Amid speculation early this year that the property market in Gloucestershire and nationally was heading for better times, today's data from Nationwide Building Society looks set to recalibrate any hasty expectations.

With the annual rate of house price growth slowing to 3.4% in April, Nationwide's latest index of transactional values pours tepid water on any belief that 2025 may be about easy profits in bricks and mortar.

According to the nation's biggest mortgage lender, values dropped by 3.4% this month after a decline of 3.9% in March and Robert Gardner, Nationwide's Chief Economist, said the 0.6% drop can be attributed to seasonal effects.

Mr Gardner said: "The softening in house price growth was to be expected, given the changes to stamp duty at the start of the month. Early indications suggest there was a significant jump in transactions in March, with buyers bringing forward their purchases to avoid additional tax obligations."

He added: "The market is likely to remain a little soft in the coming months, following the pattern typically observed following the end of stamp duty holidays. Nevertheless, activity is likely to pick up steadily as summer progresses, despite wider economic uncertainties in the global economy, since underlying conditions for potential home buyers in the UK remain supportive."

With unemployment remaining low, earnings rising in real terms after accounting for inflation, he added that household balance sheets are strong, with borrowing costs likely to moderate a little if, as broadly expected, the Bank of England's rate is lowered further in the coming quarters. Swap rates (which underpin fixed rate mortgage pricing) are noted by the Nationwide to have moderated in recent weeks.

Within property sales, expectations remain steady that the UK housing market is set for cyclical recovery; the devil of how appreciable that recovery actually is lying in the detail.

With the average price of a home across the county now being £384,538 (according to Rightmove), Gloucester and the GL1 postcode are seen to offer the lowest options, with prices averaging £209,802. Cinderford, at £268,112 is saying "hold my pint" for that questionable accolade but with flats and maisonettes in Gloucester emerging at around £135,000 on exchange values, the city is keeping a confident grip on (at least) relative affordability.

Meanwhile, in vivid contrast, the Cotswold section of the county continues to dominate the top spots for multimillion-pound real estate - though evidence of ongoing sales suggests sellers are often having to take a significant financial hit if they are determined to move.

Priced down by a dramatic £2.5m since it was originally listed by Knight Frank for sale in May 2024, Edgeworth Manor, near Stroud, is now seeking interest at £11m. Meanwhile, last week, Southebys listed Stanton Court, an 11-bedroom pile with four additional cottages and 12 acres of gardens, for £12.95m - a tag which makes the 14-bathroomed property (calculated for monthly mortgage repayments of £61,715 with a 10% deposit), the county's current top-price home.

Price reductions at the top end of the market look set to continue to be commonplace in the current sales climate: a Punchline check of the 10 most exclusive properties currently on sale in the county, priced from £4.35m to £12.95m, reveals that FOUR of the listed properties have seen price reductions.

Typically, Saddlewood, a 172-acre equestrian farm close to King Charles' rural retreat near Tetbury, has been on the market since May 2023 when it was first listed at £8.75m, but is now seeking offers around £7.95m.

Helen Whitfield, of Cotswold property agents Butler Sherborn, said smart pricing will be more crucial than ever at the top end of the market this year: "What matters above all now is a seller's price sensitivity. If it's on at a sensible figure, it will sell, because the interest generated will ensure that you get competition and, finally, a good price."