Headline figures showed prices across the region at the end of 2002 had gone up 28% over the year.

But analysis of an in-depth report from the Land Registry shows house values in Plymouth fell in recent months and those in other areas showed only small rises.

Comparing a three-month period with the previous three months, the report shows an average rise in the South West of 3%.

It had been getting better and better - so this is a real change Roger Punch, estate agent

The figures show Cornwall's average house prices went up sharply, by 7.2% and Devon's rose 3.5%.

But Dorset's went up just 1.8% and Somerset's 1.9%.

In Torbay, there was a 2.3% increase. But Plymouth saw a fall of 1.4%.

Roger Punch from Stags, Punch and Roche estate agents in Plymouth said: "We've seen a property market that's been very solid.

"It had been getting better and better. So, this is a real change.

"It started towards the end of last year, where we saw quite a few properties in the middle and higher ranges coming on to the market just a fraction too highly-priced."

'Positive outlook'

Estate agents are saying it is no longer a market where over-priced properties just might find a buyer.

Phil Downs is a buy-to-let landlord who has bought homes in Plymouth over the past year. But so far he is not worried.

He said: "Prices will level. It has to happen because prices have gone up so much.

"But I think there is a positive outlook for people who want to get into letting properties."

The next detailed survey of prices will come out three months.