A retired man has explained why Brits are now buying timeshares in canal boats.

Searches for 'canal boats' have increased 13 per cent in the past year, with 28.1k posts under #canalboatlife on If you’re looking to buy, the average cost of a narrowboat is £57,000. However, another option is a four-week timeshare, with annual payments of £1,550 - just 2.72 per cent of the cost if you were to buy outright.

Steve Ward from Cottingham, East Yorkshire spoke with boat insurer, about why he bought a timeshare in a canal boat. He said: “It gave us both an interest in our boat and in the UK canal system as a whole. There is a strong community spirit amongst Canal Boat users, which is good to belong to.

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"I have had a long professional career in the marine environment with extensive experience handling and manoeuvring small boats and vessels; I felt that all my experience and expertise would, therefore, not be wasted in I would still have a link to the marine environment, even on a smaller scale.

“The ability to travel all over England and Wales on the canal network, which is pretty unique in the world, hence the many Americans, and other nationalities you meet on the canals, is a great experience. It is a very slow pace when you travel at only four mph. I remember being on the canal boat for several days travelling slowly through the English Midlands when we passed under a motorway bridge, the speed of the vehicles travelling at 70mph, was quite a shock.

“Travelling each day and mooring in a different place each evening was very enjoyable, and you also see things you never would from a car."

According to Insure4Boats research, living on a narrowboat can save an average of £913.35 a month compared to living in a traditional house, with living expenses drastically reduced while living onboard.

Living in a narrowboat in Greater London can see monthly expenses fall by a staggering £2,088.28 per month, the highest savings in the UK compared to living in a house. residents could also expect to pay £475.26 less a month by living on a narrowboat.

By canal life is not without its problems, as Steve has experienced a tree branch jam and a frozen canal with a swan stuck in the ice that they helped to get free.

John Woosey, founder of Insure4Boats commented: “Owning or part-owning a narrowboat will show you the UK’s scenic waterways and in retirement, you are free to explore at your own pace, making it a great retirement hobby. Whether you’re in it to discover new places, work on a boat or meet fellow like-minded people, being on the water brings just what retirees are looking for.”