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Daily Mirror
Daily Mirror
Business
Suruchi Sharma Diwan

‘Rooms to rent in London' searches up by 98% as Brits return to the city

During the start of the pandemic, rents of homes in London plunged to their lowest, whilst those of outside London soared as people flocked to the countryside in hopes of finding more space and cheaper deals. However, as per the latest data analysis from online search experts, MediaVision, the trend now seems to be reversing.

As people scramble to seek a home closer to their workplace, London and Edinburgh have come out on top with online search volumes for ‘rooms to rent London’ up 98% compared to 2021 and ‘Flats to rent Edinburgh’ up 103.31%.

On the other hand, searches are down for ‘houses for sale in Cornwall’ (down 46%), ‘houses for sale in Devon’ (down 37%) and ‘houses for sale in Plymouth’ (down 19%).

The data suggests that many in both England and Scotland are keen to move back closer to the office now that working from home is no longer required (Getty Images)

Similarly, Scotland has also seen a decrease in searches for more rural properties, as ‘houses for sale’ in rural and seaside areas such as West Lothian and Falkirk registered a drop of 29% and 27% respectively.

Louis Venter, CEO at MediaVision, comments: “Online search behaviour is such an important indicator of people’s thoughts and decision-making process, especially when it comes to home-buying and property rental.

"The data suggests that many in both England and Scotland are keen to move back closer to the office now that working from home is no longer required.

“Although we saw many retreat from urban life when Covid was rife, this data suggests people aren’t as enthusiastic about coastal and commuter town living as they once thought.

"As we get used to this new normal of hybrid working, it will be interesting to examine whether people continue heading back to the UK’s capital cities.”

Working professionals and students are giving the market a much-needed push (AFP via Getty Images)

With buyers flocking back to their urban life, the demand for mortgages in regional cities has also returned to the pre-pandemic level. Online mortgage broker Trussle has found that mortgage applications in London now account for 14% of all mortgage applications.

Miles Robinson, Head of Mortgages at Trussle, comments: “With high streets back in business, the allure of city living is returning. This is clearly beginning to resonate with buyers, and we are seeing interest in city centre properties up and down the UK either return to pre-pandemic levels, or higher."

Are you affected by this recent surge in the price of London properties? Tell us in the comments below.

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