The latest research from Mortgage Advice Bureau’s My MAB and Home Buying apps has revealed the most popular locations among UK homebuyers over the last five years, with Croydon securing the top spot.
Within the London boroughs, Croydon was the most sought-after area, with an average property price of £409,800. With this price point being slightly lower than the overall London average (£421,000), Croydon is a more accessible entry point into the London market, particularly for first-time buyers wanting to live in the Greater London area.
In Scotland, Edinburgh is the city with the highest number of prospective buyers, with an average property price of £397,800. This is closely followed by Aberdeen and Glasgow, with ongoing regeneration efforts making these two cities equally desirable locations for homebuyers.
Swansea led in popularity for homebuyers in Wales, with an average property price of £189,400, closely followed by Newport and Cardiff. This is down to Swansea’s significantly lower average property prices, which makes homeownership much more accessible, particularly from a first-time buyer perspective.
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: a peak year for property prices
The expected property price across these cities has increased year-on-year. 2024 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 maintains the highest average property price for the five year period compared to other UK regions at £467,152.
Belfast buyers want the most space
The majority of the UK’s prospective buyers are after properties with either two or three bedrooms, reflecting a balance between affordability and practical living space. In more expensive cities such as London and Edinburgh, this preference for 2.2 bedrooms is a direct response to high property prices, where smaller homes offer a more accessible entry point into the market.
Meanwhile, areas such as Croydon and Swansea, where preferences are for 2.6 bedrooms, indicates that in areas with comparatively lower property prices, buyers can afford more space. This often caters to growing families or individuals desiring an extra room for a home office, reflecting a blend of urban amenities and suburban/coastal living aspirations.
In Northern Ireland, prospective buyers generally show a preference for a slightly higher number of bedrooms (2.9), which is likely down to the lower average property price in this region.
New build demand remains high
Lastly, the data revealed that demand for new builds remains on the rise across the UK. Croydon and Edinburgh show particularly strong interest over the last two years, reaching 90% and 93% respectively year to date. There was also relatively high demand in London and Swansea during these time periods, once again indicating a strong level of 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 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.”
