You have saved every last cent for a down payment on a home. However, the fear of decades of mortgage obligations confronts you after the excitement subsides. Isn't it pleasant to have none at all?Unsurprisingly, London does not top the list of the ten UK cities with the highest percentage of homes owned outright, according to a recent survey. The title went to Wells in Somerset, a charming cathedral city where an astounding 44.7% of homes are mortgage-free. In actuality, London was not in the top ten, with West Sussex's Chichester coming in second with 42% outright ownership, followed by Staffordshire's Lichfield with 41.4% and North Yorkshire's Ripon with 40%.So what’s going on in these places — are people paying off their mortgages faster, or is the population simply a little bit older?

How much does the average house cost in Wells, Somerset?

As per data from Rightmove, properties in Wells sold for an average of £334,364 in 2024. This is slightly higher than the UK nationwide average of £282,000 in January, according to Gov UK.The most famous houses in Wells are on Vicars’ Close, said to be the oldest residential street in Europe to have its original buildings untouched (and still in one piece).The majority are Grade I listed buildings constructed in the 14th century, and directly connected to Wells Cathedral through a walkway.But it goes without saying that not everyone who lives in Wells lives in one of these historic buildings. A quick look on Zoopla will fetch 15 detached properties currently for sale, averaging out at £500,000.

Terraced properties come in slightly cheaper, with typical asking prices of £295,000, while semi-detached homes are around £375,000.

Why are people in Wells paying off their mortgages so quickly?

Most of the population of Wells is aged between 18 and 64, according to data from the Office for National Statistics, while the average full-time worker takes home £440 per week.Which doesn’t sound like a lot.According to experts at SlotsUp, who commissioned the mortgage study, Wells has more outright homeowners than other parts of the country because of its ‘appeal among older demographics who have paid off their mortgages and settled into quieter communities.’

So it’s not necessarily that the good people of Wells are earning over the odds: it’s just that, because they’re slightly older, they’ve had longer to pay off their mortgages.

What’s it like to live there?

Famed for its cobblestones and beautiful cathedral, Wells lays claim to some high profile Hollywood connections.

It’s just a few miles from Glastonbury Festival, the summertime playground of music’s biggest names, and served as the setting for the fictitious ‘Sandford’ in Edgar Wright’s acclaimed film Hot Fuzz.

It’s also England’s smallest city, with a population of just over 10,000; this has earned it the description of beinga ‘small village with a giant cathedral.’Alongside Bath, Wells has been described on a Reddit thread as the ‘pearl of the South West of England’.

‘Most people think Wells is a city for older folk, but in the last couple of years I’ve noticed more people of the avant garde variety frequenting the streets,’ @tttgrw wrote.

‘Is Wells benefiting from the bohemian vibes overspilling from nearby Glastonbury, Frome and Shepton?’

And, as local business owner Vicki Jones tells Metro, the residents of Wells are ‘endlessly friendly’. In fact, the owner of glamping site Tractors and Cream says that’s what influenced her decision to move there over 10 years ago.

The top 10 cities with the most homes owned outright, according to SlotsUp

Wells, Somerset (44.7%)

Chichester, West Sussex (42%)

Lichfield, Staffordshire (41.4%)

Ripon, North Yorkshire (40%)

Lancaster, Lancashire (38.6%)

Canterbury, Kent (38.4%)

Chester, Cheshire (37.1%)

York, North Yorkshire (36.8%)

Truro, Cornwall (36.5%)

Bath, Somerset (36.4%).

‘Somerset is such a wonderful county and has so much to offer with diverse wildlife and beautiful big skies, you are next to nature at every opportunity,’ Vicki says.

‘We used to live in South London and relocated to start our business 12 years ago. We’ve found that everyone is so friendly and the helpful rural communities really rally together and support each other.

‘We’ve got a big farming community who all want to support each other and local business wherever they can. I can’t imagine running our business anywhere else.’