RENT levels in Chelmsford have soared by more than a fifth in the last year, leaving many people worried they will never get on the property ladder.

The average cost of renting a home in the city has shot up from £842 in June 2014 to £1,027 this year, up 22 per cent.

Martin Birks, director of Northwood estate agents, in Moulsham Street, said: “There is a lot of demand for rental properties, but a lack of stock in Chelmsford, meaning prices are rising.

“We had eight viewings on one property in one day. There are a lot of tenants looking to come to Chelmsford.”

The current trend is obviously good for landlords as investments begin to pay off.

Neil Baldock, director of estate agent Charles David Casson, in Broomfield Road, said: “Lots of landlords are very happy with the way things are, there is a very positive feel at the moment.”

Landlord James MacDonald, 44, who rents out two properties in the city, said: “Chelmsford is going places, of that there’s no doubt.

“People want to come and live in a brand ne w city which has got so much to offer. It’s all very encouraging.”

However, Chris Nightingale, 24, from Chelmsford, told how he plans to live at home with his parents for as long as possible to save money.

He said: “I am concerned that increasing rent prices mean I will never be able to afford a deposit for a mortgage.

“The amount I would have to pay out for rent every month would seriously impact the amount of money I could save.

“I feel like I would end up in a loop of always paying rent and never being able to actually buy a house of my own.”

Howard Lester, director of Balgores Property Group, which published the figures, said the rises could be down to an increased demand for renting family homes.