The six-bedroomed house in Hyver Hill is just a few streets from the house the contestants stayed in during their time on the UK talent show.
A source told The Sun: "Zayn is trying to be smart with his money by putting it into bricks and mortar."
The singer is believed to have made his choice because of the great partying opportunities that having a swimming pool in the city can bring.
The source continued: "He fell in love with the house. The deciding factor was the huge indoor swimming pool."
The added: "He's already planning some pool parties for when the band are back in town."
Zayn recently appeared on stage in Las Vegas sporting a bandage on his right arm.
He suffered the minor sprain while exercising and sparked a #GetWellSoonZayn trend on twitter as a result of the injury.
It comes after bandmate Liam Payne broke a toe when he dropped his laptop on it.