NEWS that Southend has become one of the top places to rent out property will be welcome for some – but not for others.

The town has been placed fourth in a list of the most profitable place to own a buy-to-let behind London, Cambridge and Luton.

House prices are spiralling upwards which is excellent news for people already on the ladder.

Investors are seeing more than 5 per cent increases in house prices in the last year.

Basildon is also seeing a lot of growth as people rush to get buy a place to rent out before the Government’s new legislation comes in next month.

An entire block of flats, Trafford House, will be rented rather than opened up for first time buyers.

It may be good news for people who bought a property as a source of income, or even a pension, but where does this leave people looking to buy?

With rents increasing faster than wages for many, 6.6 per cent last year, young couples or people starting out in life find themselves squeezed out of the market.

A lack of council housing or affordable flats mean more and more people are forced to live with their parents for longer or rent a room in shared houses.

With 71 per cent of 16 to 24 year olds renting, how will they ever save enough to buy a place of their own?

Unless something changes in the next few years we could see Southend become a town for renters with most of the next generation unable to ever achieve the dream of owning property.