New research from Aviva shows that different age groups have completely different priorities. The Home Security Report 2016 was recently released and revealed the 16-26 age group was much more likely to buy homes in riskier areas, as they are more desperate to get on the property ladder. This includes regions more prone to flooding, as well as locations where the crime rate is higher.
This is likely due to the fact that house prices in more established areas are much higher, and the disparity between wages and first-home prices have also increased in recent years.
However, the younger age group are more likely to make significant changes to their properties, such as new locks, and strong fences. This is encouraging news, as it shows millennials are conscious and aware of their home security, regardless of their location. However, over 55s are much more likely to insure their homes, at 93% compared to millennials’ 57%.
There were over 2,000 people surveyed, and the difference between the age groups can definitely be described as significant. The most telling facts are below:
- Younger people are more likely to buy a home regardless of safety, flood or crime risks, with price and affordability having the biggest influence on their decisions.
- 44% of 16-24s would buy a home in an areas with a risk of flooding, compared to 23% of the overall sample.
- Furthermore, fewer than one in four (23%) 16-24s completely rule out buying a home if it is in an area at risk of flooding, compared to 58% of the overall sample size.
- Similarly, just 24% of 16-24s ruled out living in a high crime area, compared to 55% of the overall sample size.
- If a home fitted their other requirements, 13% of 16-24s strongly agreed they would buy a home at risk of flooding (compared to 6% of overall sample), and 9% strongly agreed they would buy in an area with a high crime rate (compared to 5% of the overall population.
- The safety of a local area was identified as a key factor in the home-buying process for all buyer groups aged over 35 – but not for those younger.
- Younger homeowners are also more likely to make changes to their homes in order to make it safer. Nearly half (46%) of 16-24s made significant changes to their property, compared to just 17% of over 55s. They are also less likely to have home insurance than older homeowners.
- Separate analysis from Aviva reveals that one in four (27%) non-homeowners believe they will never be in a position to buy a property.
- More people spent less than 30 minutes researching the safety of a local area when looking for a property (16%) than any other amount of time.