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Melbury, Portway, Wells

South West

£599,995
Listed on 24/04/2025

Property Details

Bedrooms
3
Type
Detached house
Area
1620 sqft

Description

This detached three-bedroom home, built in 1968, is on the market for the first time and presents a unique opportunity for renovation and investment. Nestled in central Wells, the property features both front and rear gardens, as well as a garage and carport, making it an ideal candidate for those looking to enhance its current charm while adding value. The interior offers a blank canvas that could benefit from modern updates and personalized touches, allowing potential buyers to fully realize its capabilities. With thoughtful renovations, this space could transform into a comfortable family home or a lucrative rental property in a desirable area. Wells is known as the smallest city in England, boasting a vibrant community atmosphere with an array of independent shops and eateries along its bustling high street. Residents enjoy access to amenities such as leisure facilities, an independent cinema, and a theatre, complementing the local lifestyle. The twice-weekly market adds to the appeal of this historic city. Additionally, major cities like Bristol and Bath are conveniently located approximately 22 miles away, with mainline train services available at nearby Castle Cary (around 11 miles). For those traveling further afield, Bristol International Airport is about 15 miles from Wells. Families will appreciate the abundance of educational opportunities available nearby, with several highly-regarded schools in both state and private sectors contributing to the area's appeal for long-term living or investment. Given its prime location and renovation prospects, this property stands out as a compelling option for buyers looking to make their mark in Wells while enjoying all the benefits that come with city living.

Investment Analysis

(BA5 area)

Above Market Value

This property is priced +6.4% above area average per sq ft

+6.4%
This Property
£370/sq ft
Area Average
£348/sq ft

Renovation Potential

Medium Refurb
Est. Renovation Cost
£25,000 - £40,000
Target Value
£620,314
10% above area average per sq ft
Potential ROI
-3.1%
After renovation
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
20
Average per month
Market Turnover
13%
Properties sold annually

Local Market Trend (BA5)

Area prices are rising by +5.9% over the last 12 months
3 year growth: 4.6%
5 year growth: 13.9%
Investment Disclaimer: Analysis based on BA5 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Any renovation cost estimates provided are AI-generated and should be considered indicative only. Renovation costs vary significantly based on property condition and scope of work. Always conduct professional surveys and get multiple quotes before making investment decisions.

Location

Melbury, Portway, Wells
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Mortgage Calculator

£
£
£
%
%
years

Current average 2-year fixed rate is 4.19%

Current average variable rate is 6.78%

Monthly Repayments
£2,198
Based on a loan of £449,996 over 30 years at 4.19% interest

These results are estimates and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE