In reply to MonkeyPuzzle:
I'm currently living in Coleford , FoD for me its pretty dull but the positives for me are the quality mtb trails only two miles away & the quality crags thirty minutes away plus of course the river . Its fairly reasonable to rent or buy around here at present but with many moving in from further a field it seems the prices are steadily increasing .
I would suggest the St Briavels area but its becoming more sought after . Great hiking close by , I can be up in the Brecons within forty five minutes .
There does seem to be quite a cool party arty scene in & around Coleford & the surrounding areas so overall not such a bad place to be at the moment . If all else fails you can be back in Bristol within the hour ( In the evenings ).