Croydon was the most popular location among UK homebuyers in the last five years, according to a new report by Mortgage Advice Bureau (MAB).
Within the London boroughs, Croydon has emerged as the most sought-after area, with an average property price of £409,800.
At just below the London average of £421,000, the price difference made it an accessible entry point into the London market, said MAB. This was particularly true for first-time buyers keen to live in the Greater London area.
Croydon’s popularity amongst homebuyers has emerged thanks to data generated by the My MAB and Home Buying app, which has also highlighted other attractive locations for UK homebuyers.
In Scotland, Edinburgh was the city with the highest number of prospective buyers – the average property price in the city was £397,800. It was closely followed by Aberdeen and Glasgow, with ongoing regeneration efforts making these two cities equally desirable locations for homebuyers.
Swansea led in popularity stakes for homebuyers in Wales, with an average property price of £189,400. The lower average property prices here made homeownership much more accessible, especially for first-time buyers. Newport and Cardiff followed close behind.
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 made it a popular area for buyers in this region, said MAB, as well as its relative affordability compared to other areas in the UK.
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.”
