How to delete search history on Facebook?

This has been made possible recently (near the end of 2012). Here's how you can delete your search history:

• Go to your profile and click on "Activity Log".

• On the left sidebar, you will see options like Photos etc.

• Expand them if needed by clicking on "MORE" until you find one that says "Search". Click on it.

• You will see all your Search history. Click on the link that says "Clear History" on top of it.

• Click "Clear Searches" on the confirmation box that appears as the last step.