Croydon Crowned London's Homebuying Hotspot

Croydon has cemented its place as the most popular London borough for homebuyers over the past five years. Its popularity is largely attributed to its average property price of £409,800, which is slightly below the overall London average of £421,000, according to data from the Mortgage Advice Bureau (MAB). This relative affordability, coupled with ongoing regeneration and a burgeoning, diverse population, has made Croydon a top destination for those looking to settle in the capital.

The borough's appeal extends beyond just price. Significant regeneration efforts are underway, with a new Growth Plan and Town Centre Vision aiming to attract investment and deliver new developments, including a target of 34,000 homes by 2039. This includes a new £30 million investment focused on improving key areas like the North End Quarter, East and West Croydon, and the Cultural and Heritage Quarters. These projects are transforming Croydon into a more modern, connected, and vibrant place to live and work.

A Thriving and Growing Community

Croydon's demographic landscape is also a key factor in its growth. The borough is home to a rapidly diversifying population. The British Bangladeshi community, in particular, is a growing part of this change, contributing to the rich cultural fabric of the borough. While larger Bangladeshi populations are historically concentrated in East London boroughs like Tower Hamlets and Newham, Croydon's increasing affordability and regeneration have made it a desirable location for new communities to establish themselves.

According to the 2021 Census, Croydon's population grew by 7.5% between 2011 and 2021, and its ethnic diversity is well above the national average. The Asian and Asian British community as a whole constitutes 17.5% of the population. This growth is part of a broader trend of demographic shifts, with many families seeking more space and affordable housing outside of London's inner-city areas.

UK-Wide Trends

While Croydon leads the way in London, other UK regions also show strong buyer demand. In Scotland, Edinburgh has the most prospective buyers with an average property price of £397,800, while Swansea takes the top spot in Wales with a significantly lower average price of £189,400. Belfast is the most popular city in Northern Ireland, with an average price of £197,000, praised for its affordability and status as a capital and economic hub.

Rachel Geddes, Strategic Lender Relationship Director at MAB, notes that buyer confidence is "soaring" across the UK. With lenders introducing new and innovative mortgage products, more people are finding that homeownership is within reach, making expert guidance from a mortgage broker more valuable than ever.