Located in Mendip in Somerset, Wells is often referred to as the smallest city in England. The City of London claims that title if you are focused on area size and population but it is easy to see why people prefer the romantic nature of Wells as a city to herald for the record books. The 2011 census listed the population of Wells as 10,536; so it is clear that people still want to live in the area.
When it comes to buy to let investments, individual demand and what areas have to offer is crucial. The overall level of demand for rental property ensures buy to let investments can offer great returns for landlords and investors, but not every area or opportunity is the same. There is a need to examine individual areas to determine if they are suitable for investment and Wells has a lot to offer.
Wells has a lot to offer
First of all, anyone looking to live in Wells is interested in what the area has to offer. This is not a big city area, nor is it an area that offers a great range of transport connections to leading locations. There are good roads in and out of Wells, the city is found at a junction of three main roads. There is also a good bus service connecting to a range of areas, including Bristol, Bath and Weston Super Mare. You can also find National Express services operating to and from Wells, so whenever you are looking to venture from Wells, there are options at people’s disposal. However, people who move to Wells are often looking for the relaxed nature of local life and if you find the right tenant, you’ll find that Wells is a fantastic area to buy in.
The average value of property in Wells, as of March 2017, stands at £304,502 while the average price paid for property in Wells, in the same month, was £301,228. This is an affordable price for many investors and standing at half the price of the average property in London, there is value to be found. It is not always helpful to compare local property in the UK to London, there is a world of a difference between life in London and life in Wells but when it comes to making the most of investment money, it is handy to know how a local area stands up to the key market in the country. This same source states that property prices in Wells increased by 4.12% in the 12 months leading to March 2017.
Property in Wells is affordable
A separate source states that the average price paid for property in Wells, as of December 2016, was £269,750.
The fact that there are not too many rental options in the local area makes Wells a good location for would be investors. If you are looking to be a “hands on landlord” and you enjoy the idea of living in or close to Wells, this is a fantastic area to invest in, and one that will bring you a good chance of generating a positive return for your time and money.
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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