COVID five years on: City and coastal trends reverse as homes by the sea take longer to sell
- Rightmove’s new report looks at how the market has changed five years on from the pandemic starting
- Many city and coastal trends have now reversed, with homes near the sea taking three weeks longer to sell compared to 2020, and the majority of buyers in the capital looking to stay rather than leave London
- A typical first-time buyer is paying over £350 more on a monthly mortgage than five years ago, while rents have increased quicker than wages, making it difficult for tenants trying to save up for a deposit
- Prices are still rising faster for bigger homes, as buyers continue to look for more space. Top of buyers’ lists is a garage, whereas renters want a home that allows pets
A new report from the UK’s largest property website Rightmove, looks at how the housing and mortgage markets have evolved five years on from the pandemic.
The city and the coast
Five years on from the pandemic starting, many of the coastal and city trends which took place have now reversed. Lockdown restrictions, hybrid working and a general re-assessment of living priorities meant a surge in popularity for areas by the coast and countryside in the pandemic years.
In March 2021, Cornwall overtook London as the most searched for area on Rightmove for the first-time. At the same time, Londoners were increasingly looking to leave the capital. In March 2021, less than half (47%) of potential home-buyers in London were looking to stay in the capital, versus 59% the year before.
Now, London is once again the most searched for location on Rightmove, and the majority (58%) of people living there are looking to stay rather than leave.
The speed at which homes in coastal areas are finding buyers has slowed, from an average time of 52 days in 2021, to 73 days in 2025. The time to find a buyer in London has gone from 63 days in 2021, to 65 days now.
Across a sample of more than 100 coastal areas in Great Britain, the average asking price for a home near the sea increased by 4.5% in March 2021 compared to the year before when the pandemic began, nearly double the 2.7% yearly growth seen across the whole of Great Britain over the same period, as demand rose.
Now, in 2025, average asking prices have risen by 1% across coastal areas compared to last year, in line with the rest of Great Britain, as competition between buyers has cooled as supply has increased.
First-time buyers
Since March 2020, the average asking price of a typical first home has increased by 17%, from £195,463 to £227,965. Meanwhile, over the last five years, average wages have grown by 30%.
This suggests that first-time buyers have more borrowing power than five years ago, as the amount they are likely to be able to borrow from a lender has increased by more than house prices.
However, other measures suggest things have become more challenging for first-time buyers. Average rents have increased by 42% over the last five years, outpacing wage growth and making it challenging for renters who want to become first-time buyers and are trying to save up for their deposit.
The average five-year fixed mortgage rate is now 4.73%, more than double the 2.15% it was five years ago – this means first-time buyers are having to pay more on their monthly mortgage.
The average monthly mortgage payment for a first-time buyer is now £949, compared to £590 five years ago, assuming a first-time buyer has been able to save up a 20% deposit and is taking out a five-year fixed mortgage.
What are home-movers looking for?
Over the last five years, semi-detached and detached houses have risen the most in price, compared with a smaller increase for flats, suggesting there is still a premium for having more space.
| Type of home | Average asking price | Five-year asking price increase |
| Overall | £371,870 | 19% |
| Bungalow | £342,518 | 21% |
| Flat | £304,526 | 7% |
| Terraced House | £303,622 | 20% |
| Semi-Detached House | £326,918 | 23% |
| Detached House | £545,869 | 21% |
The keywords that buyers have been using in their search for a home have largely stayed the same and also relate to having more space.
| Rank | Buyer keywords March 2020 | Buyer keywords March 2025 |
| 1 | Garage | Garage |
| 2 | Acre | Annexe |
| 3 | Land | Rural |
| 4 | Rural | Garden |
| 5 | Annexe | Acre |
In the rental market, tenants are still searching for homes that allow pets, while searches for homes with ‘bills included’ have dropped out of the top five, having topped the list in 2022 at the height of consumer price inflation growth.
| Rank | Tenant keywords March 2020 | Tenant keywords March 2025 |
| 1 | Pets | Pets |
| 2 | Furnished | Garage |
| 3 | Garage | Garden |
| 4 | Garden | Furnished |
| 5 | Bills Included | Parking |
Steve Pimblett, Rightmove’s Chief Data Officer says: “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. 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.”
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