Woman who couldn't afford London property builds herself a luxury houseboat worth £182,000

She earns a six-figure salary but couldn't afford London property prices

With property prices in London continuing to increase, one woman took matters into her own hands and built her own floating dream home.

Karen Boswell, a 35-year-old advertising executive, designed and built her houseboat, which she named Maybe Tomorrow, in just four months.

And the vessel isn’t a shabby abode either - Boswell’s 70ft-long houseboat includes a king-sized bed, two bedrooms, concrete countertops in the kitchen, high ceilings, and a bathroom with a double shower.

Speaking to The Times, Boswell revealed that before building the houseboat, she struggled to afford property in London - despite earning a six-figure salary.

When a friend suggested a houseboat as an alternative, Boswell realised she could save a significant amount of money if she created her own home.

“I could have afforded a two-bed place in a not-great area or a studio or one-bed somewhere I wouldn't be stabbed walking home, but I wouldn't have had any wiggle room to put a finish on it,” she told The Times of her deposit savings.

So despite her preconception of boats as “weird and cramped,” Boswell decided to give it a try, putting down a deposit of just under £50,000.

Houseboats are an affordable option for homeowners (My Floating Home)

The advertising executive took out a marine mortgage, which she’ll pay off in just five years, and purchased her new home, a 12ft-wide empty vessel for £120,000.

Boswell had to take out a £20,000 loan to decorate the interior, which she described as “nautical modern chic,” but it was worth it - as the boat is now worth £30,000 more than she paid for it.

Houseboats are a luxury living option for a fraction of the cost of regular property (My Floating Home)

Now, Boswell pays £8,000 a year to keep the houseboat docked in a private marina in the Grand Union Canal in north-west London and a yearly fee of £3,000 for electricity and a three-yearly hull treatment, which she admits are "not cheap," but worth it.

As for transportation, Boswell plans to invest in a kayak so she can get from her boat to the supermarket or pub.

Boswell’s luxury London houseboat will be featured on the new reality show My Floating Home on More 4 tonight, which follows families as they build their aquatic dream homes.