Croydon has emerged as the most sought-after location among UK homebuyers over the past five years according to new data from Mortgage Advice Bureau (MAB).
Analysis from the firm’s My MAB and Home Buying apps found that Croydon led demand within the London boroughs, with an average property price of £409,800.
While below the capital’s overall average of £421,000, Croydon offers a more accessible entry point into the London market, particularly for first-time buyers.
In Scotland, Edinburgh attracted the highest number of prospective buyers, with an average property price of £397,800, followed by Aberdeen and Glasgow. In Wales, Swansea led demand, supported by average property prices of £189,400 – well below those in Cardiff and Newport – making homeownership more achievable for younger buyers. In Northern Ireland, Belfast topped the list, with an average property price of £197,000 and continued appeal as the region’s economic centre.
PEAK PRICES
Across the UK, property prices in 2024 peaked at £336,934 in England, £395,810 in Scotland, and £243,922 in Wales. Northern Ireland, where prices are generally lower, last peaked in 2022 at £227,853. London remained the most expensive region throughout the five-year period, with average values of £467,152.
The research also showed that buyers typically sought homes with two to three bedrooms, balancing affordability with space requirements. In London and Edinburgh, where values are higher, the average preference was closer to 2.2 bedrooms, compared with 2.6 in Croydon and Swansea and 2.9 in Northern Ireland.
Demand for new-build properties remains robust, particularly in Croydon and Edinburgh, where interest has risen sharply in the past two years. New-build demand has reached 90% and 93% respectively year-to-date, with strong levels also recorded in London and Swansea.
SOARING CONFIDENCE
Rachel Geddes, strategic lender relationship director at MAB, says: “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 finetuning 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.”
