How a Couple Saves £10,000 a Year on London Rent by Living on a Narrowboat

In a creative twist on urban living, Nancy Kerina and Dale Rankmore have turned a “mouldy” narrowboat into their dream home, saving £10,000 annually on rent in London. The couple, who met during a ski season in Andorra, decided to eschew traditional housing for a more adventurous and cost-effective lifestyle.

The 26-year-old Nancy, originally from Leigh-on-Sea, Essex, and her 32-year-old partner Dale from Cardiff, Wales, purchased a 1970s narrowboat for £22,000 on Facebook Marketplace. They spent an additional £10,000 renovating it themselves, transforming it into a cosy, mobile home that cruises London’s waterways.

Nancy, who works as a crew member at the Royal Albert Hall, expressed her enthusiasm for their unconventional living arrangement: “We have loved it. I don’t think I could imagine just buying a house. We’re so used to the freedom of being able to move if we don’t like somewhere. It’s benefited our relationship massively.”

The couple’s decision to live on a narrowboat was influenced by their desire to avoid the financial burden of a mortgage. “We both had a similar mindset. We wanted to live in an abnormal way. We didn’t want to live with mortgages and get tied down,” Nancy said. Dale, who works in stage management, added, “It was a cheaper way of doing things.”

The couple bought their boat in Bath, Somerset, in September 2020 and moved in, embarking on a substantial renovation project. Despite initial challenges, including mould and damp, they persevered. “When we moved on it, it wasn’t in great condition. There was mould and a bit of damp. We took it apart to the steel. We were living on the boat with nothing but an airbed,” Dale recalled.

Now, the couple pays just £100 per month for a cruiser license, which requires them to relocate every two weeks along the canal. Their monthly expenses include £150 for heating during winter and the one-time cost of £1,000 for solar panels, which provide free electricity. Their total annual living expenses amount to just £1,950, significantly lower than the typical £1,000 per month rent their friends pay for a house share in London.

Nancy and Dale’s story highlights the appeal of canal living, which offers both financial savings and a unique perspective on London. “London is an amazing place to be. We have stayed in some really nice high-end places for £100 a month. It’s totally different seeing it from the canal,” Nancy said.

The couple’s adventurous spirit extended to purchasing a van for £4,500 in June 2023, which they also found on Facebook Marketplace. The van, already renovated by its previous owner, has been further customized with a fan, solar panels, and new decorations.

Their story continues to inspire others to consider alternative living arrangements as reported by MyLondon online magazine.

For the full story, visit MyLondon.