Soaring housing costs in London have fuelled a surge in the number of people seeking cheaper accommodation on boats, with increased numbers putting pressure on the city's historic rivers and canals. AFP PHOTO
Soaring housing costs in London have fuelled a surge in the number of people seeking cheaper accommodation on boats, with increased numbers putting pressure on the city's historic rivers and canals. AFP PHOTO
Soaring housing costs in London have fuelled a surge in the number of people seeking cheaper accommodation on boats, with increased numbers putting pressure on the city's historic rivers and canals. AFP PHOTO
Soaring housing costs in London have fuelled a surge in the number of people seeking cheaper accommodation on boats, with increased numbers putting pressure on the city's historic rivers and canals. A

London's rivers and canals filling with houseboat dwellers escaping high rents


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In London, which suffers from one of the most expensive property markets in Europe, thousands have found alternative housing for less than the cost of a parking space — though it helps if you can repair an engine or plug a leaky hull.

Narrowboats, which aren’t much wider than a king-size bed, have gained in popularity for those willing to sacrifice space and some creature comforts. Moorings on the city’s 100-mile canal network can be had for around £1,000 (Dh4,713) a year. The waterways criss-cross the metropolis, allowing boaters to live in posh areas such as Primrose Hill and St. John’s Wood at a fraction of the cost paid by their land-based neighbours.

Even with Brexit holding down price increases, London homes averaged more than £609,000 in November, about 20 times the cost of a second-hand 60-foot narrow boat. The city is now home to over 4,200 canal boats, more than double the number of a decade ago. Authorities are scrambling to create additional moorings to avoid the same kind of jump in living costs that drove people to the water in the first place.

Liam Mertens, 28, a self-employed artist, struggled to qualify for a mortgage and decided to try canal life. He and his partner spent £83,000  for a 60-foot narrow boat. About two-thirds of the price went to cover a coveted permanent mooring where they can remain connected to the power grid, get water and deal with sewage.

“We were in a rental situation and we didn’t really have job stability to get a mortgage and we wanted to stay in London,” he said. “It was the best way to have our own space and stay.”

The couple set about fixing up the boat, ripping out the walls and redoing the bedroom and the bathroom. Mertens honed his plumbing skills and learnt about electric systems and motors, critical knowledge on the canals, where many problems can’t wait for a contractor to arrive.

“There are moments I felt like crying, for sure,” he said. “Now, I feel it’s under control.”

Mertens is one of the fortunate ones with a permanent mooring. Prices for the spaces have been swelling, given the growing demand. Some of the choicest moorings now cost more than £12,000 a year and have seen annual increases of 15 per cent.

Partly due to the rising costs, most of the new demand is for permits allowing “continuous cruising,” which can be had for a fraction of a permanent berth and prices tend to rise in line with inflation. But there’s a catch: boaters can only remain in one spot for two weeks before moving on. To keep their license, they are expected to travel within a 20-mile radius throughout the year.

Cruising requires a lot more planning and navigation skills. The boaters must be mindful of loading up on water and dealing with waste disposal at the stations sprinkled across the canal network. Navigating the canals means passing through locks, which are manually operated and generally require at least two people to open. The constant change of address complicates commuting or getting children to school.

“There is a much younger demographic of boaters than we have in other places,” said Matthew Symonds, national boating manager at the Canal & River Trust, which manages the canal network. “It’s more affordable, if you don’t mind living in a slightly smaller space.”

An annual continuous cruising license costs about £1,000 for a typical 60-foot narrow boat. The trust estimated in 2018 that the number of boats in London could increase by more a third, or almost 1,700, by 2022. The group expects as much as 70 per cent of those to be continuous cruisers.

Symonds is leading the Canal & River Trust’s new mooring strategy that if implemented would add 1,800 metres of long-term mooring, or about 100 new spaces, and improve the network of temporary berths. Maintenance of the ageing system is a constant challenge for the trust.

The bulk of the network was developed in the 18th century to link the manufacturing heartland with London, and the canals were crucial to the UK’s rise as an industrial power. Expanding train and road transport eventually made the network obsolete, and it fell into a long period of neglect and disrepair. Restoration in the 1970s for leisure purposes helped expand canal living as rising property prices made narrowboats a cheaper and bucolic alternative to city life.

Boaters are free to roam the entire 2,000-mile national canal system, which stretches to Manchester and Leeds in the north. A trip that far would take about four weeks, given that the boats don’t move much faster than someone walking along the waterway.

The River Thames isn't part of the network, but also allows for water living with much more space and comfort than on the narrow canals. Mike Leitch got hooked on the lifestyle after keeping a narrow boat in a gritty industrial area of West London for weekend getaways while working in Germany as European Director of Piab Group, an automation and robotics company.

“It was an industrial area, but if you are looking down and up the canal from the boat, it was just stunning,” he said. “There were beautiful sunrises and sunsets and the swans are there. You could imagine you were living in paradise.”

Upon his permanent return to London in 2016, he wanted to be back on the water but he had something a bit grander in mind. He bought a 120-foot, 100-ton barge in the Netherlands and sailed it across the English Channel and up the Thames. He now moors in Battersea, where the berth alone cost as much as a small apartment — about £500,000. The vessel has an eat-in kitchen, two bedrooms, a spacious living room and a retractable sunroof. There’s even a motorcycle workshop where Leitch has enough space to tinker on several bikes at a time.

Life on the Thames with ferries plying the river and a heliport nearby is not as peaceful as the canals, but Leitch still loves being on the water.

“Every time I walk down the pier, I say to myself, you’re a lucky guy,” he said.

Springsteen: Deliver Me from Nowhere

Director: Scott Cooper

Starring: Jeremy Allen White, Odessa Young, Jeremy Strong

Rating: 4/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

The specs: 2018 Chevrolet Equinox

Price, base / as tested: Dh76,900 / Dh110,900

Engine: 2.0L, turbocharged in-line four-cylinder

Gearbox: Nine-speed automatic

Power: 252hp @ 5,500rpm

Torque: Torque: 352Nm @ 2,500rpm

Fuel economy, combined: 8.5L / 100km

UAE currency: the story behind the money in your pockets
Specs – Taycan 4S
Engine: Electric

Transmission: 2-speed auto

Power: 571bhp

Torque: 650Nm

Price: Dh431,800

Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor

Transmission: 2-speed auto

Power: 455bhp

Torque: 700Nm

Price: from Dh431,800

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
ENGLAND SQUAD

Joe Root (c), Moeen Ali, Jimmy Anderson, Jonny Bairstow, Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Ollie Pope, Adil Rashid, Ben Stokes, James Vince, Chris Woakes

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Sri Lanka World Cup squad

Dimuth Karunaratne (c), Lasith Malinga, Angelo Mathews, Thisara Perera, Kusal Perera, Dhananjaya de Silva, Kusal Mendis, Isuru Udana, Milinda Siriwardana, Avishka Fernando, Jeevan Mendis, Lahiru Thirimanne, Jeffrey Vandersay, Nuwan Pradeep, Suranga Lakmal.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

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JUDAS AND THE BLACK MESSIAH

Directed by: Shaka King

Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons

Four stars

THE SPECS

Engine: 3-litre V6

Transmission: eight-speed automatic

Power: 424hp

Torque: 580 Nm

Price: From Dh399,000

On sale: Now

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EEducatly%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2020%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EMohmmed%20El%20Sonbaty%2C%20Joan%20Manuel%20and%20Abdelrahman%20Ayman%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3EEducation%20technology%3Cbr%3E%3Cstrong%3EFunding%20size%3A%20%3C%2Fstrong%3E%242%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EEnterprise%20Ireland%2C%20Egypt%20venture%2C%20Plus%20VC%2C%20HBAN%2C%20Falak%20Startups%3C%2Fp%3E%0A
FIGHT CARD

 

1.           Featherweight 66kg

Ben Lucas (AUS) v Ibrahim Kendil (EGY)

2.           Lightweight 70kg

Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)

3.           Welterweight 77kg

Marcos Costa (BRA) v Abdelhakim Wahid (MAR)

4.           Lightweight 70kg

Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)

5.           Featherweight 66kg

Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)

6.           Catchweight 85kg

Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)

7.           Featherweight 66kg

Yousef Al Husani (UAE) v Mohamed Allam (EGY)

8.           Catchweight 73kg

Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)

9.           Featherweight 66kg

Jaures Dea (CMR) v Andre Pinheiro (BRA)

10.         Catchweight 90kg

Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)

THE DETAILS

Solo: A Star Wars Story

Dir: Ron Howard

Starring: Alden Ehrenreich, Emilia Clarke, Woody Harrelson

3/5

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

Fight card

1. Bantamweight: Victor Nunes (BRA) v Siyovush Gulmamadov (TJK)

2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)

3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)

4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)

5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)

6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)

7. Featherweight: Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)

8. Flyweight: Shannon Ross (TUR) v Donovon Freelow (USA)

9. Lightweight: Mohammad Yahya (UAE) v Dan Collins (GBR)

10. Catchweight 73kg: Islam Mamedov (RUS) v Martun Mezhulmyan (ARM)

11. Bantamweight World title: Jaures Dea (CAM) v Xavier Alaoui (MAR)

12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)

Sunday's Super Four matches

Dubai, 3.30pm
India v Pakistan

Abu Dhabi, 3.30pm
Bangladesh v Afghanistan

Five films to watch

Castle in the Sky (1986)

Grave of the Fireflies (1988)

Only Yesterday (1991)

Pom Poki (1994)

The Tale of Princess Kaguya (2013)

The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

India Test squad

Virat Kohli (c), Mayank Agarwal, Rohit Sharma, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Rishabh Pant (wk), Wriddhiman Saha (wk), Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Company profile

Company: Eighty6 

Date started: October 2021 

Founders: Abdul Kader Saadi and Anwar Nusseibeh 

Based: Dubai, UAE 

Sector: Hospitality 

Size: 25 employees 

Funding stage: Pre-series A 

Investment: $1 million 

Investors: Seed funding, angel investors  

UAE currency: the story behind the money in your pockets
Company Profile
Company name: OneOrder

Started: October 2021

Founders: Tamer Amer and Karim Maurice

Based: Cairo, Egypt

Industry: technology, logistics

Investors: A15 and self-funded 

The biog

Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball

UAE’s revised Cricket World Cup League Two schedule

August, 2021: Host - United States; Teams - UAE, United States and Scotland

Between September and November, 2021 (dates TBC): Host - Namibia; Teams - Namibia, Oman, UAE

December, 2021: Host - UAE; Teams - UAE, Namibia, Oman

February, 2022: Hosts - Nepal; Teams - UAE, Nepal, PNG

June, 2022: Hosts - Scotland; Teams - UAE, United States, Scotland

September, 2022: Hosts - PNG; Teams - UAE, PNG, Nepal

February, 2023: Hosts - UAE; Teams - UAE, PNG, Nepal

The 10 Questions
  • Is there a God?
  • How did it all begin?
  • What is inside a black hole?
  • Can we predict the future?
  • Is time travel possible?
  • Will we survive on Earth?
  • Is there other intelligent life in the universe?
  • Should we colonise space?
  • Will artificial intelligence outsmart us?
  • How do we shape the future?