September 2022 Market Report for Somerset

The children are all settled back at school and the changing weather leaves us in no doubt that Autumn is definitely here. September is always a month of new beginnings.  With Christmas just around the corner many people start to think about whether their home still works for their family. 

The rising interest rates may be causing pause for thought but life continues, despite the rising cost of living and people will always need to move home; sometimes because of, and sometimes in spite of, the financial climate.

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

There are 811 rental properties currently available with an average rental price of £1,363 pcm. There were 237 new rental properties that became available over the last 14 days. 

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 £867pcm and the median rental price is £850pcm. There are currently 3 rental properties available and no new rental properties have become available in the last 14 days. Two of the available properties are two-bedroom properties and are in the £500 - £1000pcm bracket and the third available property is a three-bedroomed property which is in the £1000 - £2000pcm 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 6 available rental properties with an average rental price of £1,250 pcm. The median rent is £1050. Two rental properties have become available in the last 14 days. Half of the properties available are in the £500 - £1000pcm bracket, two are in the £1000 - £2000pcm bracket and one is available in the £2000-£3000pcm bracket. There are currently 3 three-bedroom properties available, 1 four-bedroom property, 1 two-bedroom property and 1 one-bedroom property. 

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.