Croydon has emerged as the most popular location for homebuyers across the UK, according to new data from Mortgage Advice Bureau’s (MAB) My MAB and Home Buying apps, which analysed more than 39,000 users over the last five years.
The south London borough topped the list of the most searched-for destinations among prospective homeowners, with an average property price of £409,800 — slightly below the wider London average of £421,000.
MAB says this affordability has made Croydon a more accessible route into the capital’s housing market, particularly for first-time buyers looking to remain within Greater London.
REGIONAL FAVOURITES
The study also identified regional favourites across the UK. In Scotland, Edinburgh led demand with an average property price of £397,800, ahead of Glasgow and Aberdeen. MAB attributes growing interest in the latter two to continued investment and regeneration across both cities.
Swansea took the top spot in Wales, followed by Newport and Cardiff. With an average property price of £189,400, Swansea’s relative affordability is credited with attracting a higher proportion of first-time buyers.
Meanwhile, Belfast led demand in Northern Ireland, with prices averaging £197,000. As the region’s capital and primary economic centre, Belfast continues to offer a compelling blend of connectivity and affordability.
AVERAGES
Across the UK, 2024 marked a peak year for average property prices. In England, values reached £336,934, with Scotland rising to £395,810 and Wales to £243,922. While Northern Ireland has the lowest average prices overall, it peaked earlier, in 2022, at £227,853. London, unsurprisingly, maintained the highest average over the five-year period, at £467,152.
The study also provided insights into buyer preferences, revealing that most prospective purchasers favoured homes with two to three bedrooms. In high-cost cities such as London and Edinburgh, the average desired property size was 2.2 bedrooms — reflecting affordability constraints and the popularity of smaller, entry-level homes.
RACE FOR SPACE
By contrast, buyers in Croydon and Swansea were seeking slightly more space, with an average preference of 2.6 bedrooms.
MAB said this reflects the opportunity for larger living areas in areas with lower average property prices, often appealing to young families or those seeking additional rooms for remote working. In Northern Ireland, the average number of desired bedrooms was 2.9 — the highest in the UK — again tied to lower overall property costs.
The data also suggests that demand for new build properties remains strong, particularly in urban markets. Croydon and Edinburgh saw new build interest reach 90% and 93% respectively year to date, with continued appetite also evident in wider London and Swansea.
SOARING CONFIDENCE AND DEMAND
Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau, said: “For aspiring homebuyers, there’s never been a more exciting time to take that first step onto the ladder – regardless of where they may be based. Our data paints a clear picture: buyer confidence and demand are soaring.
“With mortgage lenders constantly fine-tuning affordability stress testing and introducing new, innovative products, prospective buyers can borrow more than they could even compared to a few months ago.
“With the support and expertise of a mortgage broker, prospective buyers can discover what’s possible, placing themselves in the strongest possible position to have a place they can truly call their own.”
