Younger generation sacrifice safety to buy a home
By Bea Patel on 15 Dec 2016 in Industry News
New research reveals younger buyers are willing to live in less safe areas to get a foot on the housing ladder.
Home ownership has never been harder for first-time buyers. Increasing house prices, larger deposits, mortgage rules and a supply shortage make owning a home much harder to achieve.
But does this mean you should sacrifice safety to get onto the property ladder?
The answer, to many, would be obvious. No.
But new research by Aviva reveals many young people are more likely to buy a home regardless of safety, flood or crime risks. Ultimately, price and affordability were top of their list.
In the 16-24 age bracket, only 23 per cent would rule out buying a home in a flood risk area. Similarly, only 24 per cent ruled out living in a high crime area. If a home met their other requirements, they would sacrifice their safety to become a homeowner, however they’re more likely to make improvements to make their home safer.
For each age group, the below table shows which factors have the biggest influence on decision-making when buying a home.
|16-24||Price / affordability (74 per cent)||Condition of property (46 per cent)||Transport links in area (22 per cent)||Proximity to work place (21 per cent)|
|25-34||Price / affordability (75 per cent)||Condition of property (53 per cent)||Local schools in area (22 per cent)||Transport links in area (22 per cent)|
|35-44||Price / affordability (72 per cent)||Condition of property (44 per cent)||Local schools in area (25 per cent)||Safety of local area (22 per cent)|
|45-54||Price / affordability (76 per cent)||Condition of property (48 per cent)||Safety of local area (24 per cent)||Transport links in area (19 per cent)|
|55+||Price / affordability (71 per cent)||Condition of property (53 per cent)||Safety of local area (25 per cent)||Amenities in local area (24 per cent)|
Price and affordability is important to all age groups, but safety is much less of a priority to the 16-34 age bracket – not even hitting the top four biggest influencers when they’re considering where to buy a property. With increasing difficulty getting onto the property ladder, it seems safety of the local area comes bottom of the list compared to the older generation. There are also other disparities between the various age groups. The below infographic shows what UK homeowners’ property priorities are when it comes to home safety.