Fancy times with last of people in Cheddar perhaps! (2,6)
I believe the answer is:
by george
'fancy' is the definition.
(I've seen this before)
'times with last of people in cheddar perhaps' is the wordplay.
'times' becomes 'by' (I've seen this in other clues**).
'with' is a charade indicator (letters next to each other).
'last of' says to take the final letters.
'in' indicates putting letters inside.
'cheddar perhaps' becomes 'gorge' (Cheddar Gorge).
The last letter of 'people' is 'e'.
'e' put into 'gorge' is 'george'.
'by'+'george'='BY GEORGE'
(Other definitions for by george that I've seen before include "Dated expression of surprise" , "Anne succeeded so" , "planes might be flown thus?" , "Fancy that" , "Well I never" .)