Is Living in London on a Narrowboat cheaper than a flat?

It’s a question our boat sales brokers are asked all the time, is living aboard a narrowboat in London, cheaper than purchasing a flat in the capital? Can life aboard a narrowboat make city living more affordable? Let’s face it, many flats and apartments available in London are often smaller and more cramped than a narrowboat, so, could purchasing your own boat designed for city life be the better option?

London Flat Prices | Lakeland Leisure Boat Sales

Recently house prices in London have soared to record highs, according to The Week, just last month the average price of a house in the capital sat at around £514,000:

“According to the monthly snapshot issued by the Office for National Statistics (ONS) the break in stamp duty and pent-up demand from lockdowns has led to a boom in sales in the capital, The Guardian reports. Average house prices in the UK increased 7.6% over the year to November 2022, up from 5.9% in October 2022, the ONS said. Standing at a record high of £250,000, this is the highest annual growth rate the UK has seen since June 2016.”

According to Foxtons, the average price for a flat in central London, will set you back (at the time of writing) around £1,079,986, with properties as small as 1 bedroom flats ranging from £105,000 to over £3,000,000!

Of course, these prices are estimated valuations for the purchase of a property within the London area, and don’t take into account other taxes and living costs. Therefore to keep our comparison clear and concise, let’s simply consider the purchase value of a boat from our Boat Brokerage.

London Narrowboat Prices | Lakeland Leisure Boat Sales

Simply put, the price of a narrowboat varies depending on a range of factors, from age, to size and style. At present we have a vast range of narrowboats available in the London area, of which can suit a range of different budgets, coming in at far less frightening prices than the cost of a flat in London. We’ve got quality narrowboats available, starting at just £29,999!

So yes, purchasing a narrowboat in London is cheaper and much more cost effective than buying a flat!

You should of course take into account that purchasing a narrowboat for living in does require a major lifestyle change and there are obviously other costs associated with purchasing a living in a narrowboat - much like there are when buying a flat. But for many, it is undoubtedly a brilliant option.

If you think it’s the right step for you and your family, visit our website and take a look at our Buyers and Sellers Guide for more information on narrowboat sales in London.