Brentwood sees largest rent rise for three-bed semi
A new report reveals that Brentwood has seen the largest rent rise for three–bed semis - up 17% in September 2016, compared with the same time last year, according to Balgores Property Group.
Brentwood has recorded the largest leap in rent prices for three-bed semis, followed by Romford, up by 7%, Basildon up by 4% and Chelmsford up by 2%. Upminster is the only town to record a drop in rent prices, down 6% year on year, as demand for property in the town softens. Hornchurch rental prices remain unchanged over the last 12 months.
It now costs an average of £1,305.77 per month to rent a three-bed semi in Brentwood, while in Romford, the same property will set you back £1,250.41 per month.
Basildon remains the most affordable town in Essex for rental accommodation, with average monthly rent for a three-bed semi, sitting at £959.49. The most expensive rental property is to be found in Upminster, where the average monthly rent is £1,321.15, followed by Brentwood, where the average rent price is £1,305.77 per month.
Fig 1: Three Bed Semi Rent Prices – 2016 compared with 2015
Rent Prices Sep 2015
Rent Prices Sep 2016
Howard Lester, Director of Balgores Property Group comments: "Brentwood is experiencing a boom in demand for rental property, partly down to the Crossrail effect and the regeneration of the High Street and William Hunter Way. The new Crossrail service will take about 40 minutes to reach Liverpool Street, with faster journeys into central London.
“Many professional couples and families are moving from London to Brentwood, attracted by the lifestyle, more affordable rental prices and great transport links to the city. As a Crossrail location, Brentwood will reap the rewards of a higher profile together with increased demand for property from tenants and home buyers.
“Demand for rental property is also high in Romford. Local landlords will be pleased to hear that the average rent in the town is currently around £1,200 pcm and yields are generally higher in East London than the rest of the capital.
“Romford town centre is already one of London and the South East’s largest retail and shopping hubs, more than holding its own against the likes of Bluewater and Lakeside. It also has thriving nightlife, good transport links (rail, road and bus) and a large catchment area, extending from Central London to Essex.
“The Urban Strategy for Romford aims to build on the town’s existing attributes, while making it better-connected, more commercial and more residential. Improved transport links and new housing developments will help to aid this vision.”
For further information, please visit www.balgoresproperty.co.uk.