With a population of just over 10,000 (as per the 2011 census figures) and located in the Mendip area of Somerset, Shepton Mallet is a town and civil parish. Lying five miles from Wells and less than 20 miles from Bristol, the town offers local amenities and the ability to commute back and forth between larger areas with a minimum of fuss and effort. This is always an important factor in the property market, and with many people looking towards areas like Shepton, there is an interest in what the future holds for Shepton property prices.
As of May 2017, the average value of property in Shepton Mallet stands at £256,005 with the average price being paid for Shepton Mallet property, again as of May 2017, standing at £241,698. In the past 12 months, the average property price in Shepton Mallet has risen by 6.13% and this is a figure that is higher than the average rise across the country.
Shepton Mallet offers commuting options
When it comes to travelling in and out of Shepton Mallet, there are a number of major roads. The A37 Road, which runs north and south through the town, the A361, which lies on the eastern edge of the town heading towards Glastonbury and the A371 which passes on the western edge heading in the direction of Wells. For a small town, the fact that there are notable routes in and out in all directions is of benefit, which means that Shepton is regarded as a suitable location for people looking for a base to travel the local area. There is also a local bus service, which as of spring 2017, was being provided by First Somerset & Avon.
Another factor that indicates demand for property in Shepton Mallet will remain high is the fact that there are a number of attractive schools in the local area. Shepton Mallet Infants School, St Paul’s Junior School and Bowlish Primary School have all been classed as “Good” by Ofsted with respect to their most recent inspections.
Educational options are good for a local property market
There is also Whitstone School, which is a Technology College for 11 to 16 year olds and again, the most recent Ofsted evaluation for the school was “Good”. The availability and calibre of schools creates demand for property in a local area and the schooling options in Shepton Mallet are only going to be another factor that sees people want to live here because it will provide their children with a good educational grounding. As the basic economics of the property market indicate, when there is a high level of demand, outstripping supply, price inevitably rises, and it is expected that the price of property in Shepton Mallet will continue.
With the snap General Election taking place in June of 2017, and the uncertainty over this vote and the on-going Brexit situation, it is easy to see why many property experts and observers are predicting caution and uncertainty in the market place. When the political and economic landscape is uncertain, it is more likely that people will hold off from making big decisions.
However, in an area like Shepton Mallet, where property is affordable (in relation to many parts of the country) but there is not too much supply, the level of demand is always going to be present. This means that property prices in Shepton Mallet are expected to rise in the future.
