The number of homes advertised for sale in Somerset year on year (Oct 2014 – Oct 2015) has fallen 15% . Even though the housing market is in an upbeat state in many parts of the UK, getting on the property ladder is still challenging for many – and regarded as unattainable by some.

Indeed, figures released last week by LSL reveal that price growth in the country has returned to a six-month high, as demand climbs and stock levels fall short, squeezing values higher and buyers off the bottom of the housing ladder. This impacts the buy-to-let market significantly.

There were 43% fewer properties for sale in Somerset in October 2015 than than there were in October 2007.

This diminishing supply of housing means there simply aren’t enough properties in Somerset to match demand.

According to a recent report by the National Association of Estate Agents: ‘There are now 11 house hunters fighting after every available house, which isn’t sustainable.’

As a result first-time-buyers in Somerset are finding themselves being squeezed out by the competition.

In the meantime, nobody wants to live with their parents until they’re in their 30’s – so that in turn creates demand for more rental properties in Somerset, which means private landlords have a greater demand for rental properties so are buying more, resulting in even fewer smaller properties for the first-time-buyers to purchase in Somerset. It’s a vicious circle.

When we look at the number of properties advertised for sale in the principal towns in Mid-Somerset over the last 12 months it paints an interesting picture:

  • Frome drop of 22%
  • Shepton Mallet drop of 25%
  • Street  drop of 27%

Interestingly over the last 12 months two areas seem to be bucking the national and regional trend – Glastonbury and Wells both of which have slightly more properties advertised for sale than last year.

So what does this all mean for homeowners and landlords in Mid-Somerset?

Demand for property in this area is good. However, with fewer properties coming up for sale, it means property prices in Mid-Somerset are proving reasonably stable, too. If you are thinking of investing in property in Mid-Somerset my advice is do your research and be tenacious in your search. Once you find a property you think may meet your needs, act quickly as you are probably competing against 10 other buyers!

About Tom Morgan

Founder of Jungle Property the multi award-winning letting agent based in Glastonbury, Somerset. I am passionate about property and Glastonbury and about providing the very best advice to anyone who wants the best return on a buy-to-let property investment. For an open and brutally honest opinion on anything in the Glastonbury property market please contact me via tom.morgan@jungleproperty.co.uk