Waterways could stop first time buyers from sinking

22-Aug-2006

First time buyers are increasingly viewing narrowboats as an attractive alternative to traditional routes to home purchasing, with boat ownership increasing by around 2.5 per cent each year, reports the Independent.

"There are more young people living on the river these days, along with retired couples … house process are playing a role in people moving to the river," reports Beryl McDowall, chairwoman of the Residential Boat Owners Association.

At present, around 12,000 people now live permanently on Britain's waterways; in London alone, around 300 people are on a waiting list for a residential mooring, with many expected to wait for up to three years.

The cost of a 60-foot boat varies between £30,000 and £120,000, whereas average UK house prices are now over £190,000; a first time buyer in London would now be expected to pay over £220,000.

Although now a potential home for first time buyers, Britain's waterways were originally used during the industrial revolution for the transportation of industrial produce, often weighing as much as 40-tonnes.

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