Homeowners 'trying to save money on moving'

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An increasing number of homeowners in the UK are attempting to reduce the costs related to moving house, according to research.

The study by Lloyds TSB Mortgages found that 52 per cent of people are planning to save money by doing removals themselves, while ten per cent also want to avoid estate agent fees by selling their property privately.

It was also found that homeowners are likely to cut back on holidays, going out for dinner and buying clothes in order to increase cash for moving home.

Alison Burns, director of network mortgage sales at Lloyds TSB, said: "In the current economic environment it's not surprising that consumers are taking a more cost conscious approach to moving home."

However, she added that people should not "cut corners" on certain issues, including legal fees and surveys.

Recent research by Abbey found that over two million homeowners are planning to use current economic conditions to their advantage by either downsizing to free up capital or buying a large property for a low price.

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