Croydon wins crown for most popular London borough for house hunters

Croydon is the most popular area to buy a home out of the London boroughs over the last five years, with lower-than-average prices boosting its appeal.

The average property price in the South London borough is £409,800, slightly lower than the overall average for the London market, which rests at £421,000, according to Mortgage Advice Bureau’s (MAB’s) analysis of data collected by the My MAB and Home Buying apps.

Edinburgh is the Scottish city with the highest number of prospective buyers, with an average property price of £397,800, closely followed by Aberdeen and Glasgow.

Ongoing regeneration efforts make the two cities equally desirable locations for homebuyers.

In Wales, Swansea won the popularity race with an average property price of £189,400, closely followed by Newport and Cardiff.

Swansea has significantly lower average property prices, making homeownership much more accessible, particularly for first-time buyers.

In Northern Ireland, Belfast had the highest number of homebuyers, with an average property price of £197,000. Its status as the region’s capital and economic hub makes it a popular area for buyers in this region, as well as its relative affordability compared to other areas in the UK.

2024 sees highest prices

Last year saw the highest prices for England (£336,934), Scotland (£395,810), and Wales (£243,922).

Northern Ireland generally exhibits the lowest average property prices, having peaked in 2022 (£227,853). Unsurprisingly, London consistently maintained the highest average property price for the five-year period compared to other UK regions, at £467,152.

Rachel Geddes, strategic lender relationship director at MAB, said: “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.”