According to local legend, the ghost of a 'Grey Lady' once haunted the well. The lady, dressed in grey, is said to have beckoned a man collecting water from the well. As he approached she asked the man to 'hold me tight by both hands'. The man obliged but his grip loosened. As he let go a stabbing pain caught him in the side, the Grey Lady complained his grip wasn't tight enough and now she would remain a ghost for another hundred years. She vanished and has never been seen again ... or has she?
From the info board on site.
In Chris Barber's "Mysterious Wales" (1982 David & Charles) he says that the well was famous for healing rheumatism and similar ailments.
It was reported that one child, who went there as a cripple, was able to throw away his crutches after a fortnight's bathing and run about the green meadow on the riverside.