Although the second word appears to say 'Farm', it may be a mishearing of another word, so I wouldn't put too much weight by what you see. There is, for instance, the hamlet of Clapton-Forms in Cucklington - I don't think that is what it says, but it gives an indication of the sort of word that may have been transribed incorrectly as 'Farm', particularly if Mary gave the information and retained a West Country accent. It would also be unusual (but not unique) to name the farm, but not the village or town in Somerset, when so far away in London.
There are also countless possibilities for the first word. The end appears to be 'th' but actually it is almost identical to the end of 'little' a few lines higher up, so could well end in 'tle'.
If you haven't found it already, this 1841 entry looks the most likely:
Milverton
HO107/951/8
Samuel Reed, 60+, ag lab, Y
Hannah Reed, 45+, Y
Sarah Reed, 20+, Y
Eliza Reed, 20+, Y
Richard