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

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

The Wells property market recorded 340 residential sales in the 12 months to 30 June 2026, with a median sale price of £330,000. This places Wells £33k above the Somerset county median of £296,750, and £45k above the approximate UK median of £285,000.

Prices in Wells have been broadly stable, a year-on-year change of 0%. 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 £325,000 in Q1 2025 to £317,500 in Q2 2026, a change of -2.3% over 5 quarters.

Somerset, the local planning authority covering Wells, approved 172 residential planning applications and refused 35 in Q3 2026 (1 July to 30 September 2026), with 245 still awaiting a decision. That is an approval rate of 83%. A further 3 residential decisions in the period have no recorded outcome in the source data and are not counted above. Planning figures come from local planning authority records compiled by Landstack, retrieved on 3 October 2026. Councils and Landstack can take several days to publish decisions, so decisions made in the final days of Q3 2026 may not all be included yet.

Schemes approved in Q3 2026, together with those still awaiting a decision, propose around 5,333 homes, an estimated £1.7bn 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.

Somerset 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 £190,000. The £370k 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, 217 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 £245,000 to £685,000 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 £330,000 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.

While prices have remained flat year-on-year, experienced developers can still generate strong returns in Wells by targeting well-located sites with clear demand drivers.

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.