Wells Property Market: House Prices, Sold Data & Development Finance, End of H1 2026

England's smallest city with cathedral heritage and premium boutique development opportunities

The Wells property market recorded 243 residential sales over the past 12 months, with a median sale price of £335,000. This places Wells £40k above the Somerset county median of £295,000, and £50k above the UK national median of £285,000.

Prices in Wells have shown modest growth, with a year-on-year change of +1.5%. Within Somerset, Wells ranks 2nd by price out of 8 principal towns, and 7th by transaction volume.

Wells median prices have moved from £325,000 in Q1 2025 to £335,000 in Q2 2026, a change of +3.1% over 5 quarters.

Mendip District Council (legacy portal) — the local planning authority covering Wells — has 505 residential units in its current pipeline, an estimated gross development value of £169.3m, across 117 applications (0 approved, 117 pending) at an approval rate of 0%.

Mendip District Council (legacy portal) covers more than one town in Somerset, so this pipeline figure is authority-wide rather than specific to Wells alone — planning applications aren't consistently attributable to a single town within a shared authority area.

Property prices in Wells vary significantly by type. The table below compares Wells prices with Somerset county averages and UK national figures.

Detached homes in Wells command £530,000, while flat properties are most accessible at £196,500. The £334k spread between the most and least expensive types indicates a diverse market with opportunities across the development spectrum.

Wells recorded 0 new-build transactions in the past 12 months, representing 0.0% of total sales. New-build supply is limited, potentially indicating either planning constraints or an untapped opportunity for developers.

New-build properties in Wells traded at a discount of 0.0% versus existing stock. Developers should focus on specification, design quality, and location to maximise values above comparable second-hand stock.

Across the wider Somerset market, 66 new-build completions were recorded — see our Somerset property market report for the full county picture.

The following table shows the most recent property transactions recorded in Wells, providing real-time evidence of achieved prices for buyers, sellers, and developers:

These transactions are sourced from HM Land Registry Price Paid data and represent completed, registered sales. The range from £270,000 to £560,000 illustrates the breadth of the Wells market.

For developers considering Wells, the local market data translates directly into finance structuring. With a median value of £335,000 and detached homes at £530,000, lenders can assess scheme viability with confidence.

A typical development finance facility for a Wells scheme with a GDV of £530,000 would attract senior debt of approximately £344,500 at 65% LTGDV. Mezzanine finance can stretch total borrowing to 85-90% of costs, while bridging loans enable rapid site acquisitions completing in as little as 5 working days.

With prices rising 1.5% year-on-year, Wells presents a supportive environment for new development. Lenders view positive price momentum favourably when assessing loan applications.

Ready to develop in Wells? Submit your scheme for indicative terms within 24 hours from our panel of 100+ lenders.

To put Wells's market in context, the table below compares it with similarly-priced towns across Somerset:

For the full Somerset town-by-town breakdown, see our comprehensive Somerset property market report.