The cheapest areas of Essex to rent a home have been revealed thanks to new data provided by the Government. Figures released by the Office for National Statistics (ONS) showed that only five of the 15 districts across Essex had an average cost of rent as being less than £1,000.
According to Rightmove, there is a growing trend in people wanting to leave Britain's cities to find somewhere cheaper to live or to get more for their money.
Tendring, to the north east of the county, is said to be the cheapest place to rent based on average private rental figures shared by the ONS. Of the 1,230 rents counted in the sample, they returned an average cost of £821 per month.
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The quiet district, which borders Colchester and encompasses Clacton, includes a large amount of the Essex coastline from Walton to Brightlingsea included.
Tendring is followed by another another seaside local authority, Southend, as being the next cheapest place to rent in Essex (£885). Colchester (£898) is the third cheapest place to rent and live in Essex.
According to analysis from Halifax, as reported by the Mirror, homeowners are nearly £500 better off a year compared to renters. The bank's research found that the average monthly cost of owning a three-bedroom house for first time buyers was £971.
At the moment, this is £42 lower than the average cost of renting a similar property with renters paying an average of £1,013 a month. This equates to around £500 a year for homeowners.
Kim Kinnaird, mortgages director at Halifax said: "Our latest analysis shows that becoming a homeowner can bring significant savings for people."
"Of course, making the move from renting to home ownership can be difficult for many, as raising a sufficient deposit and then finding the right property can be challenging.
"While a predicted fall in house prices this year will be welcome news for those looking to buy their first home, it doesn't change the fact that getting on the property ladder remains expensive - a problem that is compounded when rents are high, impacting the ability to save."
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