Wells has positioned itself as one of the more expensive places to buy a home in Somerset, with the average house price in the BA5 postcode area reaching £383,904 over the past 12 months.

This figure places Wells significantly higher than some other areas in the county, including neighbouring towns like Glastonbury, Street, and Shepton Mallet.

Here's a comparison of average house prices in these areas:

• Wells (BA5): £383,904
• Glastonbury (BA6): £339,304
• Street (BA16): £299,378
• Shepton Mallet (BA4): £363,445

In contrast, Yeovil remains the most affordable place to buy a home in Somerset. Homes in the BA21 postcode area sold for an average of £224,486 each, the lowest in the county where at least 20 sales occurred over the last year. Bridgwater follows closely, with an average price of £232,843 in the TA6 postcode area.

Here's a further comparison of average house prices across various Somerset postcode areas:

• BA21 (Yeovil): £224,486
• TA6 (Bridgwater): £232,843
• BA20 (Yeovil): £249,882
• TA18 (Crewkerne): £265,761
• TA1 (Taunton): £279,497

On the other end of the spectrum, the village of Wedmore boasts the highest average sale price in Somerset. Homes in the BS28 postcode area sold for an average of £631,168. The next most expensive area is BS25 in Churchill, where the average home sold for £492,541.

Here are some other notable averages:

• BA7 (Castle Cary): £429,255
• TA10 (Langport): £421,346
• TA3 (North Curry): £444,871

Despite its higher-than-average house prices, Wells remains a highly desirable location within Somerset, known for its historic architecture, community, and excellent amenities. The city's housing market reflects its attractiveness and the quality of life it offers to its residents.

Zoopla's Executive Director of Research, Richard Donnell, says: "The housing market continues to adjust to higher borrowing costs and the summer slowdown is now arriving, tempering activity. The timing of the first cut in the base rate is key and will give a boost to market sentiment and sales activity."

"All regions and countries of the UK have registered an increase in house prices on a month-on-month basis since January," says Donnell. "But price rises are unlikely to pick up speed in the coming months." 

That said, on average, they are on track to be 1.5% higher at the end of this year. 

"Higher borrowing costs have reduced the buying power of new buyers. But rather than sizable price falls, the main impact has been a sharp decline in the number of sales, which were 23% lower over 2023," says Donnell.

"House prices haven't fallen as there have been few forced sellers. And unemployment has stayed low by historic standards, meaning there are a relatively small number of people struggling to pay their mortgage and falling into arrears, despite wider cost of living pressures.

"We expect house price inflation to remain muted, likely to rise more slowly than household incomes over the next 1-2 years."