Wells Property Market: House Prices, Sold Data & Development Finance, Q3 2026 Edition

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

The Wells property market recorded 332 residential sales in the 12 months to 31 May 2026, with a median sale price of £332,325. This places Wells £35k above the Somerset county median of £297,500, and £47k above the approximate UK median of £285,000.

Prices in Wells have shown modest growth, a year-on-year change of +0.7%. Within Somerset, Wells ranks 2nd by price out of 8 principal towns, and 7th by transaction volume.

On a quarterly view, Wells median prices moved from £325,500 in Q3 2024 to £327,500 in Q4 2025, a change of +0.6% over 5 quarters. Wells has now recorded 2 consecutive quarters of price falls. The most recent quarter is excluded because HM Land Registry registrations for it are still incomplete.

Mendip District Council (legacy portal), the local planning authority covering Wells, approved 350 residential planning applications and refused 166 in the last 12 months, with 162 still awaiting a decision. That is an approval rate of 68%.

Those applications propose around 1,251 homes, an estimated £418.7m of development value at local sale prices. Treat the unit total as an upper bound, since an outline permission and its reserved-matters application both count.

Mendip District Council (legacy portal) covers more than one town in Somerset, so these figures are authority-wide rather than specific to Wells alone.

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 £560,000, while flat properties are most accessible at £187,000. The £373k spread between the most and least expensive types indicates a diverse market with opportunities across the development spectrum.

HM Land Registry has so far registered 0 new-build sales in Wells for the past 12 months, 0.0% of registered transactions. New-build sales are typically registered 6 to 18 months after completion, so this understates current delivery and is not a completions figure.

Too few new-build sales have registered yet to quote a reliable new-build premium for Wells.

Across the wider Somerset market, 242 new-build sales have registered so far. See our Somerset property market report for the full county picture.

The table below shows the most recently registered residential sales in Wells, 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 £242,500 to £330,000 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 £332,325 and detached homes at £560,000, lenders can assess scheme viability with confidence.

A typical development finance facility for a scheme in Wells with a GDV of £560,000 would attract senior debt of approximately £364,000 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 0.7% 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.