THE demand for rental property in Chelmsford is up a massive 58 per cent year on year, a new report has shown.

The figures, by Balgores Property Group, are being put down to escalating house prices, tougher mortgage criteria and the rising cost of living.

The demand has seen the number of landlords in Essex jump a massive 63 per cent in the last year alone.

Howard Lester, director of Balgores, said: “Chelmsford was recently bestowed city status, which has in turn attracted significant investment in the infrastructure.

“This has resulted in an enormous increase in employment opportunities in the area, leading to a huge increase in tenants.

“The sharp increase in tenant demand across the county has made it very attractive for buy-tolet landlords.

“We are seeing a surge in properties being acquired by landlords who have been re-entering the market over the last year.”