There has been a settlement in the area since at least 1086 when the hamlet was called Elwistone, possibly originating from the Welsh names Elwin or Helys.
Since the closing of the station in 1958 the village has declined in importance, though it does still boast an auction room and a number of businesses including Pontrilas Timber which has been there since 1947, an estate agency and a number of other smaller businesses.