It topped the list of 15 locations in the country with the largest drop in average property prices.
House prices in the area fell by 6.96 per cent, from £235,575 in December 2024, to £219,182 in April 2025.
Conveyancing specialists at Bird & Co analysed house price changes during this period.
The research aims to help buyers find more affordable opportunities and assist sellers in understanding where prices remain robust.
Broadland also faced a substantial decrease, with house prices dropping by 6.59 per cent, from £319,439 in December 2024, to £298,397 in April 2025.
This was followed by South Cambridgeshire with a 6.23 per cent decrease in house prices, from £450,557 in December 2024, to £422,503 in April 2025.
Other areas among the top 15 include South Ayrshire and Aberdeenshire.
Bird & Co said the sharpest declines were often found in rural and coastal areas, where prices might be readjusting after a surge in demand post-pandemic.
Some high-value areas also saw a downturn, indicating continued caution in parts of the prime London market.
Daniel Chard, partner at Bird & Co, said: “After several interest rate cuts since mid-2024, the market is starting to respond.
“However, borrowing still remains far more expensive than what many buyers have been used to over the past decade.
“Mortgage rates, although easing, are still averaging above five per cent, which has made it harder for many people to take that next step on the ladder.
“Combined with a sluggish economy, this has cooled demand in some areas, putting downward pressure on prices.
“Elsewhere, values are still rising, but the pace has clearly slowed.
“What we’re seeing is a housing market that’s recalibrating after years of volatility, with different regions adjusting at different speeds.”
According to Bird & Co, falling house prices can reduce homeowner equity and make it more difficult to sell without a loss.
However, these market shifts offer a more affordable way for first-time buyers or those looking to move to a larger home to step up or get onto the property ladder.
Mr Chard added: “House price movements, whether rising or falling, have a direct impact on affordability, borrowing, and overall buyer confidence.
“Rapid changes in the market can influence mortgage lending, development activity, and long-term planning for both buyers and sellers.”
Some of the steepest price increases were seen in high-end boroughs, such as Kensington and Chelsea and Westminster.