Online searches for property portals have declined, in another suggested sign of the slowing market.
Analysis of data from AdWords and Google Trends by online search expert MediaVision, found the volume of searches for well-known property brands including Rightmove, Zoopla, OnTheMarket, Boomin and Purplebricks have all fallen during the first six months of 2022 – albeit compared with last year’s stamp duty holiday rush.
The figures don’t include users who visit the websites directly or through their apps.
MediaVision’s Digital Demand Tracker tool found that the volume of online searches for Rightmove fell by 9% annually, searches for Zoopla fell 20% and OnTheMarket searches dropped 14%.
Searches for Boomin fell by 25% although it was only launched in April 2021.
Online agency brands Purplebrick and Yopa also saw searches drop by 3% and 24% respectively.
However, the data also revealed that interest in companies providing shared working spaces continues to rise and there was increased interest in commercial property agents.
Louis Venter, chief executive at MediaVision, said: “No one benefited from the surge in demand last year more than property portals. The uptick in performance and interest was significant, but this year a decline in brand searches more accurately reflects the market.
“Reports across the board indicate that properties are taking longer to sell in 2022. Combined with a lack of stock driving continued house price growth, it means portals are seeing online activity plateau and, in many cases, fall away.
“The commercial property market, on the other hand, is recovering nicely in 2022. The rumour was that working-from-home was going to be the death of the office, but demand says otherwise.
“Of course, the number of people engaging in hybrid working has increased dramatically this year and the growth of interest in flexible co-working spaces highlights that demand.”