Wells has been named the UK city with the highest percentage of mortgage-free homeowners, with nearly half of all properties owned outright. A recent study found that 44.7% of homes in the city are mortgage-free, putting Wells ahead of Chichester, Lichfield, and Ripon in the rankings.

Experts believe the high rate of outright ownership is largely down to the city's demographics. Wells is a popular choice for older residents, many of whom have lived in their homes for decades, benefiting from years of rising property prices and manageable mortgage rates in the past. Unlike younger buyers today, who face soaring house prices and stricter lending rules, many of Wells's older residents bought their homes when the market was less competitive, allowing them to pay off their mortgages over time.

Inheritance also plays a role. The transfer of wealth through property has helped some Wells residents pay off their mortgages sooner or buy their homes outright. Combined with a relatively modest cost of living and the city's appeal as a peaceful retirement destination, it's easy to see why so many homeowners here are mortgage-free.

Buying a home in Wells today isn't as affordable. According to Rightmove, the average property price in 2024 is £334,364 – higher than the national average of £282,000. Detached homes in the area typically sell for around £500,000, while semi-detached properties cost around £375,000. For buyers on a tighter budget, terraced homes average £295,000.

Locals have noticed a shift in recent years, with a younger, more creative crowd moving to the area. One resident described Wells as benefitting from "bohemian vibes overspilling from Glastonbury, Frome and Shepton." While the city remains a popular choice for retirees, it's also increasingly seen as a destination for those looking for a mix of history, culture, and a strong sense of community.

Wells's new title as the UK's mortgage-free capital adds another feather to its cap. Whether it's the stunning scenery, the unique charm of its streets, or the quiet satisfaction of owning a home outright, Wells continues to prove why it's one of Somerset's most sought-after places to live.