Homebuyers are swapping traditional homes for liveaboards as the housing market hits record highs, the cost of living soars and purchasers look for alternative ways of living without compromising a step on the housing ladder.
Leading marine finance lender, Promarine Finance has seen a 65 percent increase in the number of liveaboards in the two years since the start of the coronavirus pandemic.
With the average UK property cost was £270,708 in the most recent House Price Index data from November 2021 and for London this was £519,934, it’s no surprise that the costs of canal and narrowboat living are attractive. The average cost of a narrowboat sits at £57,000 with more modern boats up to £150,000 and although there are further fees of residential mooring, your Boat Safety Scheme (BSS) certificate and insurance, if you maintain your boat, it will hold its value.
Inflation is at a 30 year high with the rise in food costs and energy bills with gas and electricity costs set to rise further in the spring with the end of the government’s price cap. Choosing a liveaboard vessel despite having limited space and storage, it promotes a minimalist way of living teamed with a relaxing pace of life while cutting on bills.
Promarine Finance offers fixed rate marine mortgages for all types of leisure vessels including new and used RIBs, motorboats, sailing yachts and canal boats over periods of two to 10 years where the finance is secured against the vessel. It can offer finance from £5,000-£500,000 with flexible repayment terms allowing customers to make extra payments or to settle at any time without penalty.
Stuart Austin, director of Promarine Finance, said: “It’s great to see such consistent growth when reflecting on the last two years since the pandemic started. It’s clear there is a real trend of people choosing to live on vessels over traditional homes whether that’s due to the rising cost of living, a way to get on the housing ladder or simply as an alternative lifestyle.
“We are the only company financing liveaboards and I think a big part of our growth is our willingness to offer early settlements without penalty which offers true flexibility.”
Stuart continues: “Marine finance is a simple way to obtain something valuable and spread the cost across monthly payments that suit you, so that it becomes affordable. Younger buyers want to get on the property ladder and boat ownership is a practical and affordable alternative to renting. We want to help people get the right boat, without the cost being the most defining factor.”