Timed~Out, try a speculative post on the
BMAA Forum You'll find them very welcoming and will have access to a lot of folks with knowledge about owning/operating an aircraft at the more affordable end of the market.
If you have an ounce of mechanical ability you'll be staggered at how much cheaper it is to operate a microlight - even if you don't it's still very cheap indeed. Yes, 2-strokes can and do occasionally fail, but considering the possibility will be a factor in your flight planning and the unconcious risk assessment that we all carry out when deciding to fly over inhospitable terrain etc.
I think you'll find that in most instances a safe landing is made and for those that don't there are rarely serious injuries as a consequence; probably attributable to a microlight's short landing capability, low stall speed and low inertia.
And for what it's worth, with a budget of £5K you might want to try a Shadow - I've owned both and the Shadow knocks spots off the X-Air in every regard except passenger space.