The data, which is measured by the number of buyers or renters contacting estate agents in an area, compared with the number of properties available in that area, shows that in Cornwall, competition between buyers is an average of 27% lower than it was this time last year.

For renters in Cornwall, competition between tenants has eased by an average of 31%, with a jump of 29% in new properties coming to the market to rent compared to this time last year, while demand is still 19% up on 2021’s levels.

Across all seaside areas, competition has eased by an average of 10% for buyers and 1% for renters compared to last year.

However, Rightmove says this easing comes after exceptional competition in coastal areas since the pandemic started in early 2020. 

Competition to buy a home in Cornwall is still more than twice (+132%) what it was this time in 2019, and more than three times for renters (+249%).

In all seaside areas, competition is up an average of 135% between buyers compared to 2019, and 216% for tenants.

While coastal areas begin to ease, competition between buyers and renters has risen across Great Britain’s 50 largest cities.

For buyers, competition has increased by an average of 13%, while renters have seen a 29% rise over the last year.

Topping the list for buyers included Bath (+49%), Carlisle (+42%) and Newcastle-upon-Tyne (+36%), while Edinburgh (+165%), Salford (142%) and London (140%) topped the list for renters.

Data also showed that buyer competition has increased by 35% in London.

While there are signs of the market easing off in some of the past two years’ most frenetic hotspots, Rightmove highlights that it remains very busy compared to the more normal market of 2019.

It suggests that the imbalance between supply and demand will take many months to calibrate.

On a national scale, buyer demand, measured by the total number of people contacting estate agents about available properties, is up by 26% compared to this time in 2019, while the number of new listings is down by 11%.

The market is moving at record speed, according to Rightmove, with the current 32 days to find a buyer being the shortest ever, and the number of sales being agreed is up by 7% compared to 2019.

The strength of the market means that 16% fewer properties are seeing reductions in price after listing compared to 2019.

Rightmove director of property science Tim Bannister says: “Since the market reopened at the beginning of the pandemic, there has been exceptional demand to move to coastal areas, and as the months progressed supply was increasingly unable to match demand.”

“Now, we’re seeing that though demand is still very high in many coastal areas, it has slowed from the heady levels seen in parts of 2020 and 2021. We’re also seeing this on a national scale, where demand is very slowly easing compared to last year, but remains very high compared to 2019.”

“As more choice becomes available in these seaside areas, we’re seeing some of the competition between buyers and renters begin to cool off, however, no two local markets are the same, and it will take many months for supply to reach a better balance with demand in many coastal areas.”