With a population of around 10,000 people, Shepton Mallet is a notable town in Somerset in the south west of England. While there is a great deal of historical importance in the town, Shepton Mallet is also a modern town with a number of key areas, all of which have their own characteristics. This provides the feel of separate community areas, all of which have the focal point of the church and the Market Place. The town centre itself is small, with just two main streets but with a pedestrianised area and a retail park, there is a lot of life in the local area.
Given that there are a number of industries operating in the local area, there is a strong local economy which offers jobs and therefore rental expectations. Although the rental market in towns like Shepton Mallet may not be the archetypal rental area, there is a notable level of demand for letting opportunities. The influence of the Glastonbury festival, with Shepton Mallet being the nearest town to the festival, cannot be overlooked when considering why some people would be keen to stay in the area. There is a spirit and atmosphere in Shepton Mallet and surrounding areas which is present all year round, not just at festival time, and this appeals to a lot of people.
There are rental yield options worth considering in Shepton Mallet
With respect to the current rental yields in the BA4 postcode area, there is an expected return of 4.05% for a one bedroom property in the area while a two bedroom property provides an expected yield of 4.27%. There is a 3.52% expected rental yield for a three bedroom property while a four bedroom property carried an expected rental yield of 2.85%. There is also an expected rental yield of 4.16% for a five bedroom property.
As there will be times when there are not a lot of rental opportunities available in Shepton Mallet, there may not be a lot of information to draw upon with respect to the nature or behaviour of the market. In a limited market, one or two outliers can have a big impact but it is no surprise to learn that the most common options are flats and houses; with one to three bedrooms featured more regularly.
The average rent for a one bedroom property stands at just below £500 per calendar month while a two bedroom property commands an average rent of £580 per calendar month. There is a rise in prices for a three bedroom property, which stands at the average price of £787 per calendar month. One bedroom properties move quickly in Shepton Mallet with an average time on market of 8 days.
Like most areas across the United Kingdom, a range of factors, both local, countrywide and even globally, are expected to impact on issues like the economy and demand for properties. The overall trend is that there will be an expected rise in demand for rental property and even though Shepton Mallet is small enough to often withstand the impact and influence of external influences, there is expected to be a strong demand for rental property over the year.
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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