House prices in Wells have reached a new peak, with the average property now valued at £405,666, according to the latest Land Registry data.

That’s a rise of £9,020 (2.53%) in the past year, and £45,136 (14.06%) over the last five years. But despite the headline figures, the reality for many sellers is more nuanced – and more challenging.

Properties in the city are now taking an average of 63 days to sell, and most are going for around £13,132 less than the original asking price. That’s a discount of just over 3%, showing that while the market remains buoyant, buyers are negotiating hard.

In March 2025, 49 new homes were listed in Wells, with 30 sales agreed and 21 price reductions across the BA5 postcode.

Over the past year, 203 properties changed hands – a slight drop of 4.43% on the previous year. Most sales fell in the £254,000 to £338,000 bracket (55 homes), followed by 37 sales in the £170,000 to £254,000 range.

Some sellers are having to make steep reductions to get deals over the line. A flat at Sheldon Mill, originally priced at £189,950, sold for just £159,500 after 488 days on the market – a £30,450 drop. Another home on Lethbridge Road was reduced by £15,000 before finally selling for £250,000.

Still, the top end of the market is holding up. Properties on Milton Lane averaged £728,416, with Ash Grove and New Street also among the city’s most expensive addresses.

At the other end of the scale, Priory Road’s Homechime House averaged under £100,000, with Palace Court and Welsh Court also featuring among Wells’ most affordable streets.

Commenting on the figures, Property Solvers co-founder Ruban Selvanayagam said: “To keep the data less skewed, we only ranked the streets that had over three sales. On the more affordable end of the scale, some flats sold for under £100,000 – while on streets like Milton Lane, averages are over £700,000.”