, who are used to much higher rent prices.
For further information, contact your local office or visit www.balgoresproperty.co.uk.