Shepton Mallet, located in the Mendip area of Somerset has a population of just over 10,000 and is handily located close to Wells and less than 20 miles from Bristol. It is clear that life in Shepton Mallet appeals to certain people and what the area has to offer is as important as what major towns and cities can provide. There are many reasons why people are interested in Shepton Mallet and there is a great deal of interest in the local property market.
One online source states the average value of property in Shepton Mallet, as of March 2017, stands at £262,511 while the average price paid for property, as of Shepton Mallet, stands at £241,902. This source states that in the period between March 2016 and March 2017, the price of property in Shepton Mallet has risen by 7.62%. This is a figure that stands above the average price increase across the country, but there are a few factors that make Shepton Mallet an attractive area to live in.
There is limited supply of property in Shepton Mallet
There is also the fact that there is a limited level of supply of property in Shepton Mallet. This is appealing for people who are looking for the sort of lifestyle that can be enjoyed in a quiet town in a more rural setting but these benefits are closely associated with the fact that there hasn’t been an explosion in the property market. The people who want to enjoy the benefits of life in an area like Shepton Mallet will find that they often have to pay a slightly higher fee. Of course, it is likely that property prices in Shepton Mallet will continue in the same frame, and this is why investors or property buyers can be confident that they will get a good return on their investment.
While there has been an increase in property prices in Shepton Mallet, the fact that prices are likely to continue to rise means buying now, or in the near future, is a smart move that will pay off.
Another online source for property in the UK listed the average price paid for property in Shepton Mallet, as of December 2016, as £214,104. This is notably lower than the other source but this same company stated that the December 2015 average price for property in Shepton Mallet was £187,811; and there had been a rise of 14% in the 12 months between December 2015 and December 2016. While there may be differences in the actual price of property in the area, there is consensus that this market is on the up, which makes now a good time to invest in Shepton Mallet.
A factor that many people consider when determining when to buy in an area is the expected rental yield. A one bedroom property in Shepton Mallet can provide an expected return of 4.05% while a two bedroom property in the area provides an expected return of 4.27%. These returns are attractive enough to entice many investors in to buying in the area.
About Tom Morgan
Founder of Jungle Property the multi award-winning letting agent based in Glastonbury, Somerset. I am passionate about property and Glastonbury and about providing the very best advice to anyone who wants the best return on a buy-to-let property investment. For an open and brutally honest opinion on anything in the Glastonbury property market please contact me via tom.morgan@jungleproperty.co.uk
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