We've interviewed one happy narrowboat owner who tells us why we should consider buying a houseboat and not a traditional bricks and mortar property.
Taking the plunge
Gone are the days where boats on England's waterways were reserved for leisurely cruising in the summer months. These days, professionals–young and old–are snapping up boats in London for residential use as soon as they come onto the market. And the demand for vessels across the capital, particularly those with permanent moorings, is soaring.
In the summer of 2015, Amelia, 25 and her boyfriend Jake, 25 (and their cat, Salem) decided on an alternative route into home ownership by buying a narrowboat.
"The cost of renting in London was becoming a huge financial strain"
"I'm originally from Croydon and moved out of my parents' home after I graduated from university in 2012. I work in the creative industries and the cost of renting in London was becoming a huge financial strain. I was stuck with the choice of moving back to Croydon or continuing to live in shared accommodation, as my boyfriend and I couldn't afford to rent a place by ourselves."
"By sharing a rented room, we managed to save £10,000 between us, which is a considerable amount. But it wasn't enough for a deposit for a property in London."
Buying a boat
"I have never been one for conventions, so when we discovered that a houseboat could be a viable alternative to buying a property, I was excited."
Moored in west London in a marina on the Grand Union Canal, their 50ft narrowboat, Jenny Bee, is secured by gates that are locked at all times and there's a communal shower block with access to proper toilets and laundry facilities too.
"My boyfriend and I fell in love with our boat the moment we saw it. We viewed a few before this one and we knew that we were looking for something with character. A lot of narrowboats feel a bit like the interior of a caravan and that was exactly what we didn't want."
Calculating costs
At £32,000, the price the couple paid for their narrowboat is less than the average deposit for a property in London. And after putting down a £10,000 deposit, they secured a marine loan for the remaining £22,000, as a traditional mortgage can't be obtained for a houseboat.
Although interest on these loans is substantially higher than on an average mortgage, Amelia and Jake weighed up the financial impact of the loan's interest with the cost of renting and discovered that one year's rent was equal to 10 years' interest on the loan.
"Monthly costs are much lower than those of an average two-person household living in a brick-built property"
For them there was no contest. Particularly as monthly costs are much lower than those of an average two-person household living in a brick-built property.
"The loan repayment is only £251 a month, but the biggest expenditure we have is the mooring at £400 a month. However, with council tax at £75 and a canal licence–essential if you want to travel along England's waterways–at around £50 a month, our total monthly costs are only approximately £725 between us. Plus insurance which is £90 per year."
And according to Amelia's rough calculations, they've only spent £15 on electricity–as a solar panel provides them with enough energy for day-to-day usage–and £50 on gas in the last 6 months, which is significantly lower than average utility bills for a one bedroom apartment.
She also told us that unless you really want a newly-built boat, it is better to buy a second-hand one, as the value of a new vessel depreciates rapidly after purchase.
"Our boat was 20 years old when we bought it, but as long as it remains in a similar condition and it's not sinking, the value won't decrease much further."
A leisurely lifestyle?
Of course, sharing a home that's only 6'1ft wide isn't for everyone. Cosy is certainly the word to describe the living space, comprising a kitchen/reception room, a shower room and a bedroom. But for Amelia and Jake, it works. Even Salem, has his own bed in the engine room.
But with such limited storage space, you have to be choosy.
"Jake has about the same amount of stuff as me. I only have two pairs of shoes though and there has to be a one in, one out policy with clothes. At the moment I think have enough space for one more pair of jeans."
There is also the issue of not having a proper flushing toilet, but Amelia says emptying their portable loo is just a small price to pay for the lifestyle afforded by living on a boat.
"It's great to be part of a community in London that is relatively small. In our marina there's a real mix of people, ranging from singletons in their 20s to couples in their 60s, who are all extremely welcoming."
"I also love the freedom that we have. Even though we are incredibly lucky to have a permanent mooring on a three-year contract–which are quite hard to obtain–we have the flexibility to navigate our way along the waterways when we have time at the weekends."
"We can moor anywhere we want for a maximum of two weeks at a time and you'll often find fellow boat owners mooring up beside you, so things never get boring."
Although with a speed limit of 4mph and a number of locks to navigate, don't expect to travel any great distance!