October 2022 Market Report for South Somerset

The leaves are falling, the clocks have gone back and children, still hyped-up on sugar from their Halloween trick or treating, are now looking forward to this weekend’s fireworks displays. November brings with it darker mornings and chillier nights and so comes thoughts of Christmas and the New Year. This inevitably focuses the minds of those who have been considering moving, as they consider whether their homes are too small or indeed too large for their needs. 

The looming New Year sparks thoughts of new beginnings and new homes so, despite the doom and gloom in the papers, life continues. People still move home and the letings market continues to be busy.

It’s been an extremely busy month in the lettings market in South Somerset. Let’s briefly examine the local rental market facts and figures, which cover both long- and short-term lets.

There are 854 rental properties currently available with an average rental price of £1,376 pcm. There were 305 new rental properties that became available over the last 14 days. 

This month, we are going to take a closer look at Crewkerne and Yeovil’s rental markets.

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 is 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 £971pcm and the median rental price is £800pcm. There are currently 11 rental properties available and 3 new rental properties have become available in the last 14 days. Five of the available properties are two-bedroom properties and are in the £500 - £1000pcm bracket. There is one property in the £300,000 - £400,000 pcm bracket.  

Yeovil was named in a Saxon charter 880 under the name Gifle. Gifle derives from the Celtic river-name gifl which means "forked river". That was an earlier name of the River Yeo.

In Yeovil, there are currently 46 available rental properties with an average rental price of £928 pcm. The median rent is £800. Nineteen rental properties have become available in the last 14 days. 

Twenty-nine of the properties currently available are in the £500 - £1000 pcm bracket, fifteen are in the £1000 - £2000pcm bracket and the other two are in the £0 - £500 pcm and the £2000 - £3000 pcm brackets. There are 15 three-bedroom properties available, 12 one-bedroom properties, 2 two-bedroom properties and six four-bedroom properties. 

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.