( CNN ) -- How do you get a foot on the property ladder , when you live in one of the most expensive cities in the world ? For an increasing number of first-time home buyers like Sandra Reddin , the answer does n't lie on land -- but in the water . `` Doing the washing-up with swans floating by your window -- I love it , '' says the 55-year-old , who bought a houseboat earlier this year . In a city where $ 1 million will buy you a mere 25 square meters in prime central real estate , Londoners are turning to the labyrinth of waterways silently snaking their way through the metropolis . Centuries ago , these gently rippling canals were used to transport cargo -- a floating highway bustling with barges and connecting towns across the country . Now the narrowboats which heaved goods up and down the UK have become homes for those struggling to get a foothold in the third most expensive real estate market on the planet . While a house in Narrow Boat Close , a street in leafy south-east London , will set you back an average $ 350,000 , an actual narrowboat costs around a quarter of the amount . Those looking to take the plunge can expect to pay anywhere between $ 3,000 and $ 250,000 for a canal boat in the English capital -- and it 's not the only European city utilizing its waterways . With Paris property prices rivaling that of London , houseboats along the Seine may be a more affordable option for those determined to reside within eyesight of the Eiffel Tower . In nearby Amsterdam , pavement life spills onto the intricate network of canals , home not just to residential boats , but a huge array of hotel vessels , and the world 's only floating flower market . Canal costs . But is life afloat really as financially attractive as it seems ? Alan Wildman , of the UK 's Residential Boat Owners ' Association , pours cold water on the idea . `` People move on board thinking it 's a way to get on the housing ladder -- which is absolute nonsense , '' says the 64-year-old , who lives on a narrowboat with his wife . `` It can be cheaper than living in a house . But when you consider all the other components of life afloat that go with it ... people can very quickly become disenchanted . '' Long-term moorings in London can be over $ 30,000 a year -- `` and that 's just for somewhere to hang your boat , '' adds Wildman . Unlike real estate , houseboats decrease in value , he said . If you 're thinking of taking the plunge , it has to be for love -- not money . River romance . That said , stepping aboard Reddin 's elegant 13-meter houseboat `` Happy Days , '' it 's easy to see the allure of life on the river . Inside , the wooden vessel is bigger than you 'd expect , boasting a wood fire , fully kitted-out bathroom , kitchen , and double bedroom . A golden afternoon light bounces off the water , streaming in through the long narrow windows . Though relatively roomy , I still manage to knock my head on the low door , ungracefully exiting onto the decking for a sunset sip of wine . `` It 's a very neat little operation , '' says Reddin , nodding towards the compact home , where everything has its place . The photographer bought her $ 124,000 boat a few months ago , seeing it as an affordable way to live in the heart of the city , while constantly change the view out her window . It now bobs in desirable north London 's Regent 's Canal , an area where waterfront properties regularly have million-dollar price tags . The mother-of-two was paying $ 3,000 a month to rent an apartment in another part of north London when she decided to give it up for life on the water . `` You 've got all these different noises , '' she says . `` Little ducks landing on your roof , the lapping of the water , and when it rains , it 's just amazing . '' Tough love . Reddin is under no illusions that boat-living is n't all smooth sailing -- particularly come winter . `` I 'm quite a gung-ho , intrepid type . I think you need to be for this lifestyle , '' she says . Wildman offers a reality check : `` Imagine you 're out on the canal and you 're iced in , and your toilet tank is getting full , and you 've got to cruise half a mile to get to a pumping-out point . `` You 've got to take the rough with the smooth . '' If you want to live on board , you also need to be prepared to cut out any excess , says Nathan Rogers , manager of dealership NarrowboatShop.co.uk . `` You have to be disciplined in terms of your living space and how you utilize it , '' he warns . `` But this also leads to a streamlining and simplification of everyday life . '' Close quarters . In such a confined space , is it possible to bring up a brood of scampering children ? `` It means you have to get on with each other , '' says Wildman , who has seen many families happily grow up on the water . `` If you 've got to get children to school , you need a continuous mooring permit , '' he adds , which is more expensive than current regulations requiring owners to move every two weeks . There are around 30,000 to 40,000 people living on boats in the UK , estimates Wildman . He describes a tight-knit floating community where neighbors look out for each other . `` It 's very much like old England , '' he says . Though in modern times , people are getting on board for very different reasons . Learn : Size matters -- how big is your yacht ? Debate : Supercar-yacht -- tasteless or chic ? Photography : Sandra Reddin 's website .
Ca n't want to buy house ? How about life on a boat ? European cities offer stunning views -- and potential homes . Life on the boat is cheaper , but has high costs . Romantic image , but there are harsh realities .