Amid signs that some housing market trends are heading back towards the pre-pandemic era, research from Rightmove has found that London has been the most searched-for area among Britain’s home buyers in 2022.
Properties in Scotland have topped the list of locations where properties have been the fastest to sell this year.
And as living costs bite, there have been signs that renters are increasingly looking for certainty over their bills.
Rightmove said searches on its website for “bills included” when looking for rental properties were 57 per cent higher than a year ago.
The website identified Livingston in West Lothian, Scotland, as this year’s quickest market for home buyers, with properties being snapped up in 15 days on average.
During several months of 2021, Cornwall replaced London as the most searched-for location on Rightmove, as people looked for coastal homes during the coronavirus pandemic.
London luxury property Mansion House - in pictures
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The seven-bedroom Mansion House in London is for sale. All photos: Engel and Volkers -
The reception room of the property, which was built in 1904 -
The building once served as the headquarters of the British Liberal Democrats -
The original domed decorative light above the main staircase -
The indoor swimming pool -
The rooftop view from the house, which is located close to the Houses of Parliament -
One of the 10 bathrooms on the property -
A dressing room -
The view from the property's terrace
Rightmove said this trend reversed in 2022, as buyer search behaviour returned towards pre-pandemic patterns.
Searches for London have increased by 9 per cent compared with last year, while searches for Cornwall dropped by 18 per cent and those for Devon fell by 17 per cent, the website said.
London now has 36 per cent more buyer searches than Cornwall compared with just 3 per cent last year, Rightmove said. This is the biggest gap since before the pandemic, in 2019.
London luxury property Cadogan Square - in pictures
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This five bedroom duplex apartment in Cadogan Square is for sale. All photos: Harrods Estates -
Cadogan Square is located in the Knightsbridge area of London. -
Cadogan Square gardens and tennis court. -
A living area in the property, which is a short walk away from the world-famous department store Harrods. -
An outdoor area. -
A stone hallway within the property. -
A marble-decorated bathroom. -
One of the five bedroom suites. -
Another bedroom suite. -
A bathroom. -
A dining area.
“This year people searching for their next home have well and truly returned to the capital," said Tim Bannister, Rightmove’s property expert.
"We started to see the tide turning towards the end of last year, and throughout 2022 a lot of our trends in the market have started to head back towards where they were in 2019."
Nationwide Building Society said on Tuesday that the housing market might achieve a “relatively soft landing” next year, with activity stabilising modestly below pre-pandemic levels and house prices edging lower, perhaps by about 5 per cent.
London property Rutland Gate - in pictures
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The 45-room mansion at 2-8a Rutland Gate in London. Getty -
The facade of 2-8a Rutland Gate, once the residence of former Lebanese prime minister Rafik Hariri. -
The reception room. Photo: Alberto Pinto -
The state room. Photo: Alberto Pinto -
The property provides 5,760 square metres of luxurious living space over seven floors. Photo: Alberto Pinto -
An ornate chandelier within the property. Photo: Alberto Pinto -
One of the bedrooms on the property. Photo: Alberto Pinto -
One of the bathrooms on the property. Photo: Alberto Pinto
“For the first three quarters of 2022 the housing market was remarkably resilient," said Robert Gardner, Nationwide’s chief economist.
“For much of the year, activity levels remained at or above pre-Covid levels, with annual house price growth in double digits, despite intense pressure on household finances from surging inflation and a steady rise in mortgage interest rates.
“Between January and August, the average UK house price increased by almost £20,000 ($24,000), from £255,556 to £273,751.”
Luxury London property Warwick Lodge – in pictures
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Seven-bedroom Warwick Lodge, originally the family home of Thomas Cubitt, is up for sale in London. All photos: Jackson-Stops -
A statue of Thomas Cubitt stands close to house. Cubitt is an ancestor of Camilla, Duchess of Cornwall. -
The ground-floor reception room. Warwick Lodge provides 7,000 sq ft of living space and 1,005 sq ft of balconies and terraces. -
The entrance hall of the property. -
It has what is believed to be the largest garden in Pimlico and the West End. -
A first-floor living area. -
The family kitchen and breakfast room. -
The main bathroom. -
The principal bedroom suite, which has a walk-in wardrobe, separate dressing room and a bathroom. -
The walk-in wardrobe. -
The property also has a fitness suite with gym, steam room, sauna and bathroom. -
The sauna. -
The media room.
Here are the most searched-for areas among home buyers in 2022, according to Rightmove:
1. London
2. Cornwall
3. Devon
4. Bristol
5. Glasgow
6. Manchester
7. Edinburgh
8. Sheffield
9. York
10. Cambridge
And here are the locations where properties have sold the fastest this year, according to Rightmove, with the average house asking price and the average number of days to sell a property. All are in Scotland.
1. Livingston, West Lothian, £192,695, 14.7
=2. Bo’ness, West Lothian, £160,710, 15.4
=2. Larbert, Stirlingshire, £215,189, 15.4
4. Falkirk, Stirlingshire, £142,465, 15.6
5. Bellshill, Lanarkshire, £118,883, 15.8
