Huge savings for London buyers choosing houseboats
Research from Benham and Reeves shows life on the water can be more than £300,000 cheaper than traditional bricks and mortar properties.
London property buyers can save more than half of the cost of a home by opting for life on the water and buying a houseboat.
Savings could be as high as 57% by going for a floating home, the latest research from Benham and Reeves has found.
The average cost of a houseboat across the capital is coming in at just £245,371, far lower than a traditional bricks and mortar property at £566,614.
Huge saving
So that’s a huge saving of £321,243, which could make some buyers consider it as an option.
The most significant savings are found in the SW10 postcode, where the average houseboat costs just £193,000 compared to £1,190,546 for a traditional home, a discount of 83.8%.
In NW8, buyers can live in the same prestigious postcode as St John’s Wood for just £140,000, 88.3% less than the average house price of nearly £1.2 million.
Only one area recorded a houseboat price premium. In TW7 (Isleworth), the average cost of a houseboat is £495,000, 10.2% higher than the typical house price of £449,119.
It’s an alternative lifestyle that can deliver serious savings.”
Marc von Grundherr, Director of Benham and Reeves, says: “While a houseboat won’t be for everyone, Londoners looking for a more affordable way to get on the property ladder might want to consider life on the water.
“With houseboats costing, on average, less than half the price of a typical London home, it’s an alternative lifestyle that can deliver serious savings,” he says.
“Of course, buyers need to factor in mooring fees, maintenance, and lifestyle fit, but for the right person, this could be a smart and cost-effective route into homeownership, particularly in some of the capital’s most exclusive postcodes.”
