Over a third of Plymouth residents considering alternative to bricks and mortar
With average house prices in Plymouth now reaching a staggering £177,000, over a third of people in Plymouth (36 percent) are avoiding the property ladder and looking for other means of shelter to call home.
A survey carried out by LOOK Insurance, the boat and caravan insurance specialists, found a whopping 36 percent of residents in Plymouth still don’t own their own home.
With increasing numbers of people unable to get their foot on the property ladder, the traditional dream of owning your own home could soon be coming to an end. 24 percent of residents in Plymouth would consider living permanently on a barge or narrowboat, with 36 percent considering living in a static caravan or lodge. Londoners are most open to considering alternative accommodation with two-fifths (40 percent) seemingly put off by the city’s house prices, which currently average £493,000.
Nationally, the age group considering ditching traditional accommodation the most (44 percent) are 25-34 year olds; the age group most affected by the UK property crisis. Almost a third of 25-34 year olds are now considering buying a boat rather than getting a mortgage with 28 percent of respondents stating life on water as an affordable way to stay afloat.
John Eldridge, Managing Director at LOOK Insurance, said: “It’s staggering to see how people’s attitudes to home ownership are changing; as the gap between house prices and affordability continues to grow.
“40 percent of people in Plymouth told us they would consider buying a boat if it was easier than obtaining a mortgage. Movable homes are great, because the view from your window can be different every day, but they also require a new set of responsibilities to keep your home afloat.”
The Canal & River Trust recently released figures stating there could be as many as 11,000 people already living on Britain’s waterways embracing boat life.
Sorwar Ahmed, boater liaison manager at the Canal & River Trust, comments: “Living afloat on Britain’s inland waterways should be seen as a way of life, not a cheap housing alternative. There are hidden costs, and maintaining and moving a boat is almost like a part-time job, so you have to factor in the value you put on your time. Also, the demand for residential moorings, particularly in urban areas, far exceeds the supply, making it hard for new boat owners who want to live permanently in one place. Our advice is that you should only live on a boat if you love the lifestyle, not because you think it will save you money.”
For more information and data visualisations from the report, please see here:
https://www.lookinsuranceservices.co.uk/2015/07/living-on-narrowboats/
