Younger people are more willing to buy a home prone to safety, flood or crime risks in order to get on the housing ladder, new research from Aviva reveals, as the ‘ideal’ home is replaced with what people can afford.
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 (34% for both 18-24s and 25-34s). Across all age groups, only 19% would do the same, falling to just 7% of those aged 55 and above.
Despite widespread coverage of damage caused by flooding in recent years, almost half of 18-24s and a third of 25-34s would consider living in a flood-risk area, compared to 23% across all age groups, and only 8% of those aged 55 and above.
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. Previous research from Aviva highlights the continued importance of homeownership in the UK, with four fifths (79%) of people agreeing becoming a homeowner was important to them. However, a quarter (27%) fear they will never be able to afford to buy a property.
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