THE FOREST of Dean has seen its average house prices drop significantly in the previous year, according to recent data.
Researchers at conveyancing solicitors Bird & Co. used the latest land registry data to explore housing market trends last year.
They found that the Forest of Dean ranks in 13th place for the largest decrease in house prices across 2023.
In comparison, Winchester and the South Hams district topped the list for the year.
The data showed the average house price in the Forest dropped from £317,695 in January 2023 to £289,932 in December 2023, whereas a detached home saw a significant rise to £422,774 from £384,932.
A semi-detached house decreased by 8.34%, a terrace house decreased by 8.53%, and the average price of a flat decreased by 11.53%.
The data presented will be a welcome sight for some, but others may worry about the housing market behaviour.
Daniel Chard, Partner at Bird & Co, said: “for aspiring homeowners, the housing market's status dictates affordability and accessibility.
Rising prices pose challenges, demanding higher down payments and limiting options.
On the other hand, stability or decreases create a more favourable environment for those entering the market.
“Sudden changes trigger cascading effects, shaping lending practices, construction trends, and consumer confidence.
Staying informed is crucial for informed decisions in the dynamic housing market.”