"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"
- Marc von Grundherr - Benham and Reeves
New research from Benham and Reeves reveals that London homebuyers could save up to 57% by purchasing a houseboat instead of a traditional home. The average cost of a houseboat in the capital stands at £245,371, compared with £566,614 for a bricks and mortar property—a difference of £321,243.
The analysis compared average houseboat sale prices with average residential property values across corresponding London postcode areas, identifying where buyers stand to benefit the most from life on the water.
The SW10 postcode shows the largest saving. Here, the average houseboat costs £193,000, while a traditional home averages £1,190,546, resulting in a discount of 83.8%. In NW8, which includes St John’s Wood, houseboats are priced at £140,000—88.3% lower than the area’s average house price of nearly £1.2 million.
Further significant savings can be found in:
SW6, where houseboats cost 82.7% less than the average property price of £809,816
N1, covering Islington, with an 82.2% discount on houseboat living
KT8, East Molesey, where buyers can pay 83.1% less for a home on the water
In central London areas like W6 (Hammersmith) and W9 (Maida Vale), buyers could save 76.7% and 36.7% respectively by opting for a houseboat.
The only area where houseboats carry a premium is TW7 (Isleworth), where the average price is £495,000, 10.2% more than the average house price of £449,119.
“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,” said Marc von Grundherr, director at Benham and Reeves. “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.”
He added, “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.”
