Report shows sharp increase in new landlords in Hornchurch, Romford and Upminster
PUBLISHED: 12:03 23 August 2016 | UPDATED: 12:03 23 August 2016
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The number of landlords registering rental properties in Hornchurch has gone up almost 60 per cent in one year, according to one estate agents.
A report published by Balgores Property Group today revealed it had seen a steep rise in tenants looking for property to rent in parts of Havering, with a 40pc increase in Upminster, 35pc increase in Hornchurch and 15pc increase in Romford.
Balgores has also seen a sharp rise in the number of landlords registering rental properties with the agency, with the largest in Hornchurch, where there has been a 59pc increase year on year.
In Romford there was a 36pc increase and in Upminster 34pc.
Balgores director Howard Lester said: “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.”
He also insisted many tenants rented as a lifestyle choice as it is “less hassle and responsibility than buying”.
“However, tenants are made to feel like second class citizens and renting is seen by many, as the poor alternative to buying a property,” said Mr Lester.
“The bottom line is that tenants face ever rising house prices and stagnating wages and the rental market provides good stable homes to live in.
“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.”