December 2022 Market Report for South Somerset

New Year’s resolutions are still fresh in the air. This focus on improving and changing our lives in the new year inevitably leads to the lettings market becoming busier. New jobs, new diets, new homes. All of them frequently top New Year’s resolution lists. 

As we enter 2023 many people will be focused on a new home, which means that the lettings market always gets a boost in January. 

With that in mind let’s briefly examine the local rental market facts and figures..

There are 142 rental properties currently available with an average rental price of £1,362pcm. There were 80 new rental properties that became available over the last 14 days. 

There have been 49 lets agreed this month. In October there were 64 and in November there were 79. The noticeable drop in December is normal and is not indicative of a long-term dip in the local lettings market. It is reflective of the effect of this time of year on tenants’ priorities. The local facts are that there is still a high level of activity in the local lettings market and we expect the first quarter of 2023 to be as busy as normal. 

This month, we are going to take a closer look at South Petherton and Martock’s rental markets.

In 2005 South Petherton was named ‘Somerset Village of the Year’ in a national competition. While it is now considered to be a village, up until around 1870 it was a market town with a thriving market and so benefits from having several town-like characteristics.    

In South Petherton, the average rental price is £988 pcm which is an increase of 14% since September when it was £867 pcm. The median rental price is £863 pcm. There are currently 4 rental properties available and 2 rental properties have become available in the last 14 days. 

Three of the available properties are two-bedroom properties and are in the £500 - £1000 pcm bracket and the fourth available property is a three-bedroomed property which is in the £1000 - £2000 pcm bracket.  

Mertoch (Martock) was mentioned in the Domesday Book of 1086. The Old English ‘meretorht’ means ‘Rising bright from the shining sea’. Nowadays it is a thriving market town and hosts a fabulous monthly farmers market.

In Martock, there are currently 7 available rental properties with an average rental price of £1,014 pcm. The median rent is £750. Two rental properties have become available in the last 14 days. 

Four of the properties available are in the £500 - £1000 pcm bracket, two are in the £1000 - £2000 pcm bracket and one is available in the £2000-£5000 pcm bracket. There are currently 1 three-bedroom property, 2 four-bedroom properties, 2 two-bedroom properties and 2 one-bedroom properties available. 

In December, each property in South Somerset had average daily views on Rightmove per property of 78.4. This is the average of the top ten agents in the area. In September this was 127.6, in October it was 110.3 and in November it settled down to 91.5.  In December it dropped to 76.5. This is highly typical for this time of year with commitments over the festive period taking precedence over house hunting for many tenants. The levels of activity in the local South Somerset lettings market are expected to return to their normal high levels in the first quarter of this year. 

Average daily views per property on Rightmove for properties listed by Orchards Estates were 89.3 in December which was 14% higher than average. We are pleased to be consistent in achieving higher than the average again for our clients. It shows the difference your letting agent can make when it comes to attracting the right tenant to your property. 

Our previous market reports have used data from a source that included short lets in its figures. This month we have switched to using data provided by Rightmove in order to offer you a clearer picture of the local residential lettings market. 

If you’re looking for further information about the local property market, please feel free to contact us. If you’re thinking of letting or renting property in this area, please don’t hesitate to get in touch. You can call 01935 277977 or email info@orchardsestates.com.