There are many different areas of Mid Somerset, which means that there is a good level of choice for potential buyers. However, there is a commonality about life in the area and this means that there is a great deal to be said for what is on offer here. There are a number of key areas that people can choose from when looking at property in Mid Somerset, including:
• Wells
• Shepton Mallet
• Glastonbury
• Street
Average property prices in key areas in Mid Somerset
The average value of property in Wells, as of March 2017, stood at £304,502 while the average price paid for property in Wells, in the same month, was £301,228. The average value of property in Shepton Mallet, as of March 2017, was £262,511 while the average price paid for property in Shepton Mallet, in the same month, was £241,902.
As of March 2017, the average value of property in Glastonbury was £288,948 while the average price being paid for property, in Glastonbury, at this time was £277,683.
Street is just 2 miles from Glastonbury and has a population of around 12,000 for the local parish. As of March 2017, the average value of property in Street stood at £236,754 while the average price paid for property, again as of March 2017, stood at £210,987. The prices of property in Street have risen by 3.90% in the 12 months between March 2016 and March 2017.
Pricing is always a factor in the property market
The price of property in Mid Somerset is a key factor in why so many people look to buy in this area. The contrast with property prices for Mid Somerset and London are obvious but even looking at areas like Bristol, situated close to Mid Somerset, indicates why this is an area that appeals to many buyers.
The average value of property in Bristol, as of March 2017, stood at £309,791 while the average price being paid for property in Bristol, again as of March 2017, stood at £292,468. This is much more in line with the Mid Somerset prices than the London prices, but focusing on prices alone doesn’t tell the full story.
There is affordable housing solutions in Bristol but a lot of these options include flats. Bristol is a thriving area and there is a great demand for property from young professionals and artists, which is reflected in the supply of property. Flats are an integral part of the housing stock in Bristol but this isn’t the case in Mid Somerset, which means that the money spent on property in this part of the country goes further.
Add in the fact that people who buy property in Mid Somerset are more likely to appreciate the quieter nature of life and more laid-back outlook on life and you have a number of reasons why Mid Somerset is such an appealing option for people looking for property.
The supply of property in Mid Somerset is not as high as some areas but this can be seen as a good thing. When people are settled in Mid Somerset, they are less likely to move on, which is a lifestyle benefit that many people are looking for.
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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