Londoners take to canal boats to beat high property costs

Bloomberg

In London, which suffers from one of the most expensive property markets in Europe, thousands have found alternative housing for less than the cost of a parking space — though it helps if you can repair an engine or plug a leaky hull.
Narrowboats, which aren’t much wider than a king-sized bed, have gained in popularity for those willing to sacrifice space and some creature comforts. Moorings on the city’s 100-mile canal network can be had for around 1,000 pounds ($1,284) a year. The waterways crisscross the metropolis, allowing boaters to live in posh areas such as Primrose Hill and St John’s Wood at a fraction of the cost paid by their land-based neighbours.
Even with Brexit holding down price increases, London homes averaged more than 609,000 pounds in November, about 20 times the cost of a secondhand 60-foot narrowboat. The city is now home to over 4,200 canal boats, more than double the number of a decade ago. Authorities are scrambling to create additional moorings to avoid the same kind of jump in living costs that drove people to the water in the first place.
Liam Mertens, 28, a self-employed artist, struggled to qualify for a mortgage and decided to try canal life. He and his partner spent 83,000 pounds for a 60-foot narrowboat. About two-thirds of the price went to cover a coveted permanent mooring where they can remain connected to the power grid, get water and deal with sewage.
“We were in a rental situation and we didn’t really have job stability to get a mortgage and we wanted to stay in London,” he said. “It was the best way to have our own space and stay.”The couple set about fixing up the boat, ripping out the walls and redoing the bedroom and the bathroom.
Mertens honed his plumbing skills and learned about electric systems and motors, critical knowledge on the canals, where many problems can’t wait for a contractor to arrive. “There are moments I felt like crying, for sure,” he said. “Now, I feel it’s under control.”
Mertens is one of the fortunate ones with a permanent mooring. Prices for the spaces have been swelling, given the growing demand. Some of the choicest moorings now cost more than 12,000 pounds a year and have seen annual increases of 15%.