Print friendly version 13 Jun 2008

Homeowners go it alone to beat crunch

In a bid to keep costs down, UK homeowners are cutting estate agents and removal firms out of the moving process, according to Lloyds TSB Mortgages.

In a survey carried out by the lender, 52% of homeowners said they plan to carry out the removal process themselves, rather than employing a company to do it for them. A further 10% admitted they hope to sell their property privately to avoid estate agent fees.

It seems credit crunch-stricken homeowners are feeling the pinch, with the average spending £7,434 on moving home and one in five spending more than £15,000. As well as employing a DIY attitude, homeowners are also cutting back on luxuries to help meet moving costs. Holidays are the first to go (61%), followed by meals out (56%) and new clothes (48%). However, 85% of homeowners admitting to not sticking to a budget for their move and 29% said they don’t even set one.

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. Shopping around for good deals and opportunities to earn rewards on your spend is always a good idea but there are some areas where you should not cut corners, such as legal fees and a thorough survey, as this could end up costing you more in the long run.”

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