0:02 AM, 10th April 2025, About 3 months ago
Text Size
Five years after the onset of the COVID-19 pandemic, Great Britain’s property landscape has undergone a huge transformation, according to an analysis by Rightmove.
It says that there has been a stark reversal of trends that saw cities and coastal regions become popular during lockdown – but now urban areas are popular again.
The property platform says that homes near the coast are now taking an extra three weeks to secure buyers compared to 2020.
These sales are dragging on for an average of 73 days in 2025, up from 52 days in 2021.
In London, homes now sell in 65 days on average, a slight increase from 63 days in 2021, indicating a steady but robust market.
Steve Pimblett, Rightmove’s chief data officer, said: “Five years on from the pandemic, many short-term trends brought about by the unique circumstances of lockdown have reversed.
“Coastal homes are taking longer to find buyers and price growth has stabilised as more supply has come onto the market, some likely from movers heading back to the city.”
He added: “At the same time, fewer people are looking to escape cities, as life has returned to normal, and the debate continues about remote versus office working.”
Meanwhile, London has reasserted its dominance, emerging once again as the most sought-after location on Rightmove.
Today, 58% of potential buyers in the capital are opting to remain, a turnaround from March 2021 when only 47% intended to stay, as many previously sought escapes to rural idylls.
For first-time buyers, the journey to homeownership has grown tougher despite improved borrowing capacity.
Over the past five years, the average asking price for an entry-level property has climbed 17%, from £195,463 to £227,965, while wages have risen by 30%.
This suggests lenders are more willing to offer larger loans, but rents have soared by 42% — outstripping wage growth which makes it harder for renters to save for a deposit.
Also, the average five-year fixed mortgage rate has more than doubled, jumping from 2.15% to 4.73%, pushing monthly payments for new homeowners up to £949 from £590 – for a 20% deposit.
Rightmove says that the demand for space continues to drive market dynamics, with larger homes like semi-detached and detached properties seeing steeper price rises than flats.
Buyers are prioritising garages, while renters value pet-friendly accommodations, reflecting evolving lifestyle preferences.
The data shows that across more than 100 coastal regions in Great Britain, property prices initially surged by 4.5% in March 2021 as demand peaked, nearly double the national average of 2.7%.
However, by 2025, growth has slowed to just 1%, aligning with broader trends as buyer competition eases and the supply of homes for sale expands.
