Houseboats hand London homebuyers 57% saving versus bricks and mortar

The latest research from Benham and Reeves has found that London homebuyers could save as much as 57% on their property purchase by choosing a houseboat over a traditional bricks and mortar home, with the average cost of a houseboat across the capital coming in at just £245,371.

The research from Benham and Reeves* analysed the average houseboat sale prices across London and compared them with average residential property values in the same postcode areas, to uncover where buyers could secure the biggest discount by living on the water.

It found that the average cost of a London houseboat stands at £245,371, significantly lower than the average house price of £566,614 across the capital, a saving of £321,243, or 56.7%.

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, equating to 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.

Similar savings can be found in SW6, where a houseboat costs just £140,000, 82.7% less than the local average of £809,816. The N1 postcode, covering Islington, sees an 82.2% discount, while houseboats in KT8 (East Molesey) are 83.1% more affordable than bricks and mortar properties.

Even in more central postcodes like W6 (Hammersmith) and W9 (Maida Vale), opting for life on the water can save buyers 76.7% and 36.7% respectively.

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 in the area.

Director of Benham and Reeves, Marc von Grundherr, commented:

“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.

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.”