He ended up in Bristol.

According to historians, Cabot traveled to Bristol, a significant maritime hub, after landing in England to look for financial supporters. It is the only British city having a background in Atlantic Ocean exploration. All voyages were to depart from Bristol, according to Cabot's royal patent, which the Crown issued in 1496. This allowed his primary financial sponsors to be located in the city. It further mandates that any trade ensuing from a discovery must be handled only with England and that products may only enter through Bristol. Bristol would thereafter have the exclusive right to conduct colonial trade, making it a monopoly port. In making this clear, Henry VII of England was probably influenced by Iberian practices: Portugal had made Lisbon such an exclusive port, while Spain was doing the same with Seville.

He spent several years hopping from place to place until settling in Bristol, England. Bristol was the starting point for numerous excursions, and he wished to go west. It makes reasonable that he would search in Bristol for sponsors. At that time, word began to get around Europe that Columbus had found the New World by sailing west. They believe Columbus found the northern region of Asia, not a whole new continent. In an effort to convince the monarch that England was also capable of reaching Asia, John Cabot suggested a path that would take them farther north than Christopher Columbus had traveled.