Young people desperate to get on the housing ladder are more willing to buy a home prone to safety, flood or crime risks, new research from Aviva shows.
According to the findings, a third of would-be homebuyers aged 34 and under say they would buy a home in a high crime area compared to only 19% across all age groups.
Despite widespread coverage of damage caused by flooding in recent years, almost half of 18 to 24-year-olds (44%) and 36% of 25 to 34-year-olds would consider living in a flood-risk area, compared to 23% across all age groups, and only 8% of those aged 55 and above.
More than six in 10 people across all age groups saying they would buy a property needing significant improvements in order to provide safe accommodation.
Aviva said that anxiety over being able to afford a property could be leading younger buyers to make sacrifices when it comes to the safety and location of their home, with the ‘ideal’ home being replaced with what people can afford.
Separate research from Aviva reveals found in four (27%) would-be homeowners fear they’ll never get a foot on the property ladder
While safety doesn’t appear to be a focus for people aged 18 to 34, it seems to be a significant influence for older homebuyers. This could be because under-35s are more blasé about safety, or simply cannot afford to make this a priority.
Two-thirds (65%) of UK homeowners made changes to their properties when they moved in in order to make them safer, including 20% who made significant changes.
However, many homeowners are leaving their home’s security to chance by taking a significant amount of time to implement these changes. While 28% made safety improvements between one and three weeks after moving in, 8% took between five to eight months and 14% took between nine to 12 months, leaving a significant window of vulnerability to crime.
Lindsey Rix, managing director of Personal Lines at Aviva UK General Insurance, said: “Homeownership is still seen by many in the UK as a significant milestone in life, and these findings make it clear that many young people are being forced to be flexible about where they buy in order to get a leg up on the housing ladder. Fewer younger buyers would rule out living in areas with a higher risk of crime or flooding, and there is a real willingness to make the necessary investments in a property in order to bring it up to scratch.
“This readiness to make security sacrifices is likely to be borne from the anxiety currently surrounding housing affordability. Rising house prices are putting an increasing strain on would-be buyers’ finances, and the fear of never being able to own a home means buyers are willing to take on a more risky property or move to a less desirable location to avoid missing their chance to become a homeowner.”
