2023 is in full swing, and the lettings market is starting to return to its normal busy levels after the usual lull in December.
Tenants who are looking in February are serious about moving, which makes this one of the best months of the year to put your property on the market. The Spring Rush is on its way and will bring many more “window shoppers." Tenants who are looking now tend to be motivated and have a strong drive to find their next home.
With that in mind, let’s briefly examine the local rental market facts and figures..
There are currently 278 rental properties available, with an average rent of £1,315, a slight decrease from £1,362 pcm last month. There were 119 new rental properties that became available during January. That is 39 more than became available in December.
There have been 86 lets agreed this month. In October, there were 64, in November, there were 79; and in December, there were 49. The noticeable drop in December was expected, and the local lettings market rebounded strongly during the first month of 2023. The local facts are that there is a high level of activity in the local lettings market, and we expect the first quarter of 2023 to be as busy as normal.
Let’s take a closer look at the local micromarkets in Crewkerne and Yeovil.
The first written record of Crewkerne appears in Alfred the Great’s will in 899. He chose to leave it to his youngest son, Æthelweard. In the 1086 Domesday Survey, it was listed as a royal manor. In the late mediaeval period, on the back of the textile industry, the town became relatively wealthy, as is apparent from the fifteenth century Church of St. Bartholomew. In the 18th and 19th centuries, the main industry in Crewkerne was cloth making, including webbing and sails for the Royal Navy.
In Crewkerne, the average rental price is £1,046 pcm which is an increase of 8% since November. The median rental price is £750 pcm. There are currently 7 rental properties available, and 4 new 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 range. There is one property in the £3000 - £4000 pcm range.
Now, let’s look at Yeovil. It was named in a Saxon charter back in 880 under the name Gifle. Gifle derives from the Celtic river-name gifl, which means "forked river". That was an earlier name for the River Yeo.
In Yeovil, there are currently 55 available rental properties with an average rental price of £813 pcm. The median rent is £695. Twenty-one rental properties have become available in the last 14 days.
Thirty-six of the properties currently available are in the £500 - £1000 pcm bracket, twelve are in the £1000 - £2000 pcm bracket and the other seven are in the £250 - £500 pcm bracket. There are 17 one-bedroom properties available, 16 three-bedroom properties, 9 two-bedroom properties, 2 four-bedroom properties and 1 five bedroom property
In January, each rental property in South Somerset had an average of 67.8 daily views on Rightmove per property. This is the average of the top ten agents in the area. In October, it was 83.2; in November, it was 75; and in December, it dropped to 58.8. In the first quarter of this year, the local South Somerset lettings market is expected to return to its normal high levels of activity.
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 [email protected].