Alternative living opportunity could help first-time buyers ‘climb aboard’ the property ladder

Narrowboats could provide an alternative for some first-time buyers struggling to buy a place of their own, according to new data from Quotezone.co.uk.

The firm, which offers a specialist boat insurance comparison service that helps people find cheaper insurance quotes for their narrowboats, says new figures show that young urbanites could save £100,000 or more by swapping their one bed city centre flat for a narrowboat, as their first property. In London, meanwhile, the gap between moving into a canal boat rather than a flat could be as much as £370,000.

The insurance comparison website’s research reveals that the average cost of a narrowboat in the UK is £45,880, and buyers may well be able to fund the purchase by taking out a houseboat loan. In London, the average value of a narrowboat is slightly higher at £48,090, while in the highest quoted region, the South West, buyers pay an average of £51,380 for a narrowboat.

By contrast, the average cost of a maisonette or flat in popular cities like Birmingham and Manchester is £143,800 and £172,800 respectively. However, property values in those cities are far behind London, where the average price comes in at £415,000.

Greg Wilson, Founder of Quotezone.co.uk comments: “It might seem unusual, but as the gap between the cost of buying a property in some of the country’s biggest cities and the average income in those cities continues to widen, some young professionals might want to consider an alternative approach to city living. Narrowboats could open up an opportunity for prospective young buyers that are willing to think a little differently, giving them the option to buy something more centrally located than they could otherwise afford.

“There’s also potentially big savings on rent, as well as the potential for less commuting, which all help to build a deposit to enable the individual to actually climb the property ladder, something the younger generations desperately need.

“Although some steps have been made to support first time buyers, there are still hurdles blocking younger people from getting onto the property ladder in the first place, some of which previous generations never had to face.

“Of course, a narrowboat won’t be the right option for every young professional, and it also isn’t likely to be a long-term living arrangement for most people – particularly if they plan to start a family. There are also important financial considerations like loan repayments and narrowboat insurance to bear in mind if they do decide to explore this alternative living arrangement. Boats that are used on inland waterways legally have to be insured, so narrowboat insurance is mandatory for boat owners.”

Quotezone.co.uk compares quotes from over 400 insurance providers across 60 different products, helping over 3 million users find a more competitive deal each year on everything from boat insurance to narrowboat insurance to home insurance.