Rent prices in Essex rose by over 20% in 2015

Rent prices in Essex rose by an average of 20% over the last 12 months, according to a new report from Balgores Property Group.

The largest rises have been seen in Brentwood, where rents are up by 25% year on year.  It now costs an average of £1,409 per month to rent a property in the town. Chelmsford also recorded a large spike in rents (23%), followed by Upminster (21%), Basildon (20%) and Hornchurch (18%). Romford has shown the smallest increase in rents rises – just 13%.  

Basildon remains in the no 1 spot for the most affordable rental accommodation, with average monthly rent at £926.

Fig 1: Rent Prices – 2014 compared with 2015

Town	Average Rent Prices 2014	Average Rent Prices 2015	Percentage Difference
Brentwood	£1,122	£1,409	25%
Chelmsford	£1,380	£1,699	23%
Romford	£978	£1,107	13%
Hornchurch	£1,213	£1,432	18%
Basildon	£771	£926	20%
Upminster	£1,722	£2,084	21%

Howard Lester, Director of Balgores Property Group comments: "Our latest data shows that Brentwood has seen recorded the highest rent price over the last 12 months. Brentwood has a vibrant town offering a great selection of shops, bars and good restaurants.  In addition there are good quality state and private schools providing the best in education.

“The cross rail line is also pushing up demand for rental properties in Brentwood. In 2018, Shenfield will become the terminus of Crossrail.  Trains run via Brentwood and Shenfield every 10 minutes to Liverpool Street (40 minutes) and it is just a 40-minute drive to Stansted airport.

“Many families and young professionals are attracted to Brentwood by the plentiful green space, good schools and very low unemployment rates that it offers. Located amongst picturesque Essex countryside with delightful local parks makes Brentwood an ideal retreat combined with convenient access to the city both by road and train.

“Chelmsford has also recorded a large hike in rent prices and it now cost an average of £1,699 to rent a property in the City.  Voted in the top ten places to live for quality of life in 2013, Chelmsford is one now of the most popular places to live in the South East. The City is constantly expanding and new businesses are moving to the area, including such retail giants as John Lewis and Waitrose. 

“The City’s dynamic is truly multicultural, but still retains much of its original county town charm in many of the surrounding districts. In addition, the City enjoys some of the best schools in the county including New Hall, King Edward VI Grammar School and Chelmsford County High School for Girls.

“Basildon remains the most affordable town, despite seeing a rise of 20% in rent prices over the last 12 months. Basildon has been recently crowned the most affordable location to live for workers commuting into London, due to the town’s affordable accommodation and cheap rail travel.

“Basildon also has main road links with the A127 and the A13 into London; three railway stations going into the City; colossal redevelopment by the council; and large investment in the area, bringing new employers and new jobs.”

For further information, please visit www.balgoresproperty.co.uk.