During 2021 the housing market has exploded. More and more first time buyers are shooting onto the market thanks to new schemes designed to help people recover from the Coronavirus pandemic, and more and more property owners are selling up to take advantage of inflated prices. Because of this, sums of money are trading hands faster than ever before - something that is now also starting to benefit the house boat market too.
Riverside and Canalside living is becoming a much more attractive proposition in light of the recent housing boom for a number of reasons. Not only can living aboard a barge or narrowboat be liberating, it can also be a very cost effective way to live which is now allowing more and more people to make the most of the money they had already invested into properties. According to thisismoney.co.uk:
“Riverboat living appears to be going through something of a boom, after a leading marine finance lender reported a steep rise in demand for live-aboard vessels.
Finance deals for homes on boats have increased by nearly 40 per cent in the last year, according to Promarine Finance. With house prices reaching another record high in May and the typical UK home now worth £262,000, it seems some people are seeing canal and river boats as an affordable alternative to the home-buying frenzy.”
Once upon a time, such a liberal way of living was seen as an option for retired people looking for a more relaxed way of living, however as a part of this recent boom, younger generations have found a way into riverside boat living that allows them to still enjoy the heights of the city, whilst having their very own home set in the heart of it all, close to work, close to leisure facilities and close to local amenities. Stuart Austin, the Director of Promarine Finance, a finance provider for house boat purchases has said:
“We've noticed a surge in demand for boat finance, particularly for live-aboard vessels. We have seen a rapid increase in younger people moving to live on the canals on narrowboats and widebeam boats. Live-aboards such as canal boats are no longer considered an option for just the retiree, instead drawing people who are seeking alternative lifestyles with freedom from the traditional housing options. Younger buyers want to get on the property ladder and boat ownership is a practical and affordable alternative to renting.”
This latest frenzy is bringing in waves of exciting change to the boat market, allowing new and old craft alike to change hands, see new renovations and in turn creating a very exciting feel around the boat sales industry. Thinking of purchasing a boat of your own? Don’t forget to check out the Lakeland Leisure Boat Sales Boat Brokerage.