CALLING investors: Southend has been named the fourth most lucrative location for buy to let properties in the entire country.

According to the Sunday Times, the town is “shaking off its faded resort image” and has taken its place behind only London, Cambridge, and Luton as the fourth best area to invest in.

Figures from online mortgage company LendInvest show investors snapping up properties in Southend could benefit from last year’s 5.6 per cent rise in houses.

Rents in 2015 also jumped up by some 6.6 per cent.

A number of developments in the borough have experienced high demand – despite not yet being built.

Developers behind the conversion of Heath and Carby House, in Victoria Avenue, due to completed at end of this year, have already sold 84 flats to investors.

Apartments at Highbanks, in the former Essex House building, in Southchurch Avenue, are also proving popular.

Mike Gray, from Dedman Gray, which is marketing the 97 apartments on behalf of Weston Homes, said: “It’s been some time since we’ve had some new blocks of flats being built in the town, that are particularly aimed at the buy to let and rental sector.

“For example, at a recent Dedman Gray auction, many of the purchasers were private buy to let investors entering the market for the first time, while in the last twelve months, there has been such strong demand for town centre rented accommodation in Southend.

“We’ve sold two thirds of Highbanks already and this is a further indication of this market, bearing in mind a large percentage of purchasers there are from the buy to let market.”

Estate agents Martin and Co claim that 71 per cent of 16 to 24 year olds rent, with council leaders calling for more affordable homes.

Southend was the only south Essex location to make the Times ’ list, which featured 15 towns or cities.

On its website, Southend was described as “a seaside town with an airport and a growing population of well-off commuters.”

The description added: “Southend is shaking off its faded-resort reputation with its mixture of independent businesses, hip shops and trendy cafes.”

Independent Ron Woodley, leader of Southend Council, said he is “pleased that Southend is on the map.”

He added: “However the growth of buy to let does put a strain on local people because they are normally paying twice as much in rent compared to social housing.

“I am speaking to housing ministers about building more shared ownership starter homes. We are creating jobs in Southend but they are in line with the living wage, so there will be ceiling for rent charges.”

BASILDON’S buy to let market is as buoyant as Southend’s, according to an estate agent.

Bosses Balgores, which has branches across Essex including in Southernhay, claim investors are clamouring to snap up property before tax rises next month.

They said that buy to let investors have been active in what is a traditionally quiet time in the market, with tax rises such as stamp duty increases due to come in at the end of the week.

Demand in rented properties is not only coming from Londoners being priced out of the capital, but also locals, in what is being called a “win win” by the estate agent.

The firm has also been marketing the Trafford House conversion, with all 384 one and two bedroom properties only put on the market for rent.

Balgores area manager Daniel Hanks said: “The yields investors are getting is strong in Basildon, while the clientele is improving with young professionals moving in from London.

“With the tax changes coming in during April, the market has been very buoyant for investors and property that is going on for rent is flying out.

“We’ve done about 80 properties at Trafford House and the owners are potentially looking to accept housing benefit claimants, so it is catering for local people too.”

A SOUTHEND renter told the Echo she is worried she will never be able to afford to buy her own home.

University student Dannielle Perry, 24, moved into her one-bedroom property in Southchurch Avenue, Southend, two years ago, but is looking to move into a two-bedroom property as she is now pregnant.

Despite her partner, who use to work part time, getting a full time job, and the mum-to-be taking on two jobs while studying social studies, she is still no closer to securing a larger home.

She said: “Trying to pay rent and pay bills whilst saving money at the same time is pretty much impossible.

“We’re looking at two-bedroom properties, but the price increase from a one bed to a two bed is ridiculous. They go up to £725 per month, and having to go on maternity leave soon doesn’t help either.”

“Our rent at the moment is £575, yet despite both of us increasing our work hours, we haven’t been able to afford properties that come on the market, except for ones that are priced around £625.

“We haven’t been able to get any financial assistance either.”