The rental market is hugely important across the United Kingdom. It may be that there are fewer rental options in areas like Wells compared to tenancy options in major towns and cities, but this doesn’t make the Wells rental options any less important. With more and more people finding themselves priced out of the property market, the rental market becomes their only option of finding property in the area that they wish to live in. There are many reasons why a person or family would wish to set up in Wells, so there will be a notable level of demand for rental property in this part of the country.
When reviewing the situation at the start of May 2017, one property specialist states that they have a total of 15 properties available for rent in Wells. While it is good that there are rental options in Wells, the small sample size makes it difficult to speak with confidence about an average or what the general state of the market is. All it would take is one outlier, such as a large and expensive property being placed on the rental market, or a small and dilapidated property being made available at a low price, and the market can be skewed.
Renting property in Wells can be expensive compared to other areas
Of the available properties, the average rent in Wells as of the start of May 2017 stands at £768 per calendar month. This contrasts the average rental price in Glastonbury which came in at around £610 for the same period. There is a good mix of properties available in Wells with the 15 rental options comprising of 5 one bedroom properties, 5 two bedroom properties, 4 three bedroom properties and a four bedroom property.
While it is often unfair to make comparisons between different areas, the average rental price for property, outside of the English capital at the start of 2017, stood at £740. This figure represented a 5.5% rise on the figures from 12 months previously which had stood at £702. This indicates that the average rental price in Wells is higher than the national average but the volume of three and four bedroom properties may have had an impact on this figure, as opposed to simply stating that Wells is a more expensive place to rent property than most parts of the United Kingdom.
While there have been many factors impacting on the property and rental market in the United Kingdom in 2016 and 2017, with further disruption set to continue this year, areas like Wells have been less affected than other areas. Due to the stability of the local property market and fewer rental options being made available, the market in Wells hasn’t been as impacted as much. In this regard, the lack of available property options means that price is likely to remain high, which is true for buyers and tenants. There is also the fact that there has been a levelling off rental fees in the past year, with many market observers fearing that an upper ceiling has been reached for now. This has led many landlords to hold off from making further increases, and this is likely to have been the case in Wells over the past 12 months.
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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